📋 Free Download: Practice Evaluation Checklist https://practiceown.com/pdf

A dentist recently reached out to me after signing a letter of intent on a practice they were no longer sure about. They were worried they were locked in. In this episode I read through a sample dental practice letter of intent section by section and explain what it actually commits you to, what you can walk away from, and the one section most buyers skip that really is binding.

What we cover:

- Why the LOI is not the purchase contract: the asset purchase agreement comes later

- What a letter of intent is really for: putting your terms in front of the seller before due diligence starts

- Attorneys will draft your LOI, but most will not tell you what to offer or what the practice is worth

- Purchase price allocations: why you want more in equipment and the seller wants more in goodwill

- Most dental deals are asset purchases, and accounts receivable is always up for negotiation

- The earnest money deposit is falling out of favor, and why brokers are quietly discouraging it

- If you gave no deposit, you can usually walk away at any point with no consequence

- The lease contingency, and the deals I have watched die because the landlord said no

- Why the 30 to 60 day due diligence window only really matters if you gave a deposit

- Exclusivity, confidentiality and ordinary course: the provisions that stay binding even after you back out

- Everyone in the process gets paid when you close, so nobody else is going to tell you to walk away

- Overpay by $200,000 and you may not be able to sell your way back out

💼 Work with me: I help dentists evaluate dental practices before they buy. Every practice I evaluate gets compared against my database of 500+ evaluations.

https://practiceown.com

📬 Questions? Reach out directly: [email protected]

0:00 A Dentist Who Wanted To Back Out

0:53 What A Letter Of Intent Actually Is

2:33 Due Diligence And Going In Person

3:24 Purchase Price And Allocations

4:30 The Earnest Money Deposit

6:06 Lease, Due Diligence Window And Closing Conditions

8:35 The Provisions That Are Still Binding

10:07 Why Everyone Wants You To Close

📋 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.

https://practiceown.com

📬 Questions? Reach out directly: [email protected]

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?

📋 Free Download: Practice Evaluation Checklist https://practiceown.com/pdf

Was becoming a dentist worth it? If you had asked me during my first year out of dental school, my honest answer would have been no. In this episode I tell the whole story: why I chose dentistry over accounting, what associate life was really like, the practice I bought that turned out to be a serious mistake, and how ownership completely changed my answer. If you are not yet a dentist, this is the story I wish I had heard before dental school. If you already are one, it might change what you do next.

What we cover:

- The three criteria I judged every career on: lifestyle, pay, and a realistic path to ownership

- Why I dropped accounting for dentistry after one microeconomics class

- The associate job that moved me to a pediatric Medicaid office I never signed up for, with 5:30 a.m. starts nobody would fix

- Two friends, one startup and one acquisition, and how different they looked one year in

- The practice that collected about $1 million the year before I bought it for about $300,000

- The $300 crowns that revealed I had bought an office running on HMO plans

- Dropping the HMO plans on day one, losing 80% of the patients, and laying off half the staff

- Making about $700,000 my first year as an owner, more than triple my associate pay

- Selling that practice for more than double what I paid for it

- The client who collected over $2 million his first year of ownership and kept about half as profit

💼 Work with me: I help dentists evaluate dental practices before they buy. Every practice I evaluate gets compared against my database of 500+ evaluations.

https://practiceown.com

📬 Questions? Reach out directly: [email protected]

0:00 The Story I Wish I'd Heard Before Dental School

0:47 Choosing A Career At 19

5:28 The Associate Years

8:20 Finding My First Practice

12:51 My First Day As An Owner

15:34 The Turnaround

18:38 How This Turned Into A Business

20:54 The Verdict

📋 Free Download: Practice Evaluation Checklist https://practiceown.com/pdf

How long does it take to buy a dental practice? It's one of the most common questions I get, and most dentists go in with the wrong expectation. In this episode I break down both phases step by step, and I show you why rushing either one is the most expensive mistake you can make.

