Why are so many associates reluctant to become a practice owner? The money factor With a student loan and a large house mortgage, the idea of borrowing $1 million-plus for a practice is scary. However, purchasing your practice is an excellent investment. The extra money you earn will pay back the purchase loan comfortably over […]
Imagine what your life would be like if you left your practice and dentistry altogether. Think about how long you have reigned over your practice. You have loyal patients who look forward to their appointments; they too have become your friends. Because work has meant so much, you have not taken time to develop many […]
There is no greater reward in your dental career than working in your own practice. The unabated enthusiasm and passion for dentistry displayed by senior dentists who started their own practices attests to this. Many are still going strong after 30 years in the business because they enjoy working in their own clinic. Owning your […]
Why are some dental practices growing 9X faster than other practices in the same community, are 50% more profitable, and yet spend less than the average on advertising and promotion? To find the answer to this question, Lee Frederiksen, a PhD at Virginia Tech, conducted three years of research to determine the elements which create […]
Here are a number of steps you should take well in advance of the actual sale date. Obtain tax and financial advice. Make sure that you get the benefit of receiving the sales proceeds tax-free. Do you have the financial security to retire? Keep up your production. The No. 1 advice of transition experts is: […]
No matter how talented you are or how many hours you spend in your practice, you will never reach the pinnacle of practice success if you are suffering from any of these afflictions: Super Inflated Ego. Being enamoured of your own self-importance and advertising your dental “Superman” skills at every opportunity does not build relationships […]
Prospective purchasers often walk away from a practice purchase because they are unwilling to compromise on a relatively small price difference and, thus, miss the career opportunity of a lifetime. We picked up the following exchange between students and established practitioners in a student forum, posted on the American Academy of Periodontology website, on the […]
If you are planning to sell all or a portion of the dental practice here are some tips to turn your valuable practice asset into cash. Allow lots of time. Don’t rush to book the airline tickets to your retirement home in New Zealand. Don’t wait until health problems force your hand. Purchasers are astute. […]
When you start thinking about the practice succession and bringing another dentist into your practice, you must have a solid transition plan in place. This plan not only helps you spell out your financial and retirement goals but also provides a roadmap for the dentist joining a practice. It is important to share your transition […]
If you have any questions, or you are looking for guidance how to proceed with your practice transition, contact us for complimentary consultation
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