Gene St. Louis breaks down whether dentists should buy an existing practice or start one from scratch. He says startups work in any state, even California, and walks through what his consulting firm handles: finding space, securing financing, designing the interior, and coaching you through opening day.
I often get asked from a doctor who is an associate or is a newer grad, I'd really like to buy a practice. And I say, hats off. Hey, we can help you with the evaluation and we can also help you with a startup. Most doctors don't know the difference between a startup and an evaluation or an acquisition. You know, the difference in the sense that one, you know you're buying a practice and the other, you know, you're starting, you know, cold start in our startup program. What I love is that I believe if you are a dentist that's exploring, purchasing a practice or doing a startup, you should have a conversation and dig deeper into both roads, because both roads lead to success. And the reality of it is this, a startup practice has the capability of being hugely successful even throughout different states, different areas of the country. So I hear people say, oh, you absolutely cannot do a startup in California. You will fail. And I am here to tell you, I live in California, I'm nationwide, and we do startups all over the country and they are hugely successful. In addition, what makes a startup or what should you be looking for in a startup? In a startup, it really begins with, what is your vision? If we don't know your vision, how can we help you with your startup practice? Also, we play, if you will, the quarterback of that team. And I'm happy to say, as playing that quarterback of the team, we have done the due diligence on the companies we recommend. Will we deal with a contractor in your area? Of course we have to. If you're in Pennsylvania, you're not going to use a contractor in Wisconsin, you're going to use a contractor in your own neighborhood. In addition, the healthcare realtor is an intricate part of that startup journey. Finding the location is a big part. So after we do the vision and the business plan and the demographic report to find out, where do you want to even be, what area is best for your specialty or your practice vision? Then and only then can we go to, hey, let's find a location. Let's get you a bank that gets you approved. Let's get you a marketing company that can create your logo and your branding and your website. Let's really focus in on the design of the business. So how is that practice going to look? So using an interior design, an architect to get that practice that meets your vision is so, so important. And then finally helping you in holding your hand along that journey every step of the way. So we begin with clients as early as, hey, it's a thought in my mind. I want to do this all the way to. I found a space that is equipped but has no patience and I need help. So they're ready to open in three months. That's what we would call a jump start or a modified startup and everything in between. We are on site, hands on do training, have leadership, CEO training. Everything is inclusive in our program.
