Where some joint-venture businesses work very well, others might not. So, if you are thinking about adding an associate to your practice, having a dental practice broker by your side will help you make the right and mutually beneficial decision for both parties.
Evaluate Your Finances and Patient Flow Capacity
There may come a time when you want to bring an associate dentist into the practice. For this, you will need to evaluate if the business is financially strong enough to support two dentists. A dental consultant will help you determine if now is the right time by reading the finances and evaluating the patient flow (source income).
Before hiring, it’s advised to communicate with the other party to discuss your plans and expectations. In addition, it is important that you find an associate with similar motivations, values, and compatible personalities.
In order to be successful, your work ethics, leadership style, and practice philosophy should match with the prospective associate. Therefore, define your work ethics to the new dental practice associate and ask them if they are willing to work accordingly with you and help grow the practice.
Both parties need to be fairly treated to succeed in your dental business. Therefore, when selecting a dental practice associate, discuss everything with the opposite party and finalize on terms that work for you both.
To prevent your business from any future financial outbursts or management issues, it’s essential to create a proper hierarchy of the dental practice. Work with a dental consultant to finalize the structure of your workplace.
Specializing in complex and unique transitions of dental practices and dentists, CTC Associates’ consultation network extends to Utah, Colorado, Arizona, New Mexico, Wyoming, Idaho, Alaska, and Hawaii. For more information on practices for sale, give us a call today or click here!