Viewpoint
Uncertain About the Future?

On September 11, we were handed a shocking reminder of just how fragile life is and how uncertain the future can be. Many of us re-evaluated our priorities, and quality of life has become far more important to us than it was just one day earlier. I've spoken to colleagues who are considering selling their practices and retiring early. Others are contemplating the future of their practices. Those with no heir apparent are realizing that even though they're still in their prime, it's time to plan for the day when they're not. Laying the groundwork for such a transition takes time. A new partner must be carefully chosen, groomed in surgical technique and taught what has made the practice successful and how its patients expect to be treated.

A common denominator in all of these situations is practice value. Regardless of how our practices change hands, they represent our retirement nest egg. So, we certainly can't afford to make any faulty decisions. As this month's cover story explains, it's important for us to be aware of the value of our practices, but we also need to understand that a valuator's estimate is only a first step. The article, which begins on page 62, also explains how we, as practice owners, must have a big-picture perspective to ensure that the "right" deal transpires. Because goodwill figures so heavily into practice value, we also have a report on goodwill trends, which was gleaned from a nationwide database of practice sales.

TAKING YOU A STEP FURTHER

And, as always, this issue contains the kind of information you need to build and sustain a valuable practice. Once you invest in the new technology on display during this month's American Academy of Ophthalmology meeting, we'll be here to help you achieve the best return on those investments.