If you’re a solo or small group practice owner, unless you’re considering selling to a DSO or interested in a practice that is supported by DSO, your options to survive, thrive and grow your practice’s revenue and bottom line profit in the coming years are shrinking.
It’s no secret: solo and small groups are struggling.
DSOs and their supported and owned practices are moving in and they could care less about you…they just want your patients. Period.
You can look at it one of two ways: This article is to scare you or warn you. Alarmist? Some might say so. Pragmatic is more like it.
However you look at it, doing nothing will ensure you’ll end up right where they want you: Where a single misstep can sink your ship. You can claim victim, “I had no idea!” or you can be proactive and see the signs as warnings.
Ignorance is not bliss and if you’re as nervous as we are about your future, you’ve got to enlist someone to help you. Ideally, a partner with some skin in the game.
That “partner” should be like adding an “upgrade” to your organization. They should:
- Have a higher, more comprehensive grasp on business in general and be able to teach you,
- Have a better command and understanding of finances than you and be able to teach you,
- Be a better marketer than you, to attract and retain patients and be able to teach you how,
- Have a TEAM dedicated to your success and goals demonstrated by the action their taking,
- Do well when you do well and suffer when things don’t go right – it’s a true team approach, and
- Understand what it is you want from your business and help you get there through discovery, training and lifting you up.
Most of these requirements eliminate the traditional “coach” or consultant. In fact, most of these eliminate DSOs, too, since they do well no matter how well you do or not – they get theirs and you get the leftovers.
Franchising is different. A few of the big differences?
- A franchisor’s total revenues depend nearly 100% on how well your practice does and grows,
- A franchisor must be interested in YOU, your goals and what you want from practice,
- A franchisor MUST have a team that gets you, knows you and your team,
- A franchisor who knows dentistry and Not one or the other, but both. And, be experts,
- A franchisor MUST already have had success in building a dental practice,
- A franchisor should emulate business practices you admire not disdain,
- The Federal Government does nothing to regulate DSOs or consultants. Franchises are heavily regulated and franchisees are heavily protected by franchise law,
- A franchisor can’t just walk away if things aren’t working; they must work with you! And,
- A franchisor isn’t in business for a one and done relationship; it’s all about the long haul
If you’re looking for a true partner, look no further. Learn more about Wellness Springs Dental® at our next Discovery Day! Click on the Discovery Day link, now.