Based on his extensive experience with dentists over the past 30 years, Dr. Roger P. Levin has authored a new book entitled The 31 Biggest Mistakes Dentists Make. His premise is simple. As he says in the introduction, “We can learn from our mistakes. But isn’t it better to learn from other people’s mistakes?”
Based on his extensive experience with dentists over the past 30 years, Dr. Roger P. Levin has authored a new book entitled "The 31 Biggest Mistakes Dentists Make." His premise is simple. As he says in the introduction, “We can learn from our mistakes. But isn’t it better to learn from other people’s mistakes?
Following is an excerpt from the book. For more excerpts, click here.
Mistake #22: Investing in enterprises other than the practice
One of the worst mistakes I’ve seen dentists make is investing outside of the practiceâ¦ a move that can cause a 10â15-year financial reversal. I’m not suggesting that dentists should never do this. It’s a question of what you’re investing in, how much money you put into it, and who’s urging you to do it.
Unfortunately, I’ve seen many dentists invest large sums of money-sometimes hundreds of thousands of dollars-just because someone has told them it’s a “sure thing.” As a dentist, I can certainly understand this impulse. If you’re in your 40s or 50s and working hard, the promise of easy money can look very alluring. But, as I have often said in my seminars, if someone invites a dentist into a business deal, it’s because everyone who actually knows what they’re doing has already said no.
Think about this logically: the only reason most people would want a dentist involved in their business deal is because they need more money to make it go forward. Because they believe in their idea, they make it sound extremely appealing, but the dentist typically has little knowledge of or control over the new venture-a real problem when there’s a significant amount of money at stake. What’s more, if the new business falters, the dentist may actually be asked to put in even more money, i.e., throw good money after bad.
Many business ideas, including very good ones, fail. Sometimes they’re done in by outside forces, like a change in government regulations. Other times, there are internal problems, like an inept manager. For the dentist who brings money but no insights or skills to the new venture, my advice is, “investor beware.”
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