Arun,
My experience has been somewhat different. I began with the same intention. My associate became partner. What I found was, the buy in amount covered about 5-6 years of the difference in my earnings. After that, I simply made less money, and only owned half the practice to sell in the future. When she went back to an associate ( medical issues, long term absence ), the reverse happened.
I think obtaining a partner is an excellent part of an exit strategy, or to share the responsibilities of running a business, or to lock in a valued associate, but from a strictly financial aspect, having associates is way better.
I think obtaining a partner is an excellent part of an exit strategy, or to share the responsibilities of running a business, or to lock in a valued associate, but from a strictly financial aspect, having associates is way better.
Bill Greenberg
Sent from my iPad
Great words of wisdom here.YOU are setting a standard.A new Dentist is a Colleague.They need our unconditional encouragement, respect and an opportunity to grow and they will pay back 10 foldSo many of you have proven this.The dark side is that we are constantly getting enquiries from Dentists who share the abuse their employer put them thru.We just hired a 40yr old with phenomenal abilities. He is ethical and a great Dentist. Just needed mentoring and the right direction.He is thriving with us and it took 6 weeks for him to go off a minimum retainer.I do hope that when we hire a young grad , we take into account our own memories of a brand new degree and no money in our pockets.We have a per day draw for the first 3 months, by then they are rolling. Our constant intent is to bring in future partners. We are not looking for the new Dentist to make huge $$ for us.The ROI is when we invite them to buy into the group.Arun--On Thu, May 2, 2013 at 1:19 PM, Erin Elliott <erinelliottdds@gmail.com> wrote:
4 associates? That's great!
I was an associate for 7 years and was paid based off production for the first couple years. I know that's a bad way but collections were really bad at the time and since I had no control over the staff it was fair. Then I switched to Overall Collections minus lab bills and then 35%. I watched those collection numbers like a hawk in case some of my work was misposted. While there is huge incentive to work harder when you pay % of collections, it is important to find someone who is motivated, a team player, an "owner" mentality with no ego. But not so much that all they are doing is using you for a stepping stone to their own practice. I built a practice within the practice and then bought in 1 1/2 years ago. The nice part now is that it isn't real territorial when it comes to new patients. I would have a system for how new patients are assigned. I basically only got new patients if they requested me so the front office was always worried about who they gave the new patients to. My now partner has always been generous and fair and because of that I stayed around and bought in!
On Wednesday, May 1, 2013 7:54:40 PM UTC-7, Peter Boulden wrote:Debbie,--Jim Arnold turned us on to a system that has worked really well for everyone...not biased toward owner or associate. Love it because it KEEPS IT SIMPLE.35% of collections + they pay 35% of lab bill (off of gross collections they do). Associateships, to work, need to be REALLY fair to everyone. We have 4 and everyone seems happy
On Wed, May 1, 2013 at 4:55 PM, Debra Reiner <dreine...@gmail.com> wrote:--Hiring Associates
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--My profiles:Peter Boulden, DMD, FACE, FAGD, FIADFE, FACDS
Member of Master8 Dental Group
Board Member of Academy of Comprehensive Esthetics
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--
Arun Nayyar DMD,MS. Atlanta, Georgia
Private practice limited to Prosthodontics - Imagix Dental Group
Former Director of Fixed Prosthodontics - MCG School of Dentistry
Principle Research Scientist ( Adjunct ) @ GaTech -GTRI
Clinical Director - Center for Dental Technology @ GaTech - GTRI
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