Sep 27, 2019
Practice Under Water | Mystery Guest “Liam” Part I
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Practice Under Water brings together dentist and dental practices into our interview space, with a twist! For our new Practice Under Water episodes, George and Matt will be diving (pun intended!) to the deep end of the swimming pool with mystery guests. They will ask them driving questions to find out how they are growing their business, mistakes they've made and how our guests have made their comeback through trial and error. Practice Under Water is designed to enhance the dentist's lives by moving past difficulties to experience joy.
Today, Matt and I are going to interview a new mystery guest, who we call “Liam.” Liam wanted to give back to the podcast world, which is the main reason he decided to come onto the show today. Liam is 40 and has just purchased his first practice. He waited a long time as he went through several residencies and fellowships. In GPR, he found that he liked surgery and implants. He worked in perio, inside a fellowship, until he was $400,000 in debt.
Our mystery guest Liam is a specialist and realized how isolated he would be in periodontics and didn’t want to be dependent on others for his income. He did enjoy pairing up and learning specialty skills from other professionals and students. Liam and I compare the traditional educational route and getting a dental degree with CE’s.
Liam tells Matt his journey to buying a general practice office. He started in 2011 and was newly married. His wife was a medical student and ranked in a different state for her medical school fellowship. Liam decided to take a position in practice with a path to ownership, but he decided to leave to be with his wife in medical school.
Liam and his wife eventually found a place to call home where he found a position in practice doing implants. The owner had medical issues, and unannounced to Liam was trying to sell the practice while he was working there. This practice was losing $10,000 a month at this point, and the owner offered to sell the business to Liam. Liam called George (from our podcast) and was told not to buy this practice.
Digging in, Liam found that the area around the practice was a high-income area and he was the only periodontist in town. The practice was making $550,000 yearly, and previously was making over $1 million. The owner talked to Liam and offered him his practice for $325,000; however, the bank wouldn’t give him the loan. Liam’s accountant said the practice was worth $250,000. After 6 months, the owner sold the practice for $225,000.
This year, Liam is on track to do $1million! Since the practice is a GP, he uses referrals from orthodontics and other general dentists for specialty cases.
Listen in to find out how Matt and Liam figure out what metrics he needs to improve or correct to make his practice more efficient, where he wants his practice to go and how he wants to grow his practice.
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