The last few years have been anomalies as many of us have faced more challenges than in other times including, most recently, the potential for a new economic slowdown. We can choose to focus on the “doom and gloom” scenarios which only distract us from the work ahead of us, or we can control what we can, and double down on the areas of our lives we can positively impact. Our team at the Professional Advisory, as always, has timely advice to help you continue to thrive in 2023.
Colin Ross’ article, “The Outlook for 2023 and Beyond,” discusses the influence that rising inflation rates have on practice valuations and loans. Fortunately, as he points out, we are blessed to be in an industry that still offers excellent returns on investment.
For every situation, there is a creative solution. “Stepped Sale of a Dental Practice”, by David Rosenthal presents favourable opportunities for both the vendor and purchaser of a practice to enter into a mutually convenient contract. In today’s economic times, this may be a perfect fit for associates looking to purchase the owner’s practice.
“Live Off Your Dividends,” by Mark McNulty shows that over time and by investing in the right companies, you can“inflation-proof” your investments. His group’s investment platform also helps to grow your hard-earned savings in a tax-efficient manner.
Ian Toms reminds us that if we do not have a bricks and-mortar location, we will not have a business. To this end, “Effective Lease Term Renewal Negotiation,” is an important read outlining the key success factors required to achieve a successful outcome.
“Key Factors Affecting Dental Practice Values,” by David Chong Yen gives us important information about our dental practice’s value. While you may not be able to control these factors, the way in which you structure your business, is still very much in your control.
We have a special “bonus” article by David Chong Yen in this issue, “The North Star Along Your Journey”. In this read,David shares guiding principles to help you along the ride.
The bottom line is this: we cannot always predict or influence external circumstances. However, our attitude, effort and actions are within our control and small, consistent, positive changes in these attributes will always have far-reaching effects. I am confident that the advice within these pages will help you take the right actions for the coming months and help you reap the rewards of your hard work in 2023 and beyond.