Learning from an owner’s trials and successes
The benefits of practice ownership may sometimes feel clouded by its obstacles. While big responsibilities will test your resilience, you can experience the rewards by dedicating yourself to putting in the work.
Dr. Friend Bechtel, a Kentucky practice owner, joined the Transition Talk Podcast to share his journey, illustrating how his tenacity over the years has allowed him to overcome obstacles early and own a thriving practice today.
While Dr. Friend offers several pieces of advice in the podcast episode, here are his top five tips for aspiring and current owners.
Listen to the full interview with Dr. Friend in the episode below.
1. Reverse engineer your “why.”
We often envision success without any insight as to why we want to achieve it. Before taking any action, start with your “why” and identify the outcome you desire. Then work backwards and build out your “why” by asking, “How can I prepare myself today to achieve what I want tomorrow? What can I do now to set myself up in the future?”
For example, if your overarching goal is to maintain a healthy work-life balance and be present for your family, consider what you need to accomplish to get there. One avenue to achieve this could be working a three-day work week. How do you get to the goal of only working three days a week? Maybe you bring on an associate or partner or increase efficiency in your practice to maximize your profitability. Then ask what you need to do to accomplish these tasks. Continue to work backwards to develop your plan of action.
By reverse engineering your “why,” you can keep the big picture at the forefront of your mind and let it guide your path.
2. Build yourself as an asset.
Instead of setting your focus on building an income, build yourself as an asset first. Take continuing education courses, immerse yourself in books and other resources, absorb knowledge from your mentors. Dental school has equipped you with a base, but there is so much more to learn to become a proficient dentist and business owner.
TAKE NOTE
Dr. Friend’s top three recommended books:
- How to Win Friends and Influence People by Dale Carnegie
- Never Eat Alone by Keith Ferrazzi
- Isn’t It Wonderful When Patients Say “Yes”: Case Acceptance for Complete Dentistry by Paul Homoly
3. Understand that knowledge is not power; applied knowledge is.
While having knowledge is important, it doesn’t matter what you know if you don’t implement it. Apply your knowledge to your clinical skills, business responsibilities and patient and staff relationships. When action is taken, that’s when you see change and growth in yourself and your practice.
4. Recreate others’ successes.
In practice ownership, there is rarely a need to reinvent the wheel.
“My motto in dentistry and business is, find those who are doing what you’re doing and emulate it,” Dr. Friend said. “Mimic and recreate their actions. Use their advice, circumnavigate their mistakes and remember to be humble while doing it. In doing so, you’ll have the ability to get where you want to go years in advance.”
5. Life is hard. Choose your hard.
“Life is going to be hard no matter what you do,” Dr. Friend said. “Find what really makes you tick because when the going gets tough, you’re going to have to dig deep.”
Actively select the path that aligns with your long-term goals and your “why.” While your path may be filled with obstacles, embrace your challenges. Be grateful for the perseverance used and remember to take something away from the experience.
A series of highs and lows
Practice ownership is a series of highs and lows, presenting you with challenges while simultaneously producing rewards. NDP is passionate about supporting you in your journey before, during and after practice ownership. Not only can we assist in the process of buying or selling a practice, but we can also connect you with trusted dental-specific resources for other aspects of ownership. Reach out to our team today.
