{"id":943,"date":"2020-06-12T15:39:38","date_gmt":"2020-06-12T15:39:38","guid":{"rendered":"\/?page_id=943"},"modified":"2024-02-07T11:45:32","modified_gmt":"2024-02-07T16:45:32","slug":"late-stage-practice","status":"publish","type":"page","link":"https:\/\/www.michigandental.org\/practice-resources\/programs-services\/late-stage-practice\/","title":{"rendered":"Late stage practice"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row full_width=&#8221;stretch_row&#8221; css=&#8221;.vc_custom_1698696973333{margin-top: -40px !important;padding-top: 0px !important;padding-bottom: 20px !important;background-color: #009ba7 !important;}&#8221; el_class=&#8221;white-text&#8221;][vc_column][vc_column_text]<\/p>\n<h1>Late stage practice<\/h1>\n<p><nav  aria-label=\"breadcrumb\"><ol class=\"breadcrumb\" itemscope itemtype=\"https:\/\/schema.org\/BreadcrumbList\"><li class=\"breadcrumb-item active\" aria-current=\"page\" itemprop=\"itemListElement\" itemscope itemtype=\"https:\/\/schema.org\/ListItem\"><span itemprop=\"name\">Home<\/span><meta itemprop=\"position\" content=\"1\"><\/li><\/ol><\/nav>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]MDA members who have reached age 55 or so are experienced, successful, ready to give back, and many are looking to retire in the next few years and enter the next chapter of their lives.<\/p>\n<p>The articles below address the issues of special interest to mature practitioners. New articles will be added in the coming months.<\/p>\n<p>Resources, programs, and products from the MDA and ADA are listed below as well. If you have questions on any of these topics, or need assistance with a particular problem or concern,\u00a0<a href=\"https:\/\/mdapro.wpdev.webascender.host\/Contact\/\">contact the MDA<\/a>.[\/vc_column_text][vc_basic_grid post_type=&#8221;late_stage_articles&#8221; max_items=&#8221;9&#8243; item=&#8221;2841&#8243; grid_id=&#8221;vc_gid:1707324307428-adf74f6f-2554-7&#8243; el_class=&#8221;late-stage&#8221;][vc_btn title=&#8221;View More Articles&#8221; style=&#8221;flat&#8221; color=&#8221;turquoise&#8221; align=&#8221;center&#8221; link=&#8221;url:%2Fpractice-management%2Fpractice-resources%2Flate-stage-practice%2Flate-stage-articles%2F|||&#8221;][vc_separator][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=&#8221;.vc_custom_1700588788374{margin-bottom: 25px !important;}&#8221;]<\/p>\n<h3>MDA resources<\/h3>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<a name=\"Retirement\"><\/a><\/p>\n<h4>Financial Planning: Case Study of a Dentist \u2014 \u201cInto Retirement\u201d<\/h4>\n<p><strong>Recorded Webinar<\/strong><\/p>\n<p><strong><img decoding=\"async\" class=\"alignright size-full wp-image-4325 lazyload\" data-src=\"https:\/\/www.michigandental.org\/wp-content\/uploads\/2020\/11\/schumann-II.png\" alt=\"Ted Schumann II\" width=\"155\" height=\"155\" data-id=\"4325\" data-srcset=\"https:\/\/www.michigandental.org\/wp-content\/uploads\/2020\/11\/schumann-II.png 155w, https:\/\/www.michigandental.org\/wp-content\/uploads\/2020\/11\/schumann-II-150x150.png 150w\" data-sizes=\"(max-width: 155px) 100vw, 155px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 155px; --smush-placeholder-aspect-ratio: 155\/155;\" \/>Speaker:<\/strong> Ted C. Schumann II, MBA, CFP<\/p>\n<p>This presentation will follow a dentist through their final years of practice ownership and will discuss topics such as, determining a retirement timeline and evaluating exit strategies. In addition, we will also cover how to construct an investment portfolio to accommodate the shift from accumulation to distribution as well as optimizing Social Security retirement benefits through various claiming strategies.<\/p>\n<p>Learning Objectives:<\/p>\n<ul>\n<li>Evaluating ownership exit strategies.<\/li>\n<li>Constructing a portfolio for withdrawals.<\/li>\n<li>Social Security optimization.<\/li>\n<\/ul>\n<p><strong>About the speaker \u2026<\/strong> Theodore C. Schumann, II is a third generation financial planner and is an investment advisor representative and managing partner of DBS Investment Advisers, LLC. From portfolio management to comprehensive retirement and financial planning, debt-reduction strategies and fiduciary client service, Schumann serves as a direct point of contact for DBS Investment Advisers. He is a graduate of Central Michigan University and earned his MBA and Master\u2019s degree in finance from Walsh College.[\/vc_column_text][vc_row_inner][vc_column_inner][vc_video link=&#8221;https:\/\/youtu.be\/xV-w1YwEJPY&#8221;][\/vc_column_inner][\/vc_row_inner][vc_separator][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h4>Pre-Retirement Checklist<\/h4>\n<p>For dentists, the life-changing decision of when to retire from dental practice should not be made hastily, and should be the product of substantial reflection and discussion with family and advisers. The Michigan Dental Association has created a Pre-Retirement Checklist to walk you through the many questions to ask yourself and your family, and to highlight areas you may need to address.<\/p>\n<p><a class=\"button\" href=\"https:\/\/www.michigandental.org\/wp-content\/uploads\/2021\/01\/Pre-Retirement-Check-List.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Download Checklist<\/a>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=&#8221;.vc_custom_1662556632175{margin-bottom: 25px !important;}&#8221;]<\/p>\n<h4>After 55: What&#8217;s Next A Guide for Members in Late Stage Practice<\/h4>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;2\/3&#8243;][vc_column_text]Retirement brings up a host of \u2014 in many cases \u2014 unfamiliar personal and practice issues that are often not well-understood or considered. After 55: What\u2019s Next? A Guide for Members in Late Stage Practice is a collection of articles by respected consultants on topics pertinent to the over-55 age group. Originally published in the Journal of the Michigan Dental Association, the MDA has brought these articles together to comprise this downloadable guide.<\/p>\n<p><a class=\"button\" href=\"https:\/\/store.michigandental.org\/product\/after-55-whats-next-a-guide-for-members-in-late-stage-practice\/\" target=\"_blank\" rel=\"noopener noreferrer\">Order Online<\/a>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/3&#8243;][vc_single_image image=&#8221;1607&#8243; img_size=&#8221;full&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h3>ADA resources<\/h3>\n<p>The ADA offers a number of resources for late-career stage member dentists. Some of these resources can be accessed at the <a href=\"https:\/\/success.ada.org\/en\" target=\"_blank\" rel=\"noopener noreferrer\">ADA Center for Professional Success<\/a>. Others are available at the online <a href=\"https:\/\/ebusiness.ada.org\" target=\"_blank\" rel=\"noopener noreferrer\">ADA Store<\/a>.\u00a0See the list below for some of the most-requested materials.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=&#8221;.vc_custom_1662556672231{margin-bottom: 25px !important;}&#8221;]<\/p>\n<h4>Joining and Leaving the Dental Practice, 3rd Edition<\/h4>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;2\/3&#8243;][vc_column_text]By William P. Prescott, Esq.<\/p>\n<p>Contains information on transitioning out of practice, with discussion on various options, including adding an associate. Discusses the need to have a well-planned strategy for stepping down. This book is designed to educate dental and related professionals on important business, legal, and tax-planning issues of practice entry and succession. (Free e-book.)<\/p>\n<p><a class=\"button\" href=\"https:\/\/www.ada.org\/resources\/careers\/joining-and-leaving-the-dental-practice\" target=\"_blank\" rel=\"noopener\">Order Online<\/a>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/3&#8243;][vc_single_image image=&#8221;1608&#8243; img_size=&#8221;full&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h4>Alternative Dental Careers for Practicing Dentists<\/h4>\n<p>Many dentists choose to pursue non-clinical dental career opportunities. The ADA website contains information on alternative careers, including a self-assessment exercise, careers in academia, dental consulting, dental research, and other options.<\/p>\n<p><a class=\"button\" href=\"https:\/\/marketplace.ada.org\/blog\/dental-careers\/10-alternative-dental-careers-for-practicing-dentists\/\" target=\"_blank\" rel=\"noopener noreferrer\">Read More<\/a>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h4>Ways to Use Your Dental Degree<\/h4>\n<p>If you are a practicing dentist considering careers beyond traditional practice, you\u2019re in good company. Explore ways to use your education and talents in a variety of fields.