This is an exciting time year for many dental practices; new dentists start new associate positions and practices welcome their new associates. The associate and practice owner enter this relationship with differing perspectives and objectives, yet the ultimate goal is the same: to generate income.
New associates get to navigate their introduction into a practice, build their skills and confidence, and learn the responsibilities of managing their finances. Practice owners get to introduce an associate, mentor them, and experience their success, which will inevitably enhance the practice. The associateship could enhance productivity and practice value, allow the practice owner to reduce their hours, or lead to a partnership or buyout. Moreover, it could set up the practice to be viable for partnership with a DSO.
The focus of financial matters varies depending on where someone is in their career. Regardless, the sooner a dentist is mindful of and plans for retirement, the more likely they’ll be able to retire comfortably and on their own terms. Financially savvy dentists strategize early. There are many paths to financial freedom, and the challenge is to determine which is right for you.
Dental Economics’ Principles of Practice Management Conference will focus on this very topic. We’ve invited some of the industry’s most successful, engaging, and effective financial experts to share useful tools to create a strategic plan for maximizing practice profitability and value, increasing your income, and creating generational wealth.
In addition, proven approaches for financial planning and meaningful tax saving will be discussed. The various types of DSOs will be described, as will what to look for (and look out for) in a contract with a DSO. This conference is a must for any dentist who needs to find, create, or hone their pathway to wealth. Bring your financial team with you and leave with a plan geared toward wealth.
Join us on October 13–14 at Caesars Palace in Las Vegas for “The secrets of successful dentists for creating wealth.” Use promo code PPM2023 to save on your registration.
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Editor's note: This article appeared in the June 2023 print edition of Dental Economics magazine. Dentists in North America are eligible for a complimentary print subscription. Sign up here.