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About this episode
Key Takeways
- Make sure you’re not being oversold by predatory companies offering horrible insurance and investment planning.
- Review your estate plans every couple years.
- It’s not about how rich or poor you are, it’s about preventing your loved ones from inheriting a storm.
- The cost of maintaining a healthy office is significantly higher than it was 15 years ago.
- We should be shooting for profitability in the 10-20% ballpark.
- Profitability should be based on all your normal expenses, plus the following:
- Each dentist (including yourself) should be paid as an associate
- Build in an escrow dollar or percentage amount (2-3%) for future improvements, renovations, and technology gains
- Interest amount (5%) on capital put into the practice
- “All things under one roof” – medical and dental – is the future of dentistry. Cottage industry offices as we know them will be displaced in certain environments.
- Approximately 80% of offices are solo dentists. The believe is within 10 years this number will drop to closer to 50%.
- If you’re going to stop practicing within the next 10 years you’ll probably be fine. If you’re planning to practice longer than that you will get hit by these changes.
- Put away money on an annual basis to cover renovations.
- Make sure you’re getting fulfillment in your professional life, as well as in personal.
- If you design your business around you and make yourself happy, others around you will be happy as well.
- Focus on outcomes, not goals.
- People aren’t doing enough live training. The magic is being around people and interacting with others.
Key References
