Chris Barrow talks about a new genre of practice owner becoming more prevalent – one who wants a self-managing dental business.
There are a lot of associates who think the grass is greener as a practice owner. Therefore they’re signing up with brokers to get details of practices for sale.
There are also lots of owners who would like to sell their practice and just become a clinician again. So these owners are talking to corporates and micro-corporates to sell their practice.
The third group would like to step down their clinical career and their management career. But they’d still like to own the practice in the long term and continue to draw dividends.
Self-managing dental business
Chris believes to run a self-managing dental business there are three things owners will need to stop doing.
- Stop being a clinician. However, there are recruitment issues replacing the fees the principal might provide
- Stop managing the practice. Many are recruiting experienced managing directors to establish and run the practice
- Leadership. This is the real challenge. Replacing the leader of the practice is the biggest challenge.
Managers manage systems, leaders lead people.
‘Before you can have a self managing dental business, you’ll also have to figure out how to create a self-led dental business. That’s where the magic happens,’ Chris says.
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