You've done it. Congratulations!
You've worked your butt off, lost too many nights of sleep to count, studied rigorously, and finally finished your time at dental school. But before you jump head-on into the world of dentistry, it couldn't hurt to get a little context for what exactly is happening in the industry right now, and how it all applies to you. My goal is that by the end of this article, you'll feel more informed, prepared, and—hopefully—excited about kick-starting your career as a dentist.
I've got great news for you. You have chosen an absolutely wonderful profession. U.S. News & World Report, CNBC, CNN Money, Time, the Today show, Forbes and more all put dentistry in at least the top three professions in the United States. And there is a long list of reasons why!
But I'm not here to tell you all of those great things. I'm here to prepare you for one of the not-so-great aspects of your chosen career: You can't do it forever. At some point in time, you will need to retire and exit dentistry. This may seem like it's a lifetime away, but your countdown clock has already started ticking. You're running out of time, and you haven't even starting thinking about your exit strategy.
So I want to give you just one piece of advice: It is never too early to start planning your future. In fact, you need to start right now.
Think of it this way. I'm sure you've heard an older person say, "Boy, I sure wish I'd known that when I was younger!" Well, do your future, older self a favor and listen to me now. I've spent the last 25 years working with tens of thousands of dentists who have been planning their exit strategy and working to attain financial freedom. In that time frame, I've learned a lot about what works—and what doesn't—because I've helped those doctors build a career, run a practice, lead a team, eliminate debt, achieve true financial freedom and enjoy the high-quality lifestyle they desired. I couldn't possibly teach you all of those things in one article, but I can give you a few quick pointers to get you started.
Setting goals that have value
The thing about little goals is—they just aren't exciting enough to get you motivated! You need to go for the big goals—the energizing ones. There is absolutely no reason why you shouldn't be able to make whatever amount of money you set your mind to. The same goes for your impact on patients, your team's engagement, how big of a practice you can own and operate, etc. The list goes on and on. It all comes down to your goal and your focus. You can't allow others to derail you and deflate your excitement.
You will want to commit 100 percent to doing whatever it takes to achieve your goal, whatever it may be. So, what goal will get you the most excited? Think hard about that question, and when you come up with an answer, write it down.
Invest in the team and don't underestimate the importance of new patients
Whether you decide to start out as an associate or you immediately start working toward owning your own practice, it is absolutely crucial that you make training your team a top priority. They are your biggest catalyst for growth—they determine the effectiveness of your schedule, the productivity of your hygiene department, and the number of new patients you are seeing each month.
You need to invest in training every one of them in order to maximize your payroll costs and leverage one of your most expensive—and most important—assets.
Additionally, it's important to understand (and continually reinforce with the team) the crucial value of new patients. I see hundreds of doctors every single month who lose out on big money just because they are ignoring the new patient leakage that is going on in their practice. If you don't understand what's causing that, you'll provide minimal value as a practice owner and mediocre results as an associate.
The lure of corporate dentistry
The dental industry is currently experiencing a huge shift. Corporations have recognized that dentistry is an excellent field in which to make money, and corporate investors are going to come knocking on your door asking to buy your practice.
If you have just opened a practice, a $500,000 check could look pretty tempting—especially if you are starting to get cold feet about running the business.
If you are thinking about working in a corporate practice or selling to one in the near future, call me first. In my opinion, there is nothing more valuable in dentistry than being an independent practitioner—and I can explain that to you in a 15-minute call.
Hold on to your equity
I'll say it now and I'll say it a thousand times: if you haven't already gotten a partner, I'd suggest that you hold on to 100 percent of your equity. As a new graduate, a partnership might sound pretty sweet right about now—someone to share in the responsibility, someone to go through the steps with, to open a practice with!
It sounds tempting, but listen up: a partner also means that every single important decision you make about the practice has to be shared with another human being. And that means reaching an agreement, even if it means compromising what you know is right. Partnership also means you lose part of the value of the practice, and lose significant control over the practice's direction. Overall, there are definitely some benefits to a shared ownership arrangement, but I believe they are far outweighed by the negatives.
Have a good 10-year run
Over the years, I've noticed a fundamental difference between rich people and poor people. Most rich people are, by nature, long-term thinkers. On the other hand, the majority of poor people live moment-to-moment—short-term—without ever creating a comprehensive plan. If you want to become successful beyond your wildest dreams, make boatloads of money, and impact patients at a high level, the first step isn't to have "one good year."
The first step is to have an incredible 10-year run. That means setting huge goals, making wise investments, putting your head down and getting things done. Don't stop after one year. Keep pushing and accomplishing until suddenly—it's been 10 great years. Because, trust me, that's how you get rich. It isn't month-to-month or year-to-year. You have to commit to the vision and stick to it.
I've been working hard at growing my company since 1997, and since then I've gone from having two employees to having more than 180. I've gone from working out of a dim basement to working out of three gorgeous, world-class buildings across the United States. So I have been through this process before—I've been in your shoes!
And finish strong
Whether you've just graduated from dental school or you are 55 years old, it is time to think seriously about your exit strategy. Why? Well, let me put it this way: There are two very distinct types of dentists.
First, there are the dentists who made poor decisions in their early years and are now scrambling to make up for it. They liquidized their retirement funds, got into terrible debt, or even sold their practices for much less than they were worth. They are in a much different place at this point in their careers than they expected to be when they were young.
The second category: dentists who did it right. The ones who made wise investments, wise business decisions, lived within their means, held on to their equity, trained their teams—you name it. They are currently reaping the harvest of a thousand good decisions, and their future is looking incredibly bright. All they have to do now is keep up the good work, but it is much easier for them because they started early. They created a plan for success, and they stuck to it. They didn't give up.
I don't know whether you'll take my advice. I don't even know if you've made it to the end of this article, but if you have, just be aware that this is written by someone who has seen thousands of dentists rise and fall over the past two decades. That's my entire job—analyzing practice growth and looking at what dentists are doing, whether right or wrong. And I can tell you one thing for sure: this is an excellent industry to be a part of. You can have an extremely promising career and the opportunity of a lifetime, but you have to start setting yourself up for success right now.
So, what's it going to be? What is your next step?
Jay Geier, founder and president of the Scheduling Institute, is a well-known coach and speaker and has helped more than 11,000 dentists nationwide grow their practices and change their lives. For more information on Geier's programs, call (877) 317-6514 or e-mail info@schedulinginstitute.com or go to www.schedulinginstitute.com.
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