When is the right time to hire an executive team and what position is typically the first hire?

Determining the optimal time to assemble an executive team is a critical decision for any owner. While there’s no one-size-fits-all answer, several indicators suggest that it may be time to invest in executive talent:

1. Growth Initiatives: If your group is experiencing rapid expansion or planning to enter new markets, hiring executives with strategic expertise can facilitate smooth growth transitions.
   
   
2. Complexity of Operations: As groups evolve and become more complex, the need for executive leadership to oversee various facets of the business, such as operations, finance, and marketing, becomes apparent.
   
   
3. When Gaps Appear: As your group grows you will inevitably become proficient in certain areas and lacking in others. We advise taking a true assessment of your overall operations and addressing the largest gaps first.
   
   
4. Considering ROIs: A major decision in the timing of hiring executives should be both fiscally and culturally driven. For the financial aspects, we recommend analyzing a “hard” return on investment (ROI). This can be done by knowing where there is lost revenue and calculating the expense of hiring a candidate vs the revenue growth that will be recovered. The cultural aspects should be looked at as a “soft” ROI. Does this hire/role help morale (reduce workload or stress on others, encouraging a more productive and positive work environment, etc.) and increase the reputation of the group (do others have a favorable view of working within your group, etc.).
   
   

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What are the most difficult roles to fill?

While every position has its unique challenges, certain executive roles often present greater recruitment hurdles within the dental industry. While we are always confident that the right candidate is out there for each position, the difficulty of each search typically relates back to the specifics required for the role. The tighter the restrictions are on background, experience, cultural fit, etc., the harder the search. Here are a few examples of roles that can create a challenge:

1. Chief Operating Officer (COO): Finding a COO with a deep understanding of dental operations and clinical workflows can be challenging due to the specialized nature of the role. This role will typically be forward-facing in strategy and communications but, depending upon the size of the group, may require a hybrid-type approach requiring the candidate to be familiar with the day-to-day operations of the offices.
   
   
2. Director of Marketing: Securing a marketing leader who understands the nuances of dental marketing and patient acquisition strategies while staying abreast of digital trends can be daunting. Typically, we will find candidates who are experienced in one or two facets of marketing compared to a more holistic understanding of the department.
   
   
3. Chief Financial Officer (CFO): Identifying a CFO with expertise in dental finance, including revenue cycle management and insurance billing, can be a formidable task. Like the COO role, the level of experience and background can pose a hurdle in combining the forward, strategic aspects of this role while balancing out the day-to-day performance within the locations.

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What other industries can you pull talent from?

While sourcing talent within the dental industry is often preferred, looking beyond traditional boundaries can yield exceptional candidates. Industries such as healthcare, hospitality, and retail offer professionals with transferable skills and valuable perspectives. For example:

1. Healthcare: Professionals from other multi-site healthcare organizations bring knowledge of operations, compliance, patient care, and regulatory standards that are applicable in the dental setting.
   
   
2. Hospitality: Executives from the hospitality industry excel in customer service, patient experience enhancement, and creating inviting group environments for their teams.
   
   
3. Retail: Retail executives possess expertise in multi-site operational management, inventory management, sales optimization, and customer engagement, which are relevant to dental groups with retail components.

What are executive candidates looking for in a new career?

Attracting top-tier executive talent requires understanding their motivations and aspirations. Executive candidates are often seeking:

1. Mission Alignment: A clear and compelling vision for the group’s mission and values that resonates with their professional ethos.
   
   
2. Opportunities for Growth: A commitment to professional development, advancement opportunities (can be title, financial, or responsibility driven), and the chance to make a tangible impact on the organization’s success.
   
   
3. Work-Life Balance: A supportive work culture that promotes work-life balance, flexibility, and employee well-being.

In conclusion, building an executive team is a strategic investment that can propel your dental group to new heights of success if done right. By carefully considering the timing, roles, potential talent pools, and candidate motivations, you can attract and retain exceptional executive talent that drives sustainable growth and innovation within your group.

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