Dr. Bill Kotonias is a dentist, entrepreneur, and mentor for several up & coming entrepreneurs. On this week’s episode, we discover how Dr. Bill helps dentists, who are fresh out of school, acquire their own practice. Dr. Bill explains his process, and the steps he takes, from turning a dentist in debt, into an entrepreneur and business partner.
Key Takeaways:
[:50] Why do so few people end up entrepreneurs?
[1:40] Todd has known Dr. Bill for over 20 years.
[3:10] This lifestyle that Dr. Bill has created, does it only apply to dentists?
[6:50] Let’s talk about the basics. How does Dr. Bill find opportunities?
[10:35] Why should you hire someone fresh out of college?
[12:30] After year two, Dr. Bill’s entrepreneurs have some skin in the game, and they’re less likely to quit.
[17:50] When a business has reached year ten, that’s when Dr. Bill buys out.
[21:05] So far, Dr. Bill has bought 18 practices.
[22:45] In the dentist industry, what is the customer turnover rate from acquiring a new practice?
[24:40] When do dentists typically think about selling their business? What age range do they tend to be?
[26:25] Todd does a quick recap of how Dr. Bill finds opportunities and purchases them.
[28:50] Let’s talk numbers. How much is a single-owner practice that has 2,000 patients worth?
[36:30] On average, how much profit does Dr. Bill see, at the end of the day?
[41:25] What happens to the staff when a transition is taking place?
[42:55] Final thoughts from Dr. Bill? What makes this industry work so well is finding the right entrepreneur and the right opportunity.
Mentioned in This Episode:
Contact Dr. Bill: 612-751-3078
Jon Austin is the senior partner of J Austin & Associates, a communications consultancy company founded in 2006. Jon has expertise in media relations, issue management, corporate reputation, and crisis communications planning and response. In a nutshell, Jon is the person companies call when they’re having a reputation problem. For this week’s topic, Jon discusses how to reduce the negative impact on your brand image, when something bad happens to your company.
Key Takeaways:
[1:00] Jon is the person to call when things hit the fan.
[1:25] How did Jon get into crisis management?
[5:40] What are some of the subtle differences between public relations, and crisis communications?
[8:55] What happens if a business wants to open a production plant in a nice neighborhood? You call Jon.
[11:30] It’s a challenge to educate and persuade the community towards why a company needs to set up shop in their backyard. Oftentimes, it helps stimulate economic growth.
[12:00] Executives in the C-suite position are usually the ones reaching out to Jon.
[15:05] In light of the recent Wells Fargo scandal, what steps would Jon take to help ease tension?
[18:20] It’s both good and bad, that social media has become so prominent in the last few years. It’s good, because you know someone’s listening. It’s bad, because misinformation can spread like wildfire.
[25:00] In Jon’s experience, most business owners and executives stay up late worrying about how to do the right thing. Mistakes just sometimes happen.
[30:50] What kind of mistakes does Jon see in his industry?
[38:05] Jon talks about how Tylenol recovered from their scandal in the 80’s.
[40:25] What should business owners keep in mind, when handling a crisis?
[43:50] Don’t wait too long to tell your side of the story.
[46:20] It’s important to be upfront with your employees, when drastic changes are happening within the company.
Mentioned in This Episode: