Forty years ago, few people outside of IBM had any first-hand interaction with computers. Today, the average teenager has more computing power in his iPod than was used in the Apollo moon missions. We've come a long way in a generation.

We're seeing that digital divide in dentistry too. New dentists today were born into a high-tech world and are used to taking a digital approach to diagnosis and clinical delivery, whereas practitioners who came of age before the digital revolution have adapted to varying degrees.

Some of these dentists have embraced new technologies wholeheartedly, some have been content to perform the "classic" dentistry they were originally trained for, and most fall somewhere in between.

So what does all this matter to you if you are looking toward selling and retiring in the next several years? Quite a bit, actually. Most buyers today (and we're in a buyer's market for dental practices) have high expectations for what they want in a facility. Not surprisingly, it's the practices in top condition that attract the top buyers, and sell at the right price.

It's natural for owner-dentists who are looking toward retirement to want to scale back reinvestment in the practice, but the fact is if the facility doesn't make a good first impression – if a prospective buyer is mentally calculating how much it will cost beyond the purchase price to upgrade – the value of the practice will be significantly suppressed. It's not just technology, either. If you have operatory chairs that haven't been replaced since Ronald Reagan was president, you're not exactly positioning your practice as a desirable frontrunner in the marketplace.

On the other hand, it is remarkable how much a few key upgrades can enhance a practice's value. Remember, it's called reinvestment for a reason – strategically planned facility improvements should stimulate additional growth in the practice, giving you the opportunity to improve productivity at same time as you improve the practice's tangible assets.

And let's not forget the value you get out of working in a great environment, either. You're not just making the improvements for the next owner. The sooner you make the necessary reinvestments, the more time you have to enjoy the facility you've created.


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