Murphy's Law: Quantum
Murphy's Law: Quantum
Quantum is the Latin word for amount and, in modern understanding, means the smallest possible discrete unit of any physical property, such as energy or matter. Quantum came into the latter usage in 1900, when the physicist Max Planck used it in a presentation to the German Physical Society.
But, I digress as I often do when writing this column (at least I did not try to explain string theory or black holes). Here is a bit of an update on what 2009 will look like for me, and where this quantum fits in.
As you are very much aware, I love the dental laboratory profession, industry and people. Much of my last nine years has been invested in helping us all move forward in this regard. \ DTI provided me a learning laboratory where much of the success with consulting, marketing, operations, management, leadership and metrics have matured. Now, the challenge/opportunity is to use the quanta of knowledge accumulated to support a fresh initiative.
When Doug Stickney, the former CEO of Cadent iTero approached me to consult for them on a Midwestern US consolidation strategy, I was flattered. Six months later I was involved. Now I am enthused! We have not had a merger and acquisition player in our profession interested in moderate- or small-sized dental laboratories for some time. With all of the investment capital and shareholder pressure in this current economic milieu, the object of other consolidators remains focused on the larger $5-$10 million laboratory targets.
Let me introduce, Quantum Dental Resources Inc. (qdrinc.com). With three well known core laboratories at the heart, and some $9 million in revenue, they are a friendly force to reckon with. Focused on the seven-state Midwest area and willing to talk with laboratories under, as well as over, $1 million in revenue gives many more laboratories a transition strategy and exit plan choice. No, they will not be for everyone, no one ever is, nor will every laboratory be right for QDRI.
I will be involved in the education (both clinical and practice management) for the clients. My title is director of professional relations. It is always exciting to work with a group that is congruent with my personal values and business vision. I want to do my best stuff for and with people I like. I feel fulfilled when I help others grow into their capabilities, when possibilities become reality and when dreams become life.
I look forward to the challenges and opportunities that are ahead for me. Working with and in our noble profession will continue to inspire and reward me. My role on the NADL Foundation for Education board, the Identalloy Council and the manufacturers and laboratories I have worked with will continue as before. I will represent Mercer Advisors and the Scottsdale Center in 2009 at some 45 venues and lectures nationwide. Their 360º planning solution helps dentists create alignment for their personal and business financial plans, investments and tracks successful behaviors that help them grow. They are so confident in their ability to consult and grow practices financially, they even guarantee a 40 percent return on the investment within 12 months (or they write you a check for that amount). Their average growth for practices is about $100 per hour in production or 20 percent. That is $150,000 to $200,000 per year. If 7 percent to 9 percent of that is their laboratory bill, well, you do the math.
