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Dr. Richard Low’s Multi-Practice Journey Part 2
Practice ownership is messy and getting there is rarely a straight line. I almost walked away from this opportunity but my wife Kristine brought me back to table with her encouragement and desire to make sure my residency wasn’t in vain. Listen to this episode where we hash out one of our hardest decisions we’ve ever made as a couple.
More than anything this rough patch affirmed that we’re working with amazing people on all sides, from our partners Dr. Hunter Smith and Dr. Will Little to the selling couple who were patient with us through the whole process.
Kristine and I also talk about our biggest fears with owning multiple practices and all the things that could go wrong, including fulfilling the remaining two years of military obligation and the potential for copycat Army dentists.
The bottom line is…if we don’t end up with chickens someday soon, there will be problems.
Kristine Low graduated with her BS in Biology Education from Brigham Young University in 2011. She was one of the first teachers at Basis in Peoria, AZ from 2011-2013 where she helped start the curriculum at what is now a nationally ranked school. She also taught Biology in Killeen, TX from 2017-2018. Kristine is a proud mother of two girls and a lover of monarch butterflies and chickens.
“The complexity of this deal, it trips all these layers of regulation and due diligence. Stuff that has to do with the bank and lending. And in the end, I was really frustrated with the bank, but they got the deal done. They lent the money, we now own the practices, whereas so many other banks were just like, yeah, thanks, but no thanks.”
“It was the hardest years of our marriage for sure, hands down. I had aspirations that I had to put on hold and eventually just said, screw it, I’m still gonna go. I’m gonna go work made things way harder, but I think it I mean the time go by fast at least.”
“I told him, my husband has a podcast. I don’t know if you’ve heard of him – Richard Low? He looks at me, and like his jaw drops, and he says, “THE RICHARD LOW? We listen to your podcast, we listened to it, the whole drive here, me and my wife in the car. I just couldn’t believe it. This was my first celebrity moment of Richard.”
“The whole residency, the fact that we weren’t on the same page in our marriage made us really want to make these decisions together moving forward. When we agreed to move to Indiana to be close to your family, and I decided to give up clinical dentistry in the Army full time, you kind of felt like that when this three practice thing came up at first, you were like, no, let’s not do this.”
“And through all of this, I was super grateful to see their true colors as partners, and how supportive and how they were looking out for our best interest, even the sellers. The sellers are just good people and just seeing their experience here, their sincerity, their level-headedness, their supportiveness, their everything.”
“I was looking at one of these 24 hour dental places and it was so depressing to think about that, you know, to think about practicing on the side, in a situation where you don’t control the variables, you don’t know if it’s going to be good or not, you’re not building something long term, which would have been okay. But that was the alternative.”
- What are “red tape” items the bank will ask you for during a purchase?
- What are some benefits of partnership when buying a practice?
- When should you talk to your spouse and what should you consider together when buying a practice?
- Good partners can make a business deal a great business deal
- Think through your business with your spouse and value their opinion
- Think long term and look at the big goal with your practice
- Look at several different banks and find one which will work with you
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