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...]
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...]
EFDA, Glad I met ya!
I was honored to speak at the recent graduation of the CWRU EFDA program. Expanded Function Dental Auxiliaries are special assistants that, among other things, place fillings in teeth that the dentist prepares. This is a rigorous 9 month program. My assistant, Sylvia, went back to school a few years ago to get her training and recently we hired another EFDA. They are an invaluable asset in the busy dental office! EFDA’s are not permitted in every state, but thank God they are allowed in Ohio! I would highly recommended them for your office! Doctors, all your fears of non-patient acceptance or … [Read more...]
You and Your Business Strategy
In order to gain the advantage in your business, you must first ask yourself some key questions (taken from Anthony Robbins Business Mastery): What business are you “really” in and how is business? Why did you get in this business originally? Why are you in it now? What do you need to get from this business long term? Who are you? What do you need? Who do you need to let go? What are your clients going to need in the future? Where are you now? What’s Next? Action Step for You: Take the time to answer these 5 questions and make sure you are writing your answers down on … [Read more...]
Take an Active Role in Your Taxes
Recently I explained to my dental students that taxes are a citizen’s biggest yearly expense yet hardly anyone pays attention to how they can minimize this bill. Making sure that you have a competent CPA or service completing your taxes is of course paramount. However, do any of you research or read up on the subject yourself? “I give it to them, they figure it out and tell me what I owe.” This is a BIG MISTAKE, when you do not take an active role in your taxes (i.e. accountant explaining what they did and strategizing over the course of the year etc). I have learned a lot from reading … [Read more...]