In a recent episode of "The DrBicuspid.com Podcast," Jonathan Miller, an expert in helping dentists go into private practice, joined me to discuss the challenges and considerations for young dentists transitioning to the role of CEO and practice ownership. Miller emphasized the importance of making clear decisions and focusing on yesses and nos rather than maybes.
Miller highlighted the opportunities in second-generation practices and the need to adapt to changing market dynamics. He also addressed the mindset and preparation required for starting or buying a dental practice, including managing people and embracing the grind. Listeners are encouraged to connect with Miller for personalized advice and guidance.
During the podcast, which you can hear by clicking here, I asked Miller if today's younger dentist was more ready to become a CEO than dentists who graduated from dental school 20 or 30 years ago.
"I don't know if they're more prepared, but I don't think they're any less prepared either," Miller said.
"You know, one of the challenges with the world today is there is so much access to information that we typically go down an affirmation rabbit hole, and we want to be proven right. And we're often going to go down that rabbit hole. And after the information that sounds a lot like what our story is that we're already telling ourselves as opposed to being open to like, well, that actually might not be the best route," he added.
"I am seeing more partnerships come to the table today. More doctors call me and say, 'Hey, I have a friend and we're gonna go do this together.' And there is some version of that that does spread out risk, that does kind of hedge your bets, so to speak. But one of the biggest drawbacks is when you go to a lender, and we're gonna do a partnership startup or we're gonna do a partnership acquisition, well, you've now got two mouths to feed and not just one," Miller said.
Takeaways
- Transitioning to CEO and practice ownership requires a shift in mindset from clinician to business owner.
- Consider both buying and starting a practice, and focus on clear decisions rather than maybes.
- Second-generation practices offer low-risk opportunities for growth and jumpstarting a practice.
- Investing in technology is crucial for staying competitive in the dental industry.
- Young dentists are neither more nor less prepared to be business owners, but they are open to learning and seeking guidance.
- Being mentally prepared, putting yourself out there, and managing people are key factors in successful practice ownership.
Chapters
0:00 Introduction and background
1:30 The biggest challenge for dentists transitioning to CEO
3:15 Considerations for buying or starting a practice
5:29 Opportunities in second-generation practices
9:17 The importance of technology in dental practices
10:14 Are young dentists more prepared to be business owners?
15:18 The mindset and preparation for starting or buying a practice
18:08 Managing people in practice ownership
19:23 How to connect with Jonathan Miller
20:23 Conclusion
Learn more about Miller at www.denovodds.com. You can hear our podcast by clicking the Play button below.
