Building a Better Now and a Better Future
Your Goals, Your Legacy
Whether you are just starting out, or have a well-established practice, it is an excellent exercise to start laying out your goals and why you are doing what you are doing.
Of course, you are in dentistry to help people, but very few are doing this for purely charitable reasons! For most, there are goals like:
- Work 4 days a week and be able to provide $X monthly for my family
- Retire at age XX with $X in my accounts.
- Work Part time starting at age XX
Or short and mid -term goals may be:
- Pay off a student debt
- Purchase a building or investment property
- Open a 2nd location
- Pay for kids’ education
Once you have documented what you want, we can then determine how to reach those, and can pull in people to help reach those along the way. For example, It may be determined that you can reach all of your goals if you make $400,000 per year. But you are feeling stuck at $320,000 and you are already working more than you want.
Others have seen this before and can help you figure out what is realistic and how you can get there.
Our biggest piece of advice for dentists is “Don’t try to do everything yourself.”
By working with the right people around you, you can achieve more together than you could on your own and at a much quicker pace. Each consultant, banker, dental-related professional, office design expert, etc can help maximize your practice to its fullest.
We encourage you to be open to surrounding yourself with experts in other areas, rather than trying to become your own expert in all or many areas. You should act in the role of the CEO (not the tax expert, marketing expert, payroll expert, retirement expert, insurance expert, or the building design expert). Let other professionals help you in their areas of expertise. Now you can focus most of your and your team’s time with patients and on high-level CEO decisions that increase the value of your practice.
There are areas that our firm can help you accomplish and there are some where we will recommend other partners. We will work closely with you to analyze various recommendations and make sure you are getting the best advice for your situation.