Hiring and Developing Talent in your Office

Are Top Performers Born…or Made?

K. Anders Ericsson, a psychology professor at Florida State University, has spent years studying top performers from many different fields - science, mathematics, sports, the arts, business, etc. and has come to the conclusion that experts and high achievers are made far more often than born and the driver of their performance is deliberate practice.

The researchers found that deliberate practice develops expertise when it incorporates specific goal setting, gives immediate feedback and focuses on technique equally with results.

Deliberate practice drives expert performance. Passion provides the motivation necessary to practice rigorously. The link between passion, practice and performance suggests two fundamentally different kinds of talent recruiting and development approaches.

One strategy is to focus recruiting efforts on attracting talent that has already discovered and demonstrated what they love and excel at and to provide them with a compelling place to stay at the top of their game.

The other approach is to create an environment that helps people find work they can love and develop the skills and expertise to become top performers.

Are Top Performers Born…or Made?

You Can’t predict Talent – Foster it!

Establish a corporate culture where the conditions allow everyone to grow by:
1. Providing an Open Atmosphere where any ideas about improvement gets attention
2. Making an effort to employ a Diverse Workforce
3. Being flexible regarding the workday schedule - Hours are not what count; productivity is
4. Setting goals, then stretching goals, and celebrating the achievements.

You Can’t predict Talent – Foster it!

Posted by Rob Knezovich, Regional Account Executive/ Dental Recruiter. To find out more, call Rob at (540) 491-9107 or email at rknez@etsdental.com.

From Dental CPAs: Dental Associate has Practice Purchase Questions

Thanks to our friends over at Dental CPAs we bring you this great thread from Dentaltown regarding Associate transitions.

Check them out at www.dentalcpas.com and http://dentalcpas.blogspot.com

I'm going to begin a 1-2 year associateship with the opportunity to buy 50% of the practice after that period.  I've hired a practice sales broker/CPA to provide me with a second opinion on the appraised value of the practice.  

Jason Wood, Dental Attorney:

Is he representing you as a CPA or as a broker?  There is a big difference in fees I would imagine.   

I'm trying to arrange it so everything about the associateship, transition, and purchase of the practice will be arranged in a contract prior to beginning.  

Jason Wood, Dental Attorney:

This is extremely expensive to do.  My recommendation would not be to do this but to have everything addressed in the associate agreement with the particulars of the deal (ie purchase price, ability to acquire 50% of the building, etc.) being built into the contract.  Otherwise to properly do this now will cost you around $15,000.  Wait until you know you can work together before spending this kind of money.  

However, I'd like to receive an appraisal of the building/real estate, but the CPA has informed me that it can become very expensive to have the building appraised.  Although the CPA does not appraise office buildings himself he has recommended an agent he has used in the past.  He has also told me that the building appraisal could cost several thousands of dollars and may not even matter since any bank/lender will want another appraisal to loan me the money.  

Jason Wood, Dental Attorney:

Agree that you can buy in to the building at the appraised value of the building when you acquire the practice, that way you push the appraisal out and the bank that will lend you to money for the acquisition would be happy to lend you more on the real estate since it strengthens their position.

Is there any benefit to having the building appraised this early into the associateship?  With the real estate market as bad as it is I would like to capitalize on the depressed market values. 

Tim Lott, Dental CPA

You should keep in mind having it appraised now won't guarantee you that this value will be the price in the future. Put yourself in the seller’s shoes. Historically, after real estate has declined substantially, would you be willing to lock in a price on an asset that's likely to go up in the future?

What you can do is consult with a commercial real estate agent and see what the comps are for similar space so you can get a range of what to expect in terms of real estate value. See if that range matches what the seller is thinking. I don't see any benefit in paying for the appraisal now.

With respect to the practice, I do see the benefit in trying to establish the price now; however, just know that you can appraise the practice as of say 12/31/2011 in 2013 very easily.

Good luck.

Jason Wood, Dental Attorney:

Sure.  Creating the partnership agreement, the purchase agreement, the lease review, etc. would be very expensive to do right now.  You can:

1.  Agree to the purchase price now
2.  Agree to the closing date
3.  Agree to when the parties need to back out before it becomes binding
4.  Agree on stop gap measures to insure compliance after the back out date
5.  Agree on the structure of the partnership
6.  Agree on the building acquisition

All in the associate agreement without having to draft all of the other documents right now.  That way if the deal doesn't go forward, you don't spend the extra money on the details contained in all of those other documents.

Went ahead and attained an appraisal. I'm meeting with the sales broker/CPA to discuss the appraisal. What are some questions to ask him?

Tim Lott, Dental CPA 

It seems to me your questions will be driven by how that meeting goes and the information that gets presented. I don't know what questions I'm going to ask of a seller\broker re: their valuation or asking price until I've seen what they've done, how they did it, the information they used generate their report.

Once you see this you'll be in a better position to know what questions to ask I would think.

Good luck!

This first appeared on Dentaltown.

Reaching Top Talent as a Path to Growth

The recession and broader economic slowdown have given business leaders the cover they need to make sweeping changes to their business structures. For some, it has meant sending core processes overseas, for others, it has meant investing in technology that would automate tasks once carried out by humans. It’s why in the depths of the recession, economic output per hour worked actually skyrocketed, growing at over 5 percent for more than a year.

After a decade of lightning-speed technological advancements, the recession was a well-placed opportunity for businesses in almost every sector to look for ways to streamline their processes and improve efficiency. It allowed many companies to mitigate the impact of the recession on their bottom lines. Yet, the law of diminishing returns means these methods will only work for so long. Eventually, growth will need to come from growth.

“You would be hard pressed to find a company that has managed long-term growth without investment. That investment normally needs to begin with human capital,” says Rob Romaine, president of MRINetwork. “After a deep recession that affects people at every level, trying to expand through increasing workloads can be counterproductive as employees are pushed past their tipping point, leading to increased turnover.”

New hires intended for growth, however, can be some of the most difficult. As a company expands laterally, or even horizontally, new positions with unique qualifications become necessary. Existing in-house recruiting pipelines can often fall short of meeting the demand of new pools of candidates required.

When an organization creates a new position, it calls for a very different type of candidate than if the position was already in existence. Finding the types of candidates ready to take on such a task frequently, if not exclusively, requires reaching deep into the workforce of current and would-be competitors to find people who can not only do the job, but define the job.

“The type of top talent you want to recruit aren’t going to answer the phone when a competitor calls them - much less be actively applying to job openings - automatically screening out some of the best new staff you could bring aboard,” notes Romaine. “That exact same candidate though, will likely not only take a call from an industry recruiter; they may already be working with one.”

Acting as a third party, an industry recruiter can work with hiring managers not only to create what the job description for a new role might look like, but also help them understand what types of candidates are already in the passive candidate market. They can map out a search strategy to identify, screen, and eventually recruit the correct person.

“The most effective employees are almost by definition the most engaged. They are invested in their jobs and aren’t actively considering other employment. But it’s also not going to stop them from taking a look when an opportunity arises,” says Romaine. “In recessions and boom times, these passive candidates end up being the most consistently successful and effective hires a company can make.”

For companies that have already made all the easy fixes to productivity, growth in a sluggish 2012 economy may only be found through investing in growing workforces and recruiting top passive candidates.

