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 […]
In a meeting this last week, a client asked me, “How can I measure the worth of a financial planner?” This client is a very knowledgeable and informed client, trying to understand a quantitative measurement for the hiring of a wealth manager. This question resulted in an intense research for quantitative measuring tools. Here is what I discovered…. What you don’t know can definitely hurt…especially when it comes to comprehensive wealth and retirement planning. That’s why working with a CERTIFIED FINANCIAL PLANNER™ could make all the difference in the world. Here’s how CFP’s® are making a difference for those that choose to work hand in hand with one. According to a recent survey, of those that are within 15 years of retirement, a whooping 76% are stressed when it comes to their savings and investments. However, those working with a CFP® aren’t experiencing the same lack of confidence. With and Without […]
Young dentists know a lot about teeth—taking care of them, repairing them, making them look beautiful. What these young professionals don’t know a lot about is running a successful business. If this describes you, don’t worry; help is available! Let’s say you’re fresh out of residency and you just bought your own practice. (Finding and purchasing a dental practice is another process you shouldn’t tackle without guidance). Our firm, Heritage Investors, has helped many young dentists get off on the right foot so we have worked with dentists like you. You don’t need to wade into the business world without guidance, and there’s no reason why you should.