In this episode I have the privilege and honor of speaking with my friend and colleague Dr. Chad Williams. In our discussion he gives his story on how he went from an associate to practice owner and then we delve into some of his experiences over the past 16 years. I think you will find what he shares informative, educational and entertaining. Give a listen to episode 70 of Business of Dentistry!
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I asked Dr. Chad Williams to join us for a number of reasons. He’s my top referral, and one of my closest friends. Because he’s has been in practice for 16 years, he has plenty to share about what he’s done right, what he’s done wrong and what advice he has for someone in the first few years of their practice – and he’s talking about it all on today’s show.
We are both located in Lebanon, TN. He arrived in town after graduating from dental school in Louisville, Kentucky. But before settling down here, he tried to join the Army Reserves in Clarksville, TN. The Army wouldn’t take him because of multiple knee surgeries, so when he heard about a dentist in Lebanon who was leaving his practice to become a firefighter, Chad jumped at the opportunity. He’s been here ever since.
Those first few months and years had their rocky moments though. Originally he was given five months to work in the practice before deciding if he wanted to continue, walk away or buy the dental practice outright.
A few months in Chad decided he wanted to buy it. He liked the people in town, and the proximity to Nashville. So on January 1 of 2002 he bought the practice.
It didn’t take long for his new practice’s office to need an overhaul though. The original dentist hated being a dentist, and hated having a practice so he did the bare minimum in terms of services, and spent as little as possible to keep the practice running. Chad gave it a complete makeover from the carpeted floors to the outdated wallpaper.
Plus the office was in a residential area; the original dentist had remodeled a family home into a dental office so by 2005 the practice was at maximum capacity. Chad had only 1.5 rooms to work in so he and his wife Betty looked into all their possible alternatives.
They found a piece of property on the main drag of the town and thought it would be a perfect place to build a new office. It was about 1.5 acres, so he built 5,000 sq. ft. of space to lease to others, plus 4,400 sq. ft. for his dental office. They loved it and got to work on the design in 2006 and started building in 2007.
He says the entire process was as smooth as broken glass! The economy took a downturn so they struggled to fill the additional office space. They had been looking for service professionals to complement a dental practice: dental specialists, medical specialists, CPAs, lawyers, etc.
They turned down 200 liquor stores, tobacco stores, and other non-professional service businesses. Because of that they were the only tenant in the building for a few years, but recently they signed a lease with a hospice that will occupy for the front 3,000 sq. ft. and are hopeful the rest will soon be occupied as well.
We also talk about his two pieces of advice if you are in the first 3-5 years of your private practice. His first bit of advice is to lose your ego, put down your pride. He admits his practice has always done much better when he’s put aside his pride.
For example, whenever he sits down with a patient and looks at them as a peer, it changes the dynamic in a positive way. He talks to them about how he can help them, and what they need done, rather than telling them what he could do for them. Then he listens to their questions. All of this helps his patients to be less nervous and more agreeable to his treatment plan recommendations – that and his use of humor, something he is known for!
Hear the other piece when you listen in to today’s show. You’ll also hear how he works 3.5 days a week, how presents his treatment plans for greater patient buy-in, and the three hurdles that patients have. Dig in to that and more on episode 70 of the Business of Dentistry podcast!
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