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Articles

The Professional Advisory

  1. Is it Time to Move?
  2. Staging A Dental Practice
  3. The High Cost of Dying
  4. Deal-Busters
  5. Patients - Attract and Retain
  6. Should I Stay or Should I Go?
  7. Is There a Buyer for Every Practice?
  8. Good, Better, Best - The Market has Spoken
  9. Smooth-Sale-ing
  10. Buying Time
  11. Patients, Patience, Patients
  12. A Real Patient
  13. Why Do a Practice Valuation? I'm not Selling
  14. Irrational Exuberance or The New Normal?
  15. Do dental equipment and dental technology affect a practice value?
  16. Finding and Being a Mentor
  17. Bigger is Better
  18. Daves Top Ten List for Buyers (Vendors should read this too!)
  19. How Well Do You Know Your Practice?
  20. Dave
  21. What will happen to dental practice Values in the next 10 years?
  22. Your Premises Lease is an Important Asset
  23. What are Associates Thinking?
  24. There is Life Outside the GTA
  25. When Is the Right Time to Sell My Dental Practice?
  26. Mergers are a Viable Option
  27. Is Your Associate an Asset or a Liability?
  28. Has your Practice Facility Kept Up With Your Billings?
  29. The 100 per cent of Gross Myth
  30. The Past, The Present and The Future
  31. Caveat Emptor
  32. Overpaid Long Term Staff
  33. Selling your Practice in Stages
  34. A Potential Pitfall of Selling Shares
  35. Value in Your Practice Through Balance
  36. Only Trusted Staff Can Defraud You
  37. To Own or Not to Own Practice Real Estate? That is the Question.
  38. Coping With A Large Patient Base
  39. Successful Dental Practice Transitions
  40. Taking Care of Business
  41. The Investing Dentist Phenomenon
  42. Two areas to focus upon that could negatively impact the value of your practice
  43. Organize your Debt in Order to Sell your Practice
  44. Having a Better Team
  45. How Do I Prepare My Practice For Sale
  46. How Do I Prepare My Practice For Sale? Part 3
  47. How Do I Prepare My Practice For Sale? Part 2
  48. How Do I Prepare My Practice For Sale? Part 1
  49. Advice to My Son or Daughter Graduating from Dental School
  50. Transition - What to Expect
  51. Discussion on Digital X-Rays
  52. Partnerships and Shotguns
  53. Strategic Planning - How to Get Started
  54. Calling All Vendors - Practices have Gone Up in Value
  55. Purchasers: Expect to Pay More for a Practice because of Lower Professional Corporation Tax Rates
  56. Matrimonial Practice Valuations
  57. Purchaser's Guide to Affording a Practice
  58. Location Improvements Throughout Your Career
  59. Small Practice Valuations
  60. Partnerships – The Best and The Worst
  61. Changing Location When the Opportunity Comes Along
  62. Visual Presentation of Your Practice
  63. Presentation of Charts
  64. Your Premises Lease Can Be Your Worst Enemy
  65. How to Select an Appraiser for Your Practice
  66. How Are Your Billing Ratios?
  67. It Pays to Invest in Your Tangible Assets
  68. The Importance of Separate Financial Statements
  69. Five Time Frame Levels to Sell a Practice
  70. 12 Suggestions to Safeguard Computer Data
  71. How to Buy a Visible Practice
  72. Why is there a shortage of good practices today?
  73. The Importance of Equipment in the Purchase of a Practice
  74. The Balanced Practice
  75. Will My Practice Be Saleable in The Future?
  76. Buyer Be Aware
  77. Excess Profit - The Second Key
  78. Patients and Profits are the Keys
  79. Plan Ahead

Volume 31: Advice to My Son or Daughter Graduating from Dental School

Download the PDF version now!

When you graduate from dental school there is much more to think about than "where can I get an associateship". It is important to remember that dentistry is also a business and good business practices are very important. Consider the following:

  • It is important to find a good associateship even if there is no hope of buying into the practice or buying the practice. Pitfalls would be signing an overly aggressive non-competition contract that is going to eliminate owning a practice in the same community if that’s the community where you would want to practice down the road.
  • Find an associateship that will give you broad experience. Broad experience can also be obtained by joining study groups or taking additional courses. Working in under serviced communities can also give you the experience you need and the cost of living should be lower.
  • Before you purchase a practice you have to feel comfortable with all the various phases of dentistry. That relates to both techniques and speed. Once you own a practice it is more difficult to take a week off to attend additional courses because the overhead continues. Dentists with greater depths of dental education are more successful in their careers.
  • Live within your means. The flashy car should not be high on your list of needs. Get your school debts to a controllable level. You do not want your school debt to limit the purchase of a practice when you are ready to purchase. New start-up practices have problems of low cash flow.
  • Find an accountant – one with a number of dentists as clients – who will help get you started, set you up with sound accounting principles and conservative spending habits. Many dentists do not live within their means and find out too late what they should have done when they started their practice.
  • Use an experienced lawyer who has a number of dentists as clients before entering into any material contract – whether an associateship, a lease or the purchase of a practice.
  • Try to find a mentor dentist as the principal in your associateship practice – one who would give you advice and direction to avoid as many pitfalls as possible.
  • Treat each patient as if they were family. Recommend procedures you would give to a family member. First, show that you care. The rewards will follow.
  • Don’t judge yourself by what others say that they can do. There are all kinds of exaggeration of accomplishments. Be true to yourself and by constantly improving your techniques through continuing education you will arrive at a position of confidence in all your accomplishments.
  • Marry the right spouse, who will be supportive in your career. This will account for more than 90 per cent of your joy or sadness in your life. It is more important than money or fame.

So there it is. Experience tells us that life in general, and the practice of dentistry in particular, isn’t always simple. But by following the above basic guidelines – augmented of course with good common sense – your chances of being rewarded both spiritually and materially with a lifetime of happiness and accomplishment will be greatly enhanced.

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