As a dentist, what is your biggest potential future retirement source of income? Your dental practice, correct? It can also be one of the most neglected investments to and for your future.
Some things to consider…
- If your office is showing age and is tired…a minor remodel of new paint, carpet and just an all around “sprucing up” has been proven to bring a return of 6 – 8%. Why would that be? It’s called pride of ownership! You and your team’s excitement and pride in something that is newly refurbished will improve your outlook and your future!
- The same holds true for a major remodel, or new office, but even more so! We have been seeing an average of 20% increase in production in 1 year!
- It has been proven that the investment in the proper dental equipment for your office can greatly improve your returns, and many investments can be paid off in anywhere from several months to just a few short years.
- Having your insurance plans and your fee structure re-evaluated, revised and negotiated can increase your bottom line from 5 – 25%, and in some cases, even more!
Have you considered your future? Many dentists look at the sale of their dental practice as a major source of revenue upon retirement. Unfortunately, more often than not, many dentists wait too long and/or make poor choices that allow their practice to slip (sometimes nose dive) in value, by neglecting to seek assistance or make changes that would increase their bottom line investment when they are ready to sell.
It’s always a good idea to periodically take an ‘inventory check’ on what changes could be made in your practice that would provide a benefit and increase the rewards of your labor. When in doubt…Check in with your trusted Dental Specific Broker, Equipment Specialist, CPA or General Contractor.
“We all have dreams. But in order to make dreams come into reality, it takes an awful lot of determination, dedication, self-discipline, and effort!”– Jesse Owens