Most doctors will practice an average of 35 years. The number of years a doctor ultimately practices, multiplied by the income he or she earns over that period, equals Lifetime Income. A doctor’s Lifetime Income will be greatly affected by career decisions that may include buying a practice, joining a practice as an associate, or for those real risk-takers, starting a new practice from scratch. But are all of these career choices equally wise? Which has the greatest impact on the doctor's Lif
Ask a recent dental graduate for a description of the practice he or she would like to purchase and you will hear, “I want a high quality crown and bridge practice, in the best area of town, where I can do my kind of work on my kind of patients.” For that matter, it would be amazing if a purchaser ever had a different response. Vanity is usually the reason he or she wants to purchase this kind of practice, but is it really the best opportunity?
Everyone has, at one time or another, given thought to “what if” as it relates to his/her choice of careers. For the average person the curiosity can be satisfied by merely changing jobs. This is not so, however, for dentists. The time, labor and the financial demands of a dental practice acts as an obstacle to commit the time and energy necessary for a career change.
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There are many different reasons for what seems like a perfect transaction to go bad.
Sell now or build to sell? Sell for present value or sell for future value? Commit now, but defer the actual sale until later? Take cash or fund your pension plan with the value of your practice? These are just a few important considerations for a dentist who is thinking and planning for the future.
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