Why you should plan for your dental practice’s future, even long before you retire

If you’re a successful dentist with your own practice, you know all too well about the blood, sweat and tears that got your practice where it is today.  You have worked your way up the dentistry ladder, have built your own dental and administrative teams and have transitioned through the growing pains and have become the “best dentist in your Virginia town.”  

Have you ever asked yourself what will happen in 5, 10 or even 20 years from now?  Have you considered if or how your practice has more room to grow?  Will you hire an associate that will take over the practice? What if something unforeseen were to happen to you?  Do you have someone that could carry on the business and keep the overall culture flowing? 

Golden Egg in Nest and Thousands of Dollars Surrounding

These are probably tough questions to ask yourself, but just as when you are planning for your financial future, the future of your business is at stake also.  Some dental practice owners may have aspirations to leave their practice to a family member that will take over.  Others plan to leave their practice to an Associate, or selling the practice all together. This is where the beauty of Commonwealth Transitions and the service that we provide come into play.

Here are the Top 3 Questions to ask yourself when planning the future of your Dental Practice: 

1.    Do I have a back up plan for my business if something unforeseen were to happen to me? 

2.    Do I have know of someone or do I have an Associate that would want to take over my business once I retire?  

3.    Are my employees jobs secure if something unforeseen were to happen? 

Now that you have considered these key questions, we have you thinking.  Step 2 to these questions is reaching out to someone like Commonwealth Transitions (if you are in Virginia), or other similar business in your home state.  Experts like us will help you and secure your back up plan.  We have helped several dental practices carry on their business after everything from sudden changes to planned sales.  We will even help you find a qualified Associate for your dental practice!  

Contact us today with your Dental Practice concierge needs.