How to Age-Proof Your Client Base
Posted Oct 15, 2018 in LMT Surveys
One of the recurring comments from laboratory owner-respondents to LMT’s Fee Survey is that they’re feeling the bottom-line effects of the retirement of one or more long-time clients.
That’s the thing about long-time clients: they get old. Sure, you have developed wonderful relationships and they send a lot of work and are prompt payers but, as they near retirement, they may take more time off or even choose to one day just shut their doors. Even if they do sell their practices, there are no guarantees the new dentist will become your customer.
As baby-boomer dentists age—39% of U.S. dentists are 55 or older*—the issue is coming front and center. The key is to diversify your client base by actively attracting younger dentists into your laboratory. So how young are we talking? Here are two schools of thought:
- Although new graduates may need extra attention, some laboratory...