The average age of dentist I’ve supported with a practice sale is 47.
The average age of dentist I’ve supported with a practice acquisition is 42.
That doesn’t mean dentists are buying at 42 and selling 5 years later. But after being immersed in this side of dentistry for 8 years, what my observations tell me is that most dentists who are frustrated and burn out by 47 don’t manage their practices the same way as those who love what they do. Further, the more frustrated the owner is, the less freedom they feel in ownership.
There is a significant difference between the C-Suite Executive and the DIY Practice Owner that contributes to burnout and lack lustre profitability. C-Suite execs run companies with a “who not how” approach. They bring in the right people to pull the right levers because their highest and best power is in vision and direction. They apply experiences from other companies that have had success. They establish a vision with the board of directors and chief decision makers and measure data to guide progress toward that vision.
Contrast this with the colleagues out there coasting on fumes. In addition to figuring out what needs to be done in a reactionary way that tries to measure data as problems arise, they also need to produce to keep the lights on, market the practice, ensure payroll gets submitted on time, and so on. They stretch themselves as thin as possible until they choose not to tolerate that anymore.
There are three truths I believe that you may disagree with. One is that the connection between needing and wanting is tolerance. What we no longer tolerate becomes a need. If we are willing to tolerate it, it’s a want. We only need support when we choose freedom. And we only choose freedom when we stop tolerating anything but.
The second controversial truth I believe is that a mindset of scarcity can only be morphed into one of abundance with courage. If you want more, you have to have the courage to behave differently than the version of you that has less.
The third and most controversial truth I believe is that the first two only feel controversial if you find yourself making excuses for your tolerance or scarcity.
When it comes to managing a practice, it’s impossible to do it all. The most profitable, sustainable, and fulfilled dentists who’s practices our company has helped aren’t martyrs. In fact most take great pride in their ability to focus almost exclusively on their most productive contribution to the practice – patient care. Working twice as hard to make twice as much money doesn’t work for long, and the most successful practice owners know this.
Often we use the word “multi-tasking” to describe being busy as a practice owner. But we can all only do one thing at a time. The word “multi-tasking” is a glow-op for distracted leadership.
A common excuse I hear to resisting leadership style change is “I can’t afford it.” That one’s a substitute for “It doesn’t matter enough to me.” We’ve all had the patient who can’t afford the crown because they’re in the process of booking a “stress-getaway” vacation for 5 days to Cuba. We can afford what we value. And when you’re an entrepreneur and business owner, investing in yourself is required for sustainability.
Our Practice CoPilot Program provides concierge strategy available at 1 month, 3 month, 6 month, and 12 month terms for a limited client list.
CoPilot is a co-working model. It gives you a C-suite employee that’s seen hundreds of practice financials and operational tactics working beside you. This is not consulting where you ask a question, we give an answer, and nothing else happens. This is about co-creating results that matter in your practice and your life. Whether that’s building systems, creating financial strategy, developing a plan for mergers and acquisition, setting yourself for maximum profit on sale, or facilitating your practice sale. If you can commit to an hour a week for a Zoom call, we can create exceptional results as a team of two working on your goals.
Freedom and abundance just takes strategy and commitment.
Cheering you on.
