532: Should I Add an Associate? - Paul Sletten - a podcast by ACT Dental

Should I Add an Associate?

Episode #532 with Paul Sletten

How do you know if you're ready to add an associate? To help you answer that critical question, Kirk Behrendt brings back Paul Sletten, founder of the Sletten Group, to share his insights on achieving successful partnerships and transitions. It all starts with having a plan. You know how to plan your vacations — now, it’s time to plan your life! To learn about the best planning tips for adding an associate, listen to Episode 532 of The Best Practices Show!

Episode Resources:

• Paul’s email: paul@lifetransitions.com 
• Paul’s website: https://theslettengroup.com  
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Links Mentioned in This Episode:

Other episodes with Paul: https://www.youtube.com/@actdental/search?query=paul%20sletten

Associate Feasibility Analysis: https://theslettengroup.com/services/associate-feasibility-analysis/

Main Takeaways:

More than half of partnerships and associateships fail. Don't be that statistic.

A successful partnership begins with having a transition plan and life plan.

Know the key questions to answer when looking for an associate.

Create a flexible plan, not a rigid plan.

Have a plan for your life.

Quotes:

“I would say over half [of partnerships and associateships] fail. They don't have a plan. Those transitions have been, in most cases, slapped together. ‘I think I need to add an associate. Oh, there's one! Let me have a conversation with you.’ Pretty soon, they're working together. And the owner, the host doctor, did not have a plan.” (7:03—7:32)

“Everything begins with the owner having a transition plan and an updated life plan.” (8:14—8:20)

“A practice transition plan always includes the Associate Feasibility Analysis because they need to know, can you support another doctor in your current setting? Can you do it in a physical plant? Can you do it with an ability to be able to feed and help them build a productive schedule, first year, not by handing them all of your production but by helping to grow the practice so that they can become productive? If that doesn't happen, the whole thing is going to blow up.” (9:33—10:15)

“What you're trying to do when you add an associate, if they're going to have the ability to take an equity position later to buy in or buy you out, they’ve got to be on a path where they're starting to generate enough income and they can begin to see the light that they would be able, at some point, to afford to buy in. Simply...

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