Expanding my lab... need suggestions

[Davesgone]

Hello Gang....... So I’m a small Removables lab, I’m 55 yrs old and I don’t want to work forever before I can retire. I want to expand a little, and hire a quality dental tech that can make me some more money. Possibly, expand into flexible RPDs and maybe, just maybe C&B.

My question is.... where do I start? Kind of a broad question, but expansion is new to me.

Thanks, Todd

 

[Brandon Patrick]

I would start by talking to docs. Find out if they're interested/satisfied with the quality of flexibles (and possibly crowns) that they're currently receiving. Notice I say quality and not price. Find out if there's a market for these before you buy anything.

If you haven't already, look at the numbers. How much is your equipment going to cost vs how much it will bring in. Flexibles aren't too bad as far as expense, 5 or 6 thousand to get started (this would depend on brand as well),but crown and bridge is a much more expensive service to introduce. You can spend that much on a porcelain furnace alone.

Financing is another question. Will you need to take a small business loan to expand or will your lab be able to fund it?

For hiring employees I would start by figuring out if you need part time vs full time. Going from just you to even one other employee can get messy for you. Could you hire them as a 1099 employee or W-2? This will determine how much paperwork you'll be doing, and of course the taxes and insurances that come with it.

If you have an accountant talk to them as well. They can be a major help with all of this.

 

[Flipperlady]

Hello Gang....... So I’m a small Removables lab, I’m 55 yrs old and I don’t want to work forever before I can retire. I want to expand a little, and hire a quality dental tech that can make me some more money. Possibly, expand into flexible RPDs and maybe, just maybe C&B.

My question is.... where do I start? Kind of a broad question, but expansion is new to me.

Thanks, Todd

I'm not sure techs ever actually retire... Go to the dental conventions and it's not unusual to see 80 year old techs there
That said, I am also restructuring the lab. I'm going to write out a new business plan and going to the small business administration to talk through a few things. I want to work smarter not harder so to speak.

 

[Brandon Patrick]

I'm not sure techs ever actually retire... Go to the dental conventions and it's not unusual to see 80 year old techs there
That said, I am also restructuring the lab. I'm going to write out a new business plan and going to the small business administration to talk through a few things. I want to work smarter not harder so to speak.

Unless you're one of those smarter individuals who put something into a 401K or IRA, there's not much hope for a retirement. I better go ahead and set my gravestone right beside my workbench...

 

[Flipperlady]

Unless you're one of those smarter individuals who put something into a 401K or IRA, there's not much hope for a retirement. I better go ahead and set my gravestone right beside my workbench...

I know of many, and at least 5 or six that have posted on these dental forums that never made it to actual retirement, although some were retirement age. I guess there's worse things, but in my case, I believe that future technology will shut my lab down at some point in the next ten years or so.

 

[Brandon Patrick]

I know of many, and at least 5 or six that have posted on these dental forums that never made it to actual retirement, although some were retirement age. I guess there's worse things, but in my case, I believe that future technology will shut my lab down at some point in the next ten years or so.

I know of some that had to make a career change after 20+ years in the industry, and then I've heard of a few passing literally at the bench from heart attack.

I'm hopeful enough to believe that a small lab will always be needed. Face to face interaction with the technician does mean something to some docs. I also know that repairs and relines can't be the main support for a lab so it's tough to know where they'll draw the line. Better become a good fishing buddy with the docs I guess... I can't seem to pry work from those fishing buddies lol.

 

[Flipperlady]

I know of some that had to make a career change after 20+ years in the industry, and then I've heard of a few passing literally at the bench from heart attack.

I'm hopeful enough to believe that a small lab will always be needed. Face to face interaction with the technician does mean something to some docs. I also know that repairs and relines can't be the main support for a lab so it's tough to know where they'll draw the line. Better become a good fishing buddy with the docs I guess... I can't seem to pry work from those fishing buddies lol.

There are a lot of major labs in my area that are also on the cutting edge of things, and yet little ole me still gets work. The reason for this is that large , cutting edge lab, doesn't equal good quality or service. I don't fish with the dentists, I stay friends with the front desk people who quit and go to other offices who need a good lab (that's a new thing I've discovered

 

[nickate]

I know of some that had to make a career change after 20+ years in the industry, and then I've heard of a few passing literally at the bench from heart attack.

I'm hopeful enough to believe that a small lab will always be needed. Face to face interaction with the technician does mean something to some docs. I also know that repairs and relines can't be the main support for a lab so it's tough to know where they'll draw the line. Better become a good fishing buddy with the docs I guess... I can't seem to pry work from those fishing buddies lol.

The elephant in the room here is that the newer (and some older) docs are EMPLOYEES to the big box dental chain. And the big box has to answer to the insurance companies who dictate what they will pay out for a specific procedure.
EX: If it COSTS the Dr. to do a reline with your lab--- he will use one of the labs specified by the big box practice owner, not you.

