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The Tooth Fairy

Management Summary

Steve Extractor got his undergraduate degree in biology from Case Western Reserve.  While at Case, Steve knew he wanted to practice health care but was unsure of exactly what. Toward the end of his years at Case, Steve discovered his interest in dentistry.

Several years later Steve became a graduate of The Ohio State University College of Dentistry.  Steve knew that he did not want to live in Ohio for the rest of his life so he immediately upon graduating moved out to Oregon, a state that he was always fond of due to its natural beauty.  The first four months were difficult to make contacts and find a job, but Steve eventually landed a job in an eight person firm doing general dentistry.

This was a good environment for Steve because it allowed him to use his colleagues as mentors to grow his skill sets.  Steve spent five years practicing general dentistry, and by this time, Steve was no longer developing professionally so he decided to learn new cosmetic techniques.  While still practicing, Steve began to shadow his colleagues learning cosmetic techniques.  After four months of the shadowing, Steve began to see clients for cosmetic procedures and was quite proficient. 

At this point friction within the practice began to surface as the other Drs. began to feel threatened by Steve’s new skills and thought that his success would be at the expense of their profits.  It was then that Steve decided that his best career move would be to open up his own practice, allowing him the freedom to manage it himself.  He began by looking for already established practices which would allow him to open his practice quicker because all the equipment was set up and ready to go.  In order to save money when purchasing an existing practice, Steve decided to look for practices that did not have a large list of patients.  After several months of looking, Steve found a Dr. who was retiring with a small list of patients and went into negotiations for the practice.  After three weeks, the deal was sealed.

6.1 Personnel Plan

In addition to Steve, a hygienist, a dental assistant and a front desk person will be hired during month two.

Personnel Plan
Year 1 Year 2 Year 3
Steve $48,000 $60,000 $80,000
Hygienist $27,500 $30,000 $32,000
Assistant $24,200 $26,400 $28,000
Front desk person $22,000 $24,000 $26,000
Total People 4 4 4
Total Payroll $121,700 $140,400 $166,000