As a dental practice owner what most of us do not realize is that each transition we go through influences our final transition. Each experience we have in life creates at least part of our next experience, so that how we start ultimately influences how we finish our career.
I write and speak about the transitions dentists experience in their career as a dentist; starting with associateship, to ownership and finally, retirement. I have experienced all of these phases and I have also helped dentists through each of these phases.
In today’s blog I share what I have learned and how I can help you TRANSITION NOW!
Keep reading glean knowledge from someone who has gone before you, learn from my mistakes and take away valuable information to create success in your life now.
An example of that is one of my “investments” thirty years ago. A friend convinced me that we should invest in a bookstore to help start a Christian radio station with part of our profits. Sounded great, but how wise is it for two doctors to try to run a bookstore?
It took us almost one year to bankrupt the store, and left me with a large, unsecured debt at the same time my daughter started college. I worked 6 days each week, for about one year, to pay off this debt. Consider what I could have done with that income, if I applied it to my retirement, and saved it with interest for thirty years.
WHY START YOUR DENTAL PRACTICE TRANSITION TO RETIREMENT….. NOW!
- Any improvements to your systems and method of practicing dentistry will increase your enjoyment and ability to be profitable.
- This change will help you save more for many years and net your retirement a higher return.
- Planning your dental practice transition requires you to analyze what your situation is now, exactly what assets you have, and what you will need before you can make each successive transition.
- You must know where the finish line is before you start the race.
- Your final practice transition ultimately involves the sale of your dental practice.
- You must create something that a buyer wants to buy.
- This often takes many years and many developmental steps.
- The sooner you start planning, the more likely you will be successful.
- Building equity is something that takes time, so start now.
Unfortunately, I started later in my career. I funded everything but my retirement: nice homes, great vacations, nice cars and private secondary school and colleges for my two daughters. We also had beautiful weddings for them, but somehow my retirement fund was repeatedly deferred. I funded everything but my career. I did have money to buy nice homes, take great vacations, buy nice cars and I even paid for private secondary schools and colleges for my two daughters. But finding money for retirement?! That is another story!
Luckily, in the nick of time, I attended a retirement planning seminar that showed me how bad my finances were. I also learned how to formulate a plan to fully fund my retirement in the next ten years. It was hard work, but from that experience I had the Revelation about my financial situation, followed by finding the Road to implementation of my plan. After blood, sweat and tears I finally ended up with the Result that allowed me to retire.
I would love to coach you through your Transition from the start of your practice to your Retirement party.
ABOUT Dr. David Black, DDS, FICD, FACD
Associate Coach & Consultant Certified DISC & EQ Trainer
Dr. Black owned his own dental practice for over 30 yrs. There he developed an understanding of the critical importance in development of the owner-doctor’s leadership abilities, in addition to having great clinical skills. Once he built a high-level of productivity in his dental practice, he was able to sell to a group practice; and the rest of his career as a dental practice owner is history.
In 2015, Dr. Black decided to share his knowledge to help other dentists duplicate his level of success, so he became a leadership coach and practice management consultant. His niche is treatment planning and case presentation.
Dr. Black is currently an associate coach and consultant, for Dental Practice Solutions, one of the leading consulting firms for nearly twenty years. As a seasoned practitioner, Dr. Black adds to the proven hygiene profitability coaching that Dental Practice Solutions is well-known for providing, to dental practices around the world.
Dr. Black’s expertise as an EQ and DISC trainer, makes him the best person to help more patients to say “YES!” to your patient care, as well as to enjoy working together as a team and loving what you do for your patients!
Schedule a FREE Profit Boosting Session Here today.