Why ALL dental partnerships need a PRE-NUP! - Part 1 (with Dr. Richard Low)

In Part One of this episode, we dive deep into the complexities of partnerships in the dental industry, featuring a special guest, Richard Low, the founder of the Shared Practices Podcast. Richard shares his unique journey of navigating partnerships while serving in the military and the eventual decision to part ways with his partners, Hunter and Will from Guided Practice Solutions (GPS).

We kick off the episode with a light-hearted introduction, where we discuss Richard's impressive background, including his military service and the connections we discovered between him and our hosts. Richard's story begins with his time in the Army, where he managed to start a podcast while completing his Advanced Education in General Dentistry (AEGD). He shares how he sought approval from the military to pursue his podcasting and business interests, emphasizing the importance of understanding the risks involved in seeking permission versus simply moving forward.

As the conversation unfolds, Richard recounts how he partnered with Hunter and Will to acquire multiple dental practices while still in a non-clinical military role. He candidly discusses the challenges of managing multiple offices, especially during the tumultuous times of COVID-19, and the complexities that arise when dealing with various team members and doctors.

The heart of the episode focuses on Richard's realization that the partnership was no longer aligned with his vision. He describes the moment he decided to "break up" with Hunter and Will, highlighting the emotional and logistical challenges of untangling their business relationship. Richard emphasizes the importance of having a clear agreement in place for partnerships, akin to a prenup, to avoid complications during a breakup.

Throughout the episode, we explore the dynamics of their partnership, the discussions that led to their amicable separation, and the lessons learned from the experience. Richard shares how they managed to navigate the breakup without resorting to legal battles, maintaining open communication and mutual respect throughout the process.

In closing, Richard reflects on the value of good partnerships and the importance of recognizing when a partnership is no longer serving your goals. He leaves listeners with valuable insights on managing partnerships in the dental field and the significance of having a clear plan for potential separations.

Join us for this engaging and informative episode as we unpack the realities of dental partnerships, the challenges of managing multiple practices, and the importance of clear communication in business relationships.