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Matt took his residency in New York and found this was an effective use of his time. Matt focused on dental implants and completed over 30 implants during his residency in New York. Matt enjoyed living in New York and shortly after his residency, purchased his first practice. After sending out about 300 letters, 12 were interested and three were good prospects.
Matt talks about the process from school to his first practice purchase and his biggest challenge to find a practice with the right collection evaluation numbers. From financing, to finding a broker and his future landlords concerns, which held him up to purchase the practice for three months, Matt gives timelines, details and what went smoothly for him during this transition. He stresses the importance of good, consistent marketing strategy for growing your business. His next phase for growth is getting new patients, filling up on capacity and reducing office workdays from five days a week to four and purchasing a 3-D printer.
Dr. Matt Guarino is a born and bred Bostonian and 2016 graduate from Tufts Dental School. Dr. Guarino has owned his solo practice in Westchester county, New York since 2018. In hist first year of ownership, Dr. Guarino has grown the practice to $1.7 million collections at 45% overhead. He will pay off his remaining $400,000 of student loans in 2019. Dr. Guarino is a trained life and leadership coach through Accomplishment Coaching, an elite coach training program. He is passionate about facilitating young dentists in realizing their potential and fast tracking their results. Dr. Guarino is excited to announce his partnership with Shared Practices detailed on this episode!
“I think a lot of what I did was the mindset I brought into it. It’s very easy to get in there and just be complacent and kind of take what it gives you, but I was looking for certain things and I went hard for them. That kind of made the whole difference.”
“The best thing about a GDPR is you can have the ability to really get outside your comfort zone, while being in an environment that allows for that. You don’t have to worry about malpractice and you’re learning from trained specialists. It’s a very safe environment to do that.”
“When looking at purchasing a practice, Matt comments: “Being direct, if you are a match, and asking for numbers is not something you should be afraid of, you know, you’ve got to put your intentions out there, or you’re going to waste a lot of time.”
“When things aren’t clear at the get go [when you are looking to purchase a practice], you have to think, ‘This is your career, if this is your life, no one’s going to be looking out for you except yourself.’ You need to be super intentional about all the steps you take.”
“That’s the biggest lesson is just you put yourself out there, you got to get the team to trust you. If they’re not willing, then you need to move on. And they need to move on.”
“And in all the dark times was, I was just not in my essence. I wasn’t my best self, I was operating out of fear based mindset; I wasn’t in a growth mindset. I just kind of realized how important seeing the gap of where I was and where I’m trying to get and then all the stuff that’s in the way. Dealing with all that stuff is the only way you’re going to actually get there. It’s not the hows, it’s the whys and it’s being true to your being that really gets you to these different heights.”
“But at the end of the day, it matters that you’re laughing in your practice, it matters that you’re able to show up and be present and be able to care about other people and turn your whole attention to them.”
- What are the key components you should look at when shopping to purchase a practice?
- Why should you operate from a place of confidence and not operate from a fear mindset?
- Why is it necessary to be intentional about all of your decisions in your career?
- Operate from a place of confidence and make the tough decisions
- Always look at the numbers when you are looking to purchase a practice
- Make sure to transition into an “owner” position and have a gradual introduction into an already established practice
- Soft skills are one of the most important factors when you are leading a dental practice
- Better to have a team that trusts you than a team which isn’t working well together.
- Be very specific in what you want out of your practice and career and go big after your why.
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