Make the Investment

When I speak to doctors in transition, I remind them of the importance of keeping their office “current.” For some, that’s as easy as having their landlord repaint as part of their lease renewal agreement or upgrading the furniture in their perhaps, dated reception area. For others, however, it might require a significant financial investment to add computer work stations, digital radiographic...
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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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