Not every successful practice begins life as a beautiful, modern clinic.
My guest this week, Dr Michael Filosi, purchased a dental practice that most people would have walked away from. It had possums in the roof, paper appointment books, no computers, no answering machine and looked like it had been forgotten for decades.
Ten years later, it had become one of Adelaide’s largest dental practices before Michael successfully sold it.
This conversation isn’t about dentistry; it’s about recognising opportunity, building systems, leading people, and creating a business that has genuine value.
In this episode, we discuss:
Seeing potential where others see problems
- Why Michael bought a practice everyone else ignored.
- Looking beyond the current condition of a business.
- Thinking like an investor instead of simply a clinician.
Buying into a practice the smart way
- Purchasing 50% first before buying the remaining share.
- Negotiating the exit strategy before entering the partnership.
- Creating certainty for both buyer and seller.
- Avoiding future conflict over business valuation.
Building a practice that people want to work in
- Leading by example rather than simply giving instructions.
- Why culture always starts with the owner.
- Setting high standards without becoming unreasonable.
- The importance of uniforms, presentation and first impressions.
Small improvements that create big momentum
- Why replacing waiting room chairs mattered.
- Modernising systems one step at a time.
- Introducing computers and practice management software.
- Creating confidence among both patients and staff.
Growing beyond yourself
- Removing key person dependency.
- Transitioning from clinician to true business owner.
- Why every successful practice should be able to operate without its owner.
Knowing when it’s time to sell
- Recognising burnout before it becomes permanent.
- Why lifestyle sometimes matters more than squeezing out every last dollar.
- Preparing your practice for sale years before you need to.
- The danger of greed in negotiations.
Key Takeaways
- Build your practice as though you may sell it tomorrow.
- Agree on the exit before agreeing on the entry.
- Leadership is demonstrated through actions, not words.
- Systems create consistency and increase business value.
- Small improvements often have the biggest impact.
- Don’t become the business bottleneck.
- High standards attract the right team members.
- A fair deal today is often better than chasing the perfect deal tomorrow.
If you’ve ever thought about buying a practice, growing your current clinic or planning your eventual exit, this episode is packed with practical lessons that apply well beyond podiatry.
If you’re thinking about selling your practice in the next few years, let me help you increase its value; that’s what I do. Or, if you just want to make more money, work fewer hours, and have more time off with your family, visit my website at tysonfranklin.com. Otherwise, feel free to email me any questions you may have about your business at tf@tysonfranklin.com.