Transition From Employee to Partner
The Un-DSO Makes it Easy for Young Dentists to Transition from Employee to Partner
When you’re working for an older dentist with the goal of becoming a partner and eventually taking over the practice when your employer retires, it’s important to make sure that your employer sees you as an important team member they can trust with their financial future and the future of their practice.
When you do that, they will want you to transition into a partnership position and start
planning for your financial future as well.
What can you do each day to make sure you're moving closer to your goals?
We recommend that you sit down with your employer and ask these three important
1. Who cares how I’m doing?
2. How will I know when I’m doing well?
3. How am I doing?
The first question, “Who cares how I’m doing?” is the beginning of your transition path. Both you and your employer should care about whether you’re performing in a way that shows your value as a future partner and business owner.
You don’t want an employer who just wants you to show up each day, do your job, earn your salary, and go home, with no regard for your qualifications as a future partner in the practice or your financial freedom.
Once you are satisfied that your employer cares about your performance, you need to agree on objective criteria that you can both use to evaluate whether your performance is moving you closer to a future partnership. That brings you to the second question: "How will I know when I am doing well?"
What are the objective measurements that are being used to evaluate your performance?
When you apply those measurements to your performance, you will be able to answer the third question, “How am I doing?”When you and your employers have agreed on those objective measurements and you know how you’re doing, you can meet with them periodically and make sure that they agree with your assessment of your own performance.
When they agree that you have been doing a great job, you will know that you are making progress toward your future partnership.
The more you all agree that you’re doing well and that you’d fit in as their partner, the sooner you will become their partner and work together to achieve financial freedom - both for your senior partner in the near future, and for you in much less time than would otherwise be possible.
Together, you’ll create a transition plan that works for both of you.
As you work together to create a path to mutual financial freedom, your employer's transition plan will help you to determine your own path from employee to partner.
When you receive an invitation to become their partner, is there going to be a buy-in? In other words, are you going to be required to come up with some money to buy your way into the practice?
How long a transition period will the senior partner want, and how much control will they want to maintain over the practice during that period?