D4s who are inheriting a private practice, what are your plans after graduation?

[IHaeTypos]

Are you going straight to working at the private practice or getting more experience doing a GPR/AEGD, working corporate for a year, etc.?

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[Rambunctious]

Are you going straight to working at the private practice or getting more experience doing a GPR/AEGD, working corporate for a year, etc.?

If you inherit a private practice (i'm assuming you mean getting it from your parents) what is the reason to waste more time and money with a GPR? Private practice is the best thing you can do to become efficient at dentistry, not more schooling.

 

[2TH MVR]

Agree. Skip any further education and learn from your mother/father dentist. Somewhat off topic but I've seen numerous times the "politics" of taking over a parent's dental practice. The parent wants or needs the practice for retirement funds. Can be a sticky topic when family discusses the business arrangement between a parent (dentist owner) and their son/daughter new dentist. I know one example of a son who joined his dad's dental practice. His dad enjoyed many years of "being paid" while his son did all the heavy lifting. Finally the son had to sue his father to get him out of the practice.

 

[Damson]

Concur with above - make sure that the business arrangements will work (where will the money flow)

 

[charlestweed]

Agree. Skip any further education and learn from your mother/father dentist. Somewhat off topic but I've seen numerous times the "politics" of taking over a parent's dental practice. The parent wants or needs the practice for retirement funds. Can be a sticky topic when family discusses the business arrangement between a parent (dentist owner) and their son/daughter new dentist. I know one example of a son who joined his dad's dental practice. His dad enjoyed many years of "being paid" while his son did all the heavy lifting. Finally the son had to sue his father to get him out of the practice.

If the son didn’t have to pay a dime to take over his dad’s practice, then that was very sad story for the dad. That’s like giving the son a house and then the son tries to kick the dad out of the house. If the son felt he was treated unfairly, he should have left the dad’s practice….gave the ownership title back to his dad…. and spent his own money to build his own practice somewhere else, instead of suing his own dad.

 

[2TH MVR]

If the son didn’t have to pay a dime to take over his dad’s practice, then that was very sad story for the dad. That’s like giving the son a house and then the son tries to kick the dad out of the house. If the son felt he was treated unfairly, he should have left the dad’s practice….gave the ownership title back to his dad…. and spent his own money to build his own practice somewhere else, instead of suing his own dad.

I knew you were going to comment on this .
I don't know all the financial issues, but I do know that the son did pay for the practice. Both in partial payment and sweat equity. These issues will always arise regardless if family or not family. If a solid contract is not agreed upon EARLY in the negotiations .... then there will be trouble in the future.
His son worked tirelessly and turned an average practice into a high income practice. His father started the practice, but did not grow it into what it is today. The problem arose when the son wanted to completely buy out his father. Well .... as you can imagine ..... the practice is now worth DOUBLE what it orginally was worth mostly due to his son's effort. Now his father wants a larger portion since the practice is now worth more. To clarify ... his father only worked 1-2 days a week for the last 5 or so years. We both know that his (fathers) efforts probably did not add to the growth of the practice. His dad just wanted to stay busy breing semi retired while his son was out doing the heavy lifting.

I get it. His father provided him an entry into a private practice. But I firmly believe that his father got greedy towards the end and wanted a larger buy out than he maybe entitled to.

Yes. There was a lawsuit. And yes. Anytime an attorney is involved. EVERYBODY loses except for the attorney.

 

[charlestweed]

I knew you were going to comment on this .
I don't know all the financial issues, but I do know that the son did pay for the practice. Both in partial payment and sweat equity. These issues will always arise regardless if family or not family. If a solid contract is not agreed upon EARLY in the negotiations .... then there will be trouble in the future.
His son worked tirelessly and turned an average practice into a high income practice. His father started the practice, but did not grow it into what it is today. The problem arose when the son wanted to completely buy out his father. Well .... as you can imagine ..... the practice is now worth DOUBLE what it orginally was worth mostly due to his son's effort. Now his father wants a larger portion since the practice is now worth more. To clarify ... his father only worked 1-2 days a week for the last 5 or so years. We both know that his (fathers) efforts probably did not add to the growth of the practice. His dad just wanted to stay busy breing semi retired while his son was out doing the heavy lifting.

