As we kick off 2023, there’s a newish problem facing you and dentistry… a looming recession. Here’s the scoop:
It’s not if there will be a recession in 2023…it’s when will it hit?
The government is stacking the deck to drive it (not a political statement…just a truth).
The financial sector is already making moves in preparation for it.
So… is this the worst time to go into dentistry? Are you in a bad spot, having invested all you’ve invested in time and money?
Heck…NO!
Listen. We live in a world where a few things happen every day.
24-hour new stations are no longer news…they’re driving some agenda that suits them…not you
24/7, many live on social media, which fuels the same affirmation, rather than information.
Our job is to objectively look at the facts, and very thankfully for you, the facts are looking really good for dentistry:
If you’re a student or young dentist who has eyes on doing a start-up, it takes at least 12-18 months from the day you get serious and engage to opening day. Translation, you’re timing will be perfect. You will open your doors as the economy makes its comeback, and patients – your patients, will be ready to go, go, go.
If you’re a student or young dentist who would rather purchase a practice, guess what happens to practice sale prices during a recession? You guessed it…like home sales, they drop. That means if you buy a practice in the next 12-18 months, you’ll not only pay less…as the economy rebounds, your asset will instantly hold a higher value. That typically only happens as you produce and profit more.
Guess what else costs less during a recession? Real estate. Maybe you’re a student or young dentist who wants to buy some for a start-up…you’re buying it on sale. Maybe you’d rather lease space for a start-up or lease the space in the practice you’re going to buy. Win and/or win… you’ll either buy low and win, or you’ll lease low and win. Side bonus… they’ll be fewer people looking to buy and/or lease…translation…you’ll have more options and more opportunities to negotiate.
If you’re thinking about a renovation or a build-out…you’ll be able to afford moves that would’ve been impossible otherwise. Imagine either leveling up your build out, knowing you’ll have more value later, or choosing to stay lean and spending less. Add to that, the speed and service you get will greatly improve. Translation…you get to productivity faster, and you have less stress in the process.
The last win for this read…equipment. Equipment that has traditionally been cost-prohibitive and hard to come by will be readily available. Translation…you’ll have access to more incentives than dentistry has seen in ages; you’ll also get your equipment fast.
Friends, this isn’t just a good time for you to be a graduating dental student or young dentist…it’s a great time!
If you’re looking for more information on start-ups or acquisitions, we’ll be releasing a FREE step-by-step guide for all who register and ask. Just visit https://ignitedds.com/.
Till next time…remember…Together We Rise!
About David Rice:
David Rice, DDS, is on a mission to improve our profession by leading the next generation of dentists to grow successful lives and practices. The founder of igniteDDS, Dr. Rice speaks to over 35 dental schools and residency programs a year on practice building, team building and wealth building. Dr. Rice is a private practitioner, educator, author, and mentor who connects students, young dentists, and professionals from diverse dental-related businesses, “fueling passion beyond the classroom.” https://ignitedds.com/user/david_rice/