Who do dental practice owners listen to most?
Practice owners who can correctly answer this question are more likely to maximize profitability, enhance practice value and have peace of mind.
As a human, neurologists have determined that on average, over 60,000 thoughts run through your brain each day. Over 90% of these thoughts come from one source. That source is the thoughts that you had yesterday!
Your mind’s “self-dialogue” reinforces both truths and fallacies.
2 common fallacies to dental practice owners
Fallacy #1
Practice owners commonly believe that procrastination about planning for the future of their practices is not detrimental.
Nothing could be further from the truth.
Days turn into weeks, weeks into months and months into years with little or no planning. This is amazing considering that most practice owners love their families, are compassionate toward their staff members and patients and all practice owners transition out of dentistry eventually.
Have you given serious consideration to what will happen if something unexpected happens to you? Do you really want to risk dumping this on your family, staff and patients?
Fallacy #2
Some practice owners falsely believe that traits and abilities that helped them be successful in practice will help them when transitioning out of practice.
As business owner psychologist, Allie Taylor, PhD, states:
“An owner’s psychology predisposes them to believe they can solve transition challenges at some point in the future when it becomes important.
This wiring for confidence and practical problem solving is an asset for starting and growing a business. But it can present challenges once the owner gets the business to a certain scale.
At some point nearly all owners fall victim to the human brain’s natural tendencies. It is a case of their own psychology working against them.”
Have you been putting off practice transition planning?
No matter when you plan to retire from dentistry, have you been telling yourself that it is okay to put off practice transition planning?
Whether you are 2, 5 or 10 years from retiring, why not reap the rewards of increased monthly profitability, increase your practice value and give yourself a soft landing later on when you do choose to retire?
Practice Value Acceleration℠ (PVA℠), provides dental practice owners with clarity and control over the future of their practices through a comprehensive analysis of financial, practice management and owner psychology factors.
PVA is a service for long-term practice transition planning that maximizes your profitability, enhances your practice value, and gives practice owners like you greater peace of mind.