As I write this issue’s editorial, we are in the midst of a pandemic, Ontario is in a state of emergency, and our professional and personal lives are disrupted. Life, as we know it, has stopped. Now, we have two choices. We can either become unravelled during these unprecedented times or we can use this time to reflect, to reset and to prepare for the time our lives resume some degree of normalcy. Reflection gives us the opportunity to see what’s working, not working and reset our personal and professional priorities. This issue of The Professional Advisory helps us to re-evaluate our practices and our goals.
First, Dr. Weintraub’s article, “Purchasing Protocols of an Existing Dental Practice” discusses metrics we should evaluate when we are looking to buy an established practice such as team and practice culture. The better the fit of these factors, the better the alignment will be with our goals. Ultimately, this will lead to the success of our investment.
“Lessons from Covid-19 That We Can Apply on an Ongoing Basis” is a timely refresher of what we can do to protect ourselves and our practices in situations that we are facing, currently, and that we may find ourselves in at a future point in time. David Chong Yen’s sage advice helps us plan now to prevent similar issues down the road.
Colin Ross presents his perspective on “When is the Right Time to Sell Your Practice and Why”. In today’s market, dentists are often approached directly by purchasers. Colin walks us through considerations to help us make wise decisions that will help safeguard our biggest asset.
In the previous two issues of The Professional Advisory, David Rosenthal gave us advice on selling our practices to a corporate entity. “Corporate Dentistry - What Vendor Dentists Need to Know – Part 3” provides us with a checklist of items to bear in mind and evaluate when considering this type of sale.
“How Does Investing Change in Retirement” by Mark McNulty provides us with information on how to outpace inflation and make our retirement years more enjoyable. His guidance and expertise also help to reassure us about the trends of financial markets.
Last, but not least, “Reducing Rent or Overpaying – The Choice is Yours” by Ian Toms gives us helpful tips on how to minimize this particular expense. The responsibility of ensuring that we are not overpaying rents lies with us. As such, we need to understand our lease agreements and the clauses within and take advantage of opportunities to negotiate or re-negotiate leases when they present. The key is to work with experts in this field to get the most bang for our buck.
The extraordinary circumstances we find ourselves in, presently, will not last forever. It is my hope and wish that all of us emerge from this situation healthier, wiser and better prepared to handle unforeseen events with as much grace and strength as we are exhibiting now. Let’s use the time to reflect, refresh and reset our priorities. Stay safe and well everyone!