6.8.12 Issue #535 info@mckenziemgmt.com 1-877-777-6151 Forward This Newsletter
 

Perks and Pitfalls of Practice Ownership
By Sally McKenzie, CEO

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By virtually every standard, you are living the American Dream. You are an entrepreneur. You are a business owner. You are the CEO, the Big Cheese, the King of the Hill. So, how is it up there at the top? Interestingly enough, it is said that while many business owners believe the benefits outweigh the frustrations and challenges of ownership, only a small percentage of businesses are truly great to own. Is your practice “great to own” - or do you wish things were different?

Do you wish staff were better, more effective, and more focused on their responsibilities? Do you wish treatment acceptance was higher and required less work? Do you wish you could spend more time shoring up your own personal financial situation and less time worrying about practice funds - in other words, building your retirement? If you were in the market to purchase a practice, would yours be a viable option to consider? Or would the trials and tribulations that you face daily make this an investment that you would pass on?

Now what if I told you that beginning next Monday you would be given a specific step-by-step plan and strategy to address the problems, the frustrations, and the financial challenges?  As an added bonus for following the plan there would be a check worth $8,500 waiting for you at the end of every month - an extra $102,000 a year? Would you feel differently about your practice? Just maybe your practice could be one of those businesses that’s “great to own.” Would you be interested in learning more about this plan?

What if I sweetened the incentive a bit, and quadrupled it to $32,000 per month for a nice $384,000 extra a year. Do I have your attention now? Or how about $123,000 extra a month - for a cool $1.4 million each year. In addition to the added financial resources, you will have the luxury of looking at your fellow dentists and saying, “Recession? What recession? My practice is doing better than it’s done in years. Staff headaches? I love my team, wouldn’t change a single one of them.”

Would you say, “Yes! I want the plan immediately. How soon can we start?!” Or would you say, “Oh Sally, that sounds really interesting, but if it means I have to change something, anything, well you know, the staff is not going to go for it. They really don’t like change, so I think I’d rather put up with the innumerable headaches and frustrations. I’ll just keep doing what I’m doing - scraping by, trying to keep the schedule full, trying to collect from patients, trying to keep the warring factions at bay - front vs. back, etc., and trying to do any treatment I can for the patients that actually show up. But, hey, that sure sounds interesting.”

I never cease to marvel at what dentists will settle for. These individuals who insist on precision, excellence, and the highest level of perfection from themselves will tolerate countless practice inefficiencies, high overhead, expenses, staff headaches, and lost opportunities, month after month in their practices. Why? For some, they simply believe that the frustrations are part of running a dental practice. Others have struggled to get ahead for years and know nothing else. But I would be willing to bet this is not the career they signed on for.

Then there are those who say they would like to get help, but they are afraid to spend a few days and a few dollars necessary to make the changes that would dramatically improve the systems to turn their practices and their lives around. They think about hiring a consultant, but they are so afraid they won't get their monies' worth that they choose to continue to lose tens of thousands of dollars every month instead. And that is not an exaggeration. The figures above - $8k, $32k, $1.4 million - are real. In recent years and in spite of the recession, McKenzie Management consultants have consistently enabled practice owners as well as dental teams to enjoy real financial success over the long term and career satisfaction like they've never known.   

Are you ready to get past the recession and implement a plan and a strategy to enable you to love your profession once again? If so, contact me directly at 877-777-6151 or email me at sallymck@mckenziemgmt.com

Next week, is “culture” clobbering your bottom line?

For more information on this topic and for additional Dental Practice Management info, visit my blog: The Lighter Side.

Interested in speaking to me about your practice concerns? Email me at sallymck@mckenziemgmt.com

Interested in having Sally McKenzie Seminars speak to your dental society or study club? Click here.

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