- A guy by the name of Lee Iacocca went to Congress in 1979. And he said, “Guys, I need you to write me a billion and a half dollar check today.”
- And Congress responded, as you may imagine, they laughed him out and said, “We've never done it. We've never bailed out a private company. And we're not going to start today and lease it. Okay?”
- “But here's the choice you have to make. You can write me a billion and a half dollar check today and save my company Chrysler Motors, or I'm going to lay off 350,000 people tomorrow and you're going to sign a $3 billion check tomorrow to pay their unemployment. It's your all's choice.”
- And of course, the rest is history. Chrysler was the first company in American history to be bailed out by the government.
- Once that glass ceiling was broken, as you probably know, many subsequent future companies have been bailed out… the too big to fail mentality.
- Once glass ceilings are broken, it's bound to happen again and again and again.
- And that's the similar situation to what we're dealing with right now, in this COVID crisis.
- The glass ceiling has been broken with the stay at home orders and with the current political environment that we're dealing with.
- These situations are very likely to happen again and again and again down the road.
- You need to be prepared in your practice for how you're going to manage that.
- How are you going to quickly ramp down your practice, take care of the people, the patients, and of course yourself to make sure that you're conserving cash and you're ready to open back up the instance that you're able to.
- And then conversely, once you're able to open back up, how are you going to maximize the amount of collection and production that you can produce while you're open?
- Understanding that it's very likely, you may have a one or two or three month window before another stay at home or Shelter in Place order comes into play.
- Or even if there's not a future Shelter in Place order, will the consumers’ opinion be not to go to the dentist and you'll suffer regardless.
- So being able to quickly pivot your practice now that this glass ceiling has been broken, is going to be critical to the next 12 to 24 months within every dental practice and every business in the United States.
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