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Patient Attraction Episode 1172
Back in the day, dentists who were ready to retire or move on could count on selling their practices for multiples of earnings. Those days are gone, and they’re not coming back. If you’re counting on the sale of your practice to fund your retirement, you’re in for a rude awakening. After the break, I’ll tell you why dental practices aren’t selling like hotcakes and the best way to safeguard your retirement. Stay tuned.
– I’m Colin Receveur, CEO of SmartBox.
– Thanks for watching the Patient Attraction Podcast™.
– There are more dentists practicing now than at any other time in U.S. history.
– Given that there are numerous areas of unmet need, this next statement might sound strange.
– But dental practices are a glut on the market.
– No, seriously – the sheer number of private, group, and corporate practices has changed the dynamics of selling a dental practice.
– Back in the day, the number of available practices was far lower, so sale prices were much higher.
– Today, it’s common for practices to sell for 70 percent or less of earnings.
– Your $3 million practice is worth maybe $2.1 million at sale.
– That probably isn’t the kind of retirement you planned.
– So if earnings aren’t the key to a fulfilling retirement anymore, what is?
– It’s making more money now and investing for your retirement.
– You might be thinking, I’m already slammed with patients and practically on roller skates rushing between rooms.
– How am I supposed to make more money than I’m making now?
– There’s a 2-word answer to that question: better patients.
– Better patients make up at least 20 to 30 percent of almost every market.
– These are prospects who have the discretionary income to pay more for the right dentist.
– They represent much higher lifetime value to your practice than what you’re getting now.
– With better patients, you can work less, earn more, fund your retirement, and enjoy life while you’re getting there.
– Does that sound too good to be true?
– Not according to Dr. Sean Hanson of Salem, Oregon.
– He said, “I will be able to spend more time away from the office, and that’s really my biggest thing.
– “Ultimately, I can go and take a week vacation with my kids and take them to Europe or go somewhere farther away than just California.
– “That is ultimately the goal: that I’m not spending my 40s and 50s slaving away doing dentistry.”
– Dr. Hanson is positioned to enjoy the day-to-day practice and getting himself set for retirement because he partnered with SmartBox.
– SmartBox provides a steady stream of better patients so our dentists can focus on doing the dentistry.
– If you’d like to enjoy life as well as the practice of dentistry while preparing for a very comfortable retirement, here’s your first step.
– Go to smartboxdental.com and reserve your free, no-obligation Practice Discovery Session™.
– We’ll conduct a 25-minute phone call with you.
– We’ll take the results from that call to create your completely personalized Patient Attraction Roadmap™.
– The free, no-obligation Roadmap will give you recommendations for thriving in spite of the competition in your market.
– It’s yours to use however you wish.
– The time to take action to secure your retirement is now.
– Don’t gamble on selling your practice to fund your retirement.
– Put your practice on a better-patient footing with SmartBox.
– Join me for our next podcast.
– Until then, keep moving forward.