Insights from An Ophthalmology Practice Founder
In this episode, retina specialist Dr. Desmond McGuire joins David to discuss various topics.
Listen in as Desi explains his first exposure to ophthalmology back in high school, as well as how his parents influenced his commitment to saving for retirement. Dr. McGuire and David then review how Desi founded his practice by purchasing it from a few physicians and then buying out one of the doctor’s individual practices – and key success factors in those deals.
Desi and David then examine the risk of signing personal guarantees on investment deals, with Desi sharing a private investment deal he was involved in that did not go as planned. Finally, they discuss what has made Desi’s practice thrive and how he has gone about bringing on new partners in the practice so successfully.
What You’ll Learn:
- Why Desi went into medicine and his path to ophthalmology
- What financial habits Desi learned from his parents early on
- Desi’s experience in his first practice, initially as an employee, and then buying the practice out from three physicians
- How a key advisor helped Desi successfully purchase another practice
- Desi’s first hire -and now long-time partner – was his best friend from training: how that has worked out and one moment of tension
- Desi’s experience in investing alongside a large group of physicians in a number of entrepreneurial ventures
- Why personal guarantees can be so dangerous for physicians
- How Desi and his partners bring on new physicians – and what has worked well for them
- How Desi and his partners are open to re-evaluating their financial and practice structures and continually improving them
- Desi’s One Thing he would share with young physicians