Dentists are great with oral health... we hope. But are they good at planning for their retirement or the exit of their practice?

I recently spoke to a prominent dental school boasting about their 3 weeks of business instruction in comparison to many other schools 2 weeks of instruction... WHAT?!?! I can appreciate the effort but it is safe to say that nobody is getting an unofficial MBA from an extra week of instruction.

With that said, here are 10 things you should avoid doing in your dental practice, starting today! 👊

1. Not Knowing your Timeline! ⌚

 It is critical to have a game plan. When you fail to plan, you plan to fail. For example, if you want to exit dentistry 5 years from now, you need to realize that a buyer is potentially going to want you to work for a couple of years after the sale to provide continuity for the new owner/ownership. Maybe plan to sell in 3 years so you can exit it 5 years from now.

You are an asset of your practice... the new owner will want/need you for a transition period!

2. Exiting with out a Succession Plan 🔒

We have seen dentists that did not have a solid plan in place and were forced to close the doors without a buyer. You work your entire career and build up a solid patient base, then you close the doors with no income from the sale because there was no sale? This is tragic to say the least... GET YOUR PLAN IN PLACE!

3. Insufficient money saved up for your Golden Years

Several years ago Dr. Gordon Christensen made the comment that less than 6% of dentists can retire due to a lack of savings. This was shocking! Are you part of the 94% that are not yet prepared?

4. Office is not operating on all cylinders ⚙️

The operating systems in your practice need to be updated on a continuous basis. Just like high tech equipment, the way a business is operated changes on a regular basis.

5. Unaware of Buyer Desire 😕

Buyers are looking for an office with a certain number of operatories to team member ratio and specific hours of operation. They want to see high profitability to insure that they can receive a return on their investment. A $1,000,000 operation may be a bad investment if the profitability is lacking. They also want to know that you have up to date systems and are ready for a simple transition that doesn't require a lot of effort on their end!

6. Ramping Down when you should be Ramping Up! 📉

It’s natural to want to slow down as you get older. However, the opposite is necessary to be able to maximize the value of your practice. Ramp it up! Get everything lined up and ready to roll. It is time to sprint to the finish!

7 . Practicing Historical Dentistry 👴👵

Technology has changed for all dentists over the past decade. For example, hand filing in Endodontics has given way to electric files. PVS impressions have also been overtaken by scanners. The old tried and true procedures are changing as quickly as this response is being fabricated. Technology comes in waves. Just don’t miss the last wave. Don’t be the last to incorporate technology into your practice.

8. Improper Operational Systems 🎒

What are your office systems and how are they placed into operation?

You need good systems in place to have a great office. Systems are crucial and many dentists fail to place them into practice. Most Dentist believe they have good systems... It is important to have someone review your systems and point out the blind spots you are overlooking.

9. Outdated Office Aesthetics and Curb Appeal 🏭

Your office needs to be current and aesthetically pleasing. When did you last paint the walls and resurface the floor? If it’s been greater than 5 years, it may be time to refresh your dental practice. Consider the curb appeal for new patients, especially those that continue to be younger and younger with new generations entering your practice... do you need an updated logo or partial rebrand?!

10. Operating on Autopilot and Avoiding Change ✈️

It is not uncommon for dental practices to have been placed on auto-pilot. With new technology available and new systems needing implementation, there is always a need for constant training and education of your team. We all need guidance and additional focus on improving.

1. Align with your Team!

2. Conduct regular Coaching/Training.

3. Offer and seek out Mentorship!

Some of these things can be overwhelming to think about and some of them are hard to pick a starting point! Our team would be happy to help turn these things to avoid into your new best practices. Reach out to us today to get more information! Book Time with our Team!

Good luck on your journey to becoming...

THE POWERFUL DENTIST

Book time with our team today through the link above and we will help you set off into the right direction!