Selecting Phase II as your transition consulting team!
Why should a transition consultant be your first contact to prepare your practice for change? Typically, as dentists prepare for retirement they begin to schedule fewer or shorter clinical days combined with additional vacation. In short, they begin to let their lifestyle lead their practice management. The time to sell or expand your practice is…
Transitioning Your Relationship-Based Practice: Part 2
Navigating the Best Transition For Your Dental Practice Legacy Complementary technical skills to properly care for a patient base are essential. Behavioral considerations like interpersonal skills and communication are part of the success of a relationship-based practice. Timing and financial considerations play a large role in buyers identifying their opportunity as well. Working with a…
Engineering your Practice Success
Engineering is defined as the application of science and math to design and solve complex problems. I prefer the definition of engineering as artfully working to bring something about. This sounds like today’s dental models that intentionally apply math (business), science (clinical science) and art as not only clinical dentistry but a leadership style creating…
Transitioning Your Relationship-Based Practice: Part 1
As dental practices grow and change, new seasons bring opportunity and security for both sides of a transaction. Charting a new path can be stressful and uncertain as many practitioners have not weathered a transition in years. Considering a Transition Change In Your Relationship-Based Practice? Young dentists are often seeking that opportunity for the first time. Experienced…
The Abundant Leader
“People with a scarcity mentality tend to see everything in terms of win-lose. There is only so much; and if someone else has it, that means there will be less for me. The more principle-centered we become, the more we develop an abundance mentality, the more we are genuinely happy for the successes, well-being, achievements, recognition, and good fortune of other people. We believe their success adds to...rather than detracts from...our lives.” - Stephen R. Covey
I believe that we, as practice owners, are missing the boat with regard to how we view our role as managers. We have somehow misinterpreted management to mean that we must oversee and direct the behavior of other people. But if we find it necessary to manage the actions of people in our organization who lack motivation and are incapable of productive behavior, we have failed miserably as leaders and managers.
Leadership: Strength through Vulnerability
“The deeper our faith, the more doubt we must endure; the deeper our hope, the more prone we are to despair; the deeper our love, the more pain its loss will bring: these are a few of the paradoxes we must hold as human beings. If we refuse to hold them in hopes of living without doubt, despair, and pain, we also find ourselves living without faith, hope, and love.” Parker Palmer—A Hidden Wholeness
Practice Management II
Why Lead? In Part One of this two-part series, Dr. Joel C. Small discussed the transformational nature of leadership in dentists’ professional lives. In Part Two, he discusses how leadership qualities can enhance their personal lives.
Practice Management I
Why Lead? Dr. Joel Small emphasizes the value of leadership in the dental office and explains how management styles and office “culture” influence productivity.
The Prepared Practice
The death of a family member is perhaps the most painful experience anyone can endure... This is particularly true when a dental specialist dies. The unfortunate reality is that with the passing of a dental specialist, the timeliness of the practice sale is crucial in maintaining the practice value.
Technology versus Culture
Not long ago, I had the opportunity to visit with a young dentist that had recently purchased an existing practice. He was seeking advice regarding upgrades for his newly purchased practice. He had a limited budget for new expenditures, and wanted to know if I thought that his limited resources would best be spent for digital radiography or for a cone beam scanner. I responded by asking him what he wanted to achieve by purchasing the technology. He replied that he wanted to improve the quality of care that he and his staff could offer their patients.
Interested in a safe investment with a minimum 17% rate of return? After the devastation to many dentists’ portfolios in 2008, it is now very common to see these practitioners take defensive positions in order to preserve what remains in their retirement and investment funds, rather than the gamble of even greater losses. The stock market no longer provides the predictable returns that had been common in years past, and the bond market has continued to significantly underperform. Can we do anything at all to regain our losses? Is there any “safe” market remaining? Where do dentists turn for their investments?