There is only one way.\u00a0 And that\u2019s to plan for it.\u00a0 You know this already.\u00a0 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.<\/p>\n
I know it\u2019s not fun to think about; you love what you do so much so that you may want to practice forever \u2013 but you don\u2019t want to have to.<\/p>\n
That\u2019s doesn\u2019t matter whether you are 30, 40, 50, 60, 70.\u00a0 You don\u2019t want to ever be in a position that you have to.\u00a0 At any age, you gotta hustle to get out of that circumstance.\u00a0 Of course, there are ways to do it.\u00a0 That\u2019s the point of business.<\/p>\n
The reality is, you aren\u2019t going to do this forever (at least we hope not).\u00a0 And the secret to a healthy, happy and prosperous career is to have balance along the way.\u00a0 To enjoy life, you need to make sure that you are disciplined both in and out of the practice.\u00a0 That you are always taking care of your highest priorities (personally and professionally), by your own definition and choosing.<\/p>\n
Here\u2019s my point\u2026<\/p>\n
If you are going to use Napoleon Hill\u2019s \u2018accurate thinking\u2019 (which is the only kind of thinking you should allow yourself to have), then you have to know the following\u2026<\/p>\n
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).<\/p>\n
Remember, you will always spend more when you are not working.\u00a0 Don\u2019t listen to people who don\u2019t know how to make money and only tell people what to do with theirs.\u00a0 When you are working, you are making and not spending; when you stop working you are not making but spending.<\/p>\n
2. You need some life goals outside of dentistry.\u00a0 Like I always say, if you can\u2019t think of anything to do, ask your spouse or significant other or your kids \u2013 I\u2019m confident they\u2019ll have a list.<\/p>\n
These items need to be figured out and budgeted in.\u00a0 And this includes life events like marriages, college and charitable giving.<\/p>\n
3. You need some idea of ideal timeframe (which can be changed when the time comes).\u00a0 Let me promise you, if you don\u2019t have a deadline then you can\u2019t make decisions, you can\u2019t wake up confident that anything will actually happen and you are just at the mercy of every variable in life and business.<\/p>\n
4. After thinking through all of these, you then can figure out what type of exit or transition scenario you may wish to consider.<\/p>\n
Again, at any age all four things apply.<\/p>\n
You can change your mind, you can expand your practices, you can work more or less, associate or not, sell or continuing owning.\u00a0 It doesn\u2019t matter if you get is perfect on the first try, only that you have some preliminary idea of what it might look like.<\/p>\n
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.<\/p>\n
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.\u00a0 This is actually what gave rise to corporate dentistry.<\/p>\n
Of course, this is ill-advised.\u00a0 Your life\u2019s work, your chosen profession, your greatest asset \u2013 you should be selling at the top, the peak; not the bottom, the valley.<\/p>\n
All of this requires serious thought.\u00a0 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.<\/p>\n
There is no time too early and there is no time too late.<\/p>\n
I\u2019ll make you one promise right here today that will come true\u2026<\/p>\n
Neglect.\u00a0 And.\u00a0 Regret.<\/p>\n
Choose neglect and you will regret it.\u00a0 While working under pressure is good (that\u2019s 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.\u00a0 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).<\/p>\n
And I\u2019m not talking about \u2018not\u2019 being successful.\u00a0 You can be perfectly successful right now, making great money and running a profitable practice.\u00a0 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.<\/p>\n
This pressure mounts and it forces wrong decisions, desperate actions or hopelessness.\u00a0 Your greatest responsibility to yourself and your family (aside from your health and integrity), is your financial discipline.<\/p>\n
There is only one way to get rich \u2013 that is earning your way there.\u00a0 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.<\/p>\n
You can only earn your way by growing your practice, increasing your profit, multiplying your income and therefore adding more to your wealth faster.\u00a0 More on that topic another time.<\/p>\n
If you are at a point where you are contemplating what\u2019s 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 \u2013 then I have a special and unique gift for you.<\/p>\n
It\u2019s a behind the scenes look at exactly what transitions and exits look like and just how to go about making these decisions.\u00a0 One of my super star doctors and great friends just when through this.\u00a0 He did it brilliantly and is living the \u2018life after dentistry\u2019 dream he set out to achieve.<\/p>\n
You don\u2019t have to want to be like him in order to learn from him.\u00a0 It\u2019s an amazing interview and I\u2019ll send you my definitive guide along with it.<\/p>\n
I like to reward proactive and smart behavior and thinking.\u00a0 I\u2019m asking nothing in return.\u00a0 My goals are clear \u2013 help you get rich on your own terms.<\/p>\n
This is just another way I\u2019m putting my money where my mouth is.\u00a0 I hope you will too, with your actions and decisions for your future.\u00a0 It is yours to have and do with it whatever you want.<\/p>\n