The Grass is Always Greener

I was speaking with an early career dentist four months ago. He decided to leave his first associateship after 1 year because he felt he was not involved enough in the actual business of the practice.  He graduated just last year, earns $11,000 to $12,000 per month, and has an owner who mentors him.  He has learned a lot and his production and income are increasing steadily.

I had to ask him, “After one year, why would you want to leave so quickly?”  This is almost as close to an ideal associateship as I have seen.  He told me he thought he could do better.

After more discussion I learned that he wanted to be on an equal level of an owner or partner without actually earning or paying for the right.  I spoke to him at length about the current state of dentistry.  We discussed how new doctors are fortunate to get great mentorship and build skills and speed before trying to run the business.  Back 10 or 20 years ago it was the status quo to graduate dental school and start a practice.  Not anymore.  

This article, however, is not about talking you in or out of buying a practice right after dental school.  The point I want to share is simply to take a deep look at what you have right now, and decide if you are not jumping ship too soon.   Having an associateship like the one described above is ten times better than another year of dental school or a residency because the associate is getting real world experience in a strong practice with a great owner willing to give his time to mentor the young doctor.

The doctor went on to leave that practice and join another.  During the interview process the practice owner told the dentist everything he wanted to hear.  The dream picture painted in the beginning turned out far from true once the doctor started working in this new practice.  He is now looking for a new job again because this practice does not have the production promised.  The associate’s income has taken a 20% hit.  He was promised partnership in 1 to 2 years, but he does not want to stay there.  

Too many times we think that there is something better out there, or we want to make bigger leaps in our careers than are possible after so little time.  Take a step back, be completely honest with yourself, and talk to others.  You may soon realize that you have the best thing right in front of you.

Written by Carl Guthrie. Carl has been with ETS Dental since 2007 and is the Western Region Recruiter. Contact: cguthrie@etsdental.com | 540-491-9104

Breaking an Unbreakable Cycle

During the third quarter, U.S. GDP grew at an annualized rate of 2.5 percent, reducing fears of a double dip recession for now. In August, there were more than 4 million hiring events. That equates to 3.1 percent of the total U.S. workforce getting a new job.  In September, the unemployment rate for those with a four-year degree fell to 4.2 percent and the unemployment rate for those who most recently worked in a management, professional or related occupation was just 4.4 percent.

That is good news for a lot of people—namely those with jobs in fields that require specialized experience and education. But there are also nearly 14 million jobless Americans who want and are searching for a job. The average duration of unemployment now exceeds 40 weeks, excluding those who have taken part-time work or given up searching.

“The country emerged from recession more than two years ago,” says Rob Romaine, president of MRINetwork. “The stock market has in large part returned and corporate earnings are at record highs, but everyone—both consumers and companies—are behaving as if we are still in a recession. Consumers continue to delay purchases and companies are choosing to sit on record amounts of cash rather than invest in resources and human capital.”

To be saving cash in uncertain times makes perfect sense on the individual level. However when looking at the country as a whole, it means hundreds of billions of dollars less in spending and the spending which does occur is at significantly lower profit margins.

“High unemployment doesn’t benefit anyone. As long as spending remains anemic, employment levels will fail to rise significantly, and those who have been out of work for more than a few months are likely to remain out of work for even longer,” says Romaine. “But in a classic catch-22, spending is going to remain weak as long as unemployment is high.”

Like any vicious cycle, this one needs to be broken. Yet, nothing will happen overnight and it might not be possible for there to be one bold action from the government or one strong economic signal from the economy to fix everything.

“This cycle will be broken on the individual level. Individual companies will look at their business and say, ‘despite the macroeconomic outlook, our business is sound and we need to invest to make it better,’” says Romaine. “Unemployed individuals will also have to dig deep and reevaluate what kind of career and lifestyle they are willing to accept.”

For someone who hasn’t found a job after 40 weeks of searching, their prospects aren’t going to change because of a simple resume tweak. Most long-term unemployed are going to have gain additional skills while lowering their salary or title expectations more than they ever thought possible to rejoin the workforce. Yet, these are the individual sacrifices which will break the cycle.

“Coming out of this there hasn’t been and there won’t be a ribbon-cutting moment, just a long series of small decisions that will slowly turn the tide,” says Romaine. “Companies who don’t invest in talent and resources will lag the recovery cycle and eventually fall behind their competition.”

Dental Practice Owners: 8 Simple Steps to Preparing a Business Plan for 2012

I am very pleased say our business has more than doubled over the past four years – a time period when more than 50% of the recruiters in the country exited the recruiting business due to the difficult economic environment. Certainly, much of our success here is due to our outstanding team of Account Executives/Recruiters, but I also attribute much of our success to taking the time and making the effort to write a comprehensive business plan every year. Even a talented team needs a plan!
Every week our Account Executives/Recruiters speak with hundreds of practice owners. We have found that a surprisingly small percentage of business owners actually take the time and effort every year to develop a business plan, and that most of the truly successful practices we work with do have a plan in place.

A business plan consists of three parts, which I will break down into eight steps:
1. A statement of what you want your practice to be in the future. (Step 1)
2. An assessment of where your practice is today. (Step 2)
3. A realistic breakdown of the steps you need to take in order to get from where you are to where you want to be. (Steps 3-8)

The 8 Simple Steps to Preparing your Business Plan:

1. Develop a Mission/Vision Statement for your practice – Simply stated, why does your practice exist? Who do you serve? What do you offer patients that they can’t get elsewhere?
• Vision – Write out a compelling description of a future desired state of your practice. Make sure you can clearly picture what your practice will look like in the future. Think in terms of where you want to be. The purpose of the business plan is to lay out the steps between where you want to be and your current reality.
• Values – What do you stand for? What are the guiding principals by which your practice operates? Values motivate us before we achieve a goal and determine how satisfied we are once we attain it. Does your current culture support your values?

2. Assess Current Reality – In a few paragraphs summarize your results for 2011. It helps to look at your monthly financials.
• Positive Effects on Growth – In which areas of your practice are you experiencing the most success? How do you optimize those to produce continued results?
• Negative Effects on Growth – In which areas of your practice are you experiencing more challenges? What do you need to change in order to obtain positive results?
• Current Office Structure – Diagram current office structure. Will your current team, with their current duties and responsibilities help you achieve the vision for your practice?
• Understand your key metrics – What is the average per patient production for each Dentist and Hygienist in your practice?
• SWOT – Draw a box with four quadrants: Strengths, Weaknesses, Opportunities and Threats. Be honest with yourself. Give a lot of thought to each area.

3. Describe what your practice will look like in 2016 – This is the fun part. Now is the time for specifics. There are plenty of ways to grow and be successful. In fact, some practices even choose to shrink and be profitable. It is up to you.
• Will you limit your practice to a certain type of patient base?
• Will you cater to patient needs by expanding hours, days and providers in your current facility?
• Will you expand your facility to accommodate greater patient demand?
• Will you expand your presence in a market by acquiring or building new practice locations?
• How many patients will your practice see?
• What clinical services will you offer?
• Will your equipment be all state of the art?
• Will your practice thrive because of your strong engagement with and ties to the community?

