"Do You Want To Own Your Practice and Be Financially Free?"

 

Dear Doctor,

As you can see there's a Million Dollar Bill at the top of this web page. Why have I done this? Actually, there are two reasons:

  1. I have something very important to tell you, and I needed some way to make sure this would captivate your attention.

  2. And secondly, since what I have to tell you can make you a lot more money, I thought using money, even though it's not real, as an "eye-catcher" was especially appropriate.

Here's why I'm sharing.

Years ago, I was a young dentist with school loans to pay and the desire to own my own practice.

This is a story you'll want to read. I have a feeling you may be going through much of what I did many years ago.

When I got out of dental school, I was excited to begin my search for an associate position and launch my career. That is, until I actually began my search. After each interview, I had the same sad thought – as an associate, I would be an employee and nothing more.

 

YOUR FINANICIAL SECURITY

As just an employee, I would have no financial security or control over my career. I could work for years and years developing relationships with patients, making money for the owner and not have anything to show for it but the wages on my W-2 or 1099.

The most valuable asset a dentist has is their patients. As an associate, I wouldn't own my patients or the assets of the practice I was working in. So, at the end of my career I'd have nothing to sell and could never have the type of retirement I dreamed of.

 

COST ANALYSIS

In a recent article posted in Dental Entrepreneur magazine by Dr. Earl Douglas, a dentist and MBA, he states...

"a dentist will have lost $14,000,000 of revenue over the course of their career when they don't own their own practice and work for someone else."

That's fourteen MILLION DOLLARS!!! Why leave that kind of money on the table? It's hard to become wealthy when you work for someone else.

 

CONTROL OF YOUR WORK ENVIRONMENT

As an associate, I would have no influence or control over the environment in which I would spend most of my waking hours. For example, I love music and enjoy listening to it while I work. During my interviews, I found that some offices didn't have music, and of those that did, too many played "elevator music" that was more effective at putting me to sleep than general anesthesia.

I'm into art and design. I yearned to work in an environment that was bright and tastefully designed. Yet, I often found offices so dreary and unprofessional that I would have been uncomfortable treating my family members there. As an associate, my opinion about the décor wouldn't matter one bit.

Dr. Douglas goes on to state in his article...

"the owner will have control over all measures of the practice, including the staff, treatment planning, the laboratory of choice, materials of choice, insurance benefits, retirement plans and contributions and many more. Associate dentists rarely, if ever, have control over any of these key points."

 

YOUR PHILOSOPHY OF CARE

I found offices that did not allow associates to pick their choice of instruments or materials. Some even mandated doing procedures that went against my philosophy of care. I wanted the freedom to focus on the type of dentistry that I enjoy and refer out the procedures that would be best served by a specialist.

To me, it's vitally important to take as much time as needed with patients, and not be pressured to "burn & churn" just to meet production numbers. Many offices were more interested in generating revenue than in quality of care or developing long-term relationships with patients.

Also, there has never been a better time to be a dentist, and one of the biggest reasons is technology. Today's technological advancements are constantly improving patient care, making dentistry more comfortable and less frightening for people, all while making the office more efficient. I saw offices that were not up to date with current technology. Some were just cheap. Others didn't want to change their old ways of doing things.

 

WHEN YOU WORK, WHO YOU WORK WITH

Having the freedom to pick my days and hours was important to me, as well as picking the continuing education courses that I wanted to pursue. As an employee, I had to hope that would happen.

Many offices wanted me to see a ton of managed care & reduced fee patients, and by doing so, I'd be working really hard and getting burned out, with very little financial reward. No thank you!

I'm a strong believer in the efficiency of 4-handed and even 6-handed dentistry. But we've all seen plenty of offices that barely have an assistant available, requiring the dentist to take x-rays, impressions, break rooms down and set them up. I'm sorry, but that's a horrible waste of a doctor's time and talent.

I found some offices that had a lot of negativity and drama with some of their "key" staff members who dominated and controlled everyone in their perceived little kingdom. As an associate, I had no control over that.

I knew if I owned my own practice, that type of behavior would never be tolerated. My practice would reflect my belief in a unified and cohesive team.

