Are You Part of the Big 33?
About 33.8% of 3,500 dentists plan to retire within six years, according to Dentalpost's 2024 Dental Salary Survey of 3,500 dental practitioners. [1]
What does this mean for your practice?
1. Patients of closed practices are transitioning to new providers.
This offers an opportunity for remaining “healthy” practices to pick up new patients.
As a practice owner, it might be wise for you to be building relationships with older practice owners in your area whose practices are likely unsellable due to low collections, staff shortages or other issues.
Hopefully, retiring Docs will refer patients to you when they close their doors without a patient records sale.
2. Will you likely be one of the 33.8% retiring in the next six years?
If so, what have you done to prepare for the inevitable transition of your practice to new ownership?
If something unexpected happened to you, do you have a solid plan in place to prevent a 90% loss in the value of your practice in just three months, which would affect your family?
How could an unexpected event or a practice sale that is not planned out well in advance, affect your staff and your patients?
“If you don’t prioritize your life, someone else will. When we forfeit our right to choose, someone else will choose for us.” – Greg McKeown
J. Robert “Bob” Brooks, CEPA, CBI
J. Robert “Bob” Brooks, CEPA, CBI, leads Practice Endeavors, an Ohio-based practice brokerage and dental realty company. His company provides practice owners with the tools they need to prepare well for life after practice ownership and to find the best price/best fit buyers for their seller clients. Bob was integral in starting the first of its kind dental practice broker credentialing for the International Business Brokers Association.