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Episode 469

Fast Track to Practice Ownership

Host: Gary Takacs | Published Date: January 6, 2021 | Listening Time: 00:55:56

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In this Thriving Dentist episode, Naren & Gary discuss the topic of how you can fast track towards practice ownership.

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Owning your practice can be an exciting journey for you, whether you’re a D3/D4 dental student or a young dentist a few years out of dental school.

Oftentimes the topic of ideal practice ownership comes up from many of our listeners, dentists & dental students included.

In this week’s Thriving Dentist episode, Naren & Gary discuss the topic of how you can fast track towards practice ownership, with a few tips and strategies that have helped many young dentists & students become successful practice owners.

Tune in to the episode to learn more!

Time Stamps

  • 00:00:24 – Introduction to the episode
  • 00:02:28 – Clinical Tip by Dr. Rich Hirschinger, DDS, MBA – How to treat patients with TMJ
  • 00:08:55 – The 2 questions that inspired Gary to do a podcast on the topic “Fast Track to Practice Ownership”
  • 00:22:42 – What are some of the landmines of coming into practice as an Associate and then becoming a successor?
  • 00:22:55 – Landmine #1
  • 00:23:55 – Landmine #2
  • 00:26:02 – Landmine #3
  • 00:27:57 – 4 Criteria the banks look at when loaning money to a dentist.

Q&A Segment

  • 00:34:52 – Question – 1 – How can I best prepare myself to obtain a loan to buy a practice?
  • 00:38:19 – Question – 2 – I am considering starting a practice from scratch. In your opinion, is that a wise move?
  • 00:44:03 – Question – 3 – As I am looking at practices to purchase, is there a particular size of practice that I should be looking for?
  • 00:46:29 – Question – 4 – It seems like the places I am interested in practicing are all quite saturated with Dentists and very competitive. Should I look for underserved areas?
  • 00:50:29 – Question – 5 – I have found a potential practice to purchase, and the Senior Dentist may be interested in staying on part-time after I purchase the dental practice. Is that a good idea?

Resources

Products Recommended by Dr. Rich Hirschinger, DDS, MBA
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Contact Dr. Rich Hirschinger, DDS, MBA: rich@facepaindr.com


Gary Takacs

Gary Takacs Gary became a successful practice owner by purchasing a fixer-upper practice and developing it into a world-class dental practice. He is passionate about sharing his hard-earned insights and experiences with dental practices across the globe.

As a dental practice coach, Gary provides guidance for dental professionals on how to create a healthier practice style that lets them deliver excellent patient care while reducing depending on insurance.

More importantly, Gary’s insights are not just based on theory – as a co-owner of a dental practice, he has first-hand experience in making this transformation from a high-volume and low-fee insurance model to a fee-for-service approach that is more sustainable and promotes a patient-centric and financially healthy dental practice, and he is dedicated to sharing this knowledge with other dental practitioners via the popular Thriving Dentist Show!
Connect with Gary Takacs on Linkedin
Podcast Assistance by Jodey Smith, Rodecaster Expert