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Congratulations to Quatro Air Technologies for reaching its silver 25th anniversary. This is a milestone anniversary that requires a celebration. And rightly so! Spending a quarter of a century servicing a specific market niche, in this case the dental niche, is a successful achievement and has to be recognized.
There are many reasons why people change jobs. These days, it is uncommon for someone to get a job and stick with it for the rest of their life. There are many opportunities and our lives are filled with diversity and flexibility. However, there are often patterns to why people decide to move on from what seemingly is ideal employment — and it isn’t just about the money or the location.
We often hear the words “to the next level” from the dental labs who call us, sometimes expressing a desire to move up, some saying they are ready, some making it their definite goal. We also see that a number of labs limit their thoughts to just getting their cases and invoices out the door.
The changing dental marketplace is challenging for many dental professionals. But those challenges offer new opportunities ...how will you recognize and take advantage of it? Opportunity is usually disguised as challenge and the sound of opportunity knocking can be drowned out by the little voices in our heads – negative self-talk.
It’s time for some plain talk. I’ve explored and observed several global trends in dentistry over the past several months. Some are related to the business aspects, which
will be discussed in this column; others are patient and practice management related and will be the focus of my article in Dental TeamWork this month.
When we analyze practice performance there are a variety of indicators to be reviewed.
Some are indirectly financial (patient activity,scheduling and enrolment), others are production and revenue. The other side of operating a practice is how the revenue leaves the owner’s pockets. In the past we’ve focused on production and revenue (top line).
It’s about time that we discussed the various ways that revenue is used and what is left over at the end of the month and year. It is important to recognize the difference between cash flow and profit as a practice owner because that ensures long term sustainability of predictable income to the owner.
I’ve described money as a tool in previous articles. Time is another tool, and perhaps the most valuable one in life and business. It cannot be bought or sold. It expires after 24 hours – and a new day brings a new opportunity to start fresh or continue from the
Last month we talked about “corporatization” of dentistr y – a global phenomenon that is
impacting everyone - professional and industry good, bad or otherwise. Once the dentist accepts that the world of dentistry is changing his/her next question is, “Now what?”
The young Associate approaches his Principal and expresses interest in taking over the practice where he has been working for the past 2 years. Although the past few months have been slow, he likes the patients
and enjoys inte r acting with the dental team. The Principal is several years away from even thinking about
transition of ownership of the practice so the Associate suggests that they add a “Right of First Refusal” to their
contract. The Principal is reluctant, stating that he is concerned that this would limit his ability to maximize
the price he might get on the open market. Is this a legitimate concern, wonders the Associate?
Ican’t count how many times I have heard from dentists in all stages of planning career strategies,
say they wish they would have or should have acted more decisively – taken control of a situation rather than waiting for an event or someone else to be their catalyst! More often than not, they regret procrastinating. Winston Churchill said, “A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.”
Times are tough. Money is tight. So now more than ever it is important to invest in your career and business wisely. Whether you are preparing a transition in or out of ownership of a practice (or any business), identifying value based and its transferability to a successor is the key to ensuring a fair and equitable opportunity.
The practice of brokering the purchase and sale of practices is not standardized .
Brokering anything essentially means selling something on behalf of some one else, or representing another person’s interest in that sale in return for payment of a commission or percentage of proceeds from the transaction.