Why I'll never buy a dental practice
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- Опубликовано: 30 июл 2024
- Most dental students going into dentistry assume they'll want to buy a dental practice one day. You make more money as a dentist, and have more freedom? But it isn't so black and white. There's a lot you pay in practice ownership, besides the purchase price of your new dental clinic.
In this video I go through all the good and the bad of dental practice ownership. And at the end, I explain why I've decided I never want to own a dental practice.
0:00 Intro
0:38 Increased income
2:10 Free money?
3:54 Decouple time and money
4:11 Keep goodwill you generate
4:50 You're the decision maker
5:32 The downsides
5:51 Staffing issues
7:38 Existential threats
8:20 Practice debt
8:47 Reduced optionality
9:17 Why I'll never buy a practice
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Intro: The Time by Ivan Shiplevsky
Music: Teapot by Lukrembo
Outro: Sunset Eyes by INOSSI
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This channel is painfully underrated
100% yes to everything you said in this video! I saw up close through my dad what the stress of practice ownership was like. My goal isn't to maximize the amount of money I can make, but to do the most good while also living a high-quality, financially free life. And that doesn't necessarily need to come through private practice.
😊
So do you recommend corporate dentistry? I’m stuck between private and corporate :/
@@superstyle4932 I think private if you can find a good one with some benefits corporate sucks that’s been my experience I have done both
@@user-dn1pj3db2k thank you sm!!
Hey Joel! This is some great insight. Being a dental student myself I notice firsthand that many of my peers and classmates (including myself) glorify and dream of becoming a practice owner one day but perhaps do not fully comprehend the responsibility & liability that comes with it. I agree that practice ownership unlocks a lot of potential but should be considered cautiously & is not for everyone. For me personally, growing up under a businessman household, I definitely desire to own my own practice one day, but looking at the potential downsides I also definitely see why not everyone may be drawn to it. Liked & subscribed. Keep up the great videos - a big fan!
thanks Sean! Happy to have you along for the journey :)
I totally agree with you. Graduated from dental school 1989, I spent a quarter of century in the military then worked as a contracted provider.I have never made much money but married a wonderful lady and she managed my salary very well. After all three my children finished colleges and on their own, I retired from dentistry. We live on six figures retirement income (from my military pension and the money we saved). Low stress...
First of all thank you for your service to the country. My father served in the Navy for 27 years. I loved the comradely and the travel. I always wanted to serve but I could not afford to do so. Military personnel are underpaid and for the moment under appreciated. Thanks again for serving
Appreciate your honesty!!! There are a ton of trade-offs for this decision, and I appreciate how your thoughts/facts were laid out!!
I agree with you 100% I am applying to dental school this upcoming cycle I heard similar things from practice owners, definitely comes down to personal preference. Thank you for making those videos I love them!
good luck!
Nice points. I'm aware of all of these points that you make after going through a few different types of practices. I thought the info in your other videos for why you want to be a dentist, as well as the income was also refreshing. I just think future dentists need a bit more info than a short video, and this must be stated so that they don't blindly choose the profession, thinking they know what they're getting in to . I think this type of content is a great start, and I hope you make more content like this in the future, with even more info for the future generations. Thank you!
Woah thanks for the great info. For someone who is interested in the overall dentistry field, I feel like this information is golden!
I have owned 1 practice for 27 years and a second practice for 10. You nailed it. Do what you love and be content. I enjoy ownership but I see the value and freedom of associateship. Well done.
thanks Fred!
My buddy inherited a huge practice from his dad that bills $1.3M a year in Miami. Sometimes life isn't fair but you really have to choose your battles. I agree with this video in that practice ownership takes so much time to manage that its not always worth the extra income.
@@pikusarker1359 over 500k but remember he’s an extreme example that doesn’t represent the majority of dentists
It took me 13 months from starting my own practice to achieve this level of collections. So your friend has a year jump on you. When you put your patients and staff members first, everything will take care of it self!
