1 hr 5 min
Episode 10 - Multiple Practice Ownership Hunter Smith DDS The Disillusioned Dentist
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- Business
Hunter Smith, DDS is a 29 year old General Dentist in Jonesboro, Arkansas. He attended the University of Tennessee Health Science Center Collage of Dentistry in Memphis.After graduating in May 2014, Dr. Smith bought his first dental practice in August 2014 following a 2 month stent as an associate in the practice.
After successful management and system changes increased that already successful first practice by 46% profitability in just 1 year, Dr. Smith grew to enjoy learning about the business of Practice Ownership and ways that can improve clinical, business, staff, and patient relations. Building upon the early success, Dr. Smith joined up with a long-time best friend and fellow dental school graduate, Will Little, to form Southern Dental Group in October of 2015. Since forming SDG, Drs Little and Smith have acquired an additional 5 locations in the last 18 months. Southern Dental Group's 6 locations boast increased profitability of over 50% post-acquisition, an average overhead of less than 50%, business profits (EBITDA) over 26%, and have revenues of over 5 million dollars annually. SDG will be adding two additional location in the next 2 months.
Dr. Smith enjoys the opportunity to show and tell dentists, specifically young dentists, how to get into practice ownership early and be highly successful and profitable.
Here are some topics/ideas that we discuss:
1. Background about yourself
2. How were you able to get into practice ownership so quickly?
3. What is an ideal first job for a new grad? Corporate or private practice?
3.1 Do you believe that corporate dentistry is a sustainable model with all the constant turnover?
3.2 How were you able to get financing?
4. Did you alway plan on owning multiple practices or did you just start with one and just kept finding opportunities?
5. It seems that multiple practice ownership is the new trend: Do you think this is a god idea for the average dentist?
6. How should a dentist decide whether owning 1 practice and continuing to grow one location is a better idea than the multiple practice ownership model? Is it a personality thing?
7. Do too many docs expand too quickly and irrationally to portray that image that they are crushing it?
8. What were some of the biggest challenges you faced early on as a practice owner? What are some of your biggest challenges today?
9. What percentage can an absentee owner net?
10. How does the current debt situation affect a new grads ability to own a practice?
11. Do you think practice ownership as quickly as possible is the best solution?
12. Alot of people say the golden days of dentistry are over, do you agree or disagree?
13. What is your final piece of advice for a new grad who is $400-500k in debt?
Hunter Smith, DDS is a 29 year old General Dentist in Jonesboro, Arkansas. He attended the University of Tennessee Health Science Center Collage of Dentistry in Memphis.After graduating in May 2014, Dr. Smith bought his first dental practice in August 2014 following a 2 month stent as an associate in the practice.
After successful management and system changes increased that already successful first practice by 46% profitability in just 1 year, Dr. Smith grew to enjoy learning about the business of Practice Ownership and ways that can improve clinical, business, staff, and patient relations. Building upon the early success, Dr. Smith joined up with a long-time best friend and fellow dental school graduate, Will Little, to form Southern Dental Group in October of 2015. Since forming SDG, Drs Little and Smith have acquired an additional 5 locations in the last 18 months. Southern Dental Group's 6 locations boast increased profitability of over 50% post-acquisition, an average overhead of less than 50%, business profits (EBITDA) over 26%, and have revenues of over 5 million dollars annually. SDG will be adding two additional location in the next 2 months.
Dr. Smith enjoys the opportunity to show and tell dentists, specifically young dentists, how to get into practice ownership early and be highly successful and profitable.
Here are some topics/ideas that we discuss:
1. Background about yourself
2. How were you able to get into practice ownership so quickly?
3. What is an ideal first job for a new grad? Corporate or private practice?
3.1 Do you believe that corporate dentistry is a sustainable model with all the constant turnover?
3.2 How were you able to get financing?
4. Did you alway plan on owning multiple practices or did you just start with one and just kept finding opportunities?
5. It seems that multiple practice ownership is the new trend: Do you think this is a god idea for the average dentist?
6. How should a dentist decide whether owning 1 practice and continuing to grow one location is a better idea than the multiple practice ownership model? Is it a personality thing?
7. Do too many docs expand too quickly and irrationally to portray that image that they are crushing it?
8. What were some of the biggest challenges you faced early on as a practice owner? What are some of your biggest challenges today?
9. What percentage can an absentee owner net?
10. How does the current debt situation affect a new grads ability to own a practice?
11. Do you think practice ownership as quickly as possible is the best solution?
12. Alot of people say the golden days of dentistry are over, do you agree or disagree?
13. What is your final piece of advice for a new grad who is $400-500k in debt?
1 hr 5 min