Owning their practices gives dentists the power to live life on their own terms and fuel their passions as healthcare providers. Whether it’s been a career-long dream or you’re newly “owner-curious,” here are four benefits of practice ownership to consider.
Benefit 1: Main character energy
Now is the time to focus on yourself and do what makes you happy. As a practice owner, you’ll have the freedom and flexibility to live and work on your own terms. Flexible hours. Increased income. Pride and fulfillment. Think about how you can live life for you.
- Take off Mondays for the rest of your life (and kick off the weekends on Fridays at noon).
- Never miss a soccer game, piano recital, or school pick-up.
- Commit to weekly date nights with your S.O.
- Treat your nieces and nephews to a Disney excursion.
- Plan the yearly girls’ trip to Sedona.
- Register and train for that marathon (or 5K if that’s more your speed).
- Participate in an annual dental mission trip to Guatemala.
- Mentor an underprivileged child from your community.
Benefit 2: Leave your mark.
Small businesses are the backbone of the economy, and these entrepreneurs are living the American Dream. Over the past 25 years, they created nearly 13 million new jobs. 👀Owning your dental practice doesn’t only allow you to build a stable career, it enables you to create opportunities for others to find meaningful work, including hygienists, administrators, suppliers, and more. Hiring and financially supporting individuals on your staff in turn supports their families, impacting your local community. And as you build your team, you become a mentor! With your clinical advice, training, and guidance, you help them improve.
As a practice owner, you’re helping preserve the independence of dentistry for future generations of dentists, and you also drive economic growth by introducing new products and services, creating community partnerships, and increasing competition, which improves the overall industry standard of care.
Benefit 3: Build a practice that shines brighter than a smile.
When you look back at your career, you’ll be able to channel your inner Frank Sinatra and say, “I did it my way.” Practice ownership means you call the shots and shape the kind of practice where you would want to work or visit.
As an owner, you can choose the style of practice, your company’s mission, priorities for the patient experience, employee benefits, and how you’ll invest in the business. The experience of running a practice of your own will also naturally present opportunities for you to grow professionally and develop skills outside of the dental chair, such as time management, fiscal planning, self-discipline, effective communication, patience, and more.
Keep in mind, you don’t have to do it all. You can hire the management and support staff that suits your specific needs. Think about what skills you’d like to flex and what gaps you have in your practice. From operations to finance and reception to HR, find the right professionals to support you so you can focus on what you do best.
Benefit 4: Show me the money.
Taking over a practice is an investment in your future. When you become a practice owner, you gain an important financial asset (your practice) that only increases in value over time. Many dentists can double or triple their income after transitioning into practice ownership, even after accounting for the additional debt payments on their loans to start or acquire their practice. Many owners also gain additional tax deductions that are available for small businesses. In addition to controlling your practice budget, you get paid for hygiene as an owner. (If you want to dive into practice financials, we recommend reaching out to a member of our team or another industry expert who can dig into the details with you.)
As a practice owner, you also have the opportunity to own your commercial real estate. This allows you to be your own landlord, but more importantly, it allows you to own another asset that will appreciate over time and provides valuable tax benefits. Even if you don’t own your building in your early years of ownership, many practice owners acquire their building within two to five years of their initial practice purchase or startup.
Losing sleep over looming student debt? You’re not alone. The average student debt for a practicing dentist is more than $300,000 (that’s a lot of teeth to clean). With practice ownership, you’ll have the opportunity to generate more income to pay off what you owe at a faster rate, all while you build equity in the business and grow your net worth.
So, what’s next?
As a dentist, you know success is not an accident. You chose this path and kept your eyes on the prize. If you’re ready to take the leap, research financing options, and explore practices for sale, visit getprovide.com and get pre-qualified.
This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by Provide or any of its subsidiaries or affiliates, and it is being provided without any warranty whatsoever. Please consult with appropriate professionals related to your individual circumstances.
All lending is subject to review and approval. Provide, Inc. is a wholly owned subsidiary of Fifth Third Bank, National Association.