4 minutes
When Dr Garreth McBride emigrated from Ireland to live in Australia five years ago, he was of the mindset that, one day, he would own his own new dental practice. He knew that initially he would have to immerse himself in the industry and immediately began working in a corporate dental practice.
“While I enjoyed the work, a part of me knew it wasn't a very good fit,” says Dr McBride.
“I bided my time for three-and-a-half years until I knew I had to make a move.”
He began looking at dental practices for sale in his home town of Newcastle [NSW] but found them to be very overpriced. It was obvious that a lot of owners were including a very high premium for the goodwill that came with their practice.
“I was also concerned that the owner could sell the practice and then set up again just down the road,” says Dr McBride. “A large proportion of existing patients would then follow the original owner and all the goodwill would leave with them.”
When he found a potential site for a new practice in the Newcastle suburb of Cooks Hill, Dr McBride approached a couple of financial institutions about a loan—but ultimately chose BOQ Specialist.
“Even though I had some dealings with other institutions, BOQ Specialist made it very easy for me to transition from employee to business owner,” says Dr McBride. “They were the obvious choice.”
It’s expensive to set up a new dental practice from scratch and Dr McBride had done his due diligence, investigating costs of equipment, fit-out, remodeling and incidentals. He approached BOQ Specialist with a comprehensive financial breakdown and together they were able to create a very accurate spreadsheet of the costs involved.
“I was working with one of BOQ Specialist’s financial consultants,” says Dr McBride. “He had extensive experience working with dentists and dental practices and knew exactly what I was talking about.”
Dr McBride signed with BOQ Specialist in November 2016 and his new practice, The Good Dentist, opened at the end of February 2017. Not only did he have to deal with Christmas during the build, but his wife of three years gave birth to baby Ellexia two weeks before the new business opened.
“It was taking nesting to a whole new level,” says Dr McBride, laughing.
Opening a new practice without an existing client base can be a nerve-racking experience. Fortunately, The Good Dentist has grown quickly with 700 patients on the books within six months of opening. Dr McBride couldn’t be happier in his role of owner/dentist and is certain he made the right decision to go out on his own. “I think fear of the unknown restricts a lot of people,” he says. “And to be honest, I had plenty of fears in regard to money, funding and setting up a brand new practice. However, all those fears were relieved and alleviated whenever I talked to my banker and the other professionals at BOQ Specialist. Working with them is one of the best business decisions I've ever made.
Thinking about starting or growing your practice? Click on the link to find out more about our tailored financial solutions for setting up a practice. Ready to take the next step? Contact us to find out how we can tailor a practice finance solution for you, or call us on 1300 160 160.