A small local lab myself--- I am sure to ALWAYS be the Knight riding in to save the damsel on my white horse. Now how much can that Knight charge???

 

[CoolHandLuke]

Knight Dental group pricelist you say ?

... 1 hour later... this is beyond my skill to google.

 

[John C]

There are a lot of major labs in my area that are also on the cutting edge of things, and yet little ole me still gets work. The reason for this is that large , cutting edge lab, doesn't equal good quality or service. I don't fish with the dentists, I stay friends with the front desk people who quit and go to other offices who need a good lab (that's a new thing I've discovered

The front office referrals has been working for me too.

 

[Davesgone]

Thanks guys for your insight and wisdom!

 

[kcdt]

Unless you're one of those smarter individuals who put something into a 401K or IRA, there's not much hope for a retirement. I better go ahead and set my gravestone right beside my workbench...

Pretty much my fate at this point.

 

[user name]

I have difficulty believing there are those among us who haven't been saving for the future. Seriously?
We bleed money into stupidity...smoking, eating out, chrome wheels, boats, etc. It takes very little discipline and not much money if you regularly put it away, to have a solid future.
Let me preach...
30 year mortgage. Every dollar you pay to additional principle early on has the effect of 3 dollars in the later half of your mortgage. If you just split your monthly payment and pay half every two weeks, you will wind up making a 13th payment every year. That alone will cut off a bunch of years of payments.

It doesn't matter what you do...just do it. Pay yourself!

You may have wasted lots of time so far, but you can start now. Grow up.

 

[Bryce Hiller]

I have difficulty believing there are those among us who haven't been saving for the future. Seriously?
We bleed money into stupidity...smoking, eating out, chrome wheels, boats, etc. It takes very little discipline and not much money if you regularly put it away, to have a solid future.
Let me preach...
30 year mortgage. Every dollar you pay to additional principle early on has the effect of 3 dollars in the later half of your mortgage. If you just split your monthly payment and pay half every two weeks, you will wind up making a 13th payment every year. That alone will cut off a bunch of years of payments.

It doesn't matter what you do...just do it. Pay yourself!

You may have wasted lots of time so far, but you can start now. Grow up.

But what's the point when the guv'ment will bail anyone out for their bad decisions?...

 

[zero_zero]

I have difficulty believing there are those among us who haven't been saving for the future. Seriously?

Sad, but it's true...the majority of the populus live paycheck to paycheck with nothing in there savings. Loose the job and there goes the house, car, toys etc. Almost everyone is in debt because they keep buying things they don't need to impress people they don't like...all on credit.

We bleed money into stupidity...smoking, eating out, chrome wheels, boats, etc. It takes very little discipline and not much money if you regularly put it away, to have a solid future.

It's good to have savings for 3-6 months worth of expenses, anything more will just depreciates because of inflation. That should be invested to generate a passive income or put into tangible assets which appreciate over time. My $0.02...

30 year mortgage. Every dollar you pay to additional principle early on has the effect of 3 dollars in the later half of your mortgage. If you just split your monthly payment and pay half every two weeks, you will wind up making a 13th payment every year. That alone will cut off a bunch of years of payments.

When we bought our first home, we made it top priority to pay it off as soon as possible, it took 8 years. Having collateral was easy to buy some rental properties, having the renters pay it off for us Mortgage literally means "death pledge"...go figure.

 

[kcdt]

I have difficulty believing there are those among us who haven't been saving for the future. Seriously?
We bleed money into stupidity...smoking, eating out, chrome wheels, boats, etc. It takes very little discipline and not much money if you regularly put it away, to have a solid future.
Let me preach...
30 year mortgage. Every dollar you pay to additional principle early on has the effect of 3 dollars in the later half of your mortgage. If you just split your monthly payment and pay half every two weeks, you will wind up making a 13th payment every year. That alone will cut off a bunch of years of payments.

It doesn't matter what you do...just do it. Pay yourself!

You may have wasted lots of time so far, but you can start now. Grow up.

For some of us saving wasn't the issue.
Life has a way of whipping the rug out from under you.

 

[user name]

For some of us saving wasn't the issue.
Life has a way of whipping the rug out from under you.

I understand Ken.

 

[kcdt]

I understand Ken.

I do heartily agree with your point. Save early and as much as you can.
Word to the wise:
Protect your assets- even from family if any are undisciplined financially.
Know for a fact who that is. Taking it on faith out of affection will screw you every time.

 

[NormC]

Yeah, save save save,..then the millennials will vote in socialism and, voila--you evil hoarders get a Cyprus-style haircut, your racist 401k goes to buy dachas for the politburo, your IRA and safe deposit goodies go to pay for someone else's college, housing, food, guaranteed income, health care, cell service, utilities, weed.,. Next thing you know you're on the uro diet and Sean Penn will be calling it an economic miracle that the beloved State gives you a paper plate of free beans every other day..

 

[2thm8kr]

That's really not so far fetched. The younglings think socialism is free.