Startup Stories
Starting Your Career? Look First for Mentors
If you ask Dr. Paul Nguyen for the best advice he can give young dentists and students who want to own their own practice, he can sum it up in one word.
“Mentors!” Dr. Nguyen said.
“I would advise everyone to find mentors with the same practice philosophy as you would hope to adapt,” he explained. “Fortunately, I found a handful of people who really offered me good advice and taught me a lot of valuable things along the way.”
Celebrating 5 years now, Nguyen Dental is a family dental practice offering general and cosmetic dentistry procedures in a newly built, state-of-the-art dental facility. The practice serves the community of Prairieville, LA, and its surrounding areas.
“Now that I own my own practice, there are definitely benefits as far as setting your own schedule, practicing how you want to practice, and not having somebody dictate how you should be treating your patients, and I really enjoy that,” Dr. Nguyen said.
A Constant Vision
Dr. Nguyen’s story of how he came to purchase his own dental practice is one of determination and holding on to a vision—one that always included practice ownership. As a young microbiology major, Dr. Nguyen met often with an old family friend, who happened to be a dentist. The older dentist would share his experiences as a practicing dentist with the young college student, and the rest, as they say, is history. As time passed, the family friend became a mentor, and one of the reasons why Dr. Nguyen went on to graduate dental school.
“I graduated in 2009—knowing that I wanted my own practice, but also knowing I needed more time developing my clinical skills and learning the business side of dentistry, so I started as an associate for some large practices in the Baton Rouge, LA, area. One of the biggest benefits I got out of those experiences was working with more experienced clinicians,” he recalled. “Other dentists are mentors who can teach you things that you don’t learn in dental school,” he added.
Critical Clinical Experience
In addition to hearing advice from established dentists about how to begin a successful practice, Dr. Nguyen said the experience of working with several doctors in a large practice is beneficial from a clinical standpoint.
“It can build up your clinical confidence faster than you normally would if you were just working on your own,” he commented. “That experience was critical to my development as a dentist because it allowed me to focus on the clinical aspect of dentistry and improve my clinical skills—which is the most important thing when you first start practicing dentistry—and I could do this without having to worry about running a practice.”
Keeping an Eye on the Goal
Dr. Nguyen spent several years working as an associate at larger dental practices in the area, carefully learning everything he could from the more experienced dentists, and always asking for their advice on building his dental career. While he valued his dental education, he pointed out that dental students don’t typically receive a lot of business education, which he feels would have been helpful. Still, he remained steadfast in his goal of having his own practice. In 2017, he purchased an existing practice from a retiring dentist he had met.
“It was a small practice with 3 treatment rooms in an older house that had been converted into a dental practice, and it had a small patient base,” he recalled. “At that point, I evaluated the purchase and the practice based on my own experience and knowledge, and ultimately, I felt comfortable with the transition.”
But the path to practice ownership had its ups and downs.
“I was our sole income provider at the time for my family,” Dr. Nguyen explained, “and the practice I was purchasing was not very profitable, so the banks were reluctant to take a chance on me, but Bank of America came through and I secured the loan. I handled all negotiations on my own, and I researched dental-specific CPAs in the area, and we continue to work with them. So, getting the loan was my first big obstacle that I had to get through!” he recalled.
Leaning on Mentors
Dr. Nguyen practiced about 3 years in the older building, growing the business, all the while using Henry Schein as his primary supplier of equipment and supplies. He eventually realized he needed more space to continue to grow. So, the search began again, but this time it was a property and building process, which presented different challenges. Again, Dr. Nguyen leaned on the advice and knowledge he gained from his mentors.
“In 2019, I began searching for land in the area and we began building our current office. The building process went smoothly because the builder was a family friend who understood what my goals were. Since I had spent years working in other practices, I had already designed the ideal floorplan in my head, so when it came to drawing it up, the process was quick. I furnished and equipped my new office with Henry Schein—everything from cabinets to x-ray equipment. I feel that I was able to handle these steps on my own based on the knowledge and experience I had gained over the previous years, working with and learning from other dentists,” Dr. Nguyen shared.
Both a Practice and a Business
Now a successful practice owner, Dr. Nguyen is proud of what he’s accomplished but also aware of daily challenges that come with owning his own practice. In addition to his clinical workflow, he is running a business and must handle the responsibilities that come with that.
“As a solo practice, it’s demanding to compete with the larger dental corporations because they can offer more services at cheaper prices, compared to a small practice,” he explained. “And of course, along with the rest of the dental community, we’ve had to weather the challenges brought about by COVID-19,” he added.
Any Regrets?
“I suppose if I could do it over again, I would have purchased my own practice sooner, but there just weren’t any available at that time. I was surprised that it took me a lot longer to find an available practice than I originally planned. However, in hindsight, it is so valuable to work for someone else in the beginning of a dental career for the clinical knowledge and mentorships,” Dr. Nguyen commented.
“Learning from someone is definitely a great tool, so it’s important to find mentors who are willing to help you, and who share the same practice philosophy as you would hope to adapt in the future,” he continued. “It’s also important to continue your education, because technology is changing constantly and we have to keep ahead of it—I’m still learning!”
A Practice Philosophy
After years of watching and learning from older dentists who served as mentors, Dr. Paul Nguyen formulated a patient-centered philosophy for his practice:
“I was our sole income provider at the time for my family,” Dr. Nguyen explained, “and the practice I was purchasing was not very profitable, so the banks were reluctant to take a chance on me, but Bank of America came through and I secured the loan. I handled all negotiations on my own, and I researched dental-specific CPAs in the area, and we continue to work with them. So, getting the loan was my first big obstacle that I had to get through!” he recalled.
