I am flirting with he idea of doing a second start up with a partner. We both have our own practices, mine open Tuesday-Friday 10 hour days and his is Mon-Thurs.
My first start up will be two years March 2011, and has been very successful. It would still be my primary office. This second start up would ultimately be for an associate to run. Hopefully an associate that would want to become a future partner. We were thinking of initially opening 3 days a week, I would do Mondays, he would do Fridays, and we would alternate Saturdays.
I think worst case scenario is having it take 6 months before it could support an associate. That would mean I would be busting ass...alternating between two offices and working 5 days a week one week and 6 days a week the next. Dentistry is very demanding and that pace would be pretty grueling to say the least.
Thoughts? Comments? Experiences?
Good luck. A few can be successful at this WHILE maintaining the success of their existing practice.
Most of the clients we've had that did this lost focus on their existing practice and it began to falter. Unless your current practice is running on all 8 cylinders AND can continue to do so while you begin focusing your efforts elsewhere, be prepared to spend a year getting your current practice back in shape after your done giving the other practice all of your attention.
Point: don't lose focus on the practice that's paying the bills and feeding the family.
This first appeared on Dentaltown.
Send your questions to Tim Lott, CPA, CVA at tlott@dentalcpas.com
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