Not many books found in the business section of the bookstore are written about the exit strategy of small business owners. While you will find countless texts on Marketing, Management, Growth and Development, seldom is much consideration given to the financial, social and psychological implications of ending a career. Bo Burlingham, a frequent contributor to INC. Magazine and author of the book, Small Giants, has taken up the cause with his new book which will be reviewed and discussed in a series of articles on this site over the course of 2015. While dental practices do not usually conform to the definition of Small Businesses (receipts greater than $2.5 million), the experiences of general business entrepreneurs are very similar to dental practice owners. I would suggest that anyone who cares about the future success of the transition of their business to the next generation should pick up a copy of this book and a highlighter and begin a little honest evaluation of your exit strategy.

Successfully transitioning a dental practice should not start on the day that you decide you are tired of practicing and want out. The best results come if the planning is started years in advance, in some cases on the day the practice is started or acquired. Fire sales seldom bring the best price or perpetuation of a personal legacy. You need to know yourself and the market in order to live happily ever after and for that you will need counsel.

I knew I was going to like this book before I even got out of the Introduction when the author mentioned that one of the factors he had found in those satisfied with the outcomes of their business sales and transitions was to obtain qualified help. Being that I am a dentist I understand the “DIY” mentality but am constantly amazed at how guilty our profession is of overlooking informed sources in order to worship at the feet of those who have never sold someone else’s dental practice. Maybe this book, written by a noted business author, will move us toward a little common sense.

Steve Wolff, DDS

UMKC Class of ‘77