I recently had the privilege of hearing the President of Louisville Slugger speak. He shared the process involved with selling the 130 year old company to Wilson.
His tenure as President, at the time of the sale, was four years. Revealing his heart and passion for the company he soulfully indicated that he wished he had prayed more for the company’s people and the company’s direction long before the difficult decision to sell.
He revealed that the 75 year old grandson of Louisville Slugger’s founder was involved in the decision making process. He admitted a penetrating truth about the necessary change in direction - it had become apparent to all involved that they were not able to keep relevant with the industry due to product line limitations.
Change is hard (but worth it)
Times are equally disruptive and yet full of potential for solo dentists. Many baby-boomer dental providers are smack-dab-in-the-middle of their own decision making process.
- Do you sell to an individual (younger), upstart dentist?
- Do you broker a deal with a corporate dental group?
Or…
- Do you even entertain the idea of selling at all?
Tough, gut-wrenching questions. But each contain the seeds of opportunity that drive you to a place where dentrepreneurship is an appealing option.
Are you ready…and would you know it if you are?
No doubt, there are communities of every size and regions of this country where solo dentists are thriving. At the same time, dental patients are less interested in taking the time to adjust to seeing a specialist when necessary instead of remaining with their primary provider.
This presents two unique opportunities for those inclined to think like a dentrepreneur. One, is the opportunity to merge with or acquire older provider practices because young dentists are not returning to these areas where comprehensive care is needed.
Two, general dentists and dental specialists are finding ways to collaborate. Their collaboration is producing a stakeholder enterprise to meet the relevant demand for joint provision of needed dental services.
The “Knock” You Hear is Greater, More Fulfilling Opportunity
1-People will always need what you provide as dental professional. Imagine the possibilities if you were doing more dentistry via acquisition, merger, or stakeholder partnerships (think Blue Ocean Strategy).
2-Setting yourself up for success starts NOW! A merger or acquisition involves lives, investments, time, and layer upon layer of heartfelt alliances to the past, present, and future. It’s not for the faint of heart but you will achieve favorable outcomes if you approach it soulfully long before you’re caught off-guard by innate challenges.
3-Staying relevant to patient-consumer trends is the X-factor. As a dentrepreneur you must anticipate dental service-line limitations ahead of the curve. This is the prime learning-curve of our Master Class resources.
Stay tuned. Your search for opportunity has only begun.
Return here for part 2 and some essential insight into embracing change and its opportunities as a dentrepreneur.