Starting from Scratch: Building a Successful Practice Amid Economic Challenges | Dr. David Rice | 541

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Want to hear from someone who's been through it all, from associateship to acquisitions to a successful startup?

This episode dives into the remarkable journey of Dr. David Rice, who masterfully blends the art of dentistry with entrepreneurship. Based in St. Petersburg, Florida, Dr. Rice travels to East Amherst, New York, where he practices, providing a firsthand account of his dynamic lifestyle. He openly shares his transformative journey from being an associate to expanding through strategic acquisitions and establishing his own practice. Dr. Rice highlights the critical role of diverse experiences in refining his professional skills and how meticulously planning his career steps, from securing loans to choosing practice locations, formed the backbone of his success.

In our conversation, Dr. Rice provides valuable advice for budding dentists eager to navigate starting their own practice. He underscores the necessity of loan pre-approvals and efficient demographic targeting for marketing success. Teaming with trusted partners like Patterson and utilizing solid cash reserves are among the pillars he emphasizes for achieving sustained growth. Dr. Rice dives into common pitfalls, such as emotional attachments to locations and shallow decision processes prompted by social media allure. As the discussion nears its close, he turns adversity on its head by advocating for practice startups during economic downturns to capitalize on reduced costs.

What You'll Learn in This Episode:

• The intricacies of balancing career and location for optimal practice function.
• Proven strategies for successful dental practice acquisitions.
• How to leverage loans and cash reserves for business growth.
• Importance of detailed demographic targeting in marketing.
• Building beneficial partnerships and reliable business relationships.
• Essential preparation steps to avoid practice ownership pitfalls.
• The unique opportunities available when starting a practice during a recession.

Tune in to discover strategies and insights that could redefine your journey in dental practice ownership!

(This episode originally aired on 03/02/2023)

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Guest: Dr. David Rice

Business Name: Ignite DDS

Check out David's Media:‍

Website: ignitedds.com

Instagram: instagram.com/ignitedds

Facebook Group: facebook.com/groups/igniteddsinsiders

Email: david.rice@ignitedds.com

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Other Mentions and Links:

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Podcast episodes:

David on Episode 159

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Groups:

The Making Of Facebook Group

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Businesses/Services:

Henry Schein

Benco

Bank of America

Patterson

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People:

Sandy Pardue (Classic Practice)

Jon Miller (Patterson)

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Host: Michael Arias

‍Website: The Dental Marketer

Join my newsletter: https://thedentalmarketer.lpages.co/newsletter/‍

Join this podcast's Facebook Group: The Dental Marketer Society

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