What if you can’t come in on Monday.
What happens to everything then?
Fact:
Out of the 7000, privately held dental practices in Australia 60% (4200) owned by Baby Boomers, (dentists between the age of 56 and 74)
A heart attack claimed 7,813 lives in 2020, or on average, 21 each day.
More than 40,000 Australians under the age of 55 have had a heart attack.
While most heart attack victims are middle-aged or older, the average age for a first attack is 66 for men, and 70 for women. People in their 20`s and 30`s suffer attacks too. The risk of a heart attack climbs for men after age 45 and women after age 55. *Statistics from Heart Foundation Australia.
So, isn't it worth having a plan B?
That’s just heart attack - what about everything else!
Fact:
One-quarter of new cancer cases are diagnosed in people aged 65 to 74. A similar pattern is seen for many common cancer types. For example, the median age at diagnosis is 61 years for breast cancer, 68 years for colorectal cancer, 70 years for lung cancer, and 66 years for prostate cancer.
1 in 2 Australian men and women will be diagnosed with cancer by the age of 85. *Statistics from Cancer Council Australia
Who wants to be reminded of this stuff! It's depressing, and of course, it doesn’t relate to you, correct?
Once again, a Plan B is looking sensible!
In an average week, at least one dentist calls wanting to know his options and what the practice might be worth due to ill health or feeling its time, pretty scary hey!
So I guess disability insurance is going to take care of you, but what about the practice.
Options:
- Prepare it for sale (Min two-three months) if you have time up your sleeve.
- Let someone else run it, or run it into the ground, depending on control.
- Shut it down, everyone associated with it looses out.
- Sell it off fire-sale deal get what you can get out
- Have a well-prepared exit plan sale-ready at all times, the best insurance policy of all
It's not that hard to create option five.
One simple phone call can save so much heartache not to mention money to so many close to you. In the long run, unless you have an unlimited supply of Popeye's Spinach, we are all susceptible to falling foul to ill health or worse.
Please accept a FREE consultation about your practice. It takes just a few minutes over the phone - just click the button below:
If you don’t want to call but are still interested, click the button below to get an idea of whether you and your practice are sale ready today. It's free!
References
Author Jan Gray Practicelink
Australian Institute of Health and Welfare 2020. Cardiovascular disease: Australian facts, 2020. Cardiovascular disease series. Cat. No. CVD 53. Canberra: AIHW.
Australian Bureau of Statistics 2021, Causes of Death 2020, ABS cat. No. 3303.0, September.
Australian Institute of Health and Welfare, National Hospital Morbidity Database.
Australian Bureau of Statistics, 2020, National Health Survey: First results, 2014-15, ABS cat. No. 4364.0.55.001 March. Data customised using TableBuilder.
National Heart Foundation, 2021. HeartWatch Survey. Customised data, April 2020.
National Heart Foundation, 2021. Heart Attack Survey. Customised data, October 2020
Cancer Council Australia: Cancer information and support
