Dentist entrepreneurs are driven not by security but by vision. They have a grand purpose of building a great business, not simply leading a regular practice that allows them to make a good living. Dentist entrepreneurs are driven by their passion, and that’s what inspires them to build dental companies.
But before you expand your practice, certain things need to be in place, and in the episode, Gary will be talking about it.
Podcast: Play in new window | Download
Subscribe To Our Podcast
Timestamps
Today’s Clinical Tip
- 00:02:57 – Art Wiederman, CPA, on Golden rules on financial planning.
Coaching In Action
- 00:09:29 – Examples of dental entrepreneurs.
- 00:09:59 – Gary talks about the founder and backstory of Ultradent.
- 00:11:34 – What type of Dental entrepreneurship will Gary discuss in this episode?
- 00:12:36 – Gary talks about a recent experience that inspired him on this episode topic.
- 00:15:40 – What should a dentist do before adding another branch to his current practice?
- 00:17:30 – What is the best practice model, according to Gary?
- 00:20:34 – Why should we pay close attention to EBITDA.
- 00:22:00 – What is the sweet spot you should look at when buying a practice?
Q&A Segment
- 00:28:19 – Question Number 1 – When I am evaluating potential practice acquisitions, what are the most important criteria to consider?
- 00:36:40 – Question Number 2 – I currently have 6 locations and would like to add more. There are not many practices for sale in my market area. Should I consider a de novo location. Your thoughts?
- 00:40:41 – Question Number 3 – I have a small group with 8 locations. Our EBITDA is at 12%. What is the best ways to increase our EBITDA to the 18-20% target?
- 00:44:53 – Question Number 4 – I understand that my biggest challenge in growing my group is to attract and keep the best possible Associate Dentists. Should I consider creating a possible equity situation as an incentive to keep quality Associate Dentists?
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!