Dental Lab Partnership with two Dental specialists in a ceramic laboratory

[Sydceramist]

I have been offered a once in a lifetime opportunity to work with two Specialist and others the Prosthodontist heading it is well respected and known for high end work.

They are planning to set up a lab next to one of the surgery's and that I come to work there and become a 1/3 stakeholder in the business.

I have a bit of experience in this as I set up a lab for a dental technician and a dentist before, these things dont usually last but are great experience I believe. Any experiences that people would like to share...

 

[dmonwaxa]

Sounds like a wonderful opportunity. Now when you say 1/3, is that the practice or the lab? What's your investment? Will you be hiring help? Will their salaries be taken from the lab? Just a few questions. Just make sure you have the agreement in writing.

 

[BobCDT]

Hi,
Prior to starting my own lab I went to work for a prosthodontist. He owned the lab and i worked hourly. Then he brought in several additional dentists and grew the practice. In addition i brought in several of my own accounts and the lab grew to 6 techs. I learned a ton about dentistry and managing lab techs. I Spent 6years there and got an unbelievable education. I left this job to open my own DL and really was able to talk shop with general dentists. In fact, I was a little surprised at the things that many of my new customers didn't know. It was a significant part of the reason I have enjoined owning a successfully fairly large DL for the past 30 year.
I would definitely recommend the opportunity. However, I am curious about the economics of you owning 1/3 of the lab. I mever really wanted a silent or non producing lab partner. Make sure they don't set you up to be unprofitable and thus busting your butt to make a meager living. If they really want you the deal needs to be win win. If you need any help feel free to PM me.
Good luck,
Bob

 

[rkm rdt]

Don't forget the other 2 spouses will get 1/3 as well.
They better like you or you're toast.

 

[TomZ]

As has been said, great educational opportunity. Been there done it for 8 years. A balancing act always develops as to who gets preferencial treatment asnd who does not. Work from outside the location tends to disrupt the in-house clinical end mindset that they come first, and a cascading effect ensues.
Just something to think about

 

[lcmlabforum]

Nothing is sacred that cannot be discussed in advance to avoid misunderstanding and dissappointment down the road.
A legal agreement delineating who is responsible for what costs, and responsibilities for employee issues like
workman compensation, flooding from equipment malfunction from either party, etc would come to mind readily.
Better to plan for stuffs sometimes, at times, a gentleman's handshake would more than suffice. I think
it depends on the amount of sweat/financial/emotional investments involved.
All the best.
LCM (Prosthodontist who knows we can be a pain to work with sometimes)

 

[rkm rdt]

Sometimes?

C'mon , we expect consistency from you guys.

 

[lcmlabforum]

My bad, let me rephrase. We are consistently a pain to work with, but sometimes we
are off our game and let things slide.
Just kidding, even we slip up ourselves or work with clinical limitations that demand a
'headache' fee for our lab to help out with . . . through no fault of our own of course.
Seriously, I am anticipating all the confustion that is going to start crashing down on
our CPA with the new 2.3% tax on medical devices that would be levied in 2013. Can
someone tell me what happens in an in-house lab? ? Do you charge the clinical
entity that amount, and then the DDS charge the patient that amount (without overheads),
and report that to the IRS on a monthly basis on the EFTPS? Do we have to state
that amount in the patient statements, based on the actual fees the lab charge the
DDS? I can see the reactions from all the patients already, insurance demanding
lab invoices before they reimburse the amounts . . . maybe they won't reimburse that
tax?
LCM

 

[markmendez]

That's an opportunity for you but if you think that it will not work for long then don't for it for I know it would might be a loss. For me, I should grab it who know it will last long. I should grab those opportunities that will come to me while it's hot.