It’s the goal of many dental practitioners to eventually own their private practice where they can practice their specialty or high-end dentistry. But as setting up shop is difficult even for seasoned dentists, so the trend nowadays is to find a business partner to help you out in this endeavor. This is what Dr. George Betancourt and Dr. John Pinnix did, who opened their own private practice in Charlotte, North Carolina. (02:35)
On this episode of White Coat Wellness, these two owners of Advanced Dentistry of Blakeney talk about their journey in forming their practice and how they have made it into a successful business over the years. For them, it’s all about being on the same page with your partner in terms of outlook and philosophy and the level of dentistry you both want to practice. While you don’t need to be exactly the same, you need to have some point of similarity and espouse the same values not just in the industry, but in life too.
They reveal that success didn’t come easy for them, but with a lot of hard work being put towards the same goal, they have come so far from when they started with just a couple of patients in a week. The growth may have been slow, but they grew the right way with the right time. And now, they are able to offer niche services that they have been interested in doing for a while. (11:48)
For them, you also need to seek help in other aspects of a dental business, such as the legal and financial areas, as these are not taught at school. (24:59) Learn how to delegate tasks that you are not capable of doing and get good representation in those.
Finding the right staff (16:27) is also a crucial part of the practice and having a good team by your side is a huge factor in your success. The same vision and goals that you and your business partner share must trickle down to everyone – the office staff, hygienists and assistants. Lines of communication must be open (20:30) and a high level of trust have to be shared among yourselves, so you not only succeed financially, but serve your patients effectively too. You must be willing to invest not just in your employees, but in new technology and equipment that can make improve the quality of your work.
Ultimately, for Dr. Betancourt and Dr. Pinnix, it’s all about creating a balance between meeting financial goals, providing a healthy working environment and spending time with family and loved ones, while offering quality dentistry.
To know more about Advanced Dentistry of Blakeney and the services they offer, you can check out their website: www.blakeneysmiles.com
This week’s White Coat Wisdom discusses budgeting, one of the dreaded topics of financial planning. Budgeting is not an exact science, and in order to do it properly, you must veer away from the traditional way of executing it. Instead of tracking each expense you’ve incurred, choose 1 to 2 categories to focus on. Be extra mindful when making purchases in those areas, so you can control even a few aspects of your spending.
Dr. Grace Yum is also featured in this week’s White Coat Achievements. A pediatric dentist by profession, she founded the Facebook group Mommy Dentists in Business Community, a group that helps moms be successful in their own medical careers.
The White Coat Wellness podcast by Spaugh Dameron Tenny highlights real-life stories from doctors and dentist to encourage and inspire listeners through discussions of professional successes and failures in addition to personal stories and financial wellness advice. Spaugh Dameron Tenny is a comprehensive financial planning firm serving doctors and dentist in Charlotte, NC. To find out more about Spaugh Dameron Tenny, visit our website at www.sdtplanning.com or our Facebook group www.facebook.com/groups/WhiteCoatWellness You can also connect with our host, Shane Tenny, CFP at firstname.lastname@example.org or on Twitter.