Transitioning ownership/ starting off on your own guidance.

mightymouse

mightymouse

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Hello everyone I'm seeking your wisdom in best way to transition ownership. I'm part of a two person family lab. My father is retiring early next year from doing bench work. He plans on sticking around for the early part of the morning to help out and random office visit's when deemed necessary. Most of the doctor's already feel comfortable speaking and discussing cases with me so I'm not too worried about the "could you please put _____ on the phone". I'm looking for advise on entering that new chapter and the challenges you didnt see at the time that played a bigger role than you expected . Every lab is different in how they are run, the workflow of the day, time management, etc. So any advise is greatly appreciated. Thanks in advance.
 
Affinity

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You will get a lot of replies, but give some more details about the lab.. size, quality, C&B or dentures, employees, tech utilized.

My opinion is that if you want control of the ship, you're the captain. Be prepared to run it how you want or think is best, regardless of what your dad thinks. There are always things that can be done better by a younger energetic mind, but the business was built by your dads standards. You don't need to feel like your stepping on your dads toes if there are things you want to do differently if you have the conversation beforehand. The previous owner is just that, doesnt matter if you're related or not. It sounds like he's not willing to let it go entirely yet so handle that relationship with care but make your moves as the captain.
 
Affinity

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Also, be prepared to fail. Not utterly fail as a business, but running a lab is stressful and thats about to all fall on your shoulders. Managing the stress, the hours and the problems/troubleshooting is another job in itself.
 
sidesh0wb0b

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Hello everyone I'm seeking your wisdom in best way to transition ownership. I'm part of a two person family lab. My father is retiring early next year from doing bench work. He plans on sticking around for the early part of the morning to help out and random office visit's when deemed necessary. Most of the doctor's already feel comfortable speaking and discussing cases with me so I'm not too worried about the "could you please put _____ on the phone". I'm looking for advise on entering that new chapter and the challenges you didnt see at the time that played a bigger role than you expected . Every lab is different in how they are run, the workflow of the day, time management, etc. So any advise is greatly appreciated. Thanks in advance.
update the business plan with your goals and aspirations.
 
Car 54

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Buy an industrial grade coffee urn, it will soon become a good friend :)
Okay, maybe just a Mr CoFfee will do.

For myself as a 1 man lab, are all the logistics things that slow my production down. Entering cases in, invoices, vendor calls, boxing cases up, ordering supplies, paying bills etc. If you can figure that out, maybe for now with your dad's help, or in the future for someone to come in for 4 - 6 hours a week, could help.
 
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Doris A

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Buy an industrial grade coffee urn, it will soon become a good friend :)
Okay, maybe just a Mr CoFfee will do.

For myself as a 1 man lab, are all the logistics things that slow my production down. Entering cases in, invoices, vendor calls, boxing cases up, ordering supplies, paying bills etc. If you can figure that out, maybe for now with your dad's help, or in the future for someone to come in for 4 - 6 hours a week, could help.
And the unending spoof phone calls to update your car insurance!
 
mightymouse

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Thanks for all the advice. So our lab is currently 3 (2 techs) with my wife doing the deliveries and data entry. We are a removable lab that emphasizes quality over quantity. All our accounts have come from recommendations. We have digital foundation with a DOF scanner, excocad for CAD and Sprintray (Moonray S) printer. The jump into digital dentures is happening this month as we plan on taking advantage of exocads ultimate bundle special $5,900 of all modules. Digital dentures is were I plan on driving the business towards. BTY we're also based in Tampa (saw your avatar image).
 
bigj1972

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Thanks for all the advice. So our lab is currently 3 (2 techs) with my wife doing the deliveries and data entry. We are a removable lab that emphasizes quality over quantity. All our accounts have come from recommendations. We have digital foundation with a DOF scanner, excocad for CAD and Sprintray (Moonray S) printer. The jump into digital dentures is happening this month as we plan on taking advantage of exocads ultimate bundle special $5,900 of all modules. Digital dentures is were I plan on driving the business towards. BTY we're also based in Tampa (saw your avatar image).
You should start a thread about your journey in DD since your starting from scratch. Questions, progress, success, failures. Could be epic.
 

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