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Articles

The Professional Advisory

  1. Is it Time to Move?
  2. Staging A Dental Practice
  3. The High Cost of Dying
  4. Deal-Busters
  5. Patients - Attract and Retain
  6. Should I Stay or Should I Go?
  7. Is There a Buyer for Every Practice?
  8. Good, Better, Best - The Market has Spoken
  9. Smooth-Sale-ing
  10. Buying Time
  11. Patients, Patience, Patients
  12. A Real Patient
  13. Why Do a Practice Valuation? I'm not Selling
  14. Irrational Exuberance or The New Normal?
  15. Do dental equipment and dental technology affect a practice value?
  16. Finding and Being a Mentor
  17. Bigger is Better
  18. Daves Top Ten List for Buyers (Vendors should read this too!)
  19. How Well Do You Know Your Practice?
  20. Dave
  21. What will happen to dental practice Values in the next 10 years?
  22. Your Premises Lease is an Important Asset
  23. What are Associates Thinking?
  24. There is Life Outside the GTA
  25. When Is the Right Time to Sell My Dental Practice?
  26. Mergers are a Viable Option
  27. Is Your Associate an Asset or a Liability?
  28. Has your Practice Facility Kept Up With Your Billings?
  29. The 100 per cent of Gross Myth
  30. The Past, The Present and The Future
  31. Caveat Emptor
  32. Overpaid Long Term Staff
  33. Selling your Practice in Stages
  34. A Potential Pitfall of Selling Shares
  35. Value in Your Practice Through Balance
  36. Only Trusted Staff Can Defraud You
  37. To Own or Not to Own Practice Real Estate? That is the Question.
  38. Coping With A Large Patient Base
  39. Successful Dental Practice Transitions
  40. Taking Care of Business
  41. The Investing Dentist Phenomenon
  42. Two areas to focus upon that could negatively impact the value of your practice
  43. Organize your Debt in Order to Sell your Practice
  44. Having a Better Team
  45. How Do I Prepare My Practice For Sale
  46. How Do I Prepare My Practice For Sale? Part 3
  47. How Do I Prepare My Practice For Sale? Part 2
  48. How Do I Prepare My Practice For Sale? Part 1
  49. Advice to My Son or Daughter Graduating from Dental School
  50. Transition - What to Expect
  51. Discussion on Digital X-Rays
  52. Partnerships and Shotguns
  53. Strategic Planning - How to Get Started
  54. Calling All Vendors - Practices have Gone Up in Value
  55. Purchasers: Expect to Pay More for a Practice because of Lower Professional Corporation Tax Rates
  56. Matrimonial Practice Valuations
  57. Purchaser's Guide to Affording a Practice
  58. Location Improvements Throughout Your Career
  59. Small Practice Valuations
  60. Partnerships – The Best and The Worst
  61. Changing Location When the Opportunity Comes Along
  62. Visual Presentation of Your Practice
  63. Presentation of Charts
  64. Your Premises Lease Can Be Your Worst Enemy
  65. How to Select an Appraiser for Your Practice
  66. How Are Your Billing Ratios?
  67. It Pays to Invest in Your Tangible Assets
  68. The Importance of Separate Financial Statements
  69. Five Time Frame Levels to Sell a Practice
  70. 12 Suggestions to Safeguard Computer Data
  71. How to Buy a Visible Practice
  72. Why is there a shortage of good practices today?
  73. The Importance of Equipment in the Purchase of a Practice
  74. The Balanced Practice
  75. Will My Practice Be Saleable in The Future?
  76. Buyer Be Aware
  77. Excess Profit - The Second Key
  78. Patients and Profits are the Keys
  79. Plan Ahead

Volume 36: Having a Better Team

Download the PDF version now!

I talk about "stars" to most dentists for whom we are doing a valuation. A "star" is an employee who is worth their weight in gold because they handle their job with an expertise and speed that others cannot do. I have talked to dentists who feel that their receptionists are stars BUT in one case there are two receptionists to do the job and the practice was only billing $600,000. The staff said they cannot keep up with the work and they need another person in reception. There was only one doctor and one part time hygienist. These receptionists were not "stars".

I have seen practices with "stars". In one of these practices there were two hygienists, four days per week each, (8 days of hygiene per week); one doctor also four days per week , one chairside assistant and one receptionist four days per week. Billings were over $900,000 and accounts receivable were low. This practice thrived because of the team that the dentist created around himself.

Things to consider:

  1. Too many dentists have learned to live with mediocre staff. The excuse is that they have been with him too long to do anything about it. He probably feels too much loyalty to take dramatic steps to improve his staff.
  2. Let me say at this time that before taking any direct or indirect action you should work with a labour lawyer who will steer you through the minefield of potential legal suits.
  3. Good staff are not easy to find and if you have one try not to loose that individual. I would rather pay one star $28.00 per hour than have two average employees at $14.00 per hour.
  4. It’s more important to have a star on your front desk than at your chairside. Your front desk is the least supervised staff member of your team. Your chairside is the most supervised team member.
  5. The easiest way to develop stars is to hire a star rather than try to convert someone to become a star. If the employee does not have the basic innate make-up to be a star, I think it is hard to make them a star. Stars are bright, cheerful, self motivated individuals that can handle their job with ease.
  6. Always check references. This step is often missed but for the time it takes it can avoid big problems later.
  7. Remember to utilize the three month trial period when an employee starts, if the new employee is not excelling, you might be better to find a new candidate.
  8. Never hire someone that you cannot let go if they are not performing well. Personal friends may be considered in this category.
  9. Often referrals from your good employees make good candidates. Expect it to cost you time and energy to find great employees and to train them.
  10. If an employee leaves your practice this is an opportunity to find a new employee who is a star. The trick is to be focused to find a star to replace the leaving employee. Finding stars is not easy! I have a three and a half minute test that I have used for 30 years to select the potential star candidates from the mediocre candidates. It does not rate personality or other personal traits but if a candidate scores well they, in my experience, would have the inherent background to be able to be trained to do the job and to be a star and if they have a low score it would not be possible to be a star.

If you would like to get a copy of the three and a half minute test that I use, contact me and I will send it out to you (with the answers) at no charge.

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