Let’s play a game called “Name Your Price.” Imagine there’s a knock on your office’s front door. It’s a corporate investor. He wants to buy your practice and roll it together with five other practices, and he’s willing to cut you a big check to help you make up your mind. So… Name your price!
How much money would he have to wave in front of your face to convince you to sell your practice right then and there? Are you thinking of a number?
Whatever your number is… It’s the WRONG answer!
You heard me… Wrong, wrong, wrong! But before we get into that trick question, I’d like to take a step back and talk about Rich People and Poor People. Over the years, I’ve noticed a fundamental difference between Rich People and Poor People—besides, obviously, the size of their bank accounts. A lot of it comes down to the way that they think. Rich people are, by nature, long-term thinkers. The majority of poor people, on the other hand, tend to live moment-to-moment without ever creating a big plan. They are short-term thinkers.
So, what does that mean for you? It means that if you want to become successful beyond your wildest dreams and make boatloads of money, you need to create a longterm plan. You need to set your sights on a big goal—one that gets you really excited—put your head down, and get things done. You need to make wise investments that will allow you to push your potential. And most importantly, you need to keep your eye on the big picture… (Even when someone is waving a fat check in your face.)
This is your Wake Up Call. Corporate investors are going to come knocking. They are going to try to buy your practice out from under you, and I can tell you one thing… They’ll make an offer that is GREAT for them and not-so-great for you. 99 times out of 100, you’ll get the short end of the stick. But you’ll be so distracted by the easy money that you won’t realize it until it’s too late.
Do yourself a favor. Start thinking like a Rich Person. Keep the long-term plan in mind. A $500,000 check might make your head spin now, but that chunk of money won’t last forever… In fact, it’ll be gone in the blink of an eye! Your practice is your golden goose. It is worth SO much more to you than $500,000 or even a million dollars. It has the potential to provide generous financial margin for you until the day you die… And to continue providing for your family even after you’re gone.
That’s why you need to seriously RETHINK your exit strategy.
Don’t just create a plan to sell… Take the next five or ten years to grow your Practice as much as possible before you even consider selling. Come up with an exciting goal, create a plan, put your head down, and start making practice-growth investments. Focus on team trainings, resource maximization, facility improvements, etc. You should use this time to increase your new patient numbers, collections, production, and referrals… Buyers want to see numbers that are trending up! In fact, a Practice that has stagnated (or even worse, declined) are much more difficult to sell… So don’t accept those downward trends!
And creating an Exit Strategy isn’t just for us old-timers, by the way… Young dentists, all of this applies just as much to you! You have even more time to plan—but you need to get started NOW. Today. Start considering a few important questions…
-What does your timeline look like?
-How many more years do you plan to practice?
-How much time do you have to turn your practice into a marketable goldmine?
At the end of the day, the choice is yours. Maybe you’ve already made up your mind—you think you’re ready to sell because you aren’t enjoying dentistry like you used to… You’re fed up. Exhausted. DONE. But are you really ready to throw in the towel on something that you’ve poured so much hard work into? What if—and bear with me—you could reignite your passion for dentistry and learn to love your work again? What if all it took was making a few strategic changes that would produce enormous, exciting results?
Are you willing to give it one last shot?
To find out how to significantly increase your new patients and begin those upward trends within a few months, call 844-242-1992 today. Let us help YOU put your Exit Strategy into motion.
Until next time,