Are you the Associate or Partner Type?  Simply answer the following questions to find out.   1) If my partner and I disagreed, would I concede to my partner if it were best for the practice, even if it wasn't best for me?   2) Can I share “equal practice name billing” (vs. the partnership being in my name)?   If YES to both questions, you are the partner type…if no, you are not, but maybe you can handle an associate.  Simply answer the following question to find out.   Can you allow another doctor to decide on the daily course of your patient’s treatment?   If YES, you are the associate type…if no, you are not and should not…

  Do you have any 2025 new year's resolutions for your practice?  Are they realistic enough to be attained?  Do you have a practical way to attain them?  Maybe this pearl can help.   If you’re the type that gets inspired at the start of a new year, bursting with hope and energy that it will be better than the previous year, then this pearl is for you.  There isn’t anything that you can’t realistically attain if you truly want it and are willing to put forth the effort.  That effort can be complicated (improving any of your 9 major management systems) or uncomplicated (improving any of their dozens of sub-systems).  It all depends on what you want out of…

Are you considering the sale of your practice as an important part of your retirement income?  Are you considering selling off part or all of your practice?  Are you considering purchasing somebody else’s practice?  If so, this management pearl may help you to decide the best course of action.   The sale value of the practice is based on two principles: 1) Can it generate enough gross income to pay the bills, and 2) can it generate enough net income for the purchaser’s desired lifestyle.  If 1) is not satisfied, which is rare, the practice isn’t worth buying.  More importantly, if 2) is not satisfied, the practice is worth less to the purchaser, since the purchaser’s net will be paying…

When can you afford to retire—do you have enough savings to retire?  What is the best way to retire?  The answers may not be that complicated.   Retirement can take many forms.  It can be sudden—sell your practice and move on to another phase of your life.  It can be gradual—take on an associate and practice a few days a week for five or 10 years.  It can be long-lasting—sell your main office, keep a small office and work a day or two a week—some doctors never fully retire and work until it is too difficult to do so.   But, when can you actually afford to retire and move on?  When you have enough savings to get you comfortably…

Have you ever considered combining your Ortho practice with a Pedo practice?  Are you concerned that your competition may do so?  If so, this management pearl may help you to put your mind at ease.   1) An established Ortho practice that brings in a new pediatric dentist (who doesn’t have an established Pedo practice) to increase their Ortho practice referrals.   The major con is the time it takes for the orthodontist to help the pediatric dentist build a Pedo patient base, which can take years before the Pedo patients are ready for ortho Tx.  Another con is, of course, local dentists do not want to refer to an orthodontic practice with a pediatric dentist for fear of losing their young patients.  The only…

Are you considering a partner or associate?  Might you like to know how to go about obtaining one?  If yes, maybe this pearl will help.   Lets face it, making system changes in your practice isn’t typically met with great staff zeal.  But if your team is a part of the entire process, your success is more probable.   Sooo...Analyze the attachments below to see how the A~D~D~I~C~T straightforward approach works, Decide how you want to deal with a possible associate or partner,  Decide on a partner or associate, Implement that relationship, Critique the effectiveness of your relationship, and Tweak what needs to be improved.   Obtain your "Associate/Partner & Retiring Management Kit" to obtain the best possible partner or…

  Are you considering or wondering about an associate?  Are you in a quandary about associate compensation?  If so, maybe this pearl can help.   Compensation of an associate is simple when that associate is a partner.  The rule is that they get half of the yearly net (or 1/3 if three partners, etc.).  If the buy-in is for cash, this equal share applies immediately. When the initial buy-in includes a salary differential, the partner still gets his/her equal share of the net, but receives less dollars/year than the original partner(s) until the buy-in of the practice is paid off, typically in 3-5 years, where hopefully the practice will increase its net. BEWARE—taking on a partner, of any age, doesn't…

  Are you looking for a new partner or associate?  Do you typically teach other orthodontists in your practice?  Do you feel a need to protect your practice from your own employees?  If so, maybe this pearl can help you avoid embarrassment or legal problems.   Many orthodontists are beginning to realize that there are people out there who are not very nice, and through ignorance or intent to do harm can embarrass or harm you and your practice.   If you are searching for an associate or partner you will be vulnerable to these types of people and need to protect yourself.   If other (unknown) orthodontists typically visit your practice you will also need to protect yourself.  …

Is your practice growing out of control?  Have you considered a new associate or partner? Do you think that you can handle an associate or partner?  Maybe the 6th part of this odyssey series will help you.     Dream Practice Odyssey: Part 6     View more of Your Practice Odyssey Videos   Your Practice Odyssey - Part-1: The Perils of Staffing   Your Practice Odyssey - Part-2: The Perils of Hiring & Training   Your Practice Odyssey - Part-3: The Perils of Marketing (TC) Program   Your Practice Odyssey - Part-4: The Perils of Scheduling Design   Your Practice Odyssey - Part-5: The Perils of a New Office   Your Practice Odyssey - Part-6: The Perils of a…