As a working dentist who has opened up 14 practices during my career, I am someone who enjoys the challenges of being an entrepreneur.
It hasn’t always been easy. I’ve made costly mistakes (and I still do!). Over the years I’ve learned to roll with the punches while creating systems and best practices that I can successfully replicate over and over again.
But being an entrepreneur takes work. For many dentists, it’s the business of dentistry that really takes a toll. They aren’t prepared to run a practice and they stumble from one crisis to another.
If you can’t find joy in the business aspect of your practice you may eventually burn out.
Unfortunately it’s not getting any easier.
When I started you could make mistakes and learn from them. Today the marketplace has changed. If you don’t get things right the first time, you competition isn’t just the dentist down the street, it’s also the Managed Service Organizations (MSOs) and Dental Service Organizations (DSOs) that are often standing behind them.
I’m proof positive that you can compete and win in this kind of marketplace. I’m also the first to admit that it isn’t for everyone.
Some dentists are happy to have the day to day business and practice management decisions made by someone else. It certainly gives them more time for golf.
If that sounds like something you are interested in then it’s in your best interest to maximize the value of your practice before you talk to an MSO or DSO. If you are going to essentially be working for someone else then you really want to make sure that the blood, sweat and tears you’ve put into your business is reflected in your buy-out.
Before you make any decisions you should speak to someone like myself, who can give you solid guidance on what your best options are going forward. You might discover that with a little coaching you can learn to love the business of dentistry as much as I do.
Or you may decide a better tee time is what you really want from your career.
Ascent Dental Solutions is a full-service agency dedicated to helping dentists build their practices and map out their careers. It is the brainchild of Dr. Kevin Coughlin, who earned his doctorate at Tufts University School of Dental Medicine and his Masters in Health Care Admin. at Western New England University. He currently serves as a faculty member at Tufts. While Dr. Coughlin continues to practice dentistry as the principal owner of the 14-location Baystate Dental PC, he has a strong passion for helping fellow dentists maximize their success. If you are interested in talking to Dr. Coughlin the best way is to just give him a call on his cell phone at 413-224-2659