Dr. Bruce Smith of the Centre for Contemporary Dentistry shares why he decided to open his business and how Horizon has helped it grow.
What inspired you to open your own practice?
My parents coached me to come back to my hometown and supported my interest in dentistry as a lifelong profession. They had confidence in me and I had confidence in myself so I thought, “Why not here?”
What were your biggest concerns about starting your own business?
I graduated from dental school in 1981. I was concerned about managing the debt I incurred from my eight years of education – four years at Valparaiso University and four at Indiana University School of Dentistry – and a substantial new business startup sum. In 1981, the interest rates for business loans were also really high – between 18 and 20 percent. I had an 18.5 percent rate for my first business loan for supplies, working capital and to purchase the dental equipment.
What business steps did you take to get to where you are today with the Centre for Contemporary Dentistry?
When I first started, I thought it was important to seek out advisors who had similar core and business philosophies. I’m somewhat conservative in business and financial investments – I prefer to go a little slow rather than just roll the dice and see what happens. I leaned on my advisors for guidance on insurance, legal, and financing of things.
My financial advisor then was a close friend from my high school baseball team, and he’s still my accountant 30 years later. He encouraged me to open an IRA when they first came out. When you’re 25 you’re not thinking about retirement, surround yourself with people who are forward thinking and living in 5, 10, 20-year plans.
What major challenges and obstacles did you face in the process of opening your office?
Marketing the practice and making myself known was difficult in the beginning. Advertising in the profession was frowned upon 30 years ago – you didn’t have much more than a 2-column newspaper announcement that said you were open. So early on, networking and having the confidence to be out there and self-promoting was important. My eye doctor encouraged me to join the Rotary Club, and I’m still a member today. It was a great decision. Iit allowed me to meet other professionals and begin to network within the community. It also became a platform for giving back to my community.
What have been the most valuable lessons you learned while starting the Centre for Contemporary Dentistry?
Take small steps at a time, make thoughtful decisions, and believe in yourself that you can make it happen.
How has your relationship with Horizon Bank helped your business?
It has truly been a win-win relationship. Horizon Bank has been able to help us so much. When we asked for their assistance in securing the purchase of our current office site and then renovating it into a state of the art dental facility, they were very flexible with their financing arrangements. As we’ve continued to add new dental technologies and services in our practice, they’ve been instrumental in helping our small business flourish here in Michigan City. It’s a unique thing to have professional relationships as well as personal relationships. From Craig Dwight to Steve Kring to Tracy Woolsey to Jim Neff to all of the supportive team behind the scenes, Horizon simplifies our banking experience. Our Horizon partners always respond with a smile, and we love smiles!
Anything else you’d like to mention?
I see a lot of parallels in what we’re both striving for and what our visions are as businesses. We strive to make a positive difference in the lives of our patients in delivering exceptional care, and Horizon Bank wants to deliver exceptional services. They have committed and compassionate employees from the top down, and they really want to improve their clients’ overall quality of life. We try and do that as well in improving the over quality of life for our patients.