More Than Just Numbers

Whenever it’s my privilege to speak to young dentists, I advise them to complete an updated personal financial statement each year. Doing so serves three major purposes: It provides a “global” view of your financial status, helps you track your progress toward personal financial goals, and serves as a valuable source of information for your survivors in the event of an untimely death. This can...
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Nickel and Diming Clients . . .

Two good friends of mine own a sandwich shop.  I used to eat there.  But they started to charge extra for a slice of cheese, and then for tomato.  Instead of offering a choice of chips with a sandwich, they wanted an extra quarter for a “premium brand” in place of their standard brand.  Finally, they began to charge for a cup of ice for those who simply wanted water with their sandwich.  Really?...
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Destroying Success. . .

Twenty years ago, a close friend of mine launched a start-up company with a great software product and a superior business model. Simply put, his product was innovative and in demand, and he built his business on four important tenets:   1. Build “raving fan clients” based upon unparalleled customer service. 2. Provide superior team training. 3. Have fun every day!! 4. Share the wealth,...
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On Practice Transitions. . .

If you have reached that point in your career where you are contemplating the transition of your practice to a new owner… congratulations! While planning for this significant life event, please consider the following recommendations: 1. Maintain the “Status Quo!” It’s only natural to “slow down” a bit in practice once one has reached that nirvana of the business cycle called “peak productivity,”...
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Beginnings. . .

Late spring, 1973, I asked a classmate for help preparing for our final in Physical Biology at Georgia Tech. She agreed, on the condition that I take her out for a “vertical” banana split at Zesto’s. As I drove to her dorm to pick her up, the radio was playing “Beginnings” by the Chicago Transit Authority. Little did I realize that our study date would lead to...
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