Stephen G., from Massachusetts asked

Should I buy new dental equipment, or upgrade my technology, if I'm thinking of retiring in the next year or two?

1:13 video / 1 min read

Transcript:

Ask The Experts - Providing insight for commonly asked transition-related questions

Today's topic: Should I buy new dental equipment, or upgrade my technology, if I'm thinking of retiring in the next year or two?

We are often asked by a practice owner if he or she should buy new equip when getting close to retirement, such as new chairs, new technology, or new computer software. The short answer in most instances is only if that new equipment going to increase productivity and revenues. A new chair will not generate a single dollar more profits. But adding digital impressioning or CAD-CAM Dentistry, for example, will certainly create a new revenue stream and will be attractive to potential buyers.

As for computer software, my typical response is that if you're planning on working for at least 1 to 2 years more, then implementing a new software may be fine. But if you are planning on selling immediately, it may make more sense to postpone that purchase to allow the purchaser of the practice to pick the software they prefer going forward for the many to come rather than being pigeonholed into the one you selected.

Thanks for watching. For additional information on this topic or any other transition related questions, contact us at 877.365.6786.