I get it. His father provided him an entry into a private practice. But I firmly believe that his father got greedy towards the end and wanted a larger buy out than he maybe entitled to.

Yes. There was a lawsuit. And yes. Anytime an attorney is involved. EVERYBODY loses except for the attorney.

So the dad wanted to sell a share of the partnership to his son, instead of giving it to his son for free. The dad just wanted to work less by bringing in a partner. So it’s just like having a regular business partner. If I were the dad, I would sell the partnership portion to a complete stranger and not to my son nor to a friend, whom I have a good relationship with. And I would hire a lawyer to write the contract. The same applies to selling used phones and used cars. I’ve always sold them to complete strangers on Ebay and swappa.com. When my sister-in-law wanted to buy my used car, I had to make up a list of reasons (high mileage, uncomfortable seats, bad electronics etc) to dissuade her from buying the car from me. I later traded the car at a dealership for a big loss. I wouldn’t want to lose the good relationship that I've had with my sister-in-law in case the car turns out to be a bad car. A used German car with expired warranty is very expensive to maintain and creates a lot of headaches.

I would never start a business with a partner because I don’t like the idea of having to get the approvals from a business partner for every decision that I make. That defeats the main purpose of owning a practice. If I were the dad in the story above and I wanted to slow down because of old age, I would just hire an associate dentist to work for me….and the associate dentist also has to be a complete stranger.

 

[Damson]

So the dad wanted to sell a share of the partnership to his son, instead of giving it to his son for free. The dad just wanted to work less by bringing in a partner. So it’s just like having a regular business partner. If I were the dad, I would sell the partnership portion to a complete stranger and not to my son nor to a friend, whom I have a good relationship with. And I would hire a lawyer to write the contract. The same applies to selling used phones and used cars. I’ve always sold them to complete strangers on Ebay and swappa.com. When my sister-in-law wanted to buy my used car, I had to make up a list of reasons (high mileage, uncomfortable seats, bad electronics etc) to dissuade her from buying the car from me. I later traded the car at a dealership for a big loss. I wouldn’t want to lose the good relationship that I've had with my sister-in-law in case the car turns out to be a bad car. A used German car with expired warranty is very expensive to maintain and creates a lot of headaches.

I would never start a business with a partner because I don’t like the idea of having to get the approvals from a business partner for every decision that I make. That defeats the main purpose of owning a practice. If I were the dad in the story above and I wanted to slow down because of old age, I would just hire an associate dentist to work for me….and the associate dentist also has to be a complete stranger.

i can understand not wanting to play business politics with your son

but if it's just a used car, why wouldn't a simple warning that the car may suck suffice? you care to, make things up in order to maintain a relationship with someone, who you're afraid will associate a little thing with your character?

 

[charlestweed]

i can understand not wanting to play business politics with your son

but if it's just a used car, why wouldn't a simple warning that the car may suck suffice? you care to, make things up in order to maintain a relationship with someone, who you're afraid will associate a little thing with your character?

I wouldn’t have had to make things up if my sister-in-law didn’t keep insisting on buying the car from me. I’ve seen siblings and close friends who turned into enemies over some stupid little things like a handbag, cell phone, a piece of furniture etc.

 

[Damson]

I wouldn’t have had to make things up if my sister-in-law didn’t keep insisting on buying the car from me. I’ve seen siblings and close friends who turned into enemies over some stupid little things like a handbag, cell phone, a piece of furniture etc.

we do a lot of things to control or avoid situations that can lead to anxiety

but half the time the perceived threat has only minimal chance to occur, and not worth the burden (remembering the event/what was said) required to control the threat

especially when one is already in a position of power and stability, anyway

 

[charlestweed]

we do a lot of things to control or avoid situations that can lead to anxiety

but half the time the perceived threat has only minimal chance to occur, and not worth the burden (remembering the event/what was said) required to control the threat

especially when one is already in a position of power and stability, anyway

IMO, it is worth the burden to gain more friends and have fewer enemies. Nothing is more painful than having a blood relative, who hates you….who wants to disown you. It’s always nicer to have the relatives on your spouse’s side who get along well with you.