4. Commit to your 2012 Key Initiatives – Decide on a small, achievable set of initiatives that will help move you toward your goal. In most cases, you can’t achieve your vision in just one year, but you can take steps toward reaching it. Typically these initiatives fall into one of five categories:
• Improving office efficiency – Improving your responsiveness to current patient demand by treating more patients, maintaining or improving the quality of care with the same number of resources (team members and operatories) by eliminating inefficiencies in your current systems and processes.
• Broadening your level of services – Providing your patients with more clinical choices, which in turn improves the value and revenue from each patient visit.
• Increase Demand – Do a better job of filling your teams schedule through advertising, referral programs or adding new/profitable plans.
• Add Capacity – Add new Dentists or Hygienists to your practice to satisfy demand. (Don’t take this step until you have the demand and efficiencies to add someone profitably).
• Buy or create a new patient base – Serve a new patient pool by buying or starting a new practice.

5. Break your goals up into Bite-sized Chunks – Figure out what your 2011 objectives mean to each team member. It is critical that you involve your team. If you involve them in the process it will improve their buy-in. They will probably be the source of many of your best ideas. Define what the plan means to each team member:
• Does it mean they need more training in a certain area?
• Does it mean they need to schedule more efficiently?
• Does it mean they need to improve recall?

6. Install Guardrails – Make sure each member knows their daily, weekly and monthly goals.
• This is as simple as taking your annual goals and dividing them by the number of working days in a year.
• The key to exceeding your goals every year is to exceed them every day.
• Make it a routine to share results on a daily and weekly basis.
• Reinforce how important each team members part is to the practices overall success.
• Celebrate the daily and weekly victories.

7. Create a Budget – This is the tough part. Budgeting is the toughest part of the process because it makes you say no to things you really want to do. Tips:
• Zero based budget – Challenge each cost. Don’t assume you have to pay for something this year, just because you did it last year.
• Never count on revenue from a new hire or new initiative until it becomes a reality. Most practices count a very rosy picture when a new team member joins their practice.
• Fund new initiatives off the excess. Don’t buy something or hire someone unless you can survive a failure. Don’t borrow money and risk your practice because you think a new Associate, new location, new piece of equipment will produce. Wait until you can afford a failure. “Plan for the worst, Hope for the best”.


8. Print and Bind the Plan - Commit to the plan. Don’t just put it in your desk drawer.
• Carry it with you.
• Check progress weekly.
• Refer to it in team meetings.
• If you are falling behind, be aware of what needs to change and take action immediately.
• Celebrate the little victories and share them with your team.
• Bankers and perspective team members will LOVE you when you show them your plan.

You can do this! In fact, you should do it right now! You don’t need an MBA, CPA or Law degree to write a Business Plan for your Dental Practice. Certainly, advice from a trained professional is helpful, but in most cases you have what it takes to get the basics down on paper.
You are the leader of your practice. If you are serious about growing your practice, offering new services, expanding your reach, serving new patients, and preparing for a comfortable retirement, you need to write a Business Plan. If you haven’t done so already, start your plan today!

Written by Mark Kennedy, Owner/Managing Director of Executive Talent Search (ETS Dental, ETS Vision, ETS Tech-Ops). To find out more, call ETS Dental at (540) 563-1688 or visit us online at www.etsdental.com.

Be Prepared!

“Be Prepared” is probably the single best piece of advice I could give to practice owners seeking associates or potential buyers for their practices.

I took an informal survey of our recruiting team and compiled a list of eleven real-life situations where practice owners missed out on hiring their top candidates because they were unprepared. We also give three real-life situations where the opportunity to sell a practice was missed because the owner was not prepared. I have included with each example a suggestion for how practice owners can better prepare themselves for such situations.


Landing Your Top Associate Candidate:

Example 1: Time to Interview
Unprepared – After receiving a Dentist candidate’s CV, the Practice Owner, (and Office Manager) took weeks to contact the candidate. The candidate assumed the practice was not interested, so he interviewed and accepted another position.

Prepared – The practice owner personally called the Associate candidate the same day his information was received. They hit it off from the start. A face-to-face meeting was scheduled and the Associate candidate accepted the position in a town he originally had never considered.

Example 2: Sample Contract/Compensation
Unprepared – Practice owner did not have a sample contract when he met with the Associate candidate. He did not have a documented compensation plan either. The Dentist candidate took another less attractive position because she had something in writing.

Prepared – Practice owner had a sample contract and compensation plan ready to give “the right” Associate candidate. He even prepared a one page document demonstrating his commitment to documenting a buy-in and transition plan after a one year trial period. The Dentist candidate accepted his offer on their second face-to-face meeting, before the other practice had prepared a contract.

Example 3: No Timeline
Unprepared – The Practice Owner did not have a firm timeline in mind of when an Associate Dentist candidate could start (part-time or full-time). The Associate candidate accepted another less attractive position that was available immediately.

Prepared – The Practice Owner recognized he could not provide a full schedule immediately but knew the position could grow full-time in six months. Rather than being non-committal, he wrote out a conservative plan demonstrating how the Associate candidate could start two days a week in a month, three days a week in four months and four days a week in six months. The Associate candidate accepted this offer and slowly transitioned out of his current position located one hour away.

Example 4: Wasn’t willing to wait for the best Associate candidate
Unprepared – The Practice Owner was not prepared to spend 3-5 months recruiting and on-boarding a new associate. The best candidates already have jobs. Most have to give 30 to 90 days notice. The practice owner “settled” for an Associate candidate who was available immediately, but had a string of one year Associate positions. In two months, the owner was disappointed with the new Associate and starts the process over again.

Prepared – The Practice Owner was willing to speak with and interview Associate candidates who couldn’t join the practice for 90 to 180 days. Although it was a short-term inconvenience the owner connected with a Dentist who was practicing out of state and wanted to move back to the area to be close to his wife’s family. It took five months to get the new associate but he became part of the community and three years later he bought out the owner.

Example 5: Interview Preparation
Unprepared – The Practice Owner did not prepare for the interview. He came up with questions on the spot and did not ask important questions about clinical skills or clinical philosophy, commitment to buy-in, schedule or availability which caused problems later. He hired an Associate who only stayed a year because she did not agree with some of his clinical philosophies.

Prepared – The Practice Owner took an hour and wrote out all of her questions for a potential Associate candidate. She eliminated three promising prospects because her clinical philosophy and timeline to partnership differed from theirs. After meeting with five different candidates she hired an Associate with a compatible personality, clinical philosophy and long-term goals.

Example 6: Answers to basic questions
Unprepared – The Practice Owner did not prepare to answer important questions that would be asked by the Dentist Candidate such as: Compensation, Hours, Potential for Buy-in, How new patients would be assigned, Schedules, Would more staff be hired, What materials are used, Plans to upgrade equipment… The Associate candidate chose another opportunity because “the practice seemed to have its act together”.

Prepared – The Practice owner took an hour to brain storm all of the questions he would ask if he were a candidate. He spoke with a recruiter to find out what questions she hears frequently. The Associate candidate chose this practice because the owner “really seemed to be on the ball”.

Example 7: Below Market Compensation
Unprepared – The Practice Owner did not research current Associate compensation plans. During an interview with a promising Associate candidate the owner “threw out a figure” that was 30% to 50% less than the candidate could make somewhere else. The call ended shortly thereafter and the Practice Owner was frustrated the candidate didn’t return his calls.

