In episode 1-2 Richard interviewed Dr. Derek Williams after two weeks of practice ownership as a brand new graduate. Since that episode Derek has more than doubled revenue and profitability of the office. George interviews Derek about all the factors that led to his practice growth. Derek discusses his transition, making changes in the office and dealing with staff. Derek offers a unique perspective being a new grad and new owner at the same time. Derek talks about increasing his production per patient, dealing with staff and increasing new patient flow.
Dr. Cameron Stroyan (aka “DJ Destroyan”) graduated with Dr. Low from Midwestern University in Phoenix, AZ and then went to work in a practice near Seattle. After listening to this podcast, Cameron decided to become a partner now rather than waiting a couple of years. Despite hiring a very well recommended transitions lawyer who promised to help every step of the way, Cameron felt that he was forced to do the valuation and negotiation on his own. Cameron talks about the uncomfortable process of sitting in his future partner’s house and trying to negotiate down the purchase price with what felt like absolutely no leverage. For anybody considering a partnership, this episode outlines the process from somebody who has done it first hand.
In this episode of the Shared Practices Podcast I introduce my new Co-host, George Hariri, to the show. We talk about demographics and how to apply them for the practice purchase. We dive into how to know when demographics for an acquisition are important. How to assess the external growth opportunities in an area. Then George blows my mind with the method he used to reverse engineer finding his ideal practice starting with demographics.
George Hariri is a D3 (soon to be D4) at Midwestern University, in Phoenix, AZ. He, along with Dr. Derek Williams (See Season 1 Episode 2), run a group on dentaltown called “Ambitious Dental Students”. George has spent the vast majority of his time in dental school studying up on the business side of dentistry and helps others look at practice purchases as well as other opportunities.
In this episode Dr. Hunter Smith shares his methods of determining the range of values that you should consider for a practice acquisition. He also shares why demographics are just as important for an acquisition as they are for a startup and how location plays into that. We go through all the levels of profitability that can be used to determine the final value of a practice.
Hunter Smith DDS is a 28-year-old general dentist in Jonesboro, Arkansas. He graduated from the University of Tennessee College of Dentistry in 2014. Soon after, Dr. Smith bought his first practice. After successful management and system changes increased that already successful first practice by 46% profitability in just 1 year, Dr. Smith grew to enjoy learning about the business of practice ownership and ways to improve clinical, business, staff, and patient relations. Building upon the early success, Dr. Smith joined up with a long-time best friend and fellow dental school graduate, Will Little, to form Southern Dental Group in October of 2015. Since forming SDG, Drs. Little and Smith have acquired an additional 5 locations in the last 18 months.
Thank you to our sponsors!