The journey of 2 young practice owners. Recorded

Posted on 24 August 2020
Content available to premium subscribers only
80 mins CPD/CE

Aims and objectives:

Gain an overview of the journeys of 2 young practice owners, taking into consideration:

Dr. Nikhil Sethi:

  • Mastering the art of being an associate, profitability, adding value, complementing the standards of colleagues
  • His journey: education, influencers, challenges, confidence in abilities, mentors
  • Motivation and inspiration
  • Developing close relationships with the trade
  • The team: involvement in the journey, involve them in your vision, open communication
  • Social media presence
  • Creating a portfolio
  • Learning all parts of running a practice, CQC, audits, stock control, recalls, customer service
  • COVID-19
  • Lessons learnt: investment in business coaching, financial planning
  • Cash reserve for development and upgrades

Dr. Mihir Shah:

  • His journey: education, practice ownership, foundation training trainer
  • Lifelong ambition, brand and identity, clinical freedom, leadership role, financial freedom
  • His practice search, agents, private sale purchase, defined criteria
  • The acquisition process, the offer, acceptance, lending, heads of terms with the seller, due diligence, CQC registration, completion
  • Pitfalls, disagreements, understand the numbers, always seek advice from professionals and fellow colleagues
  • It’s yours: the hard work starts now, get to know your patients and staff, place your own stamp on the organisation, don’t be afraid to change things, having the right team is key, creating the culture
  • Invest in your business, professional development, equipment, customer service and training, learn from mistakes
  • COVID-19: furlough scheme, bounce back loans, CBIL’s loans, staffing, PPE, outgoings, fallow times, principal/associate disputes
  • The current practice market: abundance of associates now looking to purchase
  • Acquire business skills and knowledge

View all videos in the series: Journeys

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