Your checklist is something that you ought to generate in the early years - I keep harping on planning ahead, but you require to think exit strategy from day. That list ought to include a barometer of sorts - for example, you have now paid off the debt on the company, you have the line of credit paid off, you have a positive number of patients/clients & can no longer accept any more, you have hit a positive age & require to plan the exit transition, your health is failing, or set a aim like I did & select it was time to leave the business before you got elderly to enjoy your life.
One of the best ways to choose in case you are prepared for a partner is by making a checklist. I am in to having a checklist when it comes to making business decisions. This takes plenty of the emotion out of the deal so that you can focus on the actual issues. By making a checklist of all the things you require to complete in order to justify bringing on a partner, there will be no doubt that you require somebody to work with. After all, working with somebody new is a giant decision that could either help the business grow, or even destroy it.
The new partner will usually have his or her own ideas about how to run the business. They may even have some amazing ideas. But as senior partner you will require to analyze the new guy's ideas before making changes to the business. After all, YOU built the company together with your own hands & if the new partner changes the business philosophy much, it could cause you to lose customers quickly, & that is definitely NOT what you brought on a partner for.
No matter your best made designs, no matter your best laid out checklist, you still must go together with your gut feeling on whether or not you require to partner up at this time. I think your list will come in handy in guiding you as to whether or not you are prepared to move toward giving up the control that a partner will cost you. & here is where they come in to the pitfalls of the partner - you will, & must, give up control when somebody new comes in & becomes part of the business. After all, that is what they are paying you for - to have some control & say the business is part theirs.
Having gone through several associates & partners in the dental business, I have learned that a slow & gradual surrendering of your control is the best way to make the transition when bringing on a partner. Let the staff & customers slowly get used to the idea that somebody new is coming on board. Let the new man used to the fact that they must make his changes slowly & carefully. With all lovely luck, this might be a lovely transition for all!
One of the best ways to choose in case you are prepared for a partner is by making a checklist. I am in to having a checklist when it comes to making business decisions. This takes plenty of the emotion out of the deal so that you can focus on the actual issues. By making a checklist of all the things you require to complete in order to justify bringing on a partner, there will be no doubt that you require somebody to work with. After all, working with somebody new is a giant decision that could either help the business grow, or even destroy it.
The new partner will usually have his or her own ideas about how to run the business. They may even have some amazing ideas. But as senior partner you will require to analyze the new guy's ideas before making changes to the business. After all, YOU built the company together with your own hands & if the new partner changes the business philosophy much, it could cause you to lose customers quickly, & that is definitely NOT what you brought on a partner for.
No matter your best made designs, no matter your best laid out checklist, you still must go together with your gut feeling on whether or not you require to partner up at this time. I think your list will come in handy in guiding you as to whether or not you are prepared to move toward giving up the control that a partner will cost you. & here is where they come in to the pitfalls of the partner - you will, & must, give up control when somebody new comes in & becomes part of the business. After all, that is what they are paying you for - to have some control & say the business is part theirs.
Having gone through several associates & partners in the dental business, I have learned that a slow & gradual surrendering of your control is the best way to make the transition when bringing on a partner. Let the staff & customers slowly get used to the idea that somebody new is coming on board. Let the new man used to the fact that they must make his changes slowly & carefully. With all lovely luck, this might be a lovely transition for all!
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