Started a practice for scratch. My goal like everyone else was 1,000,000 collections with 50 percent overhead. I gave myself 5 year to get there. Did that in month 13. Ended up with 1.9 million in collections with 43 percent overhead. I can’t seem to get to the two million mark by myself.
@@prydegirl where do you practice ??
@@MrBololicious I’m in Las Vegas
As a practice owner this is a great video. Yes it really comes down to want to you just want out of life. If you do own your own practice you are very much like any other small business owner. Barbershop, bakery, home repair. It's very difficult to detach yourself from your business. Some people love that, others don't. It's all on you. The trials test your character, but the sky's the limit.
I hope you don’t mind but, where do you practice ?
I started 2 practices from scratch. Sold the first one for little ROI. My BIGGEST problem has been HR always. Even associates are a liability. They costed me bad reviews, redos, lost patients, lost staff. I’m overstaffed now, but having some redundancy helps keep things going. Nice video!
Just subscribed to the channel. Great advice, can’t wait for more videos!
Great points about practice ownership especially multi practice. It hit me a couple years ago when I was having lunch with an orthodontist that owns close to 10 practices.
He had to field so many texts and calls during lunch from different offices and I got the sense that was really a normal part of his day. I am not wired for that.
+1
Thank you so much! I’m applying for Melbourne dental school soon and ur helping a bunch
I think a video about Dr. Apa and what he just doing with veneers would be really interesting! I think the finances and ethics behind it could be easy to make a great video about!
all i know is working as an associate is hard on my body, I've chosen to pursue ownership because I can make a better living and spend less hours straining my neck. great channel btw, subscribed!
I'm a current dental student at USC. I've been really enjoying your videos. It's nice seeing the guy who taught me PAT on youtube lol :)
ty Jake!! happy to have you here
I'm a physician thinking of selling my practice for many of these exact reasons. It's not about the money, but about the lack of headaches! Plus, it leaves more time to do the fun part...practice medicine! Have really been enjoying your videos.
congrats on looking at the whole picture, not just one slice of the pie (money). and thank you! happy to have you onboard
Hire someone to deal with your headaches and that will allow you to focus on the fun part of your practice.
I am attempting this. HR is not my strong suit. I've been burned before and I am finding it hard to trust and find the right employee. I need a class on how to hire the best fit. Thanks for the encouragement
@@amygarza1571 I would like to know how you have been burned. Each position in your office has a different personality that is right for that position as well as a different skill set that is required.
@@prydegirl True. I had a nurse practitioner for a bit that didn't work out, and let's just say important people in my life have burned me. She interviewed well and made lots of promises, but didn't follow through. I guess it's mostly my trust issues, haha. I think I'm afraid to hire wrong again and don't trust myself. I am perpetually a glass-half-full person who sees the best in others so I find myself giving people the benefit of the doubt when sometimes I should be more cautious. Also, I think part of my issue is I am truly unsure of what I need and want regarding extra help. My office is a very small operation making it fairly nontraditional in the medical world.
I am so inspired by how you analysed your life. Great personality and phylosophy in life! You are so ethical with integrity, I wish you were my dentist! All the best :)
ty so much, what a nice comment :)
Thanks Joel- great stuff
Very informative. Love ALL of your videos. Great job
thank you Joey!
Thank you for your videos Joel 🥰
Good informative video - liked and subscribed😊
Like the video. Seems like your viewpoint skews waaay the others way towards multiple practice ownership vs as a W-2 employee of someone else. I agree that the biggest thing holding people back from single practice ownership success is their low threshold on the existential crises scale and fear of the unknown as well as the inability to train, correct, and mentor (and delegate delegate delegate!!) staff. I think in future /other videos you should the majority that choose between associateship and single doc practice. We all know the gunners unending appetite for DSO style passive lordship over many clinics. Just isn’t the majority of us. Single ownership can feel like associating but if you create the atmosphere.
Im graduating in a week. This channel is amazing and given me confirmation in the path I want to take
welcome!
