What Retired Practice Owners Wish They’d Known Sooner
Have you ever built a fire in your backyard or while camping? If so, you know that the quality of the wood determines the fire’s success. Use wet or rotten wood, and the flame fizzles. Use seasoned hardwood, and the fire is inspiring.
Your eventual transition out of dentistry works the same way. What are you putting on the fire of your future? Are you stacking your transition with “junk wood” that leaves you in doubt, fear, and delay, or are you choosing “good wood” that fuels peace of mind and personal fulfillment?
Let’s compare.
Junk Wood That Douses the Flame
Inflation Fears. Inflation rises and falls with time, but your age doesn’t. Postponing your transition out of fear means you’re risking your best remaining years in the hope that economic conditions will be perfect. They never will be. You can’t practice forever.
Market Volatility. Basing your life transition on the daily noise of the stock market keeps you stuck. Your energy and your time, not the S&P 500, are your most precious assets.
Fear of Outliving Savings. This is a valid concern, but for many dental practice owners, it’s not grounded in fact. When the value of the practice is included in retirement planning, most late-career dentists are in a far stronger financial position than they realize.
Desire for Guaranteed Income. We all want predictability. But waiting for “guaranteed income” before retiring is like waiting for risk-free investing, it doesn’t exist. Selling your practice now and reinvesting wisely can create more security than clinging to the uncertainties of practice ownership.
Worry Over Social Security Changes. Changes are inevitable but Congress is unlikely to touch current retirees’ benefits, especially not retroactively. In fact, starting benefits sooner may be a smart hedge to avoid changes that could affect you.
Good Wood That Fuels the Fire
Emotional Relief from Stress and Responsibility. Years of dealing with insurance companies, supply cost increases and staff challenges can weigh on even the strongest practice owners. Selling your practice lifts that burden and lets you breathe, often in ways you didn’t know you needed.
Sense of Legacy and Continuity. You’ve built something valuable. Selling to a private, like-minded buyer preserves your legacy and ensures your patients and staff are in good hands. You’re not abandoning your practice, you’re passing the torch.
Peace of Mind About the Future. A successful sale gives you the freedom to better care for yourself, your spouse, and your loved ones. It turns uncertainty into clarity. It’s not just about money, it’s about control.
Reconnection with Identity Beyond Dentistry. You’ve been “Dr. ________” for decades. Now’s your chance to rediscover who you are beyond the practice. This shift can be both personally meaningful, and emotionally liberating.
Time and Energy to Focus on What Matters Most. Selling frees up the time and energy you’ve invested in dentistry. Engaging in and investing time in travel, family, service, and hobbies will allow you to finally live the life you’ve earned.
The longer you wait, the more energy you burn feeding a fire that no longer serves you. Instead, add the right wood. Step into the next phase of life with confidence, purpose, and freedom.
Light your fire to a successful transition today.
Take control of your future
PVA℠ helps practice owners prepare for the inevitable transition of their practices to new ownership.
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.