Saturday, August 3, 2013

Lessons Learned as a Dentist - The Team of Retirement and Its Members

Here is another guest post from our client Dr. Lurie.

The "Team of Retirement" includes:

            The Accountant.   He is the Chairman of the Board.  In my opinion, the doctor is on the board, but the team as a whole makes the key decisions that generate and govern the progress of the practice.  He is also the day-to-day advisor and confidant and his staff aids him in the doctor's role as the "face" of the practice.  This is a concept that is difficult for many practitioners.  He is instrumental in budget, goal setting and steering a path that is the "dream" of the doctor's  plan as to where he wants to go and how this becomes a reality for him and his family.

            The Attorney:  This speaks for itself.  Obviously, an attorney with corporate law experience and knowledge is important. If you needed a general surgeon, would you go to a mid-wife? A good corporate attorney is knowledgeable about the business community, has access to business deals and transcends the practice into other areas including investments.

            The Insurance Broker:  This also speaks for itself but the doctor must be aware of constant tinkering with the plan as age, circumstances, family, investments, health and the like change and evolve.

            The Investment Counselor:  He is key to long term goals and he may be part of the Accountants team (on site) or he may be brought to the table for a particular area of expertise or exploration.  Again, his expertise and evaluation and recommendations will vary with the age of the practitioner and with goal-setting as maturity occurs.  At some point, needs and wants will come into play. 

            The Doctor and Spouse:  Obviously, he drives the ship.  He is the face of the practice as I stated above, but is also the dreamer, goal-setter, the provider, writes the checks and carries the weight of the entire "Team" on his shoulders.  That is why the team is so vital and it is so important to be in the correct hands.  This family of people must coordinate, cajole and formulate a cohesive yet comfortable plan for the doctor to go forth every day into his environment.  He needs their support and they both (doctor and team) must be able to listen and care.  Most importantly, for me, there must be love.  There must be a feeling that this is truly a team, a family, and a togetherness that is based on mutual love and respect and just not the words of insincerity or the business to make money.  If the latter is so, then there is no fun, no joy in what we do and no self-respect for ourselves and for the profession.  As scripture says "GOD IS LOVE".           

I was fortunate to have such a team working with and for me for my fifty (50) years.  So this is a Lesson Learned without a mistake! Did we make mistakes - of course.  But you get my point, "it seems to me". 

More Mistakes Made and Lessons Learned soon. 

Dr. Donald B. Lurie
Phone:     717-235-0764

Cell:         410-218-2228

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