You can change your path anytime you do not like where the path is leading you. Very few choices are infinite. Enjoy the path you are on.
Hi Joel, love the video! My wife and I are both incoming D1s at UNLV and we've really been enjoying your vids 😁
One suggestion we have is to use a reflector on your other side so both sides of your face are visible!
Edit: seems like you fixed it towards the end!
I was going for that mysterious sexy look ¯\_(ツ)_/¯
but real talk, I can strike more of a balance :)
I share your thought process. I am a new practice owner and I have sleepless nights because of all the overhead and staffing issues and so much more responsibility. I am already thinking of how to have another stream of income !
@@prydegirl well thanks but I hear no specific advise here…
@@prydegirl there was no question in the first place!
Another stream as in a second practice(?
Your videos are AMAZING!
thank you!!!
A video I’d like to see is if there were any materials, supplies, etc. you recommend purchasing as a dental student to make life easier in pre clinic, clinic, or with studies! Love the channel and loved you on DAT Bootcamp!
interesting idea, though I'm not sure it would be a terribly interesting video 🤔
Hi Joel, great video. You made some good points.I am a dentist in Germany, working for 10 years now and I completely agree with you. Here is the same thing with dental practices. What amazes me is that nobody specifies these major disadvantages ( which are much worse in Europe I believe) when talking about buying a dp ( lifetime slave to the bank, no flexibility, working until 70 or smth, a lot of stress ). After analysing the situation for a long time a came to the conclusion: either you stay small, an employer, or you go big, owning x nr. of practices. Thanks for the content and I wish you a great day!
🙏 ty!!
When do people typically start their own practice? Age/ years of experience as a dentist?
Appreciate the work 👍🏻
Videos about stocks soon💪🏻
Great video that’s helpful as always. I have a question for you: do you recommend taking a gap year? I’m thinking about taking one and many people do, and I can use that time to be productive and further strengthen my application as well
I wouldn’t say that I’d “recommend” a gap year. It really is going to depend on you and what’s best for your situation. If a gap year makes sense for you, go for it! One year isn’t much in the grand scheme of things
If you can afford to do so, why not. You’ll soon be under the stress of working hard to pay your debts if you have any.
Hey, I'm new in your channel and I think you are bringing a lot of useful information without a lucrative part. I'm actually from 1 year to finish highschool and your channel is helping me a lot for choosing the right carrer. The full dentistry school (5 years) in my city is about 1k dollars each semester and is actually the best practice-learning school, I live in Colombia and I am really interested in dentistry but my pulse is not very good enough. Do you think I am capable of it? I mean I really like it but is only that, also my mom is a dentist and she has a consultory with a lot of pacients. Thanks for your time and honesty, be safe.
to be honest, I'd recommend talking to others more familiar with dentistry in Colombia as I'm no expert there. glad you're enjoying my vids!
I think the single most important factor in you doing anything you want to do in life comes down to grit. Perseverance, trumps all and is the single most factor to determine ones success.
Lmao I have an Orgo exam about reactions and mechanisms tmrw, I just finished a 8 hour study session and I’m watching your videos rn to not lose hope on my goal lol. Orgo is no joke man 😭
good luck!
@@mazenbleibel1667 I live in the US but I’m 100% Palestinian why?
@@mazenbleibel1667 Then we are definitely related my guy 😂😂, majority of my family lives in Lebanon as well, a lot of them are still in Ain El Hilweh Refugee Camp. This is crazy 😂 lmao
@@mazenbleibel1667 Shiii you right what’s your IG or Facebook cuz I don’t wanna put my number on the internet either 😂
@@mazenbleibel1667 Ight I sent you a request
Keep up the great work!!!
Could you consider a video breaking down working as an associate in different settings like private, corporate, and public health?
you bet, in the pipeline :)
This video has confirmed my belief that I never want to own a practice. Thanks!
