There is only one way. And that’s to plan for it. You know this already. The question is how deliberately, strategically, intentionally have you mapped out the future of your life and practice to determine the long term desired outcome.
I know it’s not fun to think about; you love what you do so much so that you may want to practice forever – but you don’t want to have to.
That’s doesn’t matter whether you are 30, 40, 50, 60, 70. You don’t want to ever be in a position that you have to. At any age, you gotta hustle to get out of that circumstance. Of course, there are ways to do it. That’s the point of business.
The reality is, you aren’t going to do this forever (at least we hope not). And the secret to a healthy, happy and prosperous career is to have balance along the way. To enjoy life, you need to make sure that you are disciplined both in and out of the practice. That you are always taking care of your highest priorities (personally and professionally), by your own definition and choosing.
Here’s my point…
If you are going to use Napoleon Hill’s ‘accurate thinking’ (which is the only kind of thinking you should allow yourself to have), then you have to know the following…
1. How much money will you need to be in position to retire or slow down or cut back or travel more or whatever you want (without suppressing lifestyle or having to sell).
Remember, you will always spend more when you are not working. Don’t listen to people who don’t know how to make money and only tell people what to do with theirs. When you are working, you are making and not spending; when you stop working you are not making but spending.
2. You need some life goals outside of dentistry. Like I always say, if you can’t think of anything to do, ask your spouse or significant other or your kids – I’m confident they’ll have a list.
These items need to be figured out and budgeted in. And this includes life events like marriages, college and charitable giving.
3. You need some idea of ideal timeframe (which can be changed when the time comes). Let me promise you, if you don’t have a deadline then you can’t make decisions, you can’t wake up confident that anything will actually happen and you are just at the mercy of every variable in life and business.
4. After thinking through all of these, you then can figure out what type of exit or transition scenario you may wish to consider.
Again, at any age all four things apply.
You can change your mind, you can expand your practices, you can work more or less, associate or not, sell or continuing owning. It doesn’t matter if you get is perfect on the first try, only that you have some preliminary idea of what it might look like.
And obviously, the closer you are to the date you chose in number 3 the faster you had better move towards having clarity with a plan in place to get there and then hit the accelerator.
I have often talked right here about the unfortunate trend in our industry, where doctors are winding down and then selling out on the bottom. This is actually what gave rise to corporate dentistry.
Of course, this is ill-advised. Your life’s work, your chosen profession, your greatest asset – you should be selling at the top, the peak; not the bottom, the valley.
All of this requires serious thought. If you are in the earlier stages of your career, you still must have financial benchmarks and then you may choose to have deadlines of revisiting your exit and long term plan.
There is no time too early and there is no time too late.
I’ll make you one promise right here today that will come true…
Neglect. And. Regret.
Choose neglect and you will regret it. While working under pressure is good (that’s when the best always pull out all the stops to win), financial pressure is not healthy pressure and it will move over into your personal life. Whatever pressure you are feeling, no matter how much you think you are hiding it, your family feels it and knows it (probably your team and patients too).
And I’m not talking about ‘not’ being successful. You can be perfectly successful right now, making great money and running a profitable practice. That has nothing to do with the financial pressure of not having money moving out of the practice and into wealth consistently and predictably so it compounds.
This pressure mounts and it forces wrong decisions, desperate actions or hopelessness. Your greatest responsibility to yourself and your family (aside from your health and integrity), is your financial discipline.
There is only one way to get rich – that is earning your way there. You will never pinch your pennies and save your way to financial independence; at least in a way that you can actually enjoy and reap the rewards of it.
You can only earn your way by growing your practice, increasing your profit, multiplying your income and therefore adding more to your wealth faster. More on that topic another time.
If you are at a point where you are contemplating what’s next for yourself and what your future looks like, if you are ready to consider and decide on these four important and necessary components in your life and career – then I have a special and unique gift for you.
It’s a behind the scenes look at exactly what transitions and exits look like and just how to go about making these decisions. One of my super star doctors and great friends just when through this. He did it brilliantly and is living the ‘life after dentistry’ dream he set out to achieve.
You don’t have to want to be like him in order to learn from him. It’s an amazing interview and I’ll send you my definitive guide along with it.
I like to reward proactive and smart behavior and thinking. I’m asking nothing in return. My goals are clear – help you get rich on your own terms.
This is just another way I’m putting my money where my mouth is. I hope you will too, with your actions and decisions for your future. It is yours to have and do with it whatever you want.
Claim Your Free Practice Transitions Report and Audio CD Now >>>
