We're Not Invincible Teenagers Anymore

I generally and thoroughly enjoy this career that I've chosen. However, there is one type of phone call or email that is understandably heartbreaking.

It usually begins with the individual introducing themselves as the son, daughter or spouse (or someone representing such individuals) or a dentist.

Next, they explain that their father or spouse had an unexpectedly injurery or illness that took their life.

Finally, they share that, having endured a week or two of numbness during which they have eulogized and buried someone they had hoped would be around forever with them, their thoughts have turned to their loved one's dental practice.

Often, a friend or a professional acquaintance will step in on a temporary basis to handle the appointments on the books.

But questions from the family members naturally come up:

• What am I supposed to do with the practice?
• So and so has expressed an interest in purchasing it, but what's a fair price?
• This was supposed to be part of our retirement plan, but how do I know what its value it now?

As we all know, it takes only a few days for a large percentage of the patient base to learn of their doctor's death. Their have their own questions, which often concern their future dental care. They wonder, as do the dentist's family members, what will happen to their dental office. Unfortunately, if their questions aren't answered in a timely manner, they assume that they will be left to find another dentist on their own. Consequently, a quickly dwindling patient base means that the dental practice value drops precipitously in a matter or a few days to a couple weeks.

I've appraised practices whose doctors have been deceased for less than a month, and the potential buyers know, not from any greed or ill will, that the actual value of the practice is at best half of what it used to be.

Such scenarios perhaps best illustrate the need to have your practice appraised now. Many appraisers, such as Assist to Practice, will update it every three years or so for no charge.

With an updated appraisal in place, your practice's value will be set and ready for any such eventuality. Dentists should also have in place an arrangement with a friend or other professional to not only step in and fill in during emergencies, but also seek financing for the purchase of the practice as a whole.

Think of the peace of mind such arrangements could provide you and your family. Contact a professional appraiser today. Explain your reasons for having a practice valuation done, and make sure to have it updated every few years.