<\/p>\n<p><a class=\"button\" href=\"https:\/\/www.ada.org\/resources\/careers\/ways-to-use-your-dental-degree\" target=\"_blank\" rel=\"noopener noreferrer\">Read More<\/a>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h4>The ADA Practical Guide to Valuing a Dental Practice<\/h4>\n<p>This informational eBook explains on how to value your dental practice, either in preparation for a sale or merger, or for some other reason.<\/p>\n<p><a class=\"button\" href=\"https:\/\/ebooks.ada.org\/oiv55e\/1\" target=\"_blank\" rel=\"noopener noreferrer\">Read the eBook<\/a>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;2\/3&#8243;][vc_column_text]<\/p>\n<h4>Closing a Dental Practice<\/h4>\n<p>The reasons dentists close their practices vary, including retirement, financial challenges or serious illness or death. This ADA resource, <em>A Guide to Closing a Dental Practice<\/em>, offers useful information to help with the many details involved in ending a practice. (ADA Store item number CPS-PR017; free to members.)<\/p>\n<p><a class=\"button\" href=\"https:\/\/ebusiness.ada.org\/productcatalog\/3866\/Center%20for%20Professional%20Success\/CPS-PR017\" target=\"_blank\" rel=\"noopener noreferrer\">Order Online<\/a>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/3&#8243;][vc_single_image image=&#8221;1609&#8243; img_size=&#8221;full&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h4>Ten Tips for Preparing Your Practice for Sale<\/h4>\n<p>Not an all-inclusive checklist, but a great starting point if you are considering putting your practice on the market.<\/p>\n<p><a class=\"button\" href=\"https:\/\/store.ada.org\/catalog\/ten-tips-for-preparing-your-practice-for-sale-2052\" target=\"_blank\" rel=\"noopener noreferrer\">Order Online<\/a>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h4>ADA Member Advantage<\/h4>\n<p>Products and services for ADA\/MDA members, including computers and technology, staff apparel, tours and cruises, appliances, commercial real estate, luxury vehicles, and more.<\/p>\n<ul>\n<li><a href=\"https:\/\/www.adamemberadvantage.com\/en\" target=\"_blank\" rel=\"noopener noreferrer\">VISIT WEBSITE &gt;&gt;<\/a><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;2\/3&#8243;][vc_column_text]<\/p>\n<h4>Life After Dentistry<\/h4>\n<p><em>Life After Dentistry: Retirement Lifestyle Readiness<\/em>\u00a0is a self-help guide to retirement happiness, providing unique insights, practical guidance, and strategies to ensure a worthwhile and enjoyable retirement. (ADA Store item number P037BT). Member price $38.95; includes a free e-book.<\/p>\n<p><a class=\"button\" href=\"https:\/\/store.ada.org\/catalog\/life-after-dentistry-retirement-lifestyle-readiness-76144\" target=\"_blank\" rel=\"noopener noreferrer\">Order Online<\/a>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/3&#8243;][vc_single_image image=&#8221;1610&#8243; img_size=&#8221;full&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h4>ADA Members Retirement Program<\/h4>\n<p>Tax-qualified retirement savings plan options for member dentists and their employees.<\/p>\n<ul>\n<li><a href=\"https:\/\/equitable.com\/associations\/ada\" target=\"_blank\" rel=\"noopener noreferrer\">VISIT WEBSITE &gt;&gt;<\/a><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h3>Additional MDA resources<\/h3>\n<h4>MDA Medicare Advisory Service<\/h4>\n<p>One-on-one resource for members, their spouses, or employees researching, aging-into, or eligible for Medicare.<\/p>\n<ul>\n<li><a href=\"https:\/\/www.mdaprograms.com\/MDA-Insurance-Programs\/Health-Insurance\/Medicare\" target=\"_blank\" rel=\"noopener noreferrer\">VISIT WEBSITE &gt;&gt;<\/a><\/li>\n<\/ul>\n<h4>Wealth Management\/Retirement Planning<\/h4>\n<p>MDA-endorsed program through DBS Investment Advisers, LLC.<\/p>\n<ul>\n<li><a href=\"https:\/\/www.mdaprograms.com\/MDA-Services-Programs\/Financial-Solutions\/Investment-Advising\" target=\"_blank\" rel=\"noopener noreferrer\">VISIT WEBSITE &gt;&gt;<\/a><\/li>\n<\/ul>\n<h4>MDA Job Board<\/h4>\n<p>Find an associate or dental team member.<\/p>\n<ul>\n<li><a href=\"https:\/\/jobs.michigandental.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">VISIT WEBSITE &gt;&gt;<\/a><\/li>\n<\/ul>\n<h4>MDA <em>Journal<\/em> Classifieds<\/h4>\n<p>Sell a practice or equipment.