“Above all, success in business requires two things: a winning competitive strategy, and superb organizational execution. Distrust is the enemy of both.” - Robert Shaw
(Source: Stephen M. R. Covey, The Speed of Trust, p20-21)
Success rises to meet you at the point of your preparation. In athletics, it’s the athlete that stays behind long after everyone is gone or arrives early ahead of the also-rans.
In school, preparation is your willingness, at a fundamental level, to do your homework. Extra-credit work, well, that goes without saying.
The “homework” of business
It’s common to view your dental enterprise as a purely clinical operation. But, as you know, there’s a corporate aspect. TWEET THIS
It’s this realm that challenges the most savvy of solopreneurs and dentrepreneurs. In either role you’re accustomed to being a COE - that’s Chief of Everything!
Factor in your desire or current strategy to expand your dental enterprise or acquire an existing one and the challenge increases.
It’s not simply getting the “deal” done. It’s what follows.
Integration
You finally achieved a sweet-spot in your professional life. And darn if you didn’t go and mess it up by expanding!
Your dentrepreneurial mindset confirms that it’s in your best interest professionally to do so. That reality doesn’t make it any easier.
It’s a challenge of integration.
Solopreneurs and dentrepreneurs must become masters at integrating their present culture with that of the newly acquired culture. TWEET THIS
Two cultures - one task
A rewind is in order. Before you begin and as you’re in the process of expanding or acquiring you must do your homework.
There’s that word again. It’s a word you must become acquainted with because it will enable you to navigate the acquisition jungle with clearer perspective.
What a Solopreneur and a Dentrepreneur®? Must Study Carefully When Expanding or Acquiring Professionally
1-Acknowledge your assumptions
Like them or not you have them. What?
Assumptions. And plenty of them.
(We’ll talk about naivety in a moment).
Vision, however compelling, isn’t necessarily contagious. You own your current enterprise, it’s focus, direction, impact, and clinical expertise.
Hopefully, you’ve instilled the same ownership in your current team. I have no reason to believe otherwise.
What others may not be so fast to “own” is your vision. Though it will perhaps create a rewarding and fulfilling future, there’s an “acceptance-curve” that must be anticipated.
Assume that your vision is “foggy” to others. The “fog” will clear but you must provide adequate time for your team and others who will join you to embrace it.
Study your assumptions from every angle. Include the input of team members. Ask, survey, clarify, and collect buy-in along the way.
2-Accept your political naivety.
Everyone is naive about something at one time or another. As a solopreneur and dentrepreneur®? you are accustomed to seeing the world through your particular professional lens.
It’s not a wrong view of the world. It’s simply your view of it.
The politics of change can be as treacherous as 1000 square miles of open water. Every approaching storm can threaten to capsize you.
An expanded or acquired enterprise is no less “dangerous.” You must approach it with political savviness or be overcome by it.
The cure for political naivety is to allow yourself to be among your “people.”
Listen without bias.
Gather ideas and input.
Repeat what you hear so as to clarify their intent.
Reframe your perspective about the changes you’ve created from the point of view of your present and emerging culture.
3-Align your culture with trust
“…high or low, trust is the ‘hidden variable’ in the formula for organizational success.” - Stephen M.R. Covey
(Source: The Speed of Trust, p.20)
Trust is an acquisition essential. The challenge is that it’s earned not bought. TWEET THIS
Your acquisition comes with a number of assets. It would be nice if trust was one of them.
Assumptions being what they are, you mustn’t assume that trust is naturally attached. That said, you must build it with as much diligence as you have anything to date in your career.
It’s especially vital when change is afoot. Your leadership credibility will rise as you embed trust within your new, growing culture.
Trust yourself. Your believability as a dentreprenur®? will increase as you give the impression that you’re sold on the changes.
Trust others. Your team responds favorably as you make it known that you trust them.
Trust the organization. Your culture will become a climate of trust when it’s evident that you trust the integrity of your organization.
There are many facets of dentrepreneurial success. We’ve done our “homework” with numerous solopreneurs and emerging dentrepreneurs.
Contact us to help you navigate the merger and acquisition waters.