Recently Reese Harper, CFP welcomed Wayne Oplinger, Transitions Analyst at Benco Dental to his podcast the Dentist Money Show during the Greater New York Dental Meeting (@gnydm). Oplinger shared the most common mistakes dentists make when going through a transition.
- What are your options when it comes to buying or selling a practice?
- Will it be a gradual buyout or a clean break?
- What age do you want to retire at?
In episode #117, Oplinger talks about the current state and future outlook of the dental practice market, observations he’s made during hundreds of interactions with practice owners, choices and variables to consider when planning a transition, and the biggest regret dentists usually face after selling their practice.
“I’m surprised at how many dentists are working full time in their late 60s. I thought I was going to encounter dentists in their early 50s or late 50s that were looking to transition” Oplinger told the Dentist Money Show. “The majority, more than half of my dentists, are older than 65.”
What’s more: these aren’t dentists who just love practicing, necessarily. These dentists are still practicing out of necessity. They aren’t prepared to make the transition they need to make to retire.
The market crisis of 2008 started a chain of events that still impacts dental transitions today. Listen to their conversation to find out more about what dentists can do now to ensure successful transitions later in their career.
You can listen to this episode of the podcast right here.