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Many experts in practice
management are now saying that in
the coming years, the number of
retiring dentists selling their
practice will greatly exceed the
pool of young dentists willing to
buy it. Therefore, the eventual
sale of your practice as a means
to fund your retirement is NOT a
done deal. |
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"But I'm still young...", you
say.
For those of you a long way from
retirement, this program will FUND
THE RETIREMENT that's not being
fully funded now. I know there's a
lot of skeptics out there,
dentists are notorious for that.
I've heard the snickers and the
whispered comments, "I've got a
big crown and bridge practice, I
don't need a teaching school." But
the statistics which show 95% of
all dentists reaching age 65 have
insufficient retirement savings
make those snickers ill advised,
don't you think? Many of these
dentists keep doing things the
same old way, but somehow
expecting a different result, and
arrive at retirement with nothing
in the bank for all those years of
hard work. I'm snickering too, all
the way to the bank!
Don't get me wrong, clinical
dentistry has been, and continues
to be, an enjoyable part of my
life. It is however, a difficult
business from which to build a
nest egg for retirement. Don't let
it happen to you. Omer Reed once
noted that for dentists facing new
opportunities, there are two basic
mind-sets:
1. "Well , you've done it but I
don't think I could be successful
at it."
2. "You're not any smarter than I
am, if you can do it, so can I."
Omer Reed observed that BOTH
groups are CORRECT. If you are
working to capacity, getting
hammered by the outrageous
overhead we dentists all deal with
(not to mention insurance company
hassles) and can't seem to save
enough money for retirement, or if
you are 40+, 50+, 60+ and do not
have sufficient savings, now is
the time to RETHINK YOUR
SITUATION. Are you going to do
things the same old way but
continue to expect a different
result? Or are you going to:
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