He Bought a Practice Before Graduation. I Told Him Not To. Steve Van De Graaff was a D4 when he asked me for help. Eight years later he sold the practice. Here’s what he’d tell you about feeling ready. In 2016 a fourth-year dental student at Creighton asked me to help him buy a practice. […]
Category Archives: Ownership
Somewhere in my book there’s a line that says you only have to be mediocre to succeed as a practice owner. I wrote it to take the pressure off and help dentists feel a little less stressed. Dr. Wang read it and got a little competitive, instead. “I was like, oh, you just have to […]
Most new practice owners focus on production, overhead, and growth. But your first job isn’t what you think. If you mishandle the team transition before and after closing, you can create problems that didn’t need to exist. Here’s what actually happens to staff when you buy a dental practice, and how to get it right.
Student loans are a giant mountain to climb as you’re coming out of school, and looking at those payments, that summit can feel way out of reach.
With an extra $140K every year, you can live that comfortable lifestyle while paying off your debt in a matter of a few years, rather than possibly a couple decades.
Remember in dental school, all those classes you took on how to run the practice you’d one day own? No? Of course not. And that’s okay! Your dental school did a great job making you into an amazing dentist. Now it’s time to prepare to be a practice owner, and that will take a real mindset shift from associate or employee to that of a leader. Here are a few things to keep in mind as you prepare for that next stage of your career.
If you’re going to own a dental practice, will you have to become an expert business owner? Nope! But if you do this simple thing and focus on reviews, it can help kickstart your career and keep the patients coming through the door.
Ever gotten a letter from the IRS? It doesn’t even matter what the letter is, just seeing it in your mailbox will make your throat catch, your heart spike, and your hands shake.
That’s why you want a great CPA. Here’s how to find one.
The average dental practice owner makes about $150,000 more per year than the average associate. And the numbers get WAY better from there.
There are gaps that you’ll need to fill to make the most out of owning your own practice. I’ve listed three of them below, with some resources you can use to get started.
The point isn’t whether you should or shouldn’t buy this particular practice; the point is to start looking at practices with an eye toward ownership. And what better place to start?
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