With changes in the marketplace, building a dental practice from the ground up has sparked interest for many new doctors. Though risky, the personal and financial rewards can be plentiful and attainable. While advisors have historically championed buying into practices to take advantage of cash flow and income to tackle student loan debt and begin accumulating wealth, what we’ve seen is that there are fewer practices on the market and more competition for the ones that do hit the market. We see baby boomers working and keeping their practices longer, leaving new dentists with a tighter market to begin practicing.
I considered writing this post about obtaining the ideal associateship. I quickly realized, though, that “ideal” is misleading and different for everyone. Our goal should be a successful associateship — one that creates success for both the associate and the practice. This looks different across the board, but in my experience in several different environments, the following have been keys to success — or causes of failure.
You think you are finished. After surviving your classes and practicals and passing boards, you prepare for graduation and then you realize you have yet to figure out what exactly you’re supposed to do next. That was me in summer 2016. I had been so consumed with my school work and extracurricular activities that I neglected the reason why I came to school — to get a job.
The first steps you take after graduation from Dental School are often filled with much uncertainty. A common issue that all future dental entrepreneurs face is figuring out their vision for their career. One factor that can set your vision off course early on is not having appropriate and professional legal help.