It’s finally spring! I’m not sure how you’ve felt the past few months, but I had a recurring role in the movie Groundhog Day. Despite the challenges we’ve all faced, it’s now time to spring forward as the days become longer, brighter, and warmer. It’s time to shed our old patterns of thinking and embrace new ones. Spring is the season to plant the seeds of change, toil over them and watch them blossom into great new ideas with even better results. This volume of the Professional Advisory is the “starter mix” for your professional growth as it brings fresh perspectives on how to view your practice.
The article, “What Does the Public Look for in Choosing a Dental Office?” by Dr. Weintraub discusses the factors that potential patients weigh before making a long-term commitment to our practices. As such, it is important to understand their viewpoint and make necessary tweaks to ensure the practice continues to grow.
While our practices grow and become more profitable, our tax burdens are likely to increase. David Chong Yen outlines ways in which you can reduce the taxes owing in his article, “Using Income Splitting Techniques as Tax Saving Strategies”.
Gerry Crandles’ “Understanding Practice Valuations" helps make sense of the common terms we come across in analyzing practice valuations. They are an essential part of the tool kit for buying and/or selling dental practices.
For those looking ahead to new adventures after retirement or for new opportunities, David Rosenthal’s “Legal Checklist to Sell a Dental Practice” is must-read. He highlights the important elements that should be in place before deciding to sell a practice to clear the weeds and help the process move ahead smoothly.
Everyone has his/her own timeline and reason for selling a dental practice. However, it is important to know when to sell to ensure financial stability for the long-term. Luckily, Mark McNulty outlines great strategies for you to consider in his article, “When Should I Sell My Practice?”
Finally, “What You Must Know About Your Lease Term” by Ian Toms explains the salient aspects of the lease term. This is crucial to understand for potential vendors, purchasers and those wishing to extend or renegotiate their terms.
Spring naturally brings with it more optimism. We have renewed energy to work on our personal and professional goals as we look forward to some relaxed summer days. It is our hope that you will find this issue of the Professional Advisory insightful and helpful in cultivating the growth of your practice and your dreams.