When I could no longer stand the thought of not having control over so much of my professional life, I began asking every practice owner I interviewed with, "Do I have the opportunity to be a partner in the practice, and own a piece of the pie?"

 

BEING THE BEST DENTIST YOU CAN BE

Doctor, I'm sure you're getting experience that is important to developing your clinical skills. But you could get the same clinical experience while owning your practice and live each workday your way!

I know what you may be thinking... owning a dental office is filled with a ton of responsibilities and a lot of hard work. You're right!

Starting or buying a practice is becoming prohibitively expensive. According to the American Dental Education Association (ADEA), the average educational debt for all indebted dental school graduates in the Class of 2018 for public and private dental schools was $251,869 and $326,133 respectively. This high level of debt can jeopardize a dentist's ability to choose their preferred career path.

Dentistry is a business and you were never taught business strategies, accounting, marketing, lease negotiations, or best practices regarding hiring and training employees. If a key member of your team suddenly resigns, who's going to hire and train their replacement? It SUCKS when a key member of your team leaves your office.

Plus, increased competition is fierce with more new dentists coming out of dental school and corporate dentistry saturating the marketplace – making the ability to attract new patients extremely expensive and ever more challenging.

It's getting tougher and tougher competing with corporate dental practices that offer consumer-friendly hours, like being open evenings and weekends, six days a week and have marketing budgets in the hundreds of thousands of dollars and offer all disciplines of dentistry in one convenient location.

As a solo owner/practitioner your income is limited by the number of hours you work, and it's also limited by your clinical capabilities.

When you take a vacation, attend CE courses, or you're away from the office your income stream STOPS!

As a solo owner the financial responsibilities and burden of ownership rests totally on your shoulders. Why take on the stress and liabilities of solo-ownership?

Well, you don't have to face the challenges and responsibilities of ownership alone.

 

YOUR OPPORTUNITY OF A LIFETIME

I'm currently seeking to work with a select number of ambitious and visionary dentists who are ready to take advantage of ownership in a group practice setting, with no capital outlay required.

To work in a private office you can be proud of to call your own. And to learn from someone who's been through it all, made all of the mistakes and came out on top.

The economic landscape of dentistry is rapidly changing. Being an owner in a group setting gives you more freedom, more flexibility and greater financial security, with less risks and headaches of being a solo practitioner/owner.

This is an opportunity most dentists never have; the opportunity to call your own shots and reap the financial rewards and professional fulfillment of ownership, with an enormous safety net under you – my expertise in the business of dentistry and to be an owner of something larger and more lucrative than you could ever create on your own as a solo practitioner.

 

SO WHY WOULD I DO THIS?

Three reasons:

First of all, I get my greatest joy from building and growing dental practices and it's what I do best. It makes me very happy to see someone I help achieve greater financial success (and all that comes with it) as a result of the help I give them.

Second, I want to help dentists be financially free and eliminate the burden and responsibility of owning a dental office as a solo practitioner, so you have more work-life balance, more financial security and more free time to enjoy doing the things you love to do.

And lastly, dentistry has been very good to me and its one way I can give back.

A wise man once said... Experience is paying for your own mistakes while Wisdom is learning from others who've paid for their mistakes.

If this is an opportunity you'd like to learn more about and explore in greater detail, please click on the button below so we can schedule a confidential phone call together.

CLICK HERE TO LEARN MORE

 

I look forward to talking with you soon.

Warmly,
Frank Wolf, D.D.S.

 

PS. It's more lucrative to own a smaller piece of a VERY BIG PIE (ownership in a group practice), than it is to own 100% of a very small pie (solo practice). Group practices are selling for Multiples of their revenue, while solo practices are only selling for anywhere between 50% to 98% of its revenue.

Wall Street and Private Equity love the business model of Group Dentistry. One of our colleagues created a group practice and sold only half of his business for $1,200,000,000. That's 1.2 BILLION dollars! You and I could never do that on our own as a solo practitioner. There's power in numbers!

PPS. One of my mentors, Tony Robbins, says "the path to success is to take massive action". If not now, when?

CLICK HERE TO LEARN MORE