Dentists are often frustrated with associate docs who just won’t bring in patients, but if you have the right marketing “machine” in place, you don’t need them to do that. To this end, my client and friend Parthiv Shah’s “Dental Growth Machine” warrants a full reading. One last point: Force yourself to do “blank slate thinking.” How your practice operates now is almost irrelevant. Figure out what kind of new relationship you’d like to have with it, then try to build that into your exit plan. What you think of musts are probably, frankly, just habits.
the sale that, after doing so and popping the cork on a bottle of champagne, people look at each
Many sellers who agree to hang around for two or three years are quickly frustrated and unhappy doing so. That is often not the fault of the buyer. The seller makes two mistakes: First, unreasonable and unrealistic emotional attachment
other and say, “Uh-oh. Now what?” 2. Encumber most of the proceeds for a full year. Untouchable. Put it in dull, boring, safe places, like T-bills or money market accounts. DO NOTHING with it. 3. Study up. You were running a practice. Now you are running your investment and income portfolio. 4. Politely say NO to everybody showing up hat in hand. Steel yourself against manipulation, guilt, seduction. Explain that the proceeds from the sale, after taxes, have been “locked up” as the foundation of all your future income. 5. Do NOT do dumb stuff: divorcing, marrying half your age, buying fast depreciating assets on a lottery winner’s buying spree. Investing in something you know nothing about. 6. Get qualified, reputable help and advice. I can recommend reading some of Ted’s books, like “$30-Millions and Broke” and “Crazy Times,” and watching his YouTube videos. Visit OxbowAdvisors.com. 7. Carefully test some waters. Maybe mentoring, consulting. Work with a charity of your choice. Rent (don’t buy) anything big, like a giant RV or a new home by the beach. Maybe You Shouldn’t Exit After All There is a big assumption that, at a point, you sell. It’s sort of what you’re supposed to do. Given that the peak price-paying has stalled and it is more a buyer’s than a seller’s market, and considering other factors, maybe you’ll be better served “almost-retiring rich, in practice.” Instead of leaving, you could creatively grow your practice to be more profitable and more “set it and forget it” with successful marketing automation.
to everything as-is. Second, not putting the same thought, care, and specificity into the post-sale working relationship agreement as went into the sale agreement. —Dan S. Kennedy
Dan S. Kennedy is a much sought after direct marketing strategy consultant and copywriter, helping build brands and businesses like Perfect Smile® and Proactiv®, America’s #1 acne treatment, MiracleEar®, and Medicare Express. He is the author of the bestselling series of “NO B.S.” books, including the most recent “No B.S. Guide to Succeeding In Business by Breaking ALL The Rules.” As a speaker, his long career includes nine years on the largest public seminar tour in America, alongside four former U.S. presidents, countless Hollywood and sports celebrities, great marketing founder-CEOs like Debbi Fields (Mrs. Fields Cookies) and Jim McCann (1-800-Flowers), and legendary speakers including Zig Ziglar, Brian Tracy, Jim Rohn, and Tom Hopkins. His own seminar events have featured celebrity-entrepreneurs like Gene Simmons (KISS), Joan Rivers, George Foreman, and Kathy Ireland. The entrepreneurs’ organization he founded can be looked in on at MagneticMarketing. com. Over 30,000 dentists, chiropractors, and other health care professionals have been in his audiences.
Stan Kinder - (703) 298-1690 · 11
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