7 Ways to know if you’ve created a Dental Job or a Dental Business
Whether you want to sell next year or a decade from now, you must be building an asset someone would buy – otherwise, you have a job, not a business.
Here are seven ways to ensure you are building a dental company that is an asset, not just doing a job for income:
- A job requires that you show up at work to make money, whereas a company generates revenue whether you are there or not.
- A job is a place where your personal reputation impacts your results, whereas a company is a place where the brand is more important than the personality of the founder(s).
- A job requires you to use your personal experience and expertise to get a result, whereas a company is a place where a process – not a person – consistently produces a desirable result.
- In a job, you get fired for taking too much vacation, whereas if you own a company, the more vacation you can take without impacting your company’s performance, the more valuable your business will be.
- In a job, the harder you work, the more money you earn. In a company, the smarter you work, the more money you earn.
- In a job, you solve the problems. If you own a company, your employees solve the problems.
- If the majority of your patients know your mobile phone number, it’s likely you have a job, not a company.
Up to 80% of most dentist’s net worth is in their practice. As a financial advisor, I was never trained to understand and help a dentist grow their business value in an efficient and enjoyable way. I was trained to go find people that had money and get them to give it to me to manage. This never sat well with me. I got in this business to help and I felt like I wasn’t really helping and addressing the full picture. Through my own curiosity, experience with dental clients and the graciousness of some very successful dental entrepreneurs, I have found that understanding and helping grow the value of the business must be at the center of my process.
See often, the business owner’s financial advisor has no idea how to help them grow the value of this, their largest asset, so they simply ignore it. This can lead to advice and recommendations in the doctor’s personal financial plan that unintentionally block value growth opportunities in their practice. This is like driving down the highway of life with one foot on the brake and one foot on the gas. It could be costing millions.
When you’re ready, here’s 2 way’s I can help:
1 – Join my free group where I share what’s working now, case studies and free training for dentist’s: https://www.facebook.com/groups/dentalfreedomhub/
2 – If you’d like to work directly with me to to grow your practice, turn it into wealth and make doing dentistry optional, send me an email at matt@dentalimpact.co
