Last month we started this series with bucket #1: Financial Protection. Bucket #2 is the Financial Security Bucket. If you didn’t complete Bucket #1, go back and complete each exercise as it will build on the previous month. The process will require you to figure out and calculate some monthly expenses, then goals and then dreams later. We will start simple and get deeper as we proceed. Bucket Two: Financial Security This bucket requires you to have liquid assets to “protect” your monthly critical obligations. Basically, it means you must have enough cash somewhere so that you can … [Read more...]
When is it Time to Sell?
Every dentist and, in fact, every business owner has asked themselves at some point in their lives, “When is the right time to sell my business?” Many factors go into this type of decision including age, life situation, financial status, burn out, favorable selling market, etc. In many businesses, one is afforded the choice of selling or partnering with another company and still continue their daily work with less responsibility of running the business. Dentistry is famous for this as many practices sell to another dentist, a group or a corporation, and continue on as employees. This … [Read more...]
The Art of Decluttering: Part IV
In the last issue, I told you about the decluttering of dishes process I had started, using the Marie Condo’s method called The Art of Decluttering. Marie is the Japanese author that made this process popular on Netflix, in magazines, and in newspapers. The final, and most difficult, decluttering area for me was the books, papers, notebooks, etc. We stopped the decluttering process after this area for now but, there is one more area that I have to tackle which are souvenirs, knick knacks and memory-related items. We will revisit this area after my daughter graduates from college and comes … [Read more...]
How are Your Buckets Doing?
Many of you may have probably heard of the phrase, “You should have money in different buckets.” What does that really mean? What are these buckets? How many are there? How much should you have in each? I am going to start a series that will take us through several newsletters. Please complete each exercise as it will build on the previous one during the following month. The process will require you to figure out and calculate some monthly expenses and then goals and dreams later on. We will start simple and get deeper as we proceed. Bucket One: Financial Protection This bucket … [Read more...]
What Business are You Really In?
Sounds like an easy question. Of course, we are in the dental, coaching or retail business. Once I really thought about it and discovered that I was in the 'people' business, my entire career changed. Almost every business is, in some way, in the 'people’ business. People buy from you, trust you with their health advice or money, and rely on you for services. We built our dental business on customer service and have never looked back. Here are some other questions I would like you to answer that will help you plan the future. If you are an employee, please share this with the owner or … [Read more...]