5th Avenue Acquisitions & Venture Capitalists Lynn Anderson
Leading firm owner, Lynn Anderson from Georgia talks about specific strategies that have helped her to be one of the most successful partners with 5th Avenue Acquisitions & Venture Capitalists. She is not just a successful firm owner, but owns and runs 2 other businesses as well as a business women's leadership network and radio / podcast called "Women Warriors", and is a published author, speaker and women's business leader.
She shares her concept of "High 5" treatment to show how partners can always do better in their personal business, by having a plan to serve dentists in several arenas regarding their dental business success. When interviewing dentists, Lynn states that most of them had plans to go to dental school and serve patients well, but did not have plans for the actual business goals of their dental practice, and most do not have adequate business, marketing and leadership development to maximize the value of their dental business.
In the 5th Avenue Annual Conference of 2014, she talks about developing relationships early and helping dentists to incorporate the same "High 5" treatment within their practices in order to grow and add more value to their patients, and hence build more value in their dental practice business.
She starts with surveying and asking this revealing question to dentists: "What is the vision for your practice?" The majority of dentists do not have a vision or exciting theme for their practice around which they could build more value.
She talks about how easy it is to identify a bland dental practice without vision versus one that has a clear vision for their practice and their patients. She further talks about the strengths and values that make their dental practice unique. While many dentists simply focus on the science, serving patients and paying the bills, they have not been trained on the business and vision aspect of building an engaging business. By helping dentists realize their own compelling vision for their practice, it enhances their relationship with her, as well as their relationships with their patients and employees, increasing the value of their dental business. If her questions reveal needs in their dental practice's marketing efforts or effectiveness, she helps introduce them to reputable dental marketing professionals within her network team to improve their many aspects of marketing and customer relationship development through social media, marketing and direct mail.
Lynn also elaborates on identifying their value points and services that are the most profitable for their particular practice. Often they accept a standard pricing sheet and the status quo and do not revisit their pricing points, the positioning of the PPO plans in their area, and are not aware of their services that bring the highest ROI.
She also addresses the systems that are running in the dental business and how to improve those.
Lynn further serves dentists in her community by surrounding them with professional teams that are available to build different aspects of their dental practice business, such as marketing or leadership development. Some dental practices do not have an atmosphere of teamsmanship and lack real leadership in the business, creating less cohesiveness in the dental office more turnover with their staff and their patients.
Essentially, without expecting a direct return, and by adding more value in serving the dentists early in their relationship by identifying ways to improve the value of their business, she gels the relationship and creates a higher value for her own 5th Avenue Firm within her network, and increases the value of those dental practices. When it then becomes time to sell the dental practice business, she has already established her firm as the "front-of-mind" firm for handling the transition and financing.
In her community, Lynn also keeps dentists engaged with email newsletters and continuously invites them to beneficial events, as well as setting up quarterly events that help them add value to their personal dentistry business and professional network.
In summary, Lynn Anderson builds her business successfully by serving the dental community and by building a network team of professional services that help dentists move their dental business upward along a continuous improvement plan, regardless of the stage they are at in the life-cycle of their dental career. Whether they need to improve their marketing, their vision, their systems, their leadership or another stagnant piece of their business, she builds value into their relationship by helping the dentists identify areas of needed improvement, and then referring the right service professional to help build that part of the dental practice along a clear and successful improvement plan.