It's never too soon to think about practice value
Major decisions you make at any stage of your dental career will probably influence your success at the final stage -- when it's time to sell your practice and retire. You wouldn't want to subordinate short-term goals to this long-range view, but try to get in the habit of mentally projecting how various factors will play out over time. These might include office location, training program, new technology investments, additional services, or an associateship.
Learn to anticipate changes and trends. I was the first to identify the 8 Permanent Game Changers in 2012. More dental schools opening, dentists postponing retirement, decreasing dental insurance reimbursements -- these and other factors made it clear to me that the dental marketplace was about to get much tougher, and the value of most practices would be lower than expected. Watch factors like these, because they can change the valuation of your practice overnight.
Don't postpone retirement planning. Like compound interest, the sooner you start laying the groundwork for your retirement -- including building maximum value into your practice -- the better. Start doing things now that will pay off then.
Roger P. Levin, DDS, is the chairman and CEO of practice management consulting firm Levin Group. You can connect with Levin Group on Facebook and Twitter (@Levin_Group) to learn more strategies and share ideas. Also, check out Dr. Levin's free practice management videos at www.levingroup.com/gp.
The comments and observations expressed herein do not necessarily reflect the opinions of DrBicuspid.com, nor should they be construed as an endorsement or admonishment of any particular idea, vendor, or organization.
