“Fear, uncertainty and discomfort are your compasses toward growth. If you run you stand a chance of losing, but if you don’t run you’ve already lost.” – Barack Obama
The last several months have tested us in many ways. Now, as we continue to move forward with our professional and personal lives, there is still uncertainty. In speaking with colleagues, friends, and neighbours, it is clear that we really don’t know what the future brings. Various questions arise. Will there be a second wave of Covid-19? Should I continue practising or should I sell? How will a second wave affect my practice, my team and my family? What is certain is that Covid-19 has presented us with a unique opportunity for growth even through the confusion and chaos it has created. Throughout this issue of The Professional Advisory, you will find valuable information and tips that will act as your compass to guide you on your own run.
“Covid-19 – Tips for Recovery and Preparation for a Second Wave” by David Chong Yen gives us expert information on how to position ourselves in the event that there is a second wave of the virus. By focusing on our business’ growth and adhering to some key principles that David points out, we will avoid further disruptions.
David Lind reassures us and illustrates how resilient the dental market is in his article, “Covid-19 Practice Sales Update”. We can see that, even in the midst of a pandemic, with a few accommodations, practices are still in demand and buyers are buying.
Given that our practices are valuable assets, it is important to have agreements in place that help to maintain and enhance their value long-term. As such, David Rosenthal’s article, “Associate Agreements – The Principal’s Perspective” is a must-read and will help position practices for a future sale.
“Life After Dentistry” addresses the fear of the unknown after retirement. Mark McNulty points out that life may change, but it can be better and just as fulfilling, if not more. He helps us look forward to a new and exciting adventure.
The pandemic has been trying for landlords and tenants, alike. However, Ian Toms explains how we can look for opportunities to improve our situations in “Pandemic Effects on Tenancies”. His fresh viewpoint will help us adapt to the changing landscape.
Finally, Dr. Weintraub in “Dental Practice at a CrossRoads” encourages us to approach our practices in a similar manner as we approach our patients’ treatments. As such, we must diagnose or identify the issues affecting our practice then, find strategies to mitigate situations as they present to maintain our practices’ profitability.
As a profession, throughout this pandemic, we have worked hard to implement changes and new protocols. We have remained dynamic while decision-makers’ have oscillated back and forth about re-opening and regulations. What I can say with certainty is that we have embraced uncertainty and are well on our way to winning this race.