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7 Lies About Becoming A Dental Practice Owner
Description
📋 Free Download: Practice Evaluation Checklist https://practiceown.com/pdf
If you are a dentist thinking about buying a practice, you have heard most of these. Some come from the people who employ you, some from other dentists, and some you tell yourself. In this episode I go through the seven lies I hear most often about becoming a practice owner and explain what is actually true, using what I see every week evaluating practices for buyers.
What we cover:
- Why being an owner is not automatically better than being an associate, and when it is worse
- A startup gaining 200 patients a year and losing 50 takes about 10 years to reach the 1,500 patients a profitable practice needs
- The failed startups that show up on the market two or three years later, and why buyers should walk past them
- I bought my practice one year out of school and made about $700,000 my first year, mistakes included
- Why the bank looks at your $100 monthly student loan payment and not the $800,000 balance
- The $50,000 to $100,000 cushion banks want to see, and why you can start looking before you have it
- Two practices that both collect $1,000,000 and both profit $500,000, and why one is far easier to buy
- $500 per patient versus $2,000 per patient, and what that means for every hygiene visit
- How AI nearly cost me $15,000 on my own taxes, and why I would not let it evaluate a practice
- Why a $2,000 fee-for-service crown instead of a $750 in-network crown only works if the patients stay for you
- Why the hygienists are the most important people in the office you are buying, and how many you want
- What ownership has meant for the dentists I know, including one who passed $1,000,000 in his first year
💼 Work with me: I help dentists evaluate dental practices before they buy. Every practice I evaluate gets compared against my database of 500+ evaluations.
📬 Questions? Reach out directly: chris@practiceown.com
0:00 Seven Lies About Becoming An Owner
0:23 Is Ownership Better Than Being An Associate?
2:15 Should You Just Do A Startup?
7:46 Do You Need More Experience First?
10:35 Student Loans, Savings, And What The Bank Checks
15:00 The Most Profitable Practice You Can Find
20:12 Is Fee For Service The Best Practice To Buy?
26:11 Are The Patients Yours Once You Buy?