Prepared – The Practice Owner researched current Associate compensation by reading Dental Economics and speaking with an ETS Recruiter. He quickly realized that although he is busy, he was not at the point he could afford a new Associate. For the next six months he worked on improving his recall system, which increased revenue allowing him to start looking.

Example 8: Involving the Staff
Unprepared – The Practice Owner did not prepare his staff that an Associate candidate was coming to interview. The Associate candidate showed up for the interview but sensed the staff was shocked and surprised that the Practice Owner was looking. The Associate Candidate chose another position due to the uncomfortable office environment.

Prepared – The Practice Owner discussed his plans to seek a new Associate Dentist long before he started interviewing. He asked for the staff’s input as to what he should look for in a new Associate and got them excited about what this could mean for them.

Example 9: Budgeting
Unprepared – The Practice Owner did not prepare a budget to see if he could afford a new Associate. The Owner interviewed an Associate candidate. Both parties were very interested. Then the owner realized he needed to add staff, add equipment, add operatories, add patients and transfer some of his patients to the new Associate. After two or three months of putting off the Associate candidate, the candidate found another opportunity.

Prepared – The Practice Owner worked with his CPA to see what he had to do to afford a new Associate. He realized he had to add two operatories and increase his new patient numbers before he could take the leap. It took two years but he found a great Associate who was impressed by the updated office and new marketing plan which added 30 new patients a month.

Example 10: Space Constraints
Unprepared – The Practice Owner did not think about space constraints. Although the practice had healthy cash-flow it only had one additional operatory. The practice continued to operate 8-5 Monday through Friday. Over the course of the two years, the practice added then lost three Associates who couldn’t produce as much as they could elsewhere using just one operatory. The practice lost time and money because of the turnover.

Prepared – The Practice Owner turned the space constraint into a selling feature. He prepared his staff to move to a six day, 11 hour daily schedule. The selling point for the new associate was that he could work from two full operatories and get four days off a week.

Example 11: Sell the Community
Unprepared – The Practice Owner was not prepared to sell the community. He owned a highly successful, long-established practice in a community with a struggling local economy. The public school system was rated poorly. The owner interviewed multiple Associate candidates who seemed very interested in the practice, yet they all turned him down at the last minute.

Prepared – The Practice Owner spent time with each Associate candidate to give them a complete overview of the practice and the long-term opportunity. He also took them around to community to show them the nicer neighborhoods. He also talked with them about the variety of private schools in the community that had outstanding ratings.


Landing Your Top Buyer Candidate:

Example 1: Get an Appraisal
Unprepared – The Practice Owner did not have an independent appraisal of the practice prepared before she started talking to interested parties. She thought she was saving money. Since most buyers need to obtain financing, banks and other lending institutions won’t loan money without an appraisal.

Prepared – The Practice Owner got an independent appraisal of her practice done prior to speaking to any interested parties. She recognized any buyer would need to get their own appraisal, but the appraisal gave both her and prospective buyers a realistic expectation of the selling price. She quickly sold her practice to another Dentist interested in moving to her community.

Example 2: Prepare Historical Numbers and Metrics
Unprepared – The Practice Owner had not prepared the financial information necessary for a potential buyer to make an informed decision.
Examples:
• Monthly, Weekly, Daily production numbers.
• Mix of procedures. Mix of Fee for Service, Insurance, or Medicaid.
• Hygiene production. Procedures referred. Growth opportunities.
• Number of active patients.
• Number of new patients.
All the owner knew was that he wanted to sell the practice for $500,000. He spoke with a number of potentially interested parties, but could not move ahead because they didn’t have any specific information they could use to make an informed decision.

Prepared – The Practice Owner tracked all of this information monthly. He prepared reports summarizing last year’s production information. A potential buyer realized the Practice Owner was referring out all of his endodontic and many of his pediatric cases. Since the potential buyer realized he could immediately increase production by $150,000 a year, he purchased the practice at the asking price.

Example 3: Don’t Quit Before You Sell
Unprepared – The Practice Owner wanted to retire two years ago, but his retirement funds shrank dramatically. The owner came to work begrudgingly and let the practice atrophy. There were a number of potential buyers. When they looked at the practice they saw it was disorganized and dated. Production had declined and key staff members had left, sensing they did not have a future there. The practice eventually sold but for $350,000 less than it would have sold for three years ago.

Prepared – The Practice Owner recognized he would not be able to retire for three years. Rather than cutting back, he realized that this was the most important three years of his career. He didn’t make major investments in equipment, but he repainted and updated the waiting area and operatories. He landscaped the outside. In addition he worked to grow his practice recognizing that its sale price was determined by the last three years production. He worked with a consultant and gave the staff incentives to increase production. After three years he sold the practice for $350,000 more than it was worth three years previously.



In short, there has never been a better time to become a Dentist!

More than a third of the Dentists in the country are within ten years of retirement. As the stock market slowly continues to grind forward, there are many practice owners, partners, and later-career Associates starting to seriously consider retirement. Practice Management companies are continuing to expand and are offering tremendous career options to early-career Dentists with limited risk.

For a practice owner who may be interested in expanding and adding an Associate or transitioning out of practice, it’s important understand that there are literally thousands of practices vying for the attention of the best Dentist candidates (Associate, Partner, or Buyer). The competition is intense!

With ten years of experience behind us, ETS Dental has seen hundreds of practice owners shocked and disappointed when their top candidates choose another opportunity. In most cases, the practice owners who hire the best Associate candidates or have the most successful practice transitions have one thing in common: they are prepared.


Written by Mark Kennedy, Owner/Managing Director of Executive Talent Search (ETS Dental, ETS Vision, ETS Tech-Ops). To find out more, call ETS Dental at (540) 563-1688 or visit us online at www.etsdental.com.

Job Searching in a Saturated or Difficult Job Market

This summer, the Bureau of Labor monthly jobs report stated that the U.S. added only 18,000 jobs in the month of June 2011 and ZERO in the month of August! With over three million people in the U.S. at this time (a number that is growing every second), that statistic is quite an eye opener!

In a tight job market, dentistry is not immune; there are simply not enough jobs for the job-seekers in saturated areas such as Boston, New York, Los Angeles, Phoenix, and Austin to all find opportunities.

At ETS Dental, we speak with dentists and dental staff job-seekers every day who are having a hard time finding opportunities in saturated areas.We want to provide some tips that may help you in your search for stable, long-term employment.

1. Don’t Get in Your Own Way:
The biggest disservice you can do yourself is to think you are the only qualified applicant for the job. In a saturated market you have to sell yourself much more than the practice has to sell itself to you. For example, this summer I posted a job opening in San Francisco, CA. I had ten applicants within two hours. By the end of that week, I had at least 50 to 75 applicants. Your resume, cover letter, attitude, and the things you say have to express what you bring to the table. What skills and experience do you have that will benefit the practice? What sets you apart? Can you speak Spanish? Do you love working with kids? Can you place implants? Can you bring new patients into the practice? Don’t move the conversation straight to how much they will pay you. You don’t even have the job offer yet, and this approach can cost you the job.

2. Expand Your Options:
Most job-seekers we speak with would much rather work for a private practice or small group practice. Corporate dentistry is a last resort or often not something they even want to consider. However, large group and corporate dentistry is growing and here to stay. These practices can offer you stable employment, great training, a guaranteed minimum salary, and benefits. If private and small group practices are not hiring in your area, don’t limit your options.