What we cover:

- The two phases of an acquisition, split at the letter of intent

- Median time to find the right practice: 4 months (some take weeks, some take years)

- Why your search radius is the single biggest factor in your timeline

- Why dental brokers don't split commissions like realtors, and what that means for you

- Why brokers send you their worst listings first

- 84% of the 500 practices I've reviewed were not worth buying

- Why every professional in the deal is paid to close fast, not to close well

- LOI negotiation: typically 2 to 3 weeks of back and forth

- Due diligence: 3 to 4 weeks, including a second in-person site visit

- The site visit where I told a client to walk away, and the practice he found 3 weeks later paid 2 to 3 times more

- Financing: about 3 months total, and why you need more than one bank

- When to hire your attorney, and how the wrong one adds months

- How a landlord can kill a deal days before closing

- When to give notice at your associate job, and why you should never sign a 90-day notice

- Why you need weeks off between leaving your job and taking over the practice

💼 Work with me: I help dentists evaluate dental practices before they buy. Every practice I evaluate gets compared against my database of 500+ evaluations.

https://practiceown.com

📬 Questions? Reach out directly: [email protected]

0:00 The Two Phases, And Where Your Search Starts

4:23 Practice Brokers And What They Show You

7:09 How Long The Search Really Takes

7:54 Phase 2: Signing The Letter Of Intent

9:20 Due Diligence And The Site Visit

12:44 Financing, Attorneys, And The Lease

18:40 When To Leave Your Associate Job

23:11 The Total Timeline

📋 Free Download: Practice Evaluation Checklist https://practiceown.com/pdf

The Bureau of Labor Statistics says the median dentist makes $179,000 per year. I have looked at the profit and loss statements and tax returns of over 500 dental practices that sold in the last two years, and the real median owner income is $351,000. In this video I show you the actual numbers, the full distribution, and why the government figure is so misleading.

What we cover:

- Why the BLS number of $179,000 doesn't reflect what owners take home

- The real median owner income: $351,000 across 500+ practices

- The full income distribution, from under $200K to $600K+

- The percentiles: 25th ($200K), median ($351K), 75th ($482K), 90th ($722K)

- Why the 90th percentile is more reachable than you think

- Salary vs. owner distributions, and why the tax return hides your real pay

- What owners actually keep: 32.9% of collections

- Why owners report $120K in income but take home closer to $350K

- Why owners work less than associates and still make more

- What happens when you add an associate and part-time specialists

- Why the median is probably understated by $200,000

💼 Work with me: I help dentists evaluate dental practices before they buy. Every practice I evaluate gets compared against my database of 500+ evaluations.

https://practiceown.com

📬 Questions? Reach out directly: [email protected]

0:00 The BLS Says Dentists Make $179,000

0:20 Where This Data Comes From (500 Practices)

0:56 How Dentist Income Changes Over a Career

1:49 Being Honest About the Data

2:29 The Real Median Owner Income: $351,000

2:58 The Full Income Distribution

3:57 The Percentiles: 25th, Median, 75th, 90th

4:30 Why the 90th Percentile Is Easier Than You Think

5:49 Why the BLS Number Is Misleading

7:17 What Owners Actually Keep: 32.9% of Collections

8:03 Reported Income vs. Actual Take-Home Pay

8:34 Owners Work Less Than Associates and Make More

9:53 Adding Associates and Specialists

10:52 Why the Median Is Probably Understated

11:28 Buy the Right Practice

📋 Free Download: Practice Evaluation Checklist https://practiceown.com/pdf

Waiting to buy a dental practice could be one of the most expensive decisions you ever make. In this video, I break down the real cost of staying at an associate job, why the most common excuses don't hold up, and how even being conservative, you're leaving $14,000 per month on the table by not becoming an owner.

What we cover:

- The $500,000 difference between my first and second year

- Owner vs. associate income: $350K vs. $200K (conservative)

- The $14,000/month opportunity cost of staying as an associate

- Why you don't need more clinical experience to become an owner

- Why "the timing isn't right" is never a valid excuse

- Why paying off student loans first makes no financial sense

- The trap of waiting for the perfect practice

- Why fear of ownership is holding you back

💼 Work with me: I help dentists evaluate dental practices before they buy. Every practice I evaluate gets compared against my database of 500+ evaluations.

https://practiceown.com

📬 Questions? Reach out directly: [email protected]

0:00 Intro

0:21 My Story: $200K to $700K in One Year

1:11 Owner vs. Associate Income

3:00 The $14,000/Month Opportunity Cost

4:57 Excuse #1: I Need More Experience

6:10 Excuse #2: The Timing Isn't Right

7:14 Excuse #3: I Need to Pay Off Student Loans

9:35 Excuse #4: Waiting for the Perfect Practice

12:10 Excuse #5: I'm Just Afraid

13:30 Stop Waiting, Start Now

📋 Free Download: Practice Evaluation Checklist https://practiceown.com/pdf

I recently helped a dentist save $161,000 on their dental practice acquisition. In this video, I walk through exactly how we did it, from negotiating $100,000 off the purchase price to saving over $60,000 on financing. When you're spending a million dollars, small decisions can make a massive difference.

