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When is the right time, and what is the right way to bring on a partner? Or to offer a pathway to ownership to an associate? This is a heck of a problem that I don’t believe is being answered properly today in most practices. In my book, “Why Employees are Always a Bad Idea” we hit on several of the ideas that we talk with Dr. Phelps about, and I am sure that you will find some new ways of thinking about this after listening to this podcast.
Implementing processes allows the leader of the organization (you) to be able to step away from certain areas of the business and focus on what you are best at. This also allows for real, and substantial growth to occur, which only happens when the team as a whole is capable to make decisions on their own. Putting processes in place to allow this to happen is simply the best way, if not the only way, to grow your practice in a way that allows you to make more money, in less time, and get off the treadmill!
Dr. Sten Ericson owns 2 practices with a team and patient base that has quadrupled in size over the last 4 years. He is a Kois graduate and a board member of the AACD’s Public Education Committee, along with maintaining memberships with a variety of dental academies. He and his wife reside in Santa Barbara with their 2 boys.