Dental practice ownership models have been changing. With the advent of corporate dentistry and long-term associateships, it seems that more and more dentists are now opting out of practice ownership. There is no right or wrong answer, it’s all about identifying which profile of dentist you are. This will help you decide if you’re an owner dentist or a nonowner dentist.
An owner dentist is someone who truly feels that they would not be truly fulfilled and happy working for anyone else. The nonowner dentist finds fulfillment in simply practicing dentistry and leaving the challenges of ownership to others. There’s room for both types of dentists in today’s dental landscape!
For years, advisors, schools, and colleagues have perpetuated the idea that the only true way to feel validated as a dentist is to own your own dental practice. For the owner dentist, this is true! But for the nonowner dentist, following this thought process can lead to challenges and mistakes that can be easily avoided by being realistic with yourself from the start. In today’s dental world, we’ve seen an increase in young dentists choosing to step away from ownership.
The dangers of perpetuating the status quo include nonowner dentists getting into dental practice ownership. The good news for nonowner dentists who currently own is that getting out of ownership is an option. It may sometimes mean taking a hit on your initial investment, but for some nonowner dentists, this is worth it in the end.
The advantages of dental practice ownership are obvious. You run the practice, you make your own hours, and you’re the boss! Additionally, in some cases your net cash flow can be higher, and you get various tax advantages as a business owner. Ownership isn’t always easy, but it’s a challenge that the owner dentist will happily take on.
The nonowner dentist is not discussed as often but can also be very rewarding if it’s correctly leveraged. Today’s dental industry is full of corporate ownership, multi-dentist practices, and entrepreneurial ownership. A nonowner dentist could easily find a good fit in any of these models, as they all require additional dentists to run their practices.
No matter what your stance on practice ownership, there is a place for you in dentistry!
For tips on buying or selling your dental practice, please don’t hesitate to contact CTC Associates today. CTC Associates specializes in dental transitions, helping dentists sell and buy a dental practice.