How easy is it to relocate as a dentist?

[Doctorfish]

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Since everyone is saying ownership is the way to go, I was wondering how easy it is to relocate as an owner dentist. I guess I already know the answer to that, but I’m more or less asking, is it possible or even feasible if there’s a situation where you need to relocate?

 

[Molar Whisperer]

I'm licensed in multiple states. For me, relocating ownership (I don't own) may be more involved than selling and buying a house. I have a lot of consideration for my family because I grew up in a very undesirable location. My kids are thriving and I hope to not relocate them (my twin boys are in the public school science and engineering academy learning to be CEOs).

It may be possible to live in a saturated area and own/work in a more rural setting. I thought about buying a practice like that, but the Wf shot that down.

 

[I_Love_Huskies]

I have a similar question but in regards to associateships. I know it's easy to find an associateship job but it would suck to make a major move and then it doesn't work out and then you quit or are fired within 3 months. I bet this happens alot to many people. How exactly do you know if an associateship will be a good fit?

I have a good associateship currently but would like to make a move to a more saturated city for personal reasons but if I can't find a good associateship job, then I may just stay put. I think it's difficult to find a GOOD associateship job.

 

[charlestweed]

I have a similar question but in regards to associateships. I know it's easy to find an associateship job but it would suck to make a major move and then it doesn't work out and then you quit or are fired within 3 months. I bet this happens alot to many people. How exactly do you know if an associateship will be a good fit?

I have a good associateship currently but would like to make a move to a more saturated city for personal reasons but if I can't find a good associateship job, then I may just stay put. I think it's difficult to find a GOOD associateship job.

It's pretty much a trial and error thing. You have to actually work in an office for brief period of time in order to know if it's a good fit for you. If you are not so sure, don't work at a place that makes you sign a long-term contract.

At least with dentistry, there are plenty of associate jobs available everywhere you go. The only thing that limits you from moving very far (ie to another state) is the state's licensing requirement. If you quit or are fired, you should have no problem getting another associate job nearby, epecially in a saturated city, where there are a lot of dental corp offices. Engineers, teachers, and people who graduated with a non-sciene major don't have such luxury.

 

[Mauricio45]

What does “Wf” mean ?

I'm guessing "Wife".

 

[PerioDont]

Since everyone is saying ownership is the way to go, I was wondering how easy it is to relocate as an owner dentist. I guess I already know the answer to that, but I’m more or less asking, is it possible or even feasible if there’s a situation where you need to relocate?

Well if you are the owner you usually sell the practice where you are leaving and need to buy another one in your new city.

Might take 6m-year to sell your practice, and another few months to buy a new one. It's possible, but a fairly challenging prospect for sure.

 

[Molar Whisperer]

What does “Wf” mean ?

My bad. Wife...one who wears the pants (decision maker).

 

[2TH MVR]

My bad. Wife...one who wears the pants (decision maker).

Don't under estimate the wisdom of your significant other. 😉 My wife had told me NOT TO EXPAND my practice by buying/building a 2nd practice. I didn't listen to her and invested a million dollars on a building/new practice. Guess when I opened this new start up practice with no patients? Right before the 2007-2008 recession. It took years before I recouped the initial investment. Years of unnecessary stress.

She probably saved your ass.

 

[allDAT]

Relocating as an owner is hard. You may move your practice when a lease is up to a new location, but selling your office to another dentist so you can leave can take years depending on your location.

I looked at a good office in Southern CA almost 3 years ago where a younger dentist is trying to sell to relocate to his wife’s home town, and it’s still on the market (great net, good practice, good location, reasonable asking price - it’s likely not sold because the owner is too young and buyers have reservations).

Practices are very illiquid so don’t purchase with the intent of having to move before retirement. The math may not really support buying short term either. Practice ownership really pays off after the loan is paid (they’re usually 10 year notes).

 

[allDAT]

I have a similar question but in regards to associateships. I know it's easy to find an associateship job but it would suck to make a major move and then it doesn't work out and then you quit or are fired within 3 months. I bet this happens alot to many people. How exactly do you know if an associateship will be a good fit?

I have a good associateship currently but would like to make a move to a more saturated city for personal reasons but if I can't find a good associateship job, then I may just stay put. I think it's difficult to find a GOOD associateship job.

This happens all the time. There are obvious red flags (like not being interviewed by the owner of the office or the owner not being present during a working interview), but in general you won’t know if you have a good job until about 3-4 months into the associateship.

 

[Molar Whisperer]

Don't under estimate the wisdom of your significant other. 😉 My wife had told me NOT TO EXPAND my practice by buying/building a 2nd practice. I didn't listen to her and invested a million dollars on a building/new practice. Guess when I opened this new start up practice with no patients? Right before the 2007-2008 recession. It took years before I recouped the initial investment. Years of unnecessary stress.

She probably saved your ass.

Yes of course. That was 2017 and I'm lucky now.

 

[DrJeff]

Can it be done? Yes

Are there probably 100 variables, that you'd never thought of before hand, that will pop up during the process? Yes

Will it likely effect your income for some period of time? Most likely

If you have a family, do they need to be fully on-board with the decision, since it will affect them as well? Yes

Will you likely have to work harder, for some period of time, at your new practice to build up a patient base and the rapport with your patients? Yes

Is it the right thing to do for some? Yes

Is it the right thing to do for all? Probably not, as some may very well find out that the old adage, "The grass is always greener on the the other side of the fence" isn't always the case

Like so many things in life, what you're own personal situation and comfort level with change and risk will play a major role in if one chooses to sell and move a practice if they're thinking about doing so

 

[ElCubanito]

I guess the most annoying part is getting the licence in another state. I would wait to have that in hand before doing the move. I have 4 licences and have been everywhere...all it takes is money and a little sense of adventure. You won't starve, thats for sure....