What we cover:

- How we found the right practice after 3-4 months of looking

- Why we offered $100K below asking price (and the seller accepted)

- How time on market gives you negotiating power

- Saving $60,000 by switching to the right bank

- Why you should never just use one lender

- A separate client who saved $500,000 on their purchase price

- Why you need someone on your side during this process

💼 Work with me: I help dentists evaluate dental practices before they buy. Every practice I evaluate gets compared against my database of 500+ evaluations.

https://practiceown.com

📬 Questions? Reach out directly: [email protected]

0:00 Intro

0:21 How the Process Started

1:20 Looking at the Broker Packet

2:48 Local Market Knowledge and Fair Pricing

3:28 Offering $100K Below Asking Price

5:40 Saving $60K by Switching Banks

7:33 This Is Extremely Common

8:07 A Client Who Saved $500,000

9:22 Don't Do This Alone

📋 Free Download: Practice Evaluation Checklist https://practiceown.com/pdf

The number one predictor of job satisfaction is autonomy. If you want freedom and control over your life as a dentist, you need to become an owner. In this video, I cover the four types of freedom you gain when you stop being an associate and start being the boss.

What we cover:

- Why autonomy is the #1 predictor of job satisfaction

- Freedom to control your schedule (my 3-day work week)

- Freedom to choose which patients and insurances you take

- Freedom to take time off without asking permission

- Freedom to build equity in a business you own

- Why DSOs need you to stay as an associate

- The real financial difference between owning and associating

💼 Work with me: I help dentists evaluate dental practices before they buy. Every practice I evaluate gets compared against my database of 500+ evaluations.

https://practiceown.com

📬 Questions? Reach out directly: [email protected]

0:00 Intro: Autonomy and Job Satisfaction

1:33 Freedom to Control Your Schedule

4:33 Freedom to Choose Your Patients

6:36 Freedom to Take Time Off

7:44 Freedom to Build Equity

9:41 It's Hard, But You Can Do It

11:00 Why DSOs Don't Want You to Become an Owner

📋 Free Download: Practice Evaluation Checklist https://practiceown.com/pdf

If you're buying a dental practice, be very careful about listening to advice from accountants. Accountants are great for taxes, but they don't understand how dental practices actually work. In this video, I break down why financial statements alone can't tell you if a practice is worth buying, and how the wrong advice can cost you hundreds of thousands of dollars.

What we cover:

- Why accountants don't understand dental practice acquisitions

- The fundamental trap of assuming buyer production = seller production

- Why "unprofitable" practices can be goldmines for buyers

- How older sellers slow down and stop treatment planning

- Using a 500-practice database to spot over-treatment red flags

- Why the most profitable practices on paper can be the worst to buy

- The danger of buying a practice with no patients

💼 Work with me: I help dentists evaluate dental practices before they buy. Every practice I evaluate gets compared against my database of 500+ evaluations.

https://practiceown.com

📬 Questions? Reach out directly: [email protected]

0:00 Intro

1:02 The Fundamental Trap: Seller vs. Buyer Production

2:28 Why Older Sellers Stop Treatment Planning

4:56 Goldmine vs. Overcrowded: Real Examples

5:32 The 500-Practice Database and Crown Ratios

6:09 Gross Negligence and Over-Treatment

7:27 Buying a Practice with No Patients

8:57 Key Takeaway

📋 Free Download: Practice Evaluation Checklist https://practiceown.com/pdf

What type of dental practice should you actually buy? In this video, I break down exactly what makes a practice worth buying. The short answer: buy a practice with a lot of active patients where the seller's revenue per patient is as low as possible. That's where your growth opportunity is.

What we cover:

- Why two practices with identical financials can be completely different

- How to calculate active recall patients (not the broker's inflated number)

- Revenue per patient: the most important number

- How conservative sellers create massive growth opportunities

- The ideal number of hygienists, operatories, and patients

- Why high revenue per patient can be a red flag

- Associate vs. owner income comparison

- Why you can't trust broker documents at face value

💼 Work with me: I help dentists evaluate dental practices before they buy. Every practice I evaluate gets compared against my database of 500+ evaluations.

https://practiceown.com

📬 Questions? Reach out directly: [email protected]

0:00 Intro

0:43 Two Practices, Same Revenue, Completely Different

1:48 Don't Trust Broker Patient Numbers

4:06 Revenue Per Patient: The Most Important Number

5:07 Conservative Sellers and Undiagnosed Dentistry

7:54 The Best Practice to Buy

9:09 The Perfect Practice for You

9:51 Hygienists, Operatories, and Patient Count

13:17 Summary