Is there any way you could elaborate/interview on the path the friend who owns 11 practices took? I love the viewpoint you’ve offered but maybe with a video like I’ve mentioned you could touch on the other side of the story!
a video I'd like to make!
I think a lot of dentists forget that money can be made by investing in other areas. We can absolutely get injured and not be able to work anymore, we can’t rely only on being dentists to make money.
Hi Joel!👋🏼 My name is Ray and I am currently a senior majoring in Accounting🧾. I work as an audit intern and it just has not been all I imagined it to be.😕 I had originally wanted to pursue dentistry 🦷 back when I was getting my associates degree. I ultimately ended up not going through with it, changing my major to accounting. I know it can be very difficult to get into Dental School(and there is only 1 where I live: Augusta University). After I get my Bachelor's in Accounting (only 2 classes left), I know I would still need the required classes to be able to qualify for dental school. Would you reccomend getting a 2nd undergrad degree in order to do so(and in what?), or going for a masters? 👩🏻🎓 Also, what do you think my chances are of getting into dental school, being that I majored in Accounting? I would love your input and thank you for all your videos!😁🙏🏼
Hi, I'm not a dental student but I am considering the pre-dental path (I have a BSc). From what I know, it literally does not matter what your undergraduate degree is in as long as you have completed the required prerequisite courses, obtain a good score on the DAT, and have a competitive GPA. The only thing I can say is that a BSc may help students by some fraction because a lot of the content overlaps with the DAT and trains you to think in a science-orientated way. But I think this benefit is negligible and you can easily compensate by doing the required prerequisite courses. What I would suggest is trying to extend your time to graduate with your accounting degree and take the prerequisite courses. If not, are you able to enroll in courses as a graduated student? Otherwise, you may consider a postbacc or a masters. You just need to figure out a way to complete the prerequisites and not necessarily get a second undergraduate degree.
@@kompalg4187 Hi! Thank you so much for the reply. I have been trying to figure out if I can do another bachelors but my plan for right now is to finish my bachelors in accounting(end of next year) and continue for my masters in accounting as well. I don't think I would be able to take any extra classes (the prerequisites for dental school) unless I take a little longer to complete my masters. Because after my masters I also want to get my CPA license and that requires a lot of hard work and dedication to studying prior. The university I'm attending is also an hour away so I kind of just wanted to graduate sooner than later, unless I transfer right now and go to another university and double major in something to get those prerequisites. It's tough to choose. I believe I would really enjoy being a dentist more than an accountant but I am so deep into the accounting world and my degree that I feel I should just follow through with it all. Whats your advice with what ive said?
That is one of the big pitfalls with being a private office associate is that you're disposable. No job security. There is a surplus of associates out there and if owner is not happy with associate then they can easily put an ad out and hire someone else. But a GOOD staff member is very difficult to find especially during this shortage in Canada. From an owner's perspective, a high-school grad dental assistant is FAR more valuable than an associate dentist.
I am thinking about ownership too
Another great video joel!
Would you consider making one on investing? I'm curious if there are strategies to start investing with Stocks/ETFs early in dental school!
ty! let me think about if I can figure a unique angle on this that overlaps dentistry and investing. for now, if you have any specific questions feel free to hmu on IG @meyersonjoel
I started investing two years out of dental school. It was a tough learning curve back then!
Investing isn’t overly complicated. Read the White Coat Investor book by Jim Dahle, MD and any articles on his website that strike your interest.
