When I was in dental school, I figured that someday I would own a practice. At least, that seemed like the natural progression of things: graduate, associate for a period to gain experience, buy a practice, and then work there forever until retirement. Once the practice is busy enough, an associate is brought on and hopefully they take over once retirement is on the horizon. That’s been the dental practice cycle of life for a long time. Currently, that’s not always the case. I taught at a dental school for years, and I encountered several students who were in dental school with intentions of owning multiple locations and never actually spending their days with a handpiece in-hand.
We are still in the era of consolidation of private practices into larger organizations, and for this to be an option for a dental practice owner, the practice must have an attractive EBIDTA and growth potential. Some practice owners obtain multiple locations with the long-term goal of rolling them into a larger organization. Some dentists embrace this type of arrangement with excitement, while others believe that this type of practice model threatens small, independently owned dental practices. Regardless of your stance, large dental support organizations are likely here to stay, and many experts believe that independently owned practices can also thrive under these conditions. This got me thinking about my own practice and future, and I often wonder, is owning one practice enough?
Many experts say that the stress of owning a practice does not multiply proportionally when you own more than one. The first is the most difficult, and owning more than one is not as daunting as it seems. Having said that, the owner/dentist must have a strong entrepreneurial spirit and leadership skills.
This month, our focus is on leadership. Regardless of the long-term plan of a dental practice, it all begins with leadership; the leadership skills of the owner/dentist and cultivating leadership skills among associates and the team. I have found that creating a written mission statement and a vision for the practice is a great first step. Once the mission and vision are clearly defined, every decision should be in line with them. If you don’t have a mission or vision statement, it’s a great summer project. If you want to learn more about this, let me know on Instagram @dentaleconomicsofficial and I will create a post about each.
I hope as Q2 is nearing its end, your goals are either met or within reach!
Cheers to the summer,
Pamela Maragliano-Muniz, DMD
Editor's note: This article appeared in the June 2024 print edition of Dental Economics magazine. Dentists in North America are eligible for a complimentary print subscription. Sign up here.
