Shared Practices | Your Dental Roadmap through Practice Ownership

In this episode of the Shared Practices Podcast, Dr. Richard Low interviews Dr. Simon Wu about his journey from associate to successful practice owner in Southern California. Dr. Wu shares how he navigated the challenges of buying a practice with high overhead and low new patient flow, the strategies he used to turn it into a thriving business, and the role coaching played in his success. Listeners will gain insights on evaluating practice opportunities, negotiating PPO fees, and scaling a practice while maintaining work-life balance.

Dr. Richard Low and Dr. Alex Sharp discuss crucial financial strategies for dentists aiming for financial escape velocity. They tackle managing student loans, building wealth, and navigating income disparities. Key insights include the importance of entrepreneurship, making smart financial decisions, and focusing on income-generating opportunities. Listeners learn about aligning their lifestyle with income while developing strong clinical skills. The conversation emphasizes the need for resilience and strategic planning in achieving long-term financial success.

Expanding your dental practice isn’t just about opening new locations; it's a complex journey filled with critical decisions. The conversation highlights the need for passion, clear goals, and self-assessment before diving into multi-practice ownership. The speakers weigh the pros and cons of startups versus acquisitions, stressing the importance of a solid foundation and effective leadership. They caution against reckless growth and emphasize quality management, all while sharing lessons from their own experiences in the dental field.

Dr. Mohiuddin Ifaz, a dentist who upgraded a 40-year-old, paper-based practice into a thriving digital hub, shares his journey of transformation. He discusses the initial challenges of modernizing operations and the swift adoption of technology. The conversation also delves into strategic insights for navigating practice acquisition and patient engagement. Dr. Ifaz emphasizes the significance of mentorship in scaling practices and maintaining a clear vision, all while managing the intricacies of transitioning to a fee-for-service model.

In Part 2 of our deep dive with Gregorio, we lay out the step-by-step blueprint to scale his $1.9M, 7-op practice into a $3.5M mega-group practice—all while reducing his clinical days to just two per week. George walks through the critical decisions Gregorio must make, including expanding the facility, hiring the right associate, and implementing an office manager to streamline operations. They also discuss profit-sharing vs. equity, how to finance the expansion without disrupting cash flow, and why a strategic hiring approach will be the key to long-term success.If you haven’t listened to Part 1, go back and start there for context!

George Hariri chats with Gregorio, a dentist navigating the transition from associate to owner of a booming $2M practice. They dissect the balancing act of scaling the business while aiming for a two-day clinical work week. Insights on clinic dynamics, including an implant and endo-heavy mix, emerge. The duo confronts bottlenecks in hygiene and the high-stakes question of dropping insurance for growth. Listeners will discover strategies to enhance operations, tackle patient flow, and maintain profitability amidst ambitious expansion plans.

Dr. Jesspreet Parmar, a skilled prosthodontist, shares how he transformed his solo practice into a $2.4 million fee-for-service group. He discusses the challenges he faced during practice acquisition and the importance of hygiene-led growth. Jesspreet delves into the complexities of leadership and high-quality service as essential for patient retention. He emphasizes the impact of toxic work environments and decision-making during ownership transitions. The role of coaching in practice ownership shines through as a key factor in achieving substantial growth.

Scott Leune, a dentist and expert on practice sales, shares key insights into selling dental practices to Dental Service Organizations (DSOs). He discusses when it makes financial sense to sell and outlines potential pitfalls to avoid. The conversation addresses emotional and financial challenges, highlighting the importance of understanding post-sale implications. Additionally, Scott delves into wealth management strategies post-sale, emphasizing careful planning and disciplined investments for long-term stability.

This episode unveils the launch of the Ask George Mastermind, a unique opportunity for growth-minded dentists to collaborate, learn, and gain direct access to Dr. George Hariri's expertise. Discover how to tackle challenges like associate mentorship, expansion decisions, and marketing strategies while learning from real-world scenarios. Don't miss out—visit mastermind.sharedpractices.com for more information.

Dive into the intriguing journey of a military dentist evolving into a thriving multi-doctor practice owner. Discover the essential strategies for navigating the transition from solo to multi-doctor setups, especially in rural areas. Gain insights on overcoming growth challenges, ensuring operational efficiency, and the importance of systematic processes. The conversation highlights the balance between professional aspirations and personal life, emphasizing the value of support systems and effective leadership during this transformational journey.