On this episode of the Prosperous Doc ®, our host Shane Tenny, CFP®, welcomes Dr. Williams to discuss his path toward independence and the hurdles that come with business ownership.
From the start, Dr. Michael Williams knew he wanted to run his own business. He liked the independence of working for himself and deciding on his own path.
After finishing his dental residency, Dr. Williams worked as an associate in a private practice for about four years before starting his first practice.
“Growing up, we had a few family friends that were dentists and watching them own their own business, talk about the autonomy, talk about work-life balance ... that seemed admirable, that seemed exciting,” Dr. Williams says.
On this episode of the Prosperous Doc ®, our host Shane Tenny, CFP®, welcomes Dr. Williams to discuss his path toward independence and the hurdles that come with business ownership.
“After practicing for a few years, after a good education, great residency experience, I was very confident and capable clinically ... But when it came to being a business owner, being a leader in the practice, I felt I hadn't had enough formal training, but also just not enough hands-on experience to be able to tackle that on my own,” Dr. Williams explains about those early stages.
Dr. Williams and another dentist entrepreneur in the Charlotte, NC area bought a practice together. His partner had more experience with the business side of things, having previously purchased a few practices.
After working there for some time, Dr. Williams felt he had outgrown his role and wanted to step into a leadership position, inspiring him to branch out and buy a practice on his own.
“I just got serious about embracing my role as a leader in the practice that I was in, in my partnership, honing in on the skills to become a better leader,” Dr. Williams says.
Name: Dr. Michael T. Williams, DMD, FAGD
What he does: Dr. Williams has been in private practice in Charlotte since 2010. He is an active member of the American Dental Association, the North Carolina Dental Society, the Academy of General Dentistry and is the president of the Charlotte Dental Society. Dr. Williams was awarded a Fellowship in the Academy of General Dentistry achieved by only 6% of dentists.
Company: Williams Dental | Facebook
Words of wisdom: “I learned through this journey that nothing really has to be permanent.”
Top takeaways from this episode
[03:51] Hone clinical and patient skills: Dr. Michael Williams, immediately following his residency, worked as a private practice associate for 3 to 4 years, harnessing those crucial clinical and interpersonal skills.
[07:46] Confidence and skill sets grow: After working at this joint practice for a few years, Dr. Williams felt he had “outgrown the space” and wanted to take on more of a leadership role in a practice of his own.
[09:32] Harnessing leadership skills: “Regardless of how much I maybe didn't want to be in a leadership role, it was there and I needed to just learn to embrace it,” Dr. Williams says of his desire to take the leap from partner to sole owner of a practice.
[12:42] Seek counsel from advisors and coaches: Without much knowledge of how to start and operate a business, seeking the guidance from professionals can help make the transition smoother and more monetarily sound.
[22:56] It’s never too early or too late to network: Being involved in dental societies and organized dentistry can foster relationships that expand your knowledge and skills. It can also open the door for more opportunities.
[26:31] Mentors and coaches can have lifelong impacts: Dr. Williams credits Dr. Frank Serio, Harvey Smith, and Ben Shaver for having had major impacts on his life and career.
The advisors at Spaugh Dameron Tenny Financial have pulled together a free Resource Library, including eBooks, guides, checklists, and quizzes, to expand your financial knowledge. From help with financial planning to student loans to retirement and more, this free resource is the perfect start for those interested in learning more.
Disclaimer: Prosperous Doc podcast by Spaugh Dameron Tenny highlights real-life stories from doctors and dentists to encourage and inspire listeners through discussions of professional successes and failures in addition to personal stories and financial wellness advice. Spaugh Dameron Tenny is a comprehensive financial planning firm serving doctors and dentists in Charlotte, NC. To find out more about Spaugh Dameron Tenny, visit our website at www.sdtplanning.com. You can also connect with our host, Shane Tenny, CFP at shane@whitecoatwell.com or on Twitter.
Compliance code: CRN202410-1032982
Top quotes from the episode:
[10:42] "Regardless of how much I maybe didn't want to be in a leadership role, it was there and I needed to just learn to embrace it."
[13:04] “We love to take continuing education and tout the number of hours we spend improving our clinical skills, but we don't necessarily spend the equal amount of time on improving ourselves, our businesses, and ourselves as leaders.”
[21:06] “I've had some amazing mentors over the years — both clinical and personal — but as a step up from a mentor, was having a coach that I was intentional about setting aside time for and making a financial investment in — those were key to my growth.”