Why I Chose to Launch this Newsletter and My Podcast – “Success Strategies for Dental Practice Owners”

Why I Chose to Launch this Newsletter and My Podcast – “Success Strategies for Dental Practice Owners”

It all started as far back as 1980 – which tells you a little bit about how old I am… definitely old, but not quite a dinosaur!  At the time, I was the administrator of the University Health Center at the University of Maryland at College Park, a large ambulatory primary care facility serving the needs of a university community of 45,000.  I had just finished building out, equipping, and staffing a small dental clinic in partnership with the University’s dental school.  Somehow, I concluded this qualified me as an expert in the business of dentistry.  Nothing could be further from the truth.

I had been bitten by the entrepreneurial bug and had an itch to start a business.  I read an article in a business magazine about a new company out of Boston that was franchising dental practices.  It sounded appealing, after all, I was a healthcare guy – it wasn’t like I had to learn a new business from the ground up.  I flew up to Boston to meet with them.  Turns out they wanted a lot of money to get a franchise plus a ton of money on an ongoing basis for the services they provided.  I decided this was a no-go and that with a dental partner, I could do it on my own.

I wrote a business plan and identified a dental partner.  Together we found a location, invested some of our own money, and borrowed a lot more.  We spent the better part of the next six months building out the practice, hiring, staff, and preparing to open.

At long last, we opened.  Then the pain started… I’m talking soul-crushing, endless worry, and sleepless nights pain.  It was immediately apparent that I didn’t know what I didn’t know.  I spent the better part of the next two years not sure I had enough cash on hand to make payroll, pay the bills, and service our loans.  The anxiety and frustration were overwhelming.

I felt like I was failing my partner, myself, and my family.

After a lot of scar tissue, we eventually succeeded.  The greatest lesson from those years of struggle is that it was completely avoidable.  The pool of information and resources regarding how best to succeed in practice is virtually unlimited.

Models of how to successfully buy or start a practice exist and the mentors or consultants to help you on that journey are readily available.  If only I had taken advantage, I could have saved months (if not years) and hundreds of thousands of dollars.

I have continued to work with the profession in a variety of capacities over the last forty years.  I have evaluated or assisted hundreds of practices, over time distinguishing a common set of characteristics of those that were the best performers.

Why this newsletter and why my podcast series boils down to one simple answer.  If I can expose you to ideas or people who can help you avoid my mistakes, or help you accelerate your growth and success, I will have achieved my goal.

So, as you read future issues, be on the lookout for the occasional pearl of wisdom that will help you get where you want to go.