Profit First for Dentists

Every dentist I speak with who owns their practice has high hopes of paying off their debts someday and then selling the practice. Paying off debt not only releases a tremendous amount of stress off their shoulders but there is also another reason for wanting to sell their practice. The sale of a practice is a boost to the retirement fund and most owner dentists depend on that money to see them through in their later years, allowing them to enjoy retirement with little to no stress! 

Unfortunately, the ADA reports that the value of dental practices has been decreasing. Coupling that with the fact that the dentist retirement age is increasing means that dentists are working into their later years. Working later in life many times also means working at a bit of a slower pace. Now, this is not an ideal situation for most who want to work hard to later enjoy their retirement.  

When the income and profits decrease, the value of the practice also decreases....

This is my new series about the business side of owning a dental practice. Each week I will be posting a new video on specific topics of business and how It relates to dentistry. I will also be sharing the challenges that I see dentists facing. After reading this week's blog, don't forget to check out my video on this topic as well.

Now, if you are like many of the dentists that I speak with, things are a bit hectic and you are never able to get everything done. There is always a lot going on in a practice. I always say that dentistry has a lot of moving parts. It makes the day fly by and at times it seems to just slip away. It may seem that you never have that extra time to manage all the administrative tasks of your practice.

My goal is to simplify the money management process in a dental practice. I do this by using the Profit First system. I help dentists to fully know where they stand in regards to their finances. I teach them how to pay themselves first, how to pay their...