How long do you want to practice dentistry? How do you plan to get “out of the mouth” one day? What is your strategy to move away from the chair yet still make the income you want and need?
I have found that most dentists have no real exit strategy. You know you don’t have an exit strategy if your plan begins with “I hope,” or “I was thinking,” or “It would be nice if,” or “Maybe I could.”
These are wishes, not strategies. If you don’t have a written plan, then you have no strategy. There are many exit strategy options available to you: You can sell your practice and walk away, be an associate for the buyer, hire associates, sell partnerships, build multiple practices, or do different combinations of these options.
There are two requirements for your exit strategy to work: (1) your practice must be growing, and (2) your practice must be profitable. If your practice is not growing and profitable, then the exit strategy options available to you are very limited. If your practice is successful, then there are many options available to you.