3. Use an Independent Recruiter:
A few dental recruiters, like ETS Dental, have contact with practices throughout the U.S. Most often we are working on openings that are not advertised in any other channels. Our clients entrust us to locate the right talent to grow their practices. We speak with job-seekers in order to understand their goals and experience. We have the ability to market strong candidates to practices with whom we have built relationships over the years. Sometimes it’s all about who you know, and recruiters are good to know.

4. Volunteer:
Many new graduates can benefit from this in difficult areas. Volunteering can help build or maintain skills, like chair-side communication and building patient rapport. It can even help you connect with other practitioners, and possibly lead to an employment opportunity. Look for volunteer opportunities in free dental clinics, or give your time by participating in free dental care days that may be offered in your community.

5. Shake Some Hands:
Go to dental society meetings. Get online and join discussion groups like Dental Town. Get on LinkedIn. Hand out business cards to every dentist you meet. Drop in and say hello to offices and leave a resume/CV. You can’t be shy in a saturated market. Let people know who you are, and let them know you are looking for an opportunity.

6. Multiple Part-Time Jobs:
Most saturated markets have more part-time openings available than full-time. You should definitely consider trying to get 2 or 3 part-time jobs if you need a full-time income.

7. Relocate:
It’s an extreme measure for many, but for some it can mean the difference in having a career or several short-term, part-time positions or even having nothing at all. Relocating expands your options exponentially. Just make sure you are not expanding your options of relocation to another heavily saturated area.

Check out some earlier articles on this topic:

• Where Are The Jobs?


• Grass Is Greener


• Job Seeker Tips


• What Are Hiring Practices Looking For?

Written by Carl Guthrie, Western Region Account Executive and Dental Recruiter. Contact at cguthrie@etsdental.com or 540-491-9104

Not Seeing Many Good Dental Jobs? A Calendar for Opportunity.

Autumn is my favorite time of year. Leaves change, college football starts and you can open the windows again. I love raking leaves, picking apples and carving pumpkins. Of course, it is a different story once I head to the office.

I am a headhunter (technically a dental recruiting consultant, but that’s a bit stuffy for my taste). I talk with thousands of dentist and dental practice owners every year. I match practices with dentists who share the practice owner’s vision, offer a compatible personality and fit into the clinical skill set needed. Most of my time is spent interviewing and consulting with dentists who are confidentially looking for along-term opportunity.

This time of year, the conversation inevitably turns to the state of the dental job market. Is the economy affecting the market? Could be, but probably not. The practice owners I speak with aren’t generally doing any worse than they have been, though many are nervous about adding staff right now. The real reason for the slow job market is the calendar.

Let me explain. The vast majority of dentists enter the job market shortly after graduating from dental school or finishing a residency. Most contracts run on a yearly basis and so new grads enter the market at the same time that current dentists decline to extend their contracts. Also, many delayed partnership or ownership transitions schedule buy-in after a set number of years only to have the negotiations fall apart, effectively ending the working relationship. This results in a fairly consistent yearly job cycle with the most jobs available mid-year and again in January as practices make new year plans.

Dentist and practice owners aren’t generally planning their next associate arrangement months ahead of time. As discussed in a previous blog, it often takes 3-4 months to find the ideal match but many owners do not begin to interview until one to two months before they expect to fill the position. Take a look at the graph below. You will see that there are always jobs available but the variety of jobs varies dramatically under or above the yearly average of new positions per month.

Does this mean that you should wait until the summer before adding an associate or looking for a new job? Absolutely not. Practices are always growing, relationships fall apart and, in general, life happens. Do not let the job market cycle delay your plans, but do allow for more time to find the right position or the right associate, particularly in small to medium-sized markets.

In the meantime, enjoy the wonderful weather!

“No spring nor summer beauty hath such grace
As I have seen in one autumnal face.”
~John Donne

Posted by Morgan Pace, Senior Dentist Recruitment Consultant with ETS Dental. To find out more, call Morgan at (540) 491-9102 or email at mpace@etsdental.com.

Time Kills All Deals!

In the dental recruitment industry, we see this happen more often than it should. What does “time kills all deals” mean. Well, it often means that instead of on-boarding that new dental associate and finally being able to get a little sanity in the practice’s patient scheduling, the practice is back to square one and looking for that “perfect doctor”; explaining to patients that they will have to wait three months for their next appointment and counting up the lost revenue from not having the position filled. This often is what happens when a practice takes too much time making the hiring decision. The fact of the matter is, the truly good candidates have plenty of options and will most always go with the practice that has their act together, and can come to a decision in a timely manner.

What about the candidate dragging their feet and being reluctant to commit to an opportunity that meets all of their needs and desires just because they are not quite sure or have trouble making decisions? The results can be the same. When candidates drag out the process and start looking at too many opportunities they can miss out on the one that they really wanted, just by taking too much time to commit. Know what you want and recognize it when you find it. Good opportunities tend to not be available for long.

Any time that the process goes on for too long, whether it is the hiring practice or the potential candidate who is causing the delays; it creates an environment where any number of challenges or problems may crop up and derail the deal resulting in wasted time, money and lots of frustration. Over time people lose interest, question the sincerity of the practice or candidate.

For practice owners, do your homework; know the questions that you will ask in the evaluation process. Be prompt in contacting and interviewing interested candidates and most importantly...make an offer in a timely manner and be prepared for acceptance.

For candidates, know what you are looking for. Return calls and emails from prospective employers in a timely manner. Prepare well for the interview. Let the practice know if you like what you hear and want the position. And lastly, be prepared to accept the offer.

Do not let time kill your deal!

Posted by Gary Harris, Account Executive Recruiter for Dental Specialists-Nationwide. To find out more, call Gary at (540) 491-9115 or email at gharris@etsdental.com.

Here are a few helpful resources for a practice owner or practice administrator preparing to interview associate dentist candidates. For more up to date tips and helpful information, follow up on our Facebook fan page, Twitter, or on our blog. A candidate version is available here.

Before the interview:

• Be sure to check all licenses for disciplinary actions.
• Will the candidate be relocating? Know the advantages of your area.
• Have answers to these commonly asked questions.

• Plan your questions to include a balance of technical, experience, behavioral and opinion questions.

Sample Interview Questions

• What attracted you to my position?
• Where have you worked?
• How long have you been in each position?
• What would your current boss say that you do well?
• In what areas would he/she say that you needed to improve?
• How often have you been late over the last year?
• In which insurances did you participate?
• What was your average production at that office?
• What lead you to look for other positions?
• What kind of notice period do you have to give?
• Do you have a restrictive covenant that would keep you out of this area?
• Are you right handed or left handed?
• Are you familiar with the equipment used in this office?
• What are your clinical strengths?
• What do you prefer to refer out?
• In what areas do you have interest in further training?
• How would you describe your practice philosophy?
• What days are you available to work?
• Are you interested in eventual partnership or ownership? How soon?
• What are your income expectations?
• What motivates you?
• If you have ever been in an office with a light schedule, what did you do with your free time? What did you do to help fill the schedule?
• Which of your strengths and achievements do you feel best distinguishes you from other candidates I may speak with?
• What do you like the most about this position? Least?
• Now that we have spoken are you interested in pursuing this position further?

