When Is It Time to Retire?
Dr. Richard Mandale—Case Study #242
Dr. Mandale’s Concerns:
Dr. Mandale was not a happy dentist because he had already retired emotionally and it was reflecting in his practice statistics.
Let’s review some historical figures for Dr. Mandale’s practice:
Year Net Collections # of New Patients
Don’t let the slight increase in the collection column fool you. Even with a small 2–5% increase a year in his fees, his practice is not growing enough to offset the ever-increasing overhead. The number of new patients is declining each year, and not keeping within industry standards of 25 new patients a month per dentist. Dr. Mandale’s practice is not in a good financial situation at this point in his career.
On a positive note, he has been very diligent over the years to make the most of his 401K and he owns the building. He is in an excellent position to retire… but what about his practice?
What needs to happen in each of these scenarios?
Work another 3 years…
Start looking for a buyer today…
What was his decision?
His decision was shared with his team. They were very excited to know that the practice had a direction now and they were secure in knowing that the practice wasn’t closing its doors.
He has a vision now, and realizes the positives about his dentistry and his practice. He again enjoys going to work and arrives early enough to handwrite his “thank you” cards and attend the morning meetings.
If you find that you need to start making some changes in order to prepare for the rest of your life, contact McKenzie Management for a consulting program that meets your needs.
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