Young woman in dental appointment

Are you cut-out out for practice ownership?

 

Author: By Dr Arsoha Weekaroon

Date: 26 Junio 2025

To own a practice is a life-changing decision, and our journeys and motivations to ownership vary. Here, I share ten lessons I’ve collated as a practice owner.

1. Solo is a drink, not a way of working.

At the end of the day, the final decisions fall on you, but you need scaffolds [1]. If the person closest to you, most likely your partner, can’t support you in the way you need. Find scaffolds, and yours might be a shining staff member or a friend who loves book-keeping.

2. People first. Always.

You will learn to understand ‘things’ such as EBIT ( ‘earnings before interest and taxes’ by the way). But none of this is possible without your people. Your people are your patients, staff, your colleagues, friends, family and industry reps to name a few. Business is about people. Everyone is instrumental in making your business and workplace profitable. Take time to understand and learn everyone’s strengths and harness their collective power to grow your business [2].

 

Here are 10 lessons

3. Perfectionism is a myth.

The rise of curated social media accounts lead is to feel left behind. There are only so many balls we can juggle. The great juggling analogy identifies that not all balls are of equal worth; Some are made of glass, and others, plastic. Realise which balls are fragile and keep them safe, and when the juggle gets too frantic, let the plastic ones drop. You can pick-up the plastic ones later (if you wish).

4. Make sweeping changes in slow motion.

If you’re buying an existing practice, spend time understanding its unique eco-system. Decide what you want, and then introduce changes slowly… think snail pace. The best way to make an immediate business loss on your investment is to lose the good will you purchased by letting people go. Returning patients perform informal welfare checks with staff and practitioners to help them decide if they want to remain with you.

5. Let them go surfing.

Balancing staff and practitioner leave can feel like trying to hold spaghetti bolognaise with your bare hands. I have witnessed situations where strict leave procedures force people to call in sick unnecessarily, and often with little notice. Encourage people to communicate their needs to help you plan better, and help them feel valued and heard [3].

6. Colleagues not competition.

There are enough patients for everyone. Help your colleagues in need. Lend a product, help with staff, fit-in an emergency patient (and send the patient back).

7. Stop, breathe and win.

If you can tread water for ten months and take a six week holiday, great! But many of us might benefit from regularly scheduled breaks away from home and work; This could be a long weekend. And while on break, take some time out to celebrate your wins [4].

8.; Mental health builds wealth.

Your mental wellbeing permeates everything [4]. Friends and family are great support networks, a trained professional will help you get there faster. Your professional could be a psychologist, spiritual healer, religious leader or even a personal or business coach.

9. Swings and roundabouts.

In business, everything ebbs and flows. This is the way. When things are slow, use this time to refine your practice systems, or take some well-deserved breaks.

10. Get out of your echo-chamber.

Our practices often become physical and mental echo-chambers. It’s the constant repetitious activities without room for growth or hope for change that leads to burn-out [2]. Attend large conferences and face to face CPD events. Challenge yourself to seek information outside your comfort zone [1,2,4,5]. Push boundaries to help you stay connected, grow and enjoy work and life.

Owning a practice is a huge leap from working as a contractor or employee. You get to build the life you want and align your workspace with your philosophies. But, practice ownership is not for everyone. It’s a full time job that adds to your clinical and cognitive load. And for those of you who try and find ownership is not for you, this is ok too. How will you know if you don’t try? And to all practice owners, I see you. Best wishes in your adventure in or into ownership. And remember. We are all in this together.

 

References

1. Grant A. Hidden potential: The science of achieving greater things. Random House Large Print; 2023 Nov 14.

2.Wiseman L. Multipliers: How the best peaders make everyone smarter. HarperCollins Publishers; 2017.

3. Chouinard Y. Let my people go surfing: The education of a reluctant businessman--Including 10 more years of business unusual. Penguin; 2016 Sep 6.

4. Sharma R. The everyday hero manifesto: Activate your positivity, maximise your productivity, serve the world. HarperCollins Publishers; 2021, Sep 7.

5. Swart T. The source: open your mind. Change your life. Vermilion Mass Market; 2020, Jan 21