Converting Your Practice into Cash at Retirement

BPA in dental materialsFrom now through Friday, Jim Du Molin is offering a 50% discount on his training system “How to Structure an Associate/Buy-out.”

Now you can get the entire training tutorial system – 2 Associate Strategy Video Tutorials, Associate Profitability & Compensation Software, Legal Agreement Outline, and more – for 50% off the normal price.

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Dental Retirement Plans Changing Due to Economy

Over 60% of dentists in this survey acknowledged that the present economy means they now plan to work longer than they’d expected.

Said one dentist, “I wonder if I’ll ever be able to retire and maintain my lifestyle, which is NOT extravagant.”

  • 62% say they plan to work longer.
  • 25% say their retirement plans are still holding steady.
  • 11% say “Retirement plans?!? What retirement plans?”
  • 2% say they’ll retire early and be done with the whole mess.

Unexpectedly, the younger dentists in our survey were more likely to say they anticipate working longer — four out of five dentists under 50 said that, while only 3 out of 5 doctors over 50 did.

Here are some more thoughts from dentists on the subject of retirement:

  • I love dentistry, but this sucks!” (New York dentist, 62)
  • “I’m beginning to wonder if full retirement is really a worthwhile goal anyway… All I do now is work, and I love my profession!” (Georgia orthodontist, 54)
  • “Plan ahead, it works!” (Florida dentist and investment advisor, 64, retiring early)
  • “I feel as though I may have to work forever!!!!” (California dentist, 65)
  • “”I am not interested in retiring. I do want to change my practice to do more implants, dentures and ortho.” (Utah dentist, 63)
  • “I still have 10+ years until I retire. As for now, I am refinancing everything I can to the lowest rates I can so that in 10 years I will be in an even better position to retire than I would have been… assuming we recover at least most of our losses from the past year.” (Missouri dentist, 51)
  • “Even though I started saving very early, with today’s uncertain times, we can only hope the economy will turn around so we do not have to work longer.” (Florida dentist, 42)
  • “I’ve been working 3 days a week for 10 years without loss of production, so retiring in place is working for me… Although the stress of dealing with a more unappreciative public is difficult at times.” (Louisiana dentist, 61)
  • “Put ’em in jail…no Bailouts!” (Florida dentist, 52)

Read more: Slumping Economy Means Some Dentists Can’t Afford To Retire

Most Dentists Have Had Trouble with Dental Associates (Video)

Dental associates can make dental practice management a lot easier… unless, of course, they betray you in some way. Unfortunately, that’s happened to a lot of doctors.

Read more: Dental Associate Retirement Strategy Sometimes Fails

How the Next President Could Affect Your Dental Career

Will the results of this November’s presidential election change your retirement plans?

Well, Hy Smith thinks they might. He’s a managing partner of ADS Florida, a group that helps dentists manage their dental practices and develop exit strategies.

“Post election, there is a distinct possibility that the capital gains rate will increase, which could create a significant increase in the seller’s tax burden,” said Smith. “That would be a reason to sell this year over next.”

Smith acknowledges a slowdown in sales of dental practices. “While we can certainly understand why the current climate is less appealing than selling five years ago, things may not be as bad as they seem,” he said. “It’s a good time to be prepared to sell, even if it’s not for another year or so. As factors change, practice owners want to be able to make a move expeditiously.”

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North Carolina Dentist Donates His Dental Practice to County

Generous Donation Paves Way for Retirement

At age 64, Greensboro dentist John Chandler was ready to retire. But what to do with his dental practice? So he donated it to his country’s low-income dental clinics. Yes, that’s right, he donated his entire dental practice – the building, the equipment, the computers, the chairs, every bit of it.

Chandler estimates the value of the gift at $1.4 million. Chandler (who also owns another business, Chandler Foods) decided to skip the profit and the headache of selling his practice. He’s financially comfortable and ready to move on. Said the dentist, set to retire in May, “I’m just walking out.”

Needless to say, North Carolina’s Guilford County is delighted with the gift to its cash-strapped dental clinic program. Unfortunately, the clinics do not receive enough funding to support a full-time dentist at the new office, but officials are hopeful that grant money will allow them to do so in the future. The clinics are currently open only three nights a week, and may be further cut back to two weeks a month. Of the county’s estimate 54,000 uninsured, 3,000 are already on the waiting list for the clinics, which charge only $10 per visit.

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