Reaching Retirement
You can’t turn back the hands of time, but you can decide to make your
retirement personally and professionally rewarding.
By Amy Dusek
Repeat this after me: “Retirement is not a dirty word.”
This idea may take a little getting used to. As you know—and may feel—many
chiropractors would rather die over their adjusting table than retire from the
profession. It might be time to change your thinking when it comes to the golden
years of your life. Retirement is the life stage where chiropractors can remain
engaged in the profession by giving back. If you have successfully transitioned
through the growth and accumulation phase, then you have had the opportunity
to set up your finances for a comfortable retirement. All you have left to do
is start creating your legacy.
An Example to Live By
Throughout his career, William Harris, D.C., had but one goal: to give back
to the profession. This goal not only shaped the way he practiced, but it has
played a prominent role in his retirement.
To date, Harris’ Foundation for the Advancement of Chiropractic Education
(FACE) has given money far exceeding $10 million to various chiropractic colleges,
research projects and a variety chiropractic causes, making him the single biggest
donor to the profession. Harris has not only achieved his goal, but he has exceeded
it.
“I made investments. I made good investments,” says Harris. “Some
chiropractors when they start to make a little money, they buy a Mercedes, then
a boat. If they took one tenth of what they earned monthly and invested it,
they would be investing in themselves. They should also learn to live below
their means.”
An accomplishment of this scale takes forethought, hard work, vision, discipline
and a few good investments. Historically, retirement is not a favorite topic
among chiropractors. Retirement is something to plan for and look forward—it’s
not a death sentence. For Harris, retirement could be considered the pinnacle
of his career.
“People die in spite of receiving adjustments. I knew I needed a backup
plan,” says Harris. “Reality told me that I wouldn’t live
forever. If you apply the laws of health, a body wears out. I knew I wanted
to fulfill my dream before that happened.”
If you are nearing this transition, your pre-planning during the accumulation
and leisure and prosperity phases pays off here. Retirement is not the time
to separate yourself from the profession. You can quite possibly do your best
work during your “retired” years, especially if you live by Harris’
example.
Developing a Plan and Sticking To It
Early in his career, Harris figured out that every chiropractor has
30 productive years. He noticed that typically your overhead stays the same
throughout your years of practice, while your income tapers off.
“I resolved to make those years extremely productive,” says Harris.
“I also saw my father go from riches to rags as a farmer. I decided that
was not my destiny.”
Harris also had a burning desire to give back to the profession that had given
so much to him. “At first I never wanted to think about retiring. I changed
my objective and decided to create a foundation for the profession.”
Based on his own struggles during his early years of practice, Harris decided
to start giving back by mentoring young chiropractors and helping them open
offices. At one time Harris had acquired 15 offices and he sold them gradually
to the chiropractors he was training. Eventually Harris started Practice Consultants,
a practice management consultation firm. It operated under a unique concept:
Harris and his team would not accept payment unless the client saw an increase
to their base income in a year’s time. If there was an increase, Practice
Consultations received a third of it.
Along with the firm, Harris started FACE. All the money he made with Practice
Consultants went to the foundation. Eventually, Harris decided to phase out
of active practice. Little by little, he sold practices and stopped opening
new ones. He continued to stream this revenue to his foundation. Today with
67 years of practice behind him, Harris has enjoyed a fruitful retirement through
his work with FACE and the added time he can spend with his family.
“I have a good life. I have a son and a daughter and two grandchildren,”
says Harris. “If you don’t invest properly, it’s financial
suicide. My advice to other chiropractors is to start saving and making investments
early in life, so you can enjoy your retirement. Some chiropractors believe
you can live and practice forever, but it just doesn’t work that way.”