Solo practice isn’t getting easier. I spoke with a very nice dentist here in Oregon earlier this week. His challenge wasn’t income. It’s freedom. With a booming, multi-million dollar practice and over 7 figures of net income annually, both he and his hygienist/team leader wife are married to the business. He’s mired in clinical and she’s doing her level best to insulate him from the administrative pressures.
While no one is worse or more difficult than the other (clinical vs. admin), it’s hard to focus on both and do a great job at both – in fact, it’s nearly impossible in today’s world.
There are some health concerns. Nothing life-threatening, but regular discomfort for sure.
There’s transition questions – what does he do to transition out of the chief clinician to a mentor with mentees – new associate dentists or partners that can be brought up to the level of his efficiency.
After all, he didn’t get there over night.
Our conversation centered around my dental office franchise system, Wellness Springs Dental® and how it could well be the answer to many of the challenges he’s faced with.
At the end of the conversation, it boiled down to him and his wife making a decision…
If they change nothing, what does their future hold? Sure, a fantastic, over $80k/month net income, but what if there’s a serious medical problem? There’s no dentistry that can be done from a hospital bed. And, it’s hard to be a mentor when you can’t even get to your office.
It’s also hard to recruit new patients, keep the ones you have and build a business if you’re not healthy.
A friend of mine, a well-known marketer, recently suffered a life-changing, debilitating stroke. He worked hard, built-up a huge 8 figure business, sold it at it’s peak and “retired.” Now a few years later, he’s facing health problems that no amount of money can fix. Fortunately, he has a sizable nest egg, so he can battle back and that he will, I have no doubt.
Still…why trade your health for income?
It’s been said we spend the first 20 years in business building up a nest egg, sacrificing our health. Then, we spend the last 20, spending our nest egg to stay alive.
Why not consider a different path? One that’s paved with proven systems, experienced people who understand business, and a support group as interested in your getting to the next level as you are?
I know, you can always sell your practice. But, once that baby is sold, the income stream it can generate WITHOUT YOU present or without you practicing is also gone. What’s more, a dental office can pace inflation and other economic changes. Money in the bank can be devalued, just like Gold, Silver and other similar assets.
A business you own, control and have complete clinical autonomy within may be your best bet for a solid financial future.
If you’re interested in that alternative path – one with unparalleled support and a team behind you, reach out to us here at Wellness Springs Dental
No matter what some might believe, Big Dentistry and the switch from Solo to Group practice is here to stay. More and more dentists can’t afford to be solo – so they’re forced into Group practice. That doesn’t bode well for the solo docs left standing. If not already, you’ll soon be outspent and outgunned in marketing, PPO fees (many Groups get far better PPO fees than you do), and more, all while Groups experience a lower overhead in a mostly superior business model.
While you’re here, click on Discovery Day at the top right. It’s a great, no-pressure, no-obligation opportunity to learn more about our Dental Office Franchise. And, there’s never a charge to attend.