Being in a position of power and stability will not last forever. Human beings are weak and will have to face sickness and death. You will get older, weaker and eventually become powerless. It’s always nice to have love ones and friends to be around you during the tough time. One day you can be a very powerful person to a lot of people around you. And the next day, a stroke, a terminal illness, or a tragic accident can turn you into a useless powerless person.

In many instances, you have been able to achieve many goals in life because of the good relationships that you have with others…..like having loving parents, having a happy marriage, having parents and parents-in-law who help pick up the kids from schools while you are at work, having good relationships with the referring dentists (if you are a specialist), having loyal employees, who respect you and work hard for you etc. A lot of time it’s very rewarding to see your own actions help make others happy.

 

[Damson]

IMO, it is worth the burden to gain more friends and have fewer enemies. Nothing is more painful than having a blood relative, who hates you….who wants to disown you. It’s always nicer to have the relatives on your spouse’s side who get along well with you.

Being in a position of power and stability will not last forever. Human beings are weak and will have to face sickness and death. You will get older, weaker and eventually become powerless. It’s always nice to have love ones and friends to be around you during the tough time. One day you can be a very powerful person to a lot of people around you. And the next day, a stroke, a terminal illness, or a tragic accident can turn you into a useless powerless person.

In many instances, you are able to achieve many goals in life because of the good relationships that you have with others…..like having loving parents, having a happy marriage, having parents and parents-in-law who help pick up the kids from schools while you are at work, having good relationships with the referring dentists (if you are a specialist), having loyal employees, who respect you and work hard for you etc. A lot of time it’s very rewarding to see your own actions help make others happy.

it's true that being in a position of stability will not last forever, but we should still be careful when priming our actions to avoid social conflict; because doing so can betray one's character, if:
- one values having their position on an issue heard and respected
and
- one values maintaining their position even when it is not heard and respected

it may not betray one's character if
- one values sustaining a social/familial connection even if occasionally, one must tolerate and work around stiff barriers

However,
- avoidance of social conflict, if habitual, may become maladaptive in that the brain becomes increasingly anxious when conflict is at bay, forcing one to devise methods to control the perceived threat
- there will be a time when the worst comes to the worst, but we should not always live in anticipation of it
- attempts to maximize good feelings/benefits and minimize negative feelings/conflict may not always be in one's best interests

 

[charlestweed]

it's true that being in a position of stability will not last forever, but we should still be careful when priming our actions to avoid social conflict; because doing so can betray one's character, if:
- one values having their position on an issue heard and respected
and
- one values maintaining their position even when it is not heard and respected

it may not betray one's character if
- one values sustaining a social/familial connection even if occasionally, one must tolerate and work around stiff barriers

However,
- avoidance of social conflict, if habitual, may become maladaptive in that the brain becomes increasingly anxious when conflict is at bay, forcing one to devise methods to control the perceived threat
- there will be a time when the worst comes to the worst, but we should not always live in anticipation of it
- attempts to maximize good feelings/benefits and minimize negative feelings/conflict may not always be in one's best interests

I find nothing wrong with finding ways to make others happy. That’s why there have been so many authors and successful people who wrote books that teach people how to treat other people. And millions of copies of their books were sold. Dale Carnegie’s “How to Win Friends and Influence People” was one of the books that my dad wanted me to read when I was in HS. The golden rule is always treat others the same way you want to be treated.

 

[Damson]

I find nothing wrong with finding ways to make others happy. That’s why there have been so many authors and successful people who wrote books that teach people how to treat other people. And millions of copies of their books were sold. Dale Carnegie’s “How to Win Friends and Influence People” was one of the books that my dad wanted me to read when I was in HS. The golden rule is always treat others the same way you want to be treated.

The point of my post was to break down why I thought you didn't do anything wrong and how your actions may align with your values just fine, but those actions (make everyone happy, prevent conflict through avoidance methods) may be problematic if made instinctual

But onto your comment here "The golden rule is always treat others the same way you want to be treated."

I agree. I want to be treated in a way where people are honest and direct about their concerns. I do not want to be deceived with bs because they thought I might get upset.