The Due-Diligence Factor and Its Impact on Your Dentrepreneurial Success

The Due-Diligence Factor and Its Impact on Your Dentrepreneurial Success

2/4/2016 9:55:38 AM   |   Comments: 0   |   Views: 94

Remember playing “hide-and-seek?” Win or lose you gained two important skills.

Creativity: when it was your turn to “hide” and diligence: when you played the role of “seeker.”

Business-wise, dentistry fits the analogy of hide-and-seek. As a dentrepreneur® you must master a combination of skills to “play.”

Creative-(due) diligence

Creatively speaking, dentrepreneurship is more than a trendy way to view your dental enterprise. It’s easy to become complacent while working to survive the changes in practice ownership, related processes, and longevity.

You will think differently about it all as a dentrepreneur®.

  • Where others see brand drift, you see new models for practice success.

The problem isn’t solely industry related. It’s more a matter of how you frame it going forward.

Practices are brick and mortar. Sounds like I’m stating the obvious, right?

Providers are the heart-and-soul. Their practice rises and falls on the created culture.

Where diligence pays

Practices are hiding places. They can hide ineffective processes, out dated management styles, and equally antiquated treatment and production protocols.

So, you’re a dentrepreneur® wanting to acquire a practice. Do you apply creative genius to expand your skillfulness at hiding those cultural norms?

Or…

Do you become skillfully diligent at seeking them before you invest your future in what could prove unchanging?

Tough, penetrating questions

It’s a matter of brand awareness

The brand often speaks for itself. As a dentrepreneur® you must tune your ears to hear what its saying. TWEET THIS

  • What is the provider’s philosophy?
  • How open to change is the present practice culture?
  • Why would they want to adapt to a new era?

Again, the current practice culture holds the cards, so to speak. It’s where you should apply the greater part of your due diligence when considering a dentrepreneurial acquisition.

How to Seek What’s Hiding in a Practice Culture

1-Value people over property

The people make the practice. That’s more than cliché’ when you’re seeking an accurate picture of the brand.

Seek perspective on the provider. Determine the scope and effectiveness of the culture he/she has created.

Base your gut-feel on how the culture resonates with you. Keep in mind too, that as a dentrepreneur®, you will bring a fresh approach to the provider-patient relationship.

Be aware, going in, what culture shifts are necessary. And what are those you can live with initially.

2-Vacate preconceived ideas about practice building success

What worked before might not work now. Strategy evolves.

As a dentrepreneur®, you are on the evolutionary edge. Building your dental enterprise requires you to think beyond a solo-provider mindset. TWEET THIS

If you’ve been accustomed to a multi-provider, large practice, you will have a bit of an advantage. That said, dentrepreneurial leadership requires a new skill set.

This places value on a collaborative relationship. Knowing what to change, where to start, and when to begin is unique to each practice culture.

Be open to new resources. Seek understanding before implementation.

Realize what once worked might (or might not) work in this specific circumstance. Knowing this is your strength.

3-Visualize what will uniquely contribute to the success of the practice culture

Vision compels. It’s what fuels your dentrepreneurial drive. TWEET THIS

You wouldn’t be seeking new ventures if you lacked vision. Use it to your full advantage.

See the big picture. Then view it pixel by pixel to gain ground-level perspective on what’s needed to shift the existing culture.

Again, our eyes-on-the-process relationship will be valuable to you in this phase. At no point should you feel alone in setting and acting on your vision as a dentrepreneur®.

Hide-and-seek is literally child’s play compared with the high stakes-high return potential of being a dentrepreneur®. We’re here to help.

More Like This

Total Blog Activity

769
Total Bloggers
7,936
Total Blog Posts
2,973
Total Podcasts
1,303
Total Videos

Sponsors

Townie Perks

Townie® Poll

Do you allow parents into the operatory?
  

Site Help

Sally Gross, Member Services
Phone: +1-480-445-9710
Email: sally@farranmedia.com

Follow Dentaltown

Mobile App

WITH DENTALTOWN . . . NO DENTIST WILL EVER HAVE TO PRACTICE SOLO AGAIN®

WWW.DENTALTOWN.COM - WHERE THE DENTAL COMMUNITY LIVES®

9633 S. 48th Street Suite 200 • Phoenix, AZ 85044 · Phone: +1-480-598-0001 · Fax: +1-480-598-3450
©1999-2019 Dentaltown, L.L.C., a division of Farran Media, L.L.C. · All Rights Reserved