My title this morning is a quotation from a client, when asked what it was like after their first 12 months of practice ownership.
"Odd moments of calm"
Earlier this week, I attended a complimentary Zoom call with a young associate who is planning the purchase of the practice in which he currently works.
The existing owner has given him first "dibs" on making an offer.
The associate and his wife are both dentists and busy talking to their accountant and bankers about funding.
His words to me:
"I want to buy the practice but I don't know anything about how to run a business."
I hear that a lot.
Consider the following statement:
"I want to fly a plane but I've never had any lessons."
Even if they could afford to buy a plane, would air traffic control let that person take off (with or without passengers)?
Yet it seems that accountants, lawyers and bankers are quite happy to let this young couple hurtle down the runway, as long as they get their fees and (in the case of the bank) security cover if there is a crash landing.
Ownership due diligence never includes an investigation into competence.
At least this individual has had the presence of mind to contact me for "flying lessons" before he gets into the pilot's seat.
By the way (and I'm not looking for a medal here) but I work with first-time buyers free of charge until they take the ownership - on a verbal agreement that they will hire me later on.
Some do, others I frighten enough that they change their minds about ownership and finally there are those who either can't get the funding or bottle out when they see the numbers or.......
(hence my title)
.......realise that ownership means no more life for a while - forget the gym, walking the dogs, playing with the kids, snowboarding in Q1 and surfing in Q3.
Your first years in business will be a maelstrom - and odd moments of calm.
Followed by the rest of your life in business - which will be exactly the same.
p.s. If you are already airborne and feel like you are flying without a licence - I can help.