Mary Smith was a forty-two-year-old office manager who had been working for Dr. A for the past twelve years. Mary enjoyed a good salary and benefits from her job. She and her husband had purchased a new house a few years before, and her children were approaching college age. As a result, her income was necessary to support her family’s current lifestyle, and she felt she had job security for as long as Dr. A remained in practice.
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Dr. A had just turned fifty years old. He operated a successful dental practice that was grossing about $1,000,000 a year. His pre-tax net income was about 40% of his gross collections which enabled him to provide a good living for his family. His staff was well trained and turnover problems seemed to have been eliminated. He practiced four and a half days a week. His practice was stable and maintained a steady flow of new patients. He no longer felt compelled to work any evening or Saturda
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That’s right; you are not the first dentist to make that statement, we’ve heard it before, and we’ll undoubtedly hear it again. Every dentist who has just learned that his or her practice will not appraise for one year’s gross revenues makes this statement, and each one thinks they are the first.
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