I made a comment to the Members recently...
“You’ve got to have plans in place and always be considering what would happen if you were suddenly, without warning, unable to lift a drill.”
Unfortunately, there was very little conversation about the topic and how it might affect each and every doctor in the room and each and every support team member in the room. The subject was either uncomfortable or not one anyone thought was deserving of time or effort or thought. That’s a mistake.
Just because you decide to do nothing (in the way of considering, planning, etc. for the inevitable) doesn’t mean it’s the right decision. Just because you don’t want to talk about it doesn’t mean it won’t happen to you, the very next day. We do not have the luxury of or have time on our side when it comes to plans and the business growth and personal income we want to see achieved. In general there is far less time than we might imagine. For those of you with adult children, you’ll recall how fast they went from 1st birthday to 18th and how fast we’ve gone from 30th birthday to 45th and beyond.
And, if you think that life insurance or disability insurance is the extent of your need to plan, Bubba, I got news for ya. It’s but the beginning. Especially when you have a business full of people who rely on you being ALIVE and MOBILE, able to be their leader – clinically and as the CEO.
Here’s the reality and what I mean…
In the last two weeks, we’ve lost a Gold Member, far too early. My condolences to the family of Dr. William Fain. Bill was taken far too early at just 67. Fellow Silver Member, Dr. Joe Barker, a good friend and colleague, shared the news. He will be missed by us here at JJD and no doubt to the citizens and the patients he served for years in his community. His family, no doubt, reeling from the pain.
Another Member, suffered an accident that has left him unable to practice for at least 2 weeks and maybe more. Bummer, too, since he had plans for an implant seminar.
Still another, forced to retire due to illness. Again, too early. Early 60s.
All this in just TWO WEEKS!
Consider this Memo a wake-up call for you to plan should you become unable to practice either temporarily or permanently, or, worse. It’s reality, folks. And, if you don’t deal with it before it happens doesn’t mean it won’t happen to you. Make your own plans or have them made for you…That’s our choice.
Questions to consider:
- Who will see your patients? What will the arrangement be?
- Will you keep your practice or sell it? If you have to sell it, what will it be worth? Will it be worth enough? And, would selling be best for you long-term?
- What will you do with your team if you can no longer practice?
- What will you do about income? Will your practice support you if you cannot practice? If not, why not and SHOULD YOU CONSIDER making arrangements to make sure it can?*
- Do you have enough disability insurance?
- Do you have a will and estate plan set up? Does it need to be updated?
- What if shit hits the fan and it’s just temporary? The damage can be just as bad as a permanent disability and can ruin your practice. If you do not have 3 months of hard costs saved to cover and protect your practice, you’d better make arrangements to do so.
If you have questions about this, reach out. We can help you navigate the business side of this equation and help get you positioned far better to handle some of these, at the very least, inconvenient times.