Is bigger better? Will having more make you happier or more successful?
The dentist who had by far the greatest influence on my career was Dr Omer Reed from Phoenix Arizona.
I remember when I was taking over my first practice listening to a set of his audio tapes until I practically wore them out. A vitally important question Omer asked was:
“How much is enough?”
That question caused me to think about two super useful questions:
How much do I need to earn?
How much do I need to work?
(hours per week, weeks per year)
Once I answered those two questions everything fell into place for me.
I found that I was able to have a very good life-style, support my family comfortably and save generously for retirement by working 32 hours a week for 46 weeks a year.
I did not need multiple practices or a big staff.
Knowing “how much is enough” saved me from endless stress over the years. I did not need a huge staff. I did not need multiple practices. I did not need to employ a lot of dentists.
Knowing “how much is enough” gave me tremendous peace of mind. Every time I felt the urge to build an empire it slowed me down and made me look hard at what I was planning.
What I observe.
As I travel around practices I see many dentists who run multiple practices, employ large staffs and teams of dentists.
Maybe it works for some of them but for the big majority that I have seen they earn less than they could working alone.
They have made their lives exponentially more stressful, they work longer and harder than I did and are experiencing a worse outcome.
I’ve seen dentists run formerly excellent practices into the ground by being absentee owners.
Instead of running one highly-profitable practice superbly well, they run two or three or four slightly profitable practices. Some months of the year they may even lose money.
Have you ever asked yourself: How much is enough?
That one question can keep you grounded.
