Dentaltown November 2021 - 70

GAME #2:
Doctor who just wants out
Unfortunately, Game #1 usually transforms into this
next game without the doctor realizing it. Suddenly you're
burned out and just want to be done working. You feel
old and tired and crotchety, and are no longer enjoying
your profession. You fi nd the practice management
aspects exhausting. You bought into the adage that if
you just kept your head down and worked hard, it would
lead to the best avenue of success. But that's a fallacy
when it comes to owning a business: You can't just be
a full-time clinical worker bee and ignore all the other
aspects of running a practice.
Whether you've been in business for 10 or 25 years, if
you've been playing Game #1 all that time, you're likely
to be on the verge of being thrown into Game #2-if
you're not already there. The pandemic drove many
doctors to decide they just wanted out, even though
they weren't in a fi nancial position to do that wisely.
In fact, groups that specialize in buy-and-sell practice
transactions report that across the board (not just in
dentistry), 90% of sellers aren't ready: They sold for the
wrong reasons, such as personal crisis, debt or being
overleveraged, which signifi cantly affected the sale price.
You cannot win at this game! Emotions override
sensible, profi table decision-making. You'll have no
long-term perspective about anything because you just
want out as quickly and conveniently as possible. This
hasty choice will lead to the worst decision you'll ever
make concerning your largest fi nancial asset-one that
guarantees a lousy ending score for you and a spectacular
win for someone else.
GAME #3:
Business owner growing business value
Private-practice owners playing this game have
decided to treat their practice like a business. They've
stepped into the CEO role of their company and are
focused on growing the value of their business.
Virtually every doctor says they will sell their
practice at some point. So the question really isn't one
of keeping versus selling-it's a question of how many
years before you think you will be ready to sell. Then,
what do you need to do to be prepared to sell for top
dollar? Regardless of your timeline, growing the business
is of paramount importance.
Those who start playing this game learn that the
strategies worth keeping build a thriving business
that is also prepared for maximum sale. At right is
a clear visual of the work required for someone to
grow a business.
Doctors don't become good CEOs overnight. They
evolve into the role by building the necessary skill sets
Taking the CEO role
1. Create strategy and vision,
share with:
* Team
* Patients
* Investors
2. Build your team.
* Human capital selections
* Motivations
3. Execute plan, coach team,
fi nance growth.
* Explain motivation and strategy
* Set clear goals
* Hold people accountable
* Have a selling vision and track
progress
70 NOVEMBER 2021 // dentaltown.com
http://www.dentaltown.com
Dentaltown November 2021

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