Once you have decided to sell your practice, you may be wondering, “What’s next for me?” Many dentists feel apprehensive about changing careers or stepping out of the workforce altogether. Here are some tips to help you adjust to life after your dental transition:
You should start thinking about your transition three to five years before you plan to sell. By planning ahead, you will be able to spend the final years of your dental career treating as many patients as possible. You will also have ample time to find your ideal buyer—someone who will take good care of your patients and employees. As you transition, it is normal to feel a range of emotions, so be sure to have a good support system to help you throughout the process.
The sale of your dental practice will likely leave you with a hefty sum of money. You should coordinate with your accountant and financial advisor to ensure your money will last you through your retirement. Make wise investments, take advantage of tax opportunities and keep some funds saved for emergencies.
As a dentist, you have likely worked a similar schedule for many years, and you may not know the best ways to fill your free time. Here are a few suggestions:
After you retire, you may have more time on your hands and more flexibility in your schedule to get involved with different dental organizations. Your knowledge and experience will enable you to share valuable perspectives and participate in ways you might not have been able to before.
Oftentimes, selling dentists stay involved with their former practices by providing advice to the new owners. Your insight can help them settle in and also provide you with confidence in the health of your practice. You may find other young dentists to mentor as well.
Retirement is a great opportunity to get involved with your community. Look for causes and opportunities that you are most passionate about. If your interests still involve dentistry, you may find dental volunteer work a rewarding way to continue your passion without the constraints of running a practice. The Arizona Dental Association’s website lists current volunteer opportunities and events to get you started.
You may also find fulfillment by teaching at a dental school, whether as an instructor or guest speaker. Look for opportunities to pass your expertise on to the next generation in the industry.
You have had a long, fulfilling career, and you deserve to enjoy retirement. Use your time to pursue your hobbies such as golf, tennis, photography, painting, gardening or piano. You may also spend your time traveling to new places. In retirement, you can choose to do whatever you like, whenever you like.
Retirement may mark the finish line in our dental career, but you don’t have to give up on doing what you love. At Menlo Group, we handle all aspects of your transition, so you can enjoy the last few years of your dental career and ease into retirement. Contact us today at email@example.com to discuss your upcoming transition.