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Dear Friends,
As a follow-up
to our January Newsletter article regarding the economic downturn, we
wanted to "arm" you with some valuable tools that you and your staff
can use to make people aware of your practice and draw more patients to
you. If you and your team do not have an Elevator Speech, you will want to read this valuable article.
In our feature article, we address practice transitions. You may be asking yourself where to take your practice next: Should I consider bringing in an associate or partner to help me keep pace or expand the practice? Am I ready to mentor a young dentist? Have I adequately prepared myself to shift the focus of the practice? Am I ready to slow down? What will my strategy be when I'm ready to retire? Those questions and the implications of your decisions are addressed in Partnerships, Transitions and Retirement.
In future newsletters, we plan to address more of the issues that are on your mind. Visit the bottom of this newsletter to learn more about our HOT TOPICS GIVEAWAY.
Click here to correspond with us
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Partnerships, Transitions and Retirement
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Several years ago, a client, with whom I had been working for about five years, decided to retire. Until his 67th birthday, he simply couldn't envision himself not practicing. Thus, our work together had focused on strengthening his staff, enhancing their behavioral skills, and developing relationship-building focus. His practice had become truly distinctive, and he was highly invested in attracting a buyer who would continue to serve his patients in a manner to which they had become accustomed. Sadly, it wasn't to be.
Initially, with the help of a practice transition specialist, he brought in a "baby dentist," who, he hoped, would look to him for mentoring, guidance and wisdom. The plan included an initial associate arrangement for a specified number of years followed by a formal transfer of ownership and waning of involvement for the senior dentist. Although the young man expressed great interest in this idea during the interview process, he did not embrace it after coming on board. Because I know this client and his gracious, warm style so well, I do not believe the young dentist was overwhelmed, smothered, demeaned, or limited in any way. The staff was supportive and totally committed to the success of the transition. The patients were well open to a young dentist. But, the relationship failed. Something else was at work. Twice more, my client attempted to find a suitable match and twice more it failed to produce the desired goal. I wish this were the only tragic story I have heard in the past few years, but sadly, it is not and I have often asked myself why this is the case.
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Elevator Speech
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How would you go about selecting a dentist if you weren't one? It's an interesting question and one that could spark a great deal of discussion within your team. When my husband and I moved from Seattle, WA, to Spring Hill, FL, to be closer to my aging parents, we found ourselves having to form new relationships with many businesses and service providers. A new dry cleaner, a new accountant, a new hairdresser, a new physician, and, among many others, a new dentist.(This was before Doug decided to open his own practice here). This was a major undertaking. The move was a breeze compared to what it took to find the right people in our new community. In thinking about how to select a new dentist, I realized I had an opportunity to do some field research at the same time; so, I pulled out the phone book, read all of the ads and looked at all of the listings. Without a doubt, some ads made the practice seem more appealing, so I began with those dentists when I made my calls.
My intention was to learn what I could about each practice I called and decide if any of them met my requirements. My opening question was simple: "Hello, My name is Sandy Roth and I've just
moved to Spring Hill. I'm looking for a new dentist. What can you tell me about your practice?" This is what I discovered:
Read on to find out what Sandy learned and how it can help you
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We need your help. Suggest the HOT TOPIC for next month's newsletter and if we choose your subject, you will receive Sandy Roth's Wit and Wisdom Reference Library (valued at $299). Simply click 'reply' to make your suggestion.
We also encourage you to send this newsletter on to a colleague. Click the "forward email" link below.
Thank you for reading.
Sandy Roth and MaryBeth Head
ProSynergy Dental Communications |
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