In the classic movie, “It’s a Wonderful Life,” Jimmy Stewart plays George Bailey who becomes disgusted about his station in life. Like George Bailey, we frequently desire to have more talent, riches, or beauty. We also may think that our vocation is inferior to others. Certainly, dentists are not exempt from this way of thinking. To be sure, dentistry can be a very stressful, as well as physically... More »

You’re happy with your practice. It has given you a good living. Your patients are happy, too. You’ve given them the best dental care that you possibly could. Now, maybe it’s time to look forward to retiring. Maybe this is the time to contact that broker you’ve heard about and ask about putting your practice on the market. After an initial consultation — and even before a formal appraisal has begun... More »

Recent revelations involving major corporations and uncertainty about world stability are widely recognized as factors that have had a pronounced negative impact on world financial markets and, consequently, individual investment and retirement portfolios. There are no current assurances that these trends will improve anytime soon. In fact, the downward spiral could continue. Rather than allowing outside,... More »

One of the many changes that is occurring within the dental profession today is the increase in the phased-in transition scenarios. Why does this appear to be on the rise with professionals known for being primarily independent, solo entrepreneurs, who build successful practices and retire by selling 100 percent of their practices? Many dentists have developed large practices with more growth potential,... More »

In the aftermath of Sept. 11, 2001, Uncle Sam is encouraging taxpayers to invest in their businesses. If you are contemplating new equipment purchases or giving the office a “new look” through renovations and improvements, you could save thousands of dollars in income taxes by making those changes now. Whether you are just purchasing a dental practice, planning a practice expansion, enhancing technology,... More »

"Dad, there’s been a terrible accident!” My daughter, Kerri — who coordinates the transition of buying and selling practices — shouted out these words rather than taking the time to use the office intercom. There was emotion in her voice when she walked into my office in the adjacent room and announced: “Dad, you need to take the call on line one.” The caller gave me the disturbing news that a local... More »

During the course of each week in our full-service dental consulting and transition practice, we receive numerous requests for assistance in locating an associate dentist. After listening patiently, we explain that the search should not be for an associate, but for an heirapparent who will buy in or buy out the practice in the future. When I ask why the client wants an associate, the typical explanation... More »

Successful practice transitions do not just happen. Like anything else in this life, they require planning. If you are thinking of transitioning your practice, you need to work through the following steps: Develop a plan. You need to write out your “wish list” for what your transition will look like. If you are selling 100 percent of your practice and leaving that practice in two to four weeks, then... More »

Approximately 30 years ago, universities throughout the United States perceived that a dental school, as part of the post-graduate programs offered, would attract students, generate income and alumni support for the university, and provide much-needed professionals for the community at large. Dental schools graduated thousands of dentists in the 1960s and 1970s before some schools began to close. However,... More »

The fear that existing staff will not stay with a new doctor is largely unwarranted in the majority of practice transitions. Although it could happen, it normally does not. Here’s why. When a new doctor buys an existing practice, the staff has two options: 1) Stay on (provided the new owner asks) and continue doing their current jobs, or 2) Leave and look for a new position in another dental office.... More »