<\/p>\n<ul>\n<li><a href=\"\/Jobs-Classifieds-Journal\/Classified-Ads\">VISIT WEBSITE &gt;&gt;<\/a><\/li>\n<\/ul>\n<h4>MDA Mentor Program<\/h4>\n<p>Share your skills and knowledge by being a mentor.<\/p>\n<ul>\n<li><a href=\"\/mentors\">VISIT\u00a0WEBSITE\u00a0&gt;&gt;<\/a><\/li>\n<\/ul>\n<h4>MDA Insurance<\/h4>\n<p>Your in-house MDA insurance agency to cover all your needs.<\/p>\n<ul>\n<li><a href=\"https:\/\/www.mdaprograms.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">VISIT WEBSITE &gt;&gt;<\/a><\/li>\n<\/ul>\n<h4>MDA Services<\/h4>\n<p>Money-saving programs for your practice and personal life.<\/p>\n<ul>\n<li><a href=\"http:\/\/www.mdaprograms.com\/Services\" target=\"_blank\" rel=\"noopener noreferrer\">VISIT WEBSITE &gt;&gt;<\/a><\/li>\n<\/ul>\n<h4>COVER Locum Tenens Program<\/h4>\n<p>Information for those seeking, or looking to work as, a temporary dentist.<\/p>\n<ul>\n<li><a href=\"\/Practice-Management\/Member-Resources\/COVER-Program\">VISIT WEBSITE &gt;&gt;<\/a><\/li>\n<\/ul>\n<h4>MDA Volunteer Opportunities<\/h4>\n<p>Give back, get involved in your MDA.<\/p>\n<ul>\n<li><a href=\"\/Get-Involved\">VISIT WEBSITE &gt;&gt;<\/a><\/li>\n<\/ul>\n<h4>MDA Foundation<\/h4>\n<p>Giving and service opportunities.<\/p>\n<ul>\n<li><a href=\"\/Foundation\" target=\"_blank\" rel=\"noopener noreferrer\">VISIT WEBSITE &gt;&gt;<\/a><\/li>\n<\/ul>\n<h4>Mission of Mercy<\/h4>\n<p>Be a MOM volunteer.<\/p>\n<ul>\n<li><a href=\"\/foundation\/Mission-of-Mercy\" target=\"_blank\" rel=\"noopener noreferrer\">VISIT WEBSITE &gt;&gt;<\/a><\/li>\n<\/ul>\n<h4>MDA Health and Well-Being Program<\/h4>\n<p>Advice and help with navigating the stressors of dental practice.<\/p>\n<ul>\n<li><a href=\"\/Well-Being\">VISIT WEBSITE &gt;&gt;<\/a><\/li>\n<\/ul>\n<h4>MDA Continuing Education Seminars<\/h4>\n<p>Keep up to date with the latest in CE.<\/p>\n<ul>\n<li><a href=\"\/CE-Courses\">VISIT WEBSITE &gt;&gt;<\/a><\/li>\n<\/ul>\n<hr \/>\n<p><em>Disclaimer: The articles presented in this section are informational and should not be considered as financial advice from the Michigan Dental Association. The MDA recommends speaking with trusted financial advisers in planning your retirement or making other financial decisions.<\/em>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row full_width=&#8221;stretch_row&#8221; css=&#8221;.vc_custom_1698696973333{margin-top: -40px !important;padding-top: 0px !important;padding-bottom: 20px !important;background-color: #009ba7 !important;}&#8221; el_class=&#8221;white-text&#8221;][vc_column][vc_column_text] Late stage practice [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]MDA members who have reached age 55 or so are experienced, successful, ready to give back, and many are looking to retire in the next few years and enter the next chapter of their lives. The articles below address the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":243,"menu_order":8,"comment_status":"closed","ping_status":"closed","template":"page-template-full-width.php","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"MDA members who have reached age 55 or so are experienced, successful, ready to give back, and many are looking to retire in the next few years.","_seopress_robots_index":"","protect_children":false,"footnotes":"","_links_to":"","_links_to_target":""},"class_list":["post-943","page","type-page","status-publish","hentry"],"acf":[],"publishpress_future_action":{"enabled":false,"date":"2025-11-17 09:47:06","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/www.michigandental.org\/wp-json\/wp\/v2\/pages\/943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.michigandental.org\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.michigandental.org\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.michigandental.org\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.michigandental.org\/wp-json\/wp\/v2\/comments?post=943"}],"version-history":[{"count":0,"href":"https:\/\/www.michigandental.org\/wp-json\/wp\/v2\/pages\/943\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/www.michigandental.org\/wp-json\/wp\/v2\/pages\/243"}],"wp:attachment":[{"href":"https:\/\/www.michigandental.org\/wp-json\/wp\/v2\/media?parent=943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}