Strategizing Multiple Locations Part 6: Best Practices

July 19th, 2018
Strategizing Multiple Locations Part 6: Best Practices

You've made it to the final part of my series- sweet!

Without further ado, Part 6.

Building your next location instead of buying an existing practice? My final article in this series applies to any aspect of acquisition especially new construction but is best practice for every practitioner.

8)     Building a 2nd location? Hire a Project Manager that has experience with dental. Not a General Contractor, a Project Manager. This is a really smart move. Project Managers don’t just direct you towards the experienced contractors, they help you find the right location based on the demographics you are looking for, negotiate leases and purchases, perform due diligence, prepare a realistic project budget, assist with procurement of project financing, navigate permitting, organize the bidding process with contractors that are trustworthy and have experience, and will put pressure on contractors as needed to keep timelines on track. They’ll work with you to stay within your project budget identify and even connect you with and manage the design team to realize your vision.

9)     Form a relationship with full service supply vendor. This does not mean just order some of your  supplies from them. Full service supply vendors have Territory Representatives ("Reps" for short) that visit your office on a regular schedule. Spend some time talking business with them. Many of them have helped your peers grow their practices substantially and work with other multi-location groups. Good reps have a wealth of knowledge and experience in the dental industry and can help you make sound, emotionless decisions that will help grow your practice and can very often identify issues in workflow and improve efficiency.  Reps can also help you find new team members or even associates when the need arises. A good rep can even help you save money on supplies and equipment. If you are a good, loyal customer that leverages your rep’s knowledge and experience, you will have a full time practice consultant that is invested in helping you grow because when you grow and succeed, so do they. What you gain from the relationship far exceeds what you will spend on supplies. Do not underestimate the power of a solid Sales Rep whose personal success is directly tied to the success of you and your practice.

With directed foresight, planning, and the right relationships in place – mini or boutique corporate dentistry can be achieved in a controlled and efficient manner that is productive, sustainable, and easily repeatable.

I hope you have found this series informative - feel free to reach out to me if you have any questions!