As dentists, we face several pressures from our patients, our team members, society not to mention, financial pressures. Now, these may not have changed much over the years; however, one may argue that the future of dentistry and the way in which we practice is influenced by economic factors, societal expectations and is disrupted by innovations and new technologies. As our environment changes around us, it is important for us to recognize these shifts and adapt ourselves to remain relevant in the present and more importantly, in the future.
In this edition of The Professional Advisory, our team of experts helps you to view the changing landscape within dentistry with a new lens. Capitalize on opportunities when suitable for you and adapt your mindset and practice philosophies to changes that may be inevitable. First, Dr. Weintraub gives you practical information and food for thought in his article, “Predicting the Unpredictable”. He encourages you to plan ahead and think of strategies to help you navigate the various clinical, sociological and administrative pressures that we all encounter in private practice.
Given the changes in the recent federal budget and the ensuing effects, David Chong Yen’s article, “Professional Corporations and Passive Income Investments – A Toxic Mixture & Relief”, gives us much needed advice on how to adapt our investment practices to maximize our returns and lower our tax burden.
It’s no secret that there are fewer practice vendors than buyers in the dental marketplace. “Small Practice Economics” challenges our attitudes towards smaller practices. At the outset, they may seem less attractive, but are they really? David Lind gives us useful metrics and considerations to assess their upside.
David Rosenthal’s “Legal Checklist to Sell a Practice” provides valuable guidance to vendors as they look to make a significant change in their professional lives. The checklist helps to keep us organized and minimize any unpleasant surprises during this potentially overwhelming process.
As the environment changes around us, Mark McNulty poses the question, “When Should I Sell My Practice?” This article encourages us to adopt a fresh outlook and evaluate our professional and personal wants and needs, both now and in the future, given the various demands placed on us.
Finally, Ian Toms’ discussion of lease assignments highlights several issues that may arise during the assignment of an existing lease. However, “Taking Assignment of a Lease” also highlights a change in perspective where buyers may see potential opportunities in certain leases.
Stephen Hawking stated that, “Intelligence is the ability to adapt to change.” With the information contained in this issue, there is no doubt in my mind that we will be well poised to adapt our processes, practices and points of view to our dynamic landscape.