Be sure to explain what the next step would be and when they can expect to hear back from you.

After the interview:

• Check references before considering an offer. Here is how.

• If you feel that you have found the best available match, move quickly to get a commitment

• Before making an offer, be sure that you know the current market standard. Income potential varies from community to community. Here is an excellent resource for understanding that your associate should be able to earn: are offering market values: http://www.levingroup.com/pdf/desurvey/December%20DE-LG%20Survey%20Story_1_and_2_2010.pdf

• Make sure that your contract is complete: Employment Contracts - What a New Dentist Should Know.

Other factors to consider when writing up a contract include:

· Restrictive Covenant

· Compensation Considerations

Onboarding:

• Make your expectations clear from the beginning

• Make them feel welcome.

Posted by Morgan Pace.

Morgan Pace is the Southeastern U.S. Account Executive and Senior Recruiter for ETS Dental. He can be reached at mpace@etsdental.com or 540-491-9102. ETS Dental is a Dental Recruiting firm specializing in finding and placing General Dentists, Dental Specialists, and Dental Staff throughout the United States. www.etsdental.com

Proper Interview Attire

You may not get the chance to make a second impression if you don’t take the time to make a great first impression.

“His shirt was so wrinkled that it looked like he’d worn it the day before. He didn’t even bother to try and cover it up by putting a jacket over it. My thought was that if he couldn’t even take the time to impress me at our first meeting, what was he going to be like with our patients?”

“He was sloppy and unshaven. At first I thought he was a homeless person coming into the office.”

“She showed up in jeans, a wrinkled T-shirt, and dirty sneakers. I understand that she is a recent graduate but the least she could have done was ironed her T-shirt.”

These dentist candidates were NOT asked back for a second interview.
As a recent graduate or seasoned dentist, you have years of training and experience. So why not make sure to get the offer by backing up your clinical skill set and experience with a first impression that leaves no doubt in anyone’s mind that you ARE the right candidate for the job.

Your attire and actions speak louder than words. Even if you don’t feel traditional business interview attire is necessary at the very least chose business casual clothing and be sure it neat, clean, and pressed.

Below are just a few links where you can refer to for proper interview attire.


http://jobsearch.about.com/od/interviewattire/a/interviewdress.htm

http://healthcareers.about.com/b/2008/10/17/interview-attire-for-medical-professionals.htm

http://jobsearch.about.com/od/interviewsnetworking/a/interviewimpres.htm



Written by Rob Knezovich, Regional Account Executive/ Recruiter at ETS Dental. You can reach Rob at (540) 491-9117 or rknez@etsdental.com. Find out more at www.etsdental.com.

Get Noticed On Job Boards

Once upon a time, you could hand deliver a resume and even get interviewed on the spot. Those days are long gone. Personal interactions with hiring managers have been replaced with emailing your resume and applying through online job boards. So, what can you do to stand out when you are applying online? Here are a few tips:

Attach your resume as a Word document, if possible. Often companies will invest in software that can harvest Word documents and input your information into their database more easily making your information more likely to come up in a search.

Let us know you are relocating! It can be something as simple as including in italics “Relocating to Florida Summer 2011” under your current address or just adding a blurb to your objective. Recruiters and hiring managers are not mind readers. You may miss out on an opportunity simply because someone thought you had applied for the wrong position otherwise.

Tell us you are bilingual. Being bilingual is a HUGE asset in a lot of markets! Your resume needs to tell what languages and your level of fluency. Many of the job boards will also have a field for you to enter this information in as well; take the time to ensure that this is completed properly because often this gets read before a hiring manager ever even takes a peak at your resume.
Be sure to include all of your contact information on your resume. This includes: phone number (make sure they are working numbers), and email address. I understand that we may not always call at the best time and may need to schedule a time to speak later, but if you sincerely want to work we need to be able to reach you.
• Sticking with contact information; make sure your email address is appropriate. Personally, I love the cheesy work related emails like “2thfairy@...” or “floss4u@...” because to me that shows some personality. If that is not your style, so be it; play it safe and create an account using your name. I do not care how sexy, beautiful, big, small, or anything else you are. We see your email address before we see anything else about you and it needs to relay a level of professionalism.
There are many factors that actually go into getting a job and these tips just barely scratch the surface of the topic. However, these tips may help you to tweak your own information and get your information noticed which is an important first step to getting to that new job. Good luck in your search.

Brush, Floss and SMILE!

I have had the pleasure of working with a few new clients lately who really enjoy what they do, and they are trying to make it contagious. These same, caring Dentists are determined that their staff has as much fun as possible while still maintaining a professional and caring dental office. It's refreshing to call the office for an update or to share some information, and be connected with a voice that is just bubbling with a smile or laughter. In reality, beautiful teeth and a healthy mouth is plenty to make you smile and laugh, and the added health benefits of a happy environment will leave you with that just-brushed freshness.

http://www.bellaonline.com/articles/art29733.asp

Posted by Marsha Hatfield-Elwell, Regional Account Executive/Dental Recruiter. To find out more, call Marsha at (540)491-9116 or email at melwell@etsdental.com.

Considering a Faculty Position?

Five new dental schools to open in the U.S.
To view the full article: http://www.ada.org/news/6174.aspx

Here’s a look at five new dental education programs—three opening this fall, one slated for 2012 and one for 2013.

• East Carolina University School of Dental Medicine (Greenville, N.C.)

A component member of the University of North Carolina System. On Aug. 15, the School of Dental Medicine launched its orientation week, welcoming its first class of 52 students. ECU, American Dental Education Association and North Carolina Dental Society officials were on hand to mark the occasion.

• Lake Erie College of Osteopathic Medicine School of Dental Medicine (Bradenton, Fla.)

In January, LECOM named Dr. Robert F. Hirsch dean of its School of Dental Medicine, which has initial accreditation and is scheduled to open in 2012 with a class of 100 students. A graduate of Case Western Reserve University School of Dental Medicine, Dr. Hirsch has held faculty and administrative positions at Case, Nova Southeastern University College of Dental Medicine and the University of Minnesota School of Dentistry, and a private practice in Erie, Pa.

• Midwestern University College of Dental Medicine (Downers Grove, Ill.)

Midwestern University CODM becomes the third dental school in Illinois, joining the University of Illinois at Chicago College of Dentistry and Southern Illinois University School of Dental Medicine in downstate Alton. Dr. Lex MacNeil is its dean.
The private, not-for-profit institution aims to graduate about 125 students a year. Midwestern Illinois has hired its complete complement of faculty for the first year and will hire incrementally for subsequent years, as well as recruit dentists from the community to serve as clinical instructors.

• University of New England College of Dental Medicine (Portland, Maine)

The University of New England has a founding dean for its College of Dental Medicine—Dr. James J. Koelbl, a past chair of the Commission on Dental Accreditation and founding dean of the Western University of Health Sciences College of Dental Medicine in Pomona, Calif., which opened in 2009.
The College of Dental Medicine submitted its application for initial accreditation and has announced a start date of 2013. “We continue to focus on curriculum development; faculty and staff hiring plans; construction simulation and clinical facilities; and student recruitment and fundraising,” said Dr. Koelbl.

