Dr Jagadish Krishnan’s dream of owning his own practice seemed unlikely. Today, he owns 10 practices across Perth.
The adage claims that patience is a virtue, and it’s obviously a virtue that GP Dr Jagadish Krishnan has been blessed with since the earliest days of his career. Since those early years, Dr Jags (as he is affectionately known in the medical community of Perth) wanted to own his own medical practice. But it was a dream he learnt would take time to achieve.
Dr Krishnan completed his undergraduate medical qualifications in India before moving to the UK to continue his studies and to work in the National Health Scheme. He arrived in Perth in 2006 to start the next chapter of his life. “I tried to buy a practice early on, but when it came to the table, it just wasn’t feasible,” he recalls. “So, I joined a practice and worked there until 2010, and that’s when everything changed.”
So close, and yet…
An opportunity arose to buy the Lakes Medical practice in the suburb of South Lakes, and it was exactly what Dr Krishnan wanted, as it was a package of building and business. When he approached a finance company, he was assured of approval and it seemed all set. That was, until the final moments.
“At the very last minute, they pulled out, claiming my scenario was complicated by the fact I was still working in the other practice and therefore deemed an investor in the new business, not the owner-occupier,” Dr Krishnan recalls. “Yet I was due to move over just a few months later. To get around it, they told me I would have to come up with a 30 per cent deposit, which I just couldn’t do. All the hard work and the dream I had held on to for so long had been shattered.”
Making the situation worse was that Lakes Medical had other interested buyers.
From the jaws of defeat
“If I had not met Richard Curia at that time, I don’t know what kind of position I would be in today,” says Dr Krishnan.
BOQ Specialist’s Richard Curia met with Dr Krishnan and his wife Yaamini, and the pair outlined their plans for buying the practice, and into the future.
“I remember he was good enough to meet up quite late, which meant we did not have to cancel any of our patient appointments that day,” Dr Krishnan recalls.
Richard took a far more comprehensive view of the proposal, and considered its value as well as its range of possibilities. “The best thing about approaching Richard is he has a strong understanding of the medical field, so we were talking the same language,” Dr Kirshan says. “So when he said my plans looked good and he thought it would be possible, I got the chills. There was now a real possibility of achieving my dreams.”
Growing the dream
Within weeks, the deal was signed and in August 2010, Dr Krishnan took the keys of the South Lakes practice. Only months later, however, Dr Krishnan was back in contact with BOQ Specialist, as he wanted to buy another practice, in Alexander Heights.
“It was a great opportunity, but I had concerns about growing too big, too fast,” he recalls. “The first thing Richard said was, ‘Are you sure you’re ready?’ I was so glad that was his approach, as his words made me be realistically cautious, rather than just jumping in.”
Once all the numbers were done and it was deemed a good deal, Dr Krishnan added another business to his portfolio. Six years on, he now owns 10 practices, has interests in nine other partnerships across Perth, and is credited as the biggest non-corporate medical business in WA.
“It has worked well for me as you can only do so much alone, and it’s great if you can help give someone the opportunity to own their own practice,” he says. “Make sure people are at the heart of the decisions you make and never stop chasing your dreams.”
Thinking about starting or growing your practice? Click on the link to find out more about our tailored financial solutions for setting up a practice. Ready to take the next step? Contact us to find out how we can tailor a practice finance solution for you, or call us on 1300 131 141.
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