Good for you. Scottsdale to my knowledge is an intense market. Lots of growth but lots of competition. Selling your office now is real smart as I don't think you will be able to get nearly the same buyout in 10 years, and owning the building is sweet. It sounds like you got to do 2/3 of the career goals of what orthos have been expecting the last 30 years. Sorry you didn't do well enough to buy Tiger Wood's old yacht, though. I'm trying to figure out what to do as my career is only about 1/3 done unless I bolt prematurely. Personally, I don't like what Burris does at all, but given the current trends he saw what needs to be done and did it. Gotta give him credit. While I'm sitting here complaining and contemplating what to do, he went out and did something (while complaining the whole time, too 🙂). I just ordered his book. I read the eMyth for dentists - sort of depressing as it basically says we're doomed as worker/owners. If the Senate version of the tax bill gets passed, the pass-through changes may help a little. If we don't do something as a profession, we're going to become like optometrists. All working for corporations, working harder and more hours, and making less money. Unless tuition gets cheaper, I can't imagine why any bright young male would do it. (I say that, as more women are happy with part time work that pays reasonably well, although all of their part time salary going to pay student debt that doesn't make much sense either.)
As for those of us still out there for the foreseeable future, we had better figure out how to think like corporations or we're screwed. I've contemplated contacting some of my nearest competition to create a large group ortho practice so that we can decrease our overlapping locations to cut costs and join together for buying leverage, and share risk with marketing initiatives, and maybe even bring in a GP or pedo, but I don't think enough of us have that mindset yet and we view each other as competition more than potential partners. If we can do that, there's hope as WE will be creating the corporations that we own and work for, WE will be creating the clinical standards that we all follow together, and WE will be hiring the business grads to run it for us while we do what we like. It will mean sacrificing some of our own individualism in how we treat our cases, but we can't have everything. Better us owning the corporation than the business grads in the suits with a figurehead dentist owner that satisfies state dental statutes.
Any input from the experienced guys on this concept?
I'm typing this with my one-year-old daughter on my lap babbling and playing - priceless. (It's a rare Monday morning I'm not in the office - usually my longest and busiest day of the week.)
Having practiced long enough, I have some inventions that could revolutionize certain areas of orthodontics, and I've even printed prototypes in 3D printer labs, so they seem promising, but I'm not naïve to expect to retire early from an invention. Maybe if my member name was Charles Tweed I'd have a better shot 🙂
Thanks CaliDDS1986, 2TH MVR, and CHARLESTWEED for all the input and experiences. It's nice to see as a group we're all on the same side, even if we have different ways we go about it.
And CaliDDS1986, if you have any further questions don't hesitate. Any significant career change at this stage is big stuff to jump into.