• Roseman University of Health Sciences College of Dental Medicine (South Jordan, Utah)

In 2007, the University of Southern Nevada began exploring the feasibility of starting the first predoctoral dental education program in Utah. In July of this year, the school changed the name of its campus in the suburbs of Salt Lake City to the Roseman University of Health Sciences CODM.
Dr. Richard Buchanan is the college’s founding dean, and the Commission on Dental Accreditation granted the dental school initial accreditation in August. The first cohort of 64 students began classes Aug. 15.

Posted by Rob Knezovich, Regional Account Executive/ Dental Recruiter. To find out more, call Rob at (540)491-9107 or email at rknez@etsdental.com.

Turnover Leads to Opportunities

Looking at an unemployment rate that has been stuck at more than 9 percent for over two years, it would stand to reason that the employment market is static. Little more than 100,000 jobs are being added each month to an economy that employs more than 130 million people.

Yet, the labor market is far from static. Total employment in the United States is turning over at a rate of more than 3 percent per month. That means each month, more than 4 million people start a new job and more than 2 million people voluntarily leave their job. This may seem like taking one step forward while taking one step back, and in terms of lowering overall U.S. unemployment, it is.



At the same time, every month, 4 million hiring managers are looking at their businesses and the economy and deciding they would be better off hiring someone. But when they make that decision, it’s not about just replacing a warm body; it's an opportunity to change the direction of their workforce.

“A few years back, when someone resigned, HR pulled out the old job description and started to replace them. Now when that same person leaves, a manager’s first thought is more likely to be, ‘How should this role change,’” says Rob Romaine, president of MRINetwork. “At a time when many departments have a difficult time adding positions, reexamining every job description as it opens up can be the lowest friction way to reshape a workforce and with proper planning, large changes can happen relatively quickly.”

In the professional and business services sector the monthly turnover rate is closer to 5 percent, which means that with a clear workforce plan in place, a company’s entire focus can be altered in less than two years.

“Backfill workforce planning requires more foresight than just eliminating one position, while adding another. However, it maintains the continuity of business operations, lowers separation costs, and avoids potential morale or public relations issues,” notes Romaine.

In a backfill workforce plan, the target for where the organization is heading needs to be defined, but the path on how to get there must remain dynamic—changing based both on which positions open up, and what candidates are available. The plan itself should be less about creating a pre-defined organizational chart and more about the capabilities and capacity of the target organization.

“When someone leaves the company, you start by looking at what capabilities that person had which are required immediately,” says Romaine. “Then you can work with a search consultant to understand what talent is currently available to fit your basic requirements and which additional capabilities of the target organization you may be able to include in the role.”

Working with an experienced industry-specific search consultant can bring needed expertise to both formulating and implementing a backfill workforce plan.

“Redefining positions as they open up can lead to only the priorities of the day being addressed,” notes Romaine. “Working with a search consultant to create a workforce plan with a long-term horizon makes larger, more substantive changes possible.”

You Can Make a Difference

With the economy still struggling to recover, middle income patients are also struggling with a way to pay for much needed dental care. Luckily, the dental community is responding. The number of “free dental care” events seems to be increasing each year. These events are designed to help out members of the community who simply can’t afford dental treatment. Most of the patients who are treated don’t qualify for Medicaid, but they still can’t afford insurance or necessary treatment.

Vermont recently held a successful event where 340 patients were treated in a single day. To find out more about this event please read the article which was published by the ADA: http://www.ada.org/news/5986.aspx. I am also proud to say that the community where I reside, Roanoke, VA, has held a similar annual event for the past four years. To view more about this organization please visit their website: http://www.roanokemom.org/.

In these hard times, it is great to see how dental professionals can come together and make a huge difference in the lives of people in their local community. Are you doing something similar in your community?

Written by Marcia Patterson, Regional Account Executive/ Dental Recruiter. Contact Marcia at 540-491-9118, or mpatterson@etsdental.com.

Landing a Buyer for Your Practice: (Part 3)

This is part 3 of our 3 part series.
Click Here for Part 1.
Click Here for Part 2.

The following are three real life examples of why “Being Prepared” is so important when selling a practice.

Example 1: (Get an Appraisal)
Unprepared: The Practice Owner did not have an independent appraisal of the practice prepared before she started talking to interested parties. She thought she was saving money. Since most buyers need to obtain financing, banks and other lending institutions won’t loan money without an appraisal.

Prepared: The Practice Owner got an independent appraisal of her practice done prior to speaking to any interested parties. She recognized any buyer would need to get their own appraisal, but the appraisal gave both her and prospective buyers a realistic expectation of the selling price. She quickly sold her practice to another Dentist interested in moving to her community.

Example 2: (Prepare Historical Numbers and Metrics)
Unprepared: The Practice Owner had not prepared the financial information necessary for a potential buyer to make an informed decision.
Examples:
• Monthly, Weekly, Daily production numbers.
• Mix of procedures. Mix of Fee for Service, Insurance, or Medicaid.
• Hygiene production. Procedures referred. Growth opportunities.
• Number of active patients.
• Number of new patients.

All the owner knew was that he wanted to sell the practice for $500,000. He spoke with a number of potentially interested parties, but could not move ahead because they didn’t have any specific information they could use to make an informed decision.

Prepared: The Practice Owner tracked all of this information monthly. He prepared reports summarizing last year’s production information. A potential buyer realized the Practice Owner was referring out all of his endodontic and many of his pediatric cases. Since the potential buyer realized he could immediately increase production by $150,000 a year, he purchased the practice at the asking price.

Example 3: (Don’t Quit Before You Sell)
Unprepared: The Practice Owner wanted to retire two years ago, but his retirement funds shrank dramatically. The owner came to work begrudgingly and let the practice atrophy. There were a number of potential buyers. When they looked at the practice they saw it was disorganized and dated. Production had declined and key staff members had left, sensing they did not have a future there. The practice eventually sold but for $350,000 less than it would have sold for three years ago.

Prepared: The Practice Owner recognized he would not be able to retire for three years. Rather than cutting back, he realized that this was the most important three years of his career. He didn’t make major investments in equipment, but he repainted and updated the waiting area and operatories. He landscaped the outside. In addition he worked to grow his practice recognizing that its sale price was determined by the last three years production. He worked with a consultant and gave the staff incentives to increase production. After three years he sold the practice for $350,000 more than it was worth three years previously.

Written by Mark Kennedy, Owner/Managing Director of Executive Talent Search (ETS Dental, ETS Vision, ETS Tech-Ops). To find out more, call ETS Dental at (540) 563-1688 or visit us online at www.etsdental.com.

