Listen to the episode:
Dr. Richard Low’s Journey to Practice Ownership – Part 1
Well, it finally happened. After 3 years of podcasting about practice ownership from the sidelines, I finally get to be part of the action. With the help of some fantastic partners, Dr. Hunter Smith and Dr. Will Little, and the faith of an amazing husband and wife team of sellers, I’m now a part-owner of a group of three practices in central(-ish) Indiana!
It has been a long and winding journey that is far from over. I’ve already made mistakes leading to serious lost sleep and stomach lining. I’ve got so much to learn and I’m so grateful to have great partners who’ve got my back.
However this interview takes place a month before closing and I love the honest feedback Dr. George Hariri expresses in this candid interview. He doesn’t sugar coat his concerns about this situation and that’s exactly what I was hoping to hear. It’s not all doom and gloom, but listen in to why George believes that multi-practice ownership is not the panacea that it sometimes made out to be.
Tune in next week to hear the month before closing and the weeks since.
Bio | Dr. Richard Low
Dr. Richard Low is the founder of Shared Practices, a podcast about the journey from new grad to successful practice owner. He graduated from Midwestern University – Glendale, AZ in 2015. After graduation he completed an Army 2-yr AEGD at Fort Hood, TX. He recently closed on a group of 3 practices in Indianapolis with his partners Dr. Hunter Smith and Dr. Will Little.
Bio | Dr. George Hariri
Dr. George Hariri is the co-host of the Shared Practices Podcast. Dr. Hariri graduated in 2018 from Midwestern University-AZ and immediately jumped feet first into practice ownership. He likes big practices and acquisitions and a good round of March Madness. He has been helping other doctors evaluate practices for purchase since D2 year of dental school and loves to contribute. But whatever you do, don’t go do a startup after he gives you acquisition advice. He might take it personally… just sayin.
“I like taking the vision you have in your head and creating the tangible item which you can look for and execute.”
“I’m a big believer in the two hygienist practice”
“Don’t look at the forbidden fruit because it won’t justify your vision”
“There’s a lot of risk with buying multiple practices, because, at the end of the day, I can’t step in and be the main producer at each of these practices.”
- Would you go from 0 to 3? Why or why not?
- What is your upper limit for debt and risk tolerance?
- Are you willing to partner with other dentists to achieve your goals?
- Multi-practice ownership multiplies your risk, exposure and chance that things will go wrong.
- Partnerships might be your quickest route to financing if you’re a bundle of red flags like Dr. Low.
- Evaluate any practice you’re looking at for the potential for growth. If you don’t have a clear plan to grow, you risk stagnating and shrinking if the goodwill handoff doesn’t go well or the market shrinks.
- Dr. Low is crazy, please don’t try this at home if you still have military commitment left and then point to him and say “Well, he did it”
- Partnerships and sellers who stay on have to be a good culture fit, you’re going to be working together for a long time. But if they are a good fit, it can be golden.
- Good office managers and regional managers are key to successful growth.
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