How the practice lease can ruin your retirement

After 30 years of operating his thriving family practice, Dr. Al Dente was looking forward to cash in his biggest financial asset. He figured that selling the practice would be a piece of cake. Some of his colleagues sold privately for about 100% of annual gross revenues. Al expected that his practice would sell for […]

Why you should give your practice a facelift

The layout of dental clinics has not really changed much over the years. The design goal has always been to meet the needs of the dentist and staff in terms functionality, efficiency, and comfort. The needs of the patient are not taken into account as long as the patient has a chair to sit on. […]

Why you need debt to build wealth

Even if you hate being in debt, it’s impossible to live without it. So why not accept the fact that you are likely be in debt throughout your career. There will be student loans and a home mortgage at the beginning, practice purchase loans at mid-career and perhaps bank loans for your children’s university education […]

Associates: Don’t rent your future! Own it!

When you start to practice as a dentist, there is a fork in the road, which will have great impact on your career and your financial future. The question is: “Shall I work as an associate for the foreseeable future or until my student loan is paid off, or shall I become a practice owner […]

Cash flow up, Stress down? Thank Pareto!

In 1906, the Italian economist Pareto astutely observed that 20% of the people owned 80% of the country’s wealth. The principle that 20% of something is always responsible for 80% of the results is known as the Pareto Principle, or the 80/20 rule, and can be used as a daily reminder to focus on the […]

What is most important for you when selling your practice other than money?

Not every dentist sells the practice to the highest bidder. At first glance, it seems that a practice sale is all about getting the most money. Practice listings only highlight money and the location. However, for many retiring dentists the priority is to find a successor with compatible practice philosophies. You are a dentist who […]

Don’t shy away from owning your practice

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 […]

Are you emotionally ready to sell your practice?

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 […]

Never give up on your dream of practice ownership!

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 patients choose your practice

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 […]