We have heard the question posed: I have invested well and have good life insurance, why do I need an Emergency exit plan? This is a great question, and the answer relates to something most dentists do not consider: In not having an emergency exit strategy, you are throwing away another life insurance policy; the value of your practice. In addition, and most importantly, you place your family and your team in the position of making decisions for which they are not prepared, and at the most vulnerable of times, while they are mourning your death.
The years of sacrifice you made to attend school and eventually own your own dental practice can be wiped away in a matter of weeks.
You can protect your family, team, practice value and your legacy.
When a dentist dies or becomes permanently disabled the value of their practice falls between 10 and 15 percent per week. Without an exit plan and an emergency directive, it is nearly impossible to protect the value of the practice, and in these situations the practice is often sold off in pieces.
You have the power right now to direct the transition of your practice and protect your Legacy by implementing an Emergency Exit Strategy and an Emergency Directive.
Every Dental Practice owner should have both.