Dentaltown November 2021 - 71

"
You can't just be a full-time clinical
worker bee and ignore all the other
aspects of running a practice. "
with effective training and coaching and then gaining
experience over time. The biggest struggle every practitioner
faces is having to stop seeing patients full-time.
And if you're a sole proprietor, to cut your work back,
you need to bring on an associate for the fi rst time,
which is a game-changer in itself.
Everyone goes through the transition process. Most
doctors start in the role part-time, but they come to
accept that continuing to treat patients is very time
consuming. It requires a lot of energy and effort and
headspace, and they become torn between priorities.
To be a great CEO, you can't do the job part-time.
That's why we work with clients on a plan to transition
completely away from seeing patients, typically over a
fi ve-year period.
No matter how many years you've been in business,
or how long before you might want to sell, this is the role
you need to be in, and the game you need to be playing.
Only then can you prepare your business for the most
successful sale when you decide you're ready-one in
which you end up with the winning score because you're
selling for the right reasons and at a time that's right for
you. You may even decide to keep a highly profi table
business as part of a multigenerational wealth strategy
instead of selling it after all.
Know the rules
Now that you've identifi ed the game you're playing, you're
in a better position to decide if you're headed for a win or a
loss, whether you're planning to sell soon or not. (Hint: If
you're not playing the business owner game, you're not headed
for a win-at least not one as big as it could and should be.)
Next in this series, I'll talk more about the rules of each
game, the rules that your opponent knows and will use
against you. That way, you can at least try to protect yourself
against the plays being made by others to ensure you win,
and they lose. ■
Next month:
Part 2
In our December issue, Jay Geier
will discuss more rules of the
practice ownership game and how
dentists can protect themselves
against plays being made by
potential buyers to ensure you
win, and they lose.

Dentaltown November 2021

Table of Contents for the Digital Edition of Dentaltown November 2021

Dentaltown November 2021 - Intro
Dentaltown November 2021 - Cover1
Dentaltown November 2021 - Cover2
Dentaltown November 2021 - 1
Dentaltown November 2021 - 2
Dentaltown November 2021 - 3
Dentaltown November 2021 - 4
Dentaltown November 2021 - 5
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Dentaltown November 2021 - Cover3
Dentaltown November 2021 - Cover4
Dentaltown November 2021 - Insert1_1
Dentaltown November 2021 - Insert1_2
Dentaltown November 2021 - Insert2_1
Dentaltown November 2021 - Insert2_2
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