Don’t Wait to Buy Your Practice
Why waiting, even a few years, to get into practice ownership can be the most expensive mistake you will ever make.
The Million-Dollar Mistake: Why Staying a Dental Associate is Costing You $1-2 Million
If you're currently working as a dental associate, you may feel like you're playing it safe. After all, you're earning a comfortable paycheck, honing your skills, and avoiding the responsibilities that come with running a practice. But what if I told you that staying in this role is costing you far more than you think?
By remaining a dental associate, you could be leaving millions in potential earnings on the table over the course of your career. In this article, we'll dive into the financial reality of staying an associate versus becoming a practice owner, and why delaying ownership is a costly mistake.
The Comfort of Being an Associate: The Appeal of Security
For many dentists, working as an associate feels like the safer option. There’s no need to worry about the administrative burden of running a practice, dealing with staff management, or handling financials. Your focus is purely on patient care, and your steady paycheck reflects that.
However, this comfort and security come with a hidden price tag. The truth is, the longer you stay in an associate role, the more you're limiting your income potential. You’re essentially renting your job, working to build someone else's wealth while missing out on a fortune that could be yours.
The Real Cost: How Much Are You Actually Leaving on the Table?
Let’s look at the numbers. As a dental associate, you might be earning somewhere between $175,000 and $250,000 annually. That’s a solid salary, right? It is—until you compare it to the earnings potential of owning your own practice.
A successful dental practice owner can easily earn between $400,000 and $600,000 per year. The gap in earnings is huge, and when you take into account the value of building equity in your practice, the difference becomes even more staggering.
Here's a breakdown of what you're potentially leaving on the table:
Income Loss: By not owning a practice, you're missing out on doubling or even tripling your annual income. Over the span of a 10-year career, this can add up to millions of dollars.
Equity Loss: Every payment you make toward your practice loan builds equity. As a dental associate, you're building someone else’s practice, leaving you without a valuable asset that could appreciate over time.
If your practice appreciates in value, you're looking at a significant financial gain when it comes time to sell. A practice worth several million dollars can be sold, providing you with financial security for retirement, your children’s education, or future investments. As an associate, you’re not building anything for yourself—you’re helping your employer accumulate that wealth instead.
Ownership Equals Autonomy: The Freedom to Shape Your Career
Beyond the financial rewards, practice ownership gives you something that money can’t buy: control over your life and career.
As a dental associate, your schedule, patient load, and treatment offerings are dictated by someone else. You’re following someone else’s rules and agenda. But when you own your practice, you’re in the driver’s seat. You make the decisions that shape the direction of your practice and career. This kind of autonomy opens up new opportunities:
Control Your Schedule: Want to work three days a week or only see patients in the mornings? As an owner, that decision is yours to make. You can build your schedule around your life, not the other way around.
Set the Culture: As a practice owner, you’re able to build a workplace culture that aligns with your values and goals. You choose the team you work with and the standards that guide your practice.
Grow on Your Terms: Whether you want to expand your practice, offer new services, or invest in the latest technology, the decision is entirely in your hands. The potential for growth is only limited by your vision and ambition.
Ownership gives you the freedom and flexibility that associates often dream about but never experience.
Ownership Builds Wealth Over Time
The financial benefits of ownership don’t stop at higher annual income. Owning a dental practice gives you the opportunity to build long-term wealth. Every day you spend as an associate is another day you’re not building equity in your own business.
When you own a practice, each patient you treat and every improvement you make to your practice is an investment in your future. As you pay down your practice loan and grow your patient base, you’re also growing the value of your business. In contrast, as an associate, you’re essentially working to build your employer’s wealth, not your own.
The Opportunity Cost: Every Year You Delay, You Lose More
One of the most important factors to consider is the opportunity cost. Every year you stay in an associate role, you're delaying the financial growth and equity-building potential that comes with owning a practice. The longer you wait, the more you're missing out on potential earnings and the chance to secure your financial future.
For example, if you remain an associate for five more years, you're not just losing out on higher income during those years, but you're also delaying the equity growth that could have compounded over time. The difference between starting your practice at age 30 versus 35 could be the difference between retiring comfortably and struggling to make ends meet.
Owning Your Time, Owning Your Life
The rewards of practice ownership extend beyond financial gains. As an owner, you’re not just securing a higher income and building equity—you’re also taking control of your time, your career, and your life. The flexibility and autonomy that come with owning a practice allow you to design a career that aligns with your personal values and goals.
If you have a family, this is especially valuable. You’re able to adjust your schedule to spend more time with your loved ones, attend important events, and be there when they need you. The freedom to control your schedule and create work-life balance is one of the most underrated perks of practice ownership.
Conclusion: Take Control of Your Financial Future
The decision to become a practice owner is about more than just making more money—it’s about taking control of your career and your life. Every day you delay ownership is a day you’re leaving money and opportunities on the table.
If you’re ready to stop working for someone else’s success and start building your own, the path is clear: ownership. It’s time to take the leap, stop selling yourself short, and start reaping the rewards of owning your practice. The financial freedom, autonomy, and personal fulfillment that come with practice ownership are within your reach—don’t wait to start building your future.
