What makes a successful dental practice owner and the distress that makes people quit

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:

1. I’ve had enough of compliance and/or litigation;

2. I’ve had enough of the team;

3. I’ve had enough of the patients.

Personal distress:

1. I need to settle my divorce;

2. I need to settle my tax;

3. 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.