Houston Dentistry Volume 1 Issue 3 The Texas Center for Occlusal Studies - Page 14

practice management

A Planning Guide For Your

EXIT

STRATEGY

by Debra Isman
Making strategic decisions and practicing dentistry go hand in hand . Whether these decisions are business , financial , management or clinical , they are best made when all options are carefully explored and understood .
Certainly the two most significant decisions you make are how you first start your dental career / practice and how you decide to transition into retirement . Most of you are somewhere in the middle , dealing with the day-to-day , month-to month management challenges of just being productive and profitable . In fact , so many of the dentists I talk to have their “ heads down ” so to speak , trying to serve their patients with quality care , manage staff , their business and their time . Often they forget to look up and plan for the future .
Let me ask you – Do you have a transition plan in place ? Usually , when I ask this question , doctors answer by saying that they are not retiring or bringing on an associate for at least three to five more years . They add that they will make their retirement plans when that time rolls around . Sometimes doctors say that they can ’ t even think about slowing down because they feel they can ’ t afford to retire . My response to them is that three to five , even ten years out is exactly when you need to be molding your transition plan . With three to five years of advance planning you will be able to maximize all areas of your business so that it will successfully transition when you are ready to slow down or phase out of the practice .
For the first time in a long time , new dentists will have plenty of practices to choose from . In order to have your practice at the top of the list , you ’ ll need to make sure that you ’ ve got a practice that is a well-oiled machine with efficient management , great equipment , excellent collections and good new patient flow .
Start your transition plan by consulting with your financial planner or a CPA who has taken advanced training in financial planning . If you have been working with a financial planner , you should know exactly when you can afford to retire . It may not be the date you choose to retire , but you will have the peace
14 HOUSTON DENTISTRY | www . houstondentistrymagazine . com
practice management EXIT A Planning Guide For Your STRATEGY by Debra Isman Making strategic decisions and practicing dentistry go hand in hand. Whether these decisions are business, financial, management or clinical, they are best made when all options are carefully explored and understood. Certainly the two most significant decisions you make are how you first start your dental career/practice and how you decide to transition into retirement. Most of you are somewhere in the middle, dealing with the day-to-day, month-to month management challenges of just being productive and profitable. In fact, so many of the dentists I talk to have their “heads down” so to speak, trying to serve their patients with quality care, manage staff, their business and their time. Often they forget to look up and plan for the future. Let me ask you – Do you have a transition plan in place? Usually, when I ask this question, doctors answer by saying that they are not retiring or bringing on an associate for at least three to five more years. They add that they will make their retirement plans when that time rolls around. Sometimes doctors say 14 HOUSTON DENTISTRY | www.houstondentistrymagazine.com that they can’t even think about slowing down because they feel they can’t afford to retire. My response to them is that three to five, even ten years out is exactly when you need to be molding your transition plan. With three to five years of advance planning you will be able to maximize all areas of your business so that it will successfully transition when you are ready to slow down or phase out of the practice. For the first time in a long time, new dentists will have plenty of practices to choose from. In order to have your practice at the top of the list, you’ll need XZH\H][x&]HBXXH]\H[ [[YXX[H]YXY[X[Y[Y[ ܙX]\]Z\Y[ ^[[X[ۜ[]]Y[˂\[\[][ۈ[Hۜ[[][\[[X[[\܈HH\Z[Y[YZ[[[[[X[[[ˈY[H]HY[ܚ[]H[[X[[\[H[ۛ^XH[[H[Yܙ]\K]X^BHH]H[HH]\K][H[]HHXXB