Necessity is the Mother of Invention: Laboratory Owners Create Their Own Lab Group
Posted May 12, 2016 in Management
When Gary Iocco was thinking about his long-term exit plan, he wasn’t sure he liked his options. “I didn’t have an employee interested in purchasing the lab so I thought the alternative was selling to a laboratory group,” said Iocco, Owner of Dimension Dental Design, Hastings, MN. “But I was concerned that a group would want me to change my business model, or perhaps even terminate employees or send work offshore. I just really didn’t want to do that.”
So what did he do? He joined forces with another successful laboratory owner—Todd Mayclin, CDT, Mayclin Dental Studio, Minneapolis—to form their own laboratory group. Mayclin had already acquired two other laboratories—E.C. Chmel, Eau Claire, WI and Jackson Fairmont, Fairmont, MN—and he and Iocco saw an opportunity to pool resources, ensure the longevity of each lab, and continue to grow with additional acquisitions.
In 2015, Iocco and Mayclin formed a multi-laboratory...
