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Growing Your Practice While Working Less and Earning More
FINANCIAL AND LIFE BALANCE BENEFITS OF A PRACTICE TRANSITION
As a practice owner, you may feel your income and capacity to grow is limited by the number of hours you work. Fortunately, there is a way to grow your practice while working less and earning more. The secret is a two-part plan that includes optimizing your practice beyond what you can do on your own and adding an associate or partner dentist.
In the dental profession the process of adding another dentist, either an employee or a partner, is called a transition. When it’s done well, the opportunities are incredible. It’s possible to generate more than $1,000,000 in additional earnings while freeing up your most precious commodity – your time. Not only does this two-part approach allow more time to take part in activities you enjoy with the ones you love, it provides another benefit: the opportunity to do more of the dentistry you enjoy later in your career and well beyond your retirement years, if you choose.

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Practice transition is beneficial for both parties when done correctly
New and established dentists can take full advantage of emerging opportunities by working together. For a new dentist, it can be challenging to start a practice from scratch and few have the start-up capital to do so. In today’s highly competitive market, it’s often more beneficial for new dentists to establish themselves as associates at practices where there’s potential to buy-in down the road.
This arrangement makes sense for the established dentist, too. Bringing an associate on board before retirement facilitates a smooth ownership transition and allows the dentist to negotiate a fair price for the practice (or the portion that’s up for sale) in advance. Consider these facts: With a well-managed transition mediated by an objective outside advisor who represents the transition through a win-win approach, in as few as five years a practice can:
  • Create a partnership by hiring an associate
  • Double its value
  • Generate an economic windfall for the senior dentist
  • Create opportunities for lifestyle and professional enhancement
  • Allow a new dentist to start their career in a successful, established practice in an affordable way
  • Provide the new dentist with mentoring and support from an experienced practitioner
  • Provide continuity for the team