As dental professionals, we are constantly “putting out fires”, adapting to new techniques and technologies while ensuring our practices are running efficiently. Although being agile has its advantages, it’s important to take time out to plan on a quarterly and/or yearly basis.Even when things come up that are out of our control, your roadmap will ensure you reach your final destination successfully. This issue of the Professional Advisory lays out various strategies for success that you can incorporate into your preparation to achieve your personal and professional vision.
We’ve all heard the saying “when the going gets tough, the tough get going”, but now, David Chong Yen gives us actionable steps to take during those tough times. With the information in his article, “Five Tax-Saving Strategies to Consider during Tough Times”, plan for tough times and don’t detour from your final goal.
Similarly, “How Do Interest Rates and Recession AffectPractice Values?” by David Lind outlines strategies for you to succeed if you’re considering buying or selling your practice in a time where interest rates have increased, and a recession is forecasted. David reassures you that, in the long-term, dental practices are solid investments.
When it comes to purchasing a practice, vendors and purchasers can enter into different arrangements that they can then negotiate. David Rosenthal discusses one such strategy, a staged purchase, in his article, “Purchasing a Dental Practice in Stages” including the process, and its benefits.
In the article, “The $13 Million Dentist”, Mark McNulty shares strategies his wise clients, formerly the $6 Million dentists, have used to become wealthier. Regardless of your age or stage in life, this is a must-read to set yourself up for long-term success.
Leases can be tricky in the best of times, but now post-pandemic they are even trickier. Ian Toms outlines items you should review within your lease with a professional in his article, “Post-COVID-19 Premises LeasingLandscape”, to align with your business plan.
Finally, in Dr. Weintraub’s “A Heartfelt Good-Bye”, he conveys the joy and gratitude he has after serving you, his clients, and colleagues, for more than 20 years. His wisdom, experience and professionalism will be missed.
All of us at the Professional Advisory would like to thank Dr. Weintraub for his contributions to the dental profession and to the Professional Advisory over the years. We wish him a very happy, healthy, and relaxing retirement.And for our dental colleagues, we hope that the strategies within this issue support your continued success.