Everything in life is always of two sides, if not for more.
Likewise, owning two or multiple practices has its advantages and disadvantages.
Personal and financial growths are advantages, while financial risk, stress, and time management could be the common disadvantages.
In this episode, Gary discusses the topic – “If Owning One Practice is Good, Should I Own Two?”
Our particular guest segment welcomes the co-founder of iLoveDentistry Study Club,
Dr. Christopher Marchack with a clinical tip on “Evaluating occlusal vertical dimension of a patient.”.
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Time Stamps
- 00:00:27 – Introduction to the episode
- 00:01:00 – Announcement on the upcoming Thriving Dentist MBA Workshop
Today’s Clinical Tip
- 00:02:47 – How to evaluate occlusal vertical dimension of patients by Dr. Chris Marchack
Coaching In Action
- 00:08:49 – What is the element of human nature?
- 00:10:14 – What are the 4 things every dentist needs to do to be successful?
- 00:11:51 – Gary shares a personal experience with one of his clients.
- 00:13:46 – What is the meaning of a two man game?
- 00:15:23 – Gary explains when you should remotely consider a second practice.
- 00:19:49 – Should you buy another practice or start one?
- 00:24:18 – What percent of the second practice should be from EBITDA earnings?
Q&A Segment
- 00:27:47 – Question 1 – I have an opportunity to purchase a second practice that is located about an hour and a half away. Would that make sense? Or is it too far to efficiently manage?
- 00:31:18 – Question 2 – Is there a size for a second practice that would make most sense to purchase?
- 00:35:01 – Question 3 – Where is the best place to find a quality associate?
- 00:37:58 – Question 4 – I am interested in adding a second practice and I even have a potential practice in mind to purchase. Is it necessary or wise to provide equity to my associate in that second practice?
Resources
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!