Get Noticed On Job Boards

Once upon a time, you could hand deliver a resume and even get interviewed on the spot. Those days are long gone. Personal interactions with hiring managers have been replaced with emailing your resume and applying through online job boards. So, what can you do to stand out when you are applying online? Here are a few tips:

• Attach your resume as a Word document, if possible. Often companies will invest in software that can harvest Word documents and input your information into their database more easily making your information more likely to come up in a search.
• Let us know you are relocating! It can be something as simple as including in italics “Relocating to Florida Summer 2011” under your current address or just adding a blurb to your objective. Recruiters and hiring managers are not mind readers. You may miss out on an opportunity simply because someone thought you had applied for the wrong position otherwise.
• Tell us you are bilingual. Being bilingual is a HUGE asset in a lot of markets! Your resume needs to tell what languages and your level of fluency. Many of the job boards will also have a field for you to enter this information in as well; take the time to ensure that this is completed properly because often this gets read before a hiring manager ever even takes a peak at your resume.
• Be sure to include all of your contact information on your resume. This includes: phone number (make sure they are working numbers), and email address. I understand that we may not always call at the best time and may need to schedule a time to speak later, but if you sincerely want to work we need to be able to reach you.
• Sticking with contact information; make sure your email address is appropriate. Personally, I love the cheesy work related emails like “2thfairy@...” or “floss4u@...” because to me that shows some personality. If that is not your style, so be it; play it safe and create an account using your name. I do not care how sexy, beautiful, big, small, or anything else you are. We see your email address before we see anything else about you and it needs to relay a level of professionalism.

There are many factors that actually go into getting a job and these tips just barely scratch the surface of the topic. However, these tips may help you to tweak your own information and get your information noticed which is an important first step to getting to that new job. Good luck in your search.

Written by Tiffany Worstell, Dental Staff Recruiter, Nationwide. Contact Tiffany at 540-491-9112, or tworstell@etsdental.com.

Landing Your Top Associate Candidate (Part 2)

This is part 2 of our 3 part series.
Click Here for Part 1
Click Here for Part 3.

Example 6: (Answers to basic questions)
Unprepared - The Practice Owner did not prepare to answer important questions that would be asked by the Dentist Candidate such as: Compensation, Hours, Potential for Buy-in, How new patients would be assigned, Schedules, Would more staff be hired, What materials are used, Plans to upgrade equipment… The Associate candidate chose another opportunity because “the practice seemed to have its act together”.

Prepared – The Practice owner took an hour to brain storm all of the questions he would ask if he were a candidate. He spoke with a recruiter to find out what questions she hears frequently. The Associate candidate chose this practice because the owner “really seemed to be on the ball”.

Example 7: (Below Market Compensation)
Unprepared - The Practice Owner did not research current Associate compensation plans. During an interview with a promising Associate candidate the owner “threw out a figure” that was 30% to 50% less than the candidate could make somewhere else. The call ended shortly thereafter and the Practice Owner was frustrated the candidate didn’t return his calls.

Prepared. – The Practice Owner researched current Associate compensation by reading Dental Economics and speaking with an ETS Recruiter. He quickly realized that although he is busy, he was not at the point he could afford a new Associate. For the next six months he worked on improving his recall system, which increased revenue allowing him to start looking.

Example 8: (Involving the Staff)
Unprepared - The Practice Owner did not prepare his staff that an Associate candidate was coming to interview. The Associate candidate showed up for the interview but sensed the staff was shocked and surprised that the Practice Owner was looking. The Associate Candidate chose another position due to the uncomfortable office environment.

Prepared – The Practice Owner discussed his plans to seek a new Associate Dentist long before he started interviewing. He asked for the staff’s input as to what he should look for in a new Associate and got them excited about what this could mean for them.

Example 9: (Budgeting)
Unprepared - The Practice Owner did not prepare a budget to see if he could afford a new Associate. The Owner interviewed an Associate candidate. Both parties were very interested. Then the owner realized he needed to add staff, add equipment, add operatories, add patients and transfer some of his patients to the new Associate. After two or three months of putting off the Associate candidate, the candidate found another opportunity.

Prepared – The Practice Owner worked with his CPA to see what he had to do to afford a new Associate. He realized he had to add two operatories and increase his new patient numbers before he could take the leap. It took two years but he found a great Associate who was impressed by the updated office and new marketing plan which added 30 new patients a month.

Example 10: (Space Constraints)
Unprepared: The Practice Owner did not think about space constraints. Although the practice had healthy cash-flow it only had one additional operatory. The practice continued to operate 8-5 Monday through Friday. Over the course of the two years, the practice added then lost three Associates. All left because they couldn’t produce as much as they could elsewhere using just one operatory. The practice lost time and money because of the turnover.

Prepared: The Practice Owner turned the space constraint into a selling feature. He prepared his staff to move to a six day, 11 hour daily schedule. The selling point for the new associate was that he could work from two full operatories and get four days off a week.

Example 11: (Sell the Community)
Unprepared: The Practice Owner was not prepared to sell the community. He owned a highly successful, long-established practice in a community with a struggling local economy. The school system was rated poorly. The owner interviewed multiple Associate candidates who seemed very interested in the practice, yet they all turned him down at the last minute.

Prepared: The Practice Owner spent time with each Associate candidate to give them a complete overview of the practice and the long-term opportunity. He also took them around to community to show them the nicer neighborhoods. He also talked with them about the variety of private schools in the community that had outstanding ratings.

Written by Mark Kennedy, Owner/Managing Director of Executive Talent Search (ETS Dental, ETS Vision, ETS Tech-Ops). To find out more, call ETS Dental at (540) 563-1688 or visit us online at www.etsdental.com.

Waiting for Growth but Finding Top Talent

How long will it take for the labor markets to return to normal? It will depend on any number of factors, foremost among them: what is normal?

In a recent poll of MRINetwork recruiters asking what was holding managers back from hiring, only 11 percent cited sales not yet rebounding. The leading cause of employers not hiring was that efficiencies found during the recession have allowed companies to do the same with less staff (28 percent).

“The depth and length of the downturn forced organizations to make structural changes which have sent productivity to record heights,” says Rob Romaine, president of MRINetwork. “Today, in a period where market growth often remains minimal, the most direct way to create the earnings improvements investors are looking for is to push for further efficiencies.”

While expanding headcounts and vacancies from resignations were the two top reasons for job openings, according to the MRINetwork Recruiter Sentiment Study, top grading of the workforce came in third, with 14 percent of recruiters claiming that it is the primary cause for openings that they see. Top grading means identifying the “C players” on a team, going out, and replacing them with a top performer.

The number two reason employers are holding back from hiring, according to the survey, is that while sales have rebounded, managers are meeting resistance in getting authorization to fill their open positions (27 percent).  “Managers are having a hard enough time today just getting approval to fill vacancies, let alone creating new positions,” notes Romaine. “This makes top grading one of the only ways to increase output in highly talent-reliant businesses without changing the headcount.”

Top grading is possible today in a way it hasn’t been over the last many years. The mantra in the depths of the recession was that employees were hunkered down, not wanting to risk falling victim to the “last in, first out” mentality at a new job. Yet, while layoffs do continue today at many firms, they are more frequently motivated by shifting business strategies rather than financial necessity. 

After hitting its low in January 2010, the U.S quit rate—the percentage of the workforce who voluntarily leave their job in a given month—has risen from 1.1 percent to 1.5 percent. While still short of the 2.2 percent average between 2004 and 2007, this recent growth lends further support to the idea that for the right opportunities, candidates today are ready and willing to change jobs. In fact, the number of people leaving their positions voluntarily has exceeded the number laid off or discharged since January of this year.

“While productivity has surged, consumer and business spending has only risen modestly. Until the demand of the marketplace reaches parity with the capacity of the current U.S. workforce, we aren’t going to see a surge in headcounts,” notes Romaine. “But many of the smartest employers are taking this opportunity to find and recruit a select few top performers who will enable their companies to seize the opportunity and grow when that parity is reached.”