Survival of the Fittest: Navigating the Next Decade's Economic Landscape

Like most other types of small businesses, dentistry has not escaped the post-Covid world and the inflation now officially entrenched in this economy. This lecture will touch on how to make your practice more effective in these financial times, what you can expect to see in the economic near future, and basic financial steps you can take to employ risk management, financial planning, and retirement income planning.

Steps to ensure your retirement is on track, family needs are met and protected, including financing for college, what financial "traps" to avoid, and how the economy and health care reform will influence the future of dentistry. Currently 62% of all Gen Z relies on TikTok for their financial information!

Topics such as associateships, mergers, buying and selling practices will be discussed.

The last section will be left to discuss financial benchmarks you and your practice should be following for financial security, risk management, and retirement goals along your practice career path.

Learning Objectives

* Identify the key economic challenges affecting dental practices in the post-COVID, inflationary environment.

* Recognize common financial risks and traps that can affect dentists and their families.

* Evaluate retirement income planning options to help ensure retirement readiness.

* Describe strategies for protecting family financial needs, including college financing.

* Compare financial and practice-transition options such as associateships, mergers, buying, and selling practices.

* Use financial benchmarks to measure progress toward practice security and risk management.