I hope you had a joyous holiday season and are about to embark on the best year of your life in 2020. I am grateful that you have been reading my Pavicic Dental Coaching newsletter and blog during the past 5 years. I hope it has brought you many good tips and inspirations In 2020, there will be a couple of incredible changes. As you may or may not have heard yet, I have teamed up with my good friend, Dr. Ed Bice, to deliver a brand new type of coaching and other services with our new joint venture, the COMPLETE U programs. I will be continuing the newsletters, but they will be titled … [Read more...]
Protect your ASSets!
One of the worst things that can happen to a person or a couple is to work their entire life building a business, saving and scraping, building wealth and assets, to only see them ripped away by some crazy stroke of bad luck or tragic event. Imagine sliding down the road in this crazy weather and killing someone totally by accident and finding that your liability car insurance covers about $250,000 and you are being sued for your entire net worth of 1 million dollars. Where will it come from? What if your teenage driver is texting while they drive and does the same? Most likely you are … [Read more...]
To a Successful 2019!
As the year begins to wind down, it is not too early to start thinking about the office and business goals for 2020. It is the start of a new decade and it might be fun to also put your lofty goals on paper for the next 10 years and store them away to review in the coming years. For now, we will concentrate on 2020. I cannot emphasize enough to start thinking like a CEO of your business and holding meetings and goal planning like you owned Amazon, not just a dentist working in their insignificant little office. Here are some things you can start doing now as you finish up a hopefully … [Read more...]
Who is going to buy your business?
One caveat about building a highly, successful dental office, with 14 employees and three doctors, is that the market for buyers shrinks. It’s similar to having a multi-million dollar house. There just aren’t many people looking to buy that kind of house. You want to get the best value out of your “baby,” but also, you want it to be taken care of and successful when you leave. Also, the time you want to spend in the office after you sell must be a factor taken into consideration. We quickly realized that the combination of the value of our practice, the size, and the time until we wanted … [Read more...]
What is Your Business Worth?
When the decision finally came that my partner and I would be attempting to either hire more associates or plain sell our practice, we first had to value our practice. We did so about 5 years ago on a smaller scale, but this time we utilized McGill & Hill Group out of North Carolina to do the job. They provided us with a 50 page intense, in depth valuation. They are a well-known company that helps dentists in many ways. We have been to their seminars and followed their newsletters for 25 years. We were shocked at the actual high value of our practice that came mostly from our … [Read more...]