As I wrote about previously, there are special considerations to take into account when bringing a son or daughter aboard in the practice. The same is true, if not more so, when the practitioner in the next operatory is your spouse.
This especially has the potential to become an issue when the husband and wife team grow the practice to the point where they need to bring in another dentist and put that new person on an ownership track. New doctors who enter an established practice already tend to be acutely aware of their "outsider" status at first.
That syndrome is magnified in this situation, where the senior doctors share confidences that go beyond the usual practice dynamics. How do you divide things so the new person doesn't feel ganged up on?
This is where it's important to remember to approach things from an "abundance" mindset in the long-term interests of the practice. I have seen husband and wife teams who are ready to bring in an associate and have the presence of mind to adjust their lives so that one spouse becomes an associate-level practitioner, on the same footing as the new dentist and even remains as an associate as the new dentists transitions into partnership.
This way, whatever the associate-spouse produces contributes to the benefit of both partners, and a lot of the concerns disappear. The most successful family ownership expansions often occur when the founders are willing to sacrifice some status to ensure the enduring success of the practice.
Anyone coming into a practice where a husband and wife practice together is going to feel some reservations about their status as outsider. That's why it is important to make the right arrangements that guarantee that the new person doesn't feel like a minority stakeholder. This is one situation where it is especially crucial that there be absolute clarity and transparency during the transition period, so that the new dentist comes aboard feeling like family right from the start.
Aside from the transition issue, it is important for every husband and wife team to use the depth of their relationship to help them be a great team. Reserve time to meet and discuss the business. Celebrate special occasions together at least once a quarter and go to courses together so you can learn and grow together as clinicians, as individuals, and as a couple.
This especially has the potential to become an issue when the husband and wife team grow the practice to the point where they need to bring in another dentist and put that new person on an ownership track. New doctors who enter an established practice already tend to be acutely aware of their "outsider" status at first.
That syndrome is magnified in this situation, where the senior doctors share confidences that go beyond the usual practice dynamics. How do you divide things so the new person doesn't feel ganged up on?
This is where it's important to remember to approach things from an "abundance" mindset in the long-term interests of the practice. I have seen husband and wife teams who are ready to bring in an associate and have the presence of mind to adjust their lives so that one spouse becomes an associate-level practitioner, on the same footing as the new dentist and even remains as an associate as the new dentists transitions into partnership.
This way, whatever the associate-spouse produces contributes to the benefit of both partners, and a lot of the concerns disappear. The most successful family ownership expansions often occur when the founders are willing to sacrifice some status to ensure the enduring success of the practice.
Anyone coming into a practice where a husband and wife practice together is going to feel some reservations about their status as outsider. That's why it is important to make the right arrangements that guarantee that the new person doesn't feel like a minority stakeholder. This is one situation where it is especially crucial that there be absolute clarity and transparency during the transition period, so that the new dentist comes aboard feeling like family right from the start.
Aside from the transition issue, it is important for every husband and wife team to use the depth of their relationship to help them be a great team. Reserve time to meet and discuss the business. Celebrate special occasions together at least once a quarter and go to courses together so you can learn and grow together as clinicians, as individuals, and as a couple.