12 May 2015

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Ownership is the best motivation

Omar Baxturidze and his Team
Omar Baxturidze and his Team

"After years of renting premises, I finally invested in a practice to own outright. My advisors at Bank Republic laid out a realistic repayment schedule and they have been very helpful in many other ways. Now I can fully concentrate on my vocation."

- Omar Baxturidze, Rustavi

"I began practising dentistry almost thirty years ago, and always rented my premises. I was being responsible and not biting off more than I could chew. As the business grew, it became clear that I should talk to a bank about financing my own practice, I suppose," Omar Baxturidze admits. "As the saying goes: Better late than never."

'Late' was in March 2014, when Omar took out a USD 40,000 loan with Bank Republic to finance the purchase of new premises. The fact that he brought some of his personal savings to the table made it possible to negotiate rather favourable terms over a manageable timeframe. The net effect was to considerably reduce Omar’s fixed costs whilst increasing his net worth. Located in Rustavi, about a 35-minute drive southeast of the capital, Tbilisi, the new practice is both larger and much better situated. "The great news is that virtually all of my patients are following me to my new practice," he beams. "I know I also owe that to my team, both at the reception desk and by my side in the consultation room."

Omar has barely settled in and already business is picking up as word of mouth spreads. The plan is to add two more dental chairs and hire two additional dental assistants as well. "The extra space not only makes the work easier, but it also enables me to serve more clients and to serve them better," he adds. "I keep in regular contact with Bank Republic and, as partners, we are both very happy to see how well things are going."

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