Dump 100% of it into the VGT ETF. Literally set it, forget it, and have the highest return of all ETF’s while being diversified enough.
finally someone who shares the same opinion as mine ... when u r an associate dentist u r trading time for money ... but when u own a practice u r simply trading ur entire life aspects for money
Very interesting, if you are thinking about staying as an associate because you dont want the stress of owning a dental practice and dont think it is worth the extra stress and work. What do you think about owning with a cooperate that will run and hire and market and do all the other work for you so you basically just get a higher salary as an associate but have a piece of that practice and not have to worry about anything. Of course then you will be more attached to that practice and cant move as freely as an associate but if its in an area you like then why not? I am graduating dental school in May and already have a job offer with a cooperate where I will be the only working dentist (in an area I want to be in long term) and can become the owner of the practice (basically partner with the cooperation) and trying to decide if I should do that or own my own private practice. But also I understand that the way a DSO practice can be very different than how a private practice runs so maybe you would not want to make that trade.
not for me still, but a great option for someone looking for a middleground
If you don’t want to drive your own car, nothing wrong with that. But you won’t be able to turn, accelerate, break as you please. If you don’t like the condition of the taxi, you can always purchase your own car. Cars are purchased and sold every day.
Don ‘t do it sounds like Aspen Dental buy your own they will always control you
I lasted 10 Months as an associate. 20 years later and 4 practices after, After selling them off, I would NEVER work for anyone but myself.
800k each office is REAAAAALLY underperforming.
how long does one wait until they open their own practice?
some purchase rigtht after graduating! up to you
If you want to be a McDonald’s owner go work for McDonald’s. If you want to be a successful dental practice owner find the successful practice owner and learn the ropes until you feel comfortable.
@@prydegirl is there somewhere where I can contact you for additional questions / advice ? It would be appreciated
@@MrBololicious ask away, but I can only give you my perspective. Others can then agree disagree or give their own perspective.
first notigang
The stock market must of been good for you this year haha
🤑
I am looking into purchasing one right now I am 56 I’m tired of being an associate not having any saying anything and it’s a small practice he’s only asking 180 for the Practice 90 if I wanna buy the condo association and watch the practice resides in so essentially buying the building only has 1000 patients so it’s not really a big practice ; I’m not making a move to make money because I won’t make a lot of money as a practice owner if I buy this one ? I think it’s more to just have more control or more say in different things because as an associate I find that I can’t have certain equipment I can’t make certain decisions it’s kind of frustrating but then again do I really want to make a move to practice ownership and have more responsibility yet make a lot less money doing it ? Do I love dentistry that much to make you know $76,000 a year which Which based on this office he’s grossing over 300,000.00 but then has no bills and everything overhead as you know such that he only takes home is not is 76,000. it’s not really a great venture but I was looking more for a place I can call my own, my home and have more control over more autonomy what are your thoughts?
You’ll always have a place to work, as long as the state doesn’t shut you down. You can work for yourself or someone else.
every decision has nuance and it sounds like you're buying for autonomy which I support!
Not very clever.. i have 2 dental práctices and im 30 y old 7 years working, around 1 Million of € of capital.. starting from 0 !!
If your happy with 250,000 to 350,000 as a employee, nothing wrong with that. But you won’t be making 1,000,000 a year. Believe what you will.
By the way if u Arent the type to handle the feeling of no safety net… u dont wanna Go the extra mile… dont Start a Business. In the End, all the Securities u Desire for are Provided By a good dentist and good Business man. On top - when u r a dentist and a doctor at Heart, u dont live like a the dude From angus and julia Stone. U Provide for Ur Community. Young grauestes got some shit in their. Be the Boss. Trust me. Greetings From Germany . Btw u will Get older and have a Family. U will settle.
Great video! Money doesn’t buy you happiness and leads to temporary. Only Jesus gives me fulfillment and happiness🙏 no amount of money makes me feel the way Jesus does.
Truth
And Money is Not the obvious reason. The reason is Control. I Check in and out sccordibg to my schedule. When i Get older, i can sell it i created a value… and income w/o practicing Later on… the only reason Not to do it is because u r a chicken and afraid of Taking responsibility… but u r a dentiSt and u passed dent school…. Get a pratice
Cool story bro, I'm sure he cares a lot about ur opinion. Especially from someone who can't spell "according" or "practice" correctly
@@rsp1239 Obviously I m not a native speaker. How many languages do you speak fluently? The spellings has nothing to do with it. Some ppl are just not made for running a business. period. go be woke