Observation #1
Ashley and I recorded our latest podcast yesterday with our friend and Founder/Principal of PDC Dental Dr. Alex Jones.
It’s a great interview and hopefully will be ready to broadcast in a few days time.
There are two highlights I wanted to share with you this morning:
Q1 : “what advice do you have for a young dentist who is thinking of buying a practice?”
A1 : “don’t – follow your heart and open a private squat – that way you won’t be inheriting somebody else’s habits, team and patients.”
Q2 : “how have you been able to build a thriving implant and restorative business, even though your original practice is situated in a rural area?”
A2 : “we market through enthusiasm – because we believe in the value of what we do – the patients come.”
Observation #2
I’ve been involved in dozens of practice sales and purchases and would argue that the majority of sales are not due to a planned retirement strategy.
So what influences the decision to sell?
Distress..
Professional distress:
- I’ve had enough of compliance and/or litigation;
- I’ve had enough of the team;
- I’ve had enough of the patients.
Personal distress:
- I need to settle my divorce;
- I need to settle my tax;
- I need to reduce my borrowing.
Alex Jones is a perfect example of how to be successful in ownership.
It hasn’t come without hard work and some suffering but this gentleman isn’t for quitting anytime soon.
A shining example to any young dentist looking for a long-term career.
