Dentaltown October 2021 - 33

jarod
I'd open a second or third, but they would have to be a partner and invested and start dropping
insurance in the one that is busy. I've never worked for anyone or with anyone (a dentist),
and I also have a hard time giving things up, so I'm happy with one offi ce until my debt is paid. ■
5/4/2021
kiddent
If the motivation/goal is to sell to a DSO for ridiculous multiples with 3-4+ practices, then
I think the process will not be enjoyable. That has to be the icing on the cake, but someone
really has to want to run and manage multiple practices. I think people are getting glossy-eyed
over the money being thrown around by private equity and that is a driver for some. A fact is
what is now will not necessarily be in 10 years, just like the way things are today in dentistry
are not what they were 10 years ago, etc. There's no guarantee that cheap money and PE groups
will be around in the time frame it would take to build up multiple practices. I'm not saying
that the end game shouldn't be a thought, but if that's the primary driver, I think the road is
unpredictable and it will be a long process.
We see guys on here like Massey who built their dental empires, but we have no idea of how
much work and sacrifi ce went into it. I think DT tends to glamorize things a little bit and people
can get a little starry-eyed. But OP, you've got the drive where you would be successful with
whichever route you chose to take. ■
5/5/2021
D P A T
For me, the endgame is to serve as many kids and provide as high quality of care as possible.
Secondary is to provide an employment place for people to come to work and fi nd fulfi llment
(and an above-average wage with career advancement, if possible). Money is the gas in the car to
go somewhere (super important), but not the end destination. I already make more in one day
than most people around the world make in a year and some people make in a lifetime. I have
fi nancial goals like to provide for my family (build a new house one day, be able to buy a new car
every 10 years, pay for college should it not be free, retire before my body gives out, etc.). I'm on
the " one house, one spouse " fi nancial track. So I think I'll get there. Retiring with $15 million
in the bank account vs. $5 million just isn't one of those goals.
I realize that I'm young into this game. I hope my motivations don't change as I do this
more. For me, this is a thought experiment more than anything else at this time. I see the need
here, so it could be done. ■
5/7/2021
We have three offi ces that do a total of $4M annually. Offi ces 2 and 3 came after a huge
investment in a new facility for our fi rst offi ce in 2007. Not a Taj Mahal, by any means, but a
sizeable investment nonetheless.
If my opinion matters, there is no simple answer to your question. We didn't set off on this
path. In some ways, Practice 2 was a result of building the new facility for our fi rst offi ce. And
Practice 3 was an offshoot of learning how to manage things better.
Bottom line, both routes have pratfalls and pitfalls. I'd not do a big capital investment in a
facility again if I had the choice. But we did it, and we made it work. And it forced us to hone
our management skills.
At the time we made the decision, we felt it was the right thing to do. We were fi ve years
into our fi rst practice, we had outgrown our 1,100 square feet, we had no room to expand and
our only option was to build from the ground up. This practice is in a relatively small town, and
there was no lease space to build out, and the land was fairly cheap and in a good visible location.
So we built the new building. Important detail: My wife, also a dentist, did not want to move
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