Tune in to our podcast series: The Dental Board Room
Listen Now
Many dentists want more income, more control, and a better lifestyle than associateship offers. Ownership is often the path that provides all three. But knowing when you are ready can feel unclear. Some dentists buy too early and struggle. Others wait too long and miss strong opportunities.
The transcript outlines several patterns seen across hundreds of real practice transitions. When these four clues apply to you, it is a strong sign that you are ready to take the step into ownership.
Most banks want to see six months to one year of experience after graduation. This makes sense because ownership requires you to handle routine procedures confidently from day one.
You may be ready if:
You do not need to be an expert in every specialty. Most practices build revenue on crowns, fillings, and hygiene. Solid fundamentals are enough to begin.
One of the strongest signs of readiness is simple: your money is in order.
Banks usually want around ten percent of the purchase price in savings. For most practices, this means setting aside roughly one hundred thousand dollars. You also should not rush to pay off student loans before ownership. Doing so drains the cash you need to qualify for lending.
You may be ready financially if:
Cash gives you options, helps you qualify for good practices, and supports you through the transition phase while insurance contracting settles.
Ownership works best when you plan to stay in one place long enough to build patient trust. Most owners should expect to remain in the area for at least five years. This helps with stability, community presence, and long-term growth.
You may be ready if:
Associateship offers flexibility. Ownership rewards commitment. Knowing where you want to be is a major step toward choosing the right practice.
Ownership requires more than dentistry. It includes staff leadership, payroll decisions, scheduling choices, and a steady approach to financial management. You do not need to be a business expert, but you do need to be willing to learn and handle decisions calmly.
You may be ready if:
The dentists who thrive in ownership usually enjoy guiding people, improving systems, and shaping the practice around their strengths.
These four clues help you understand when you are prepared for ownership. When your clinical skills are solid, your finances are stable, your location is settled, and your mindset is ready for leadership, you are in a strong position to buy a practice that supports your income and lifestyle.
Ownership rewards preparation. When these signs match your situation, it may be the right time to take the next step.
Watch the full podcast episode to hear detailed guidance on timing, preparation, and what banks look for.
Wes knows what's best for dental practices. He's been doing this for a long time and he sees lots of practices. He can tell me how our practice is doing, and what we can do to increase our productivity. With past CPA's, there were no ideas. It was all coming from me, saying "I think I can do better, but I don't know how." I come in to meet with Wes and he says "You CAN do better, and I know how."
PracticeCFO is in hundreds of dental offices around the country. They know what numbers should look like. They know what percentages of payroll, rent and supplies should be, and they will hold you accountable to those numbers, which will really help you stick to your plan and your path of growth and savings. That is invaluable
Whenever something comes up, whether it's building or practice related and we weren't sure where the numbers would go, PracticeCFO has been instrumental in helping us figure that out. I can't say enough of how important that is - that it goes beyond that initial partnership. They make sure this business marriage works.
When I go home from work, I don't spend a whole lot of time stressing about what my books look like, or how much I owe in taxes. By using PracticeCFO, the burden of keeping track of a lot of the big financial numbers and metrics are taken off my plate.
PracticeCFO helped me develop a plan for the future. I have colleagues that work with other accountants that don't have a plan - they just look at the numbers of the practice and that's it. There's no plan for 10, 20 years from now. But with PracticeCFO, you get that. PracticeCFO makes you feel like you're they're only client.
(In reference to his practice sale) What could've been super stressful, wasn't! When picking John and Wes, it was from word of mouth recommendations and other people's experiences from the past that really did it for me. And it turns out that those recommendations were right on the line.
Wes knows the business side of dentistry. His comprehensive plan will organize your personal and professional finances so you can focus on taking care of patients. Massive ROI.
I can’t say enough good things about everyone at PracticeCFO. Everyone on the team is professional, organized, knowledgeable, helpful and kind. They also respond to emails and phone calls immediately and are always happy to help. They have helped me navigate year-to-year as a business owner. PracticeCFO gives me peace of mind that my business is in good hands.
I love Practice CFO! They have helped me obtain a practice and maintain a practice. They are incredible people who are on top of everything and make owning and running the business portion of a practice easy. They couldn’t be better for my business and my sanity. They have every detail of the business and taxes taken care of where all I have to do is show up and follow their easy steps to success!
Practice CFO has the best tools I’ve seen for personal tax and financial planning in addition to top-tier corporate tax and accounting services. I have been very pleased with the level of quality service. They manage my monthly bookkeeping and accounts payable. It is a great system and saves me a ton of time, and it allows us to have monthly financial statements within a week of month end.
This will close in 0 seconds
