Hello there, it’s Jessica, and today I want to share a fascinating story with you. Not too long ago, I had the privilege of sitting down with Mary Fisher-Day, a dental practice transition advisor with a wealth of experience. We’ve known each other for a couple of years, and her passion for helping dentists is truly inspiring. Today, I’d like to take you on a journey through our conversation, focusing on the valuable insights that can benefit us all as business professionals.
Timing Is Everything:
Picture this: You’re a dentist looking to buy or sell a practice. When is the right time to start considering working with someone like Mary? The answer is clear—sooner is better than later. A consultation is the starting point. It’s not a commitment, but it’s an excellent way to gather insights and plan for the future.
Valuations: More Than Meets the Eye:
Let’s delve into the significance of regular practice valuations. They’re like a compass, offering a baseline for your practice’s financial health and value. But their value extends beyond that. These valuations can be instrumental in identifying areas for growth and improvement, even if you aren’t actively looking to sell.
The Emergency Directive:
Now, let’s explore the concept of an emergency directive. Imagine an unexpected catastrophe that leaves you with a dental practice to manage and a family to support. This directive serves as a lifeline, consolidating crucial information in one place, ensuring the continuity of your practice and the well-being of your family.
Choosing an Executor Wisely:
What if you’re unable to make decisions? This is where an executor steps in. Here’s an essential tip: select someone who can think clearly under stress, rather than a family member whose emotions might cloud their judgment.
Building a Trusted Network:
Think of it as a safety net. Surround yourself with people you trust, individuals who share your vision and can offer guidance. A trusted network can be your support system during uncertain times.
Protecting the Practice Value:
Practice value can significantly drop if you’re unprepared for a sale. Unfortunately, there are opportunists out there waiting to take advantage of a struggling practice. Legal protection and a well-thought-out plan are your allies in safeguarding your practice’s value.
You might have heard about Dental Service Organizations (DSOs). They may come with enticing promises but also carry holdbacks and obligations that can impact your practice’s value. It’s crucial to approach such opportunities with caution and a full understanding of the terms.
Through this story, I’ve tried to bring you the wisdom and experiences shared by Mary. As business professionals, we can apply these lessons to our own journeys, whether you’re a dentist or a coach assisting dental clients. The key takeaway? Preparation, trust, and clear planning can make all the difference in a world full of uncertainties.
So, my friends, consider this story a guide to navigating your professional path and ensuring your success in whatever venture you choose. Here’s to your ongoing success and preparedness!