In order to buy a new dental practice and learn to run it successfully, you’ll have to digest a lot of information in very little time. Along the way, you’re bound to make mistakes, but with guidance, you can avoid the most damaging.
In this article, I’m talking specifically to the dentists, the chiropractors, the veterinarians, the optometrists… all you doctors who own your own business. I’m going to call you the entrepreneurial doctor. You are smart; you have visions and aspirations to grow a grandiose practice. BUT, you’re not very good at the business side for the most part… Sorry, just the fact. As a business owner, though, you want to keep your expenses to a minimum. You don’t want to spend money needlessly. So, we are going to discuss four areas within your practice that you need to evaluate. By taking a second look at these things, you could save a lot of money. 1. Don’t forget the liabilities of your business. Don’t forget that there is a liability side to your balance sheet. Most of us want to focus on the assets. We want to look at how much cash […]
One niche of small businesses that I often advise is an “entrepreneurial doctor”. Those are the doctors that work outside of a hospital and aren’t W2 employees. They own their practice and can be dentists, veterinarians, optometrist, etc. Before coming to us there are a variety of business mistakes doctors often make when it comes to the business side of their vocation. These guys are brilliant doctors with varying designations, however, most don’t earn MBA’s on top of that. Business is often not an easy model for these educated folks to understand. In my consulting with them I have seen many, but here are the top nine business mistakes doctors make in their business models.
If you’re a physician, then you attended one of the best medical schools in the world. Why? Because you live in the U.S. However, you may be struggling to make reach your financial goals, despite a hefty salary. Physicians are some of the most specific investors out there. Not only do physicians have a higher student debt, they also have higher liability risks, an above-average income… a complex situation to start with. Here are the top financial mistakes self-employed doctors make and what you can do to change your future. What’s So Different for Physicians? First off, physicians go through years school, meaning they finally begin their career around 27. However, with a residency, it could even be as late as 30 before they potentially start. A much later start could hinder investment options early on leading to some poor decisions. Next, roughly more 60% of all physicians owe more than $150,000 by […]
Hey, guys! This is Justin Goodbread with Financially Simple. So if there is one question I get quite frequently, it is, “What debt should I pay off first?” In fact this last week I had an entrepreneurial doctor in our office and he recently freed up about $1000 a month. Many people will say, “Use the debt snowball.” It’s a good idea. Some will say, “Knock out the highest interest first.” That’s a great idea and may work for you. Which of these two popular options, if any, will work best for him?
You are a young dentist looking and want your own practice. Here are four questions that we have found many dentists over look before pulling the trigger when buying a dental practice: 1. Is your personality compatible with that of the selling dentist? At first blush, it may seem irrelevant whether your personalities mesh. After all, you will be in charge, and they will be riding off into the sunset. What’s the issue? The issue is that your new practice will have been built around someone else’s personality. Whether they are dominant or passive, outgoing or introverted, both your patients and your employees will be accustomed to working with that type. If your patients are comfortable being told firmly what they need to do, they may not like being presented with a range of choices. And don’t forget that it’s expensive to lose patients. Not only do you waste the […]