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 […]
When it comes to preparing for the future, most people are ready to make a plan for retirement, but 4 out of 10 Americans fail to even think about life insurance. While no one wants to plan for their demise, it’s just as important as retirement. What will financially happen to those you leave behind? Will they be left with a solid future or scrambling to make ends meet while also trying to pick up the pieces of their life? Even if you have made the effort to implement some sort of arrangements for those you cherish most, is it enough? Can you really know how much life insurance you need? There are a few ways to look at it. First, let’s look at a couple that perhaps one spouse is the only breadwinner and they have three kids. The immediate thing you’ll need to do is analyze your debt. […]
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.