Articles

I reckon I have been one of the luckiest blokes in the world to be a dentist. I have no regrets in when and how I sold the practice, but one thing that the whole process brought home to me was the importance of having a will and, if you have a partner in life or in business, to make sure they have one too.

I am very happy I sold and am enjoying the balance of being an employee dentist. I like seeing the practice change, as well as having the time and freedom to enjoy other interests. I highly recommend selling in your 50s when you’re well and healthy, rather than waiting till you’re in your late 60s and your health might not be as good. It was an excellent outcome for the practice.

I had a massive heart attack and decided it was time to sell. I still loved dentistry, but after my heart attack I was getting tired easily; it was getting too much for me. I decided it was a warning and I had better listen.

It’s not uncommon for many women to put their own careers on hold while their children are young and their spouses are building their own business/career. This is the story of Laurie Koranski, a dentist’s wife and former practice owner, who got a second chance at a career she is passionate about, when she and her husband sold their busy Jimboomba practice.

In 2014 I became ill, a situation that I had not previously had to contend with. Whilst in hospital, I had time to reflect on 34 years of practice ownership, and the realisation that the effects of getting older could consequently find me more likely to find myself unable to work. It made me consider the possibility of at least easing back and enjoying a little more of life, before I reached the point of no longer enjoying my work.

"One of the main mistakes I see practice owners make is that they let a career worth of fatigue come into the practice a year or two before they sell. So, even though their practice has been a fantastic business, none of that history matters."

Speaking from experience, I personally think it is 100% better owning a practice in a regional town than buying a practice in Sydney. And it is cheaper! I love my practice and living here. I tell my patients- and everyone I can - that I am living the dream!

I had been planning my retirement for a long time. There were lots of things going on in my life and I thought early retirement might be an option. I went to see my accountant one day, when I was around 55, and he said, “OK, I guess you want to retire”. There was enough in there for me to retire at that stage, so I thought – ah, I guess so, I’ll start looking.

I was still enjoying the dentistry, but not the business part of owning a practice. I had considered career changes early on but, with a young family, had decided to stay the course. One day I turned around and realised I was rapidly approaching 50, and I decided that I had achieved what I wanted to do in dentistry and wanted a change.

It was fantastic to be interviewed for the latest edition of Australasian Dentist about our role facilitating the buying and selling of a dental practice.