One of the worst parts of my years in dentistry was that many people thought I was actually successful.
Everything on the outside looked fine even though everything on the inside was slowing falling apart.
On the inside, the water kept getting higher while I kept working harder and harder to keep from sinking.
Not a week goes by where I don’t speak with a dentist who’s not living some version of this same nightmare.
Everything looks good on the outside, but when you start to dig into the numbers, they tell a very different story. If you’re taking out loans just to limp along to the NEXT loan, you are headed to a very dark place. Do something about it before it’s too late.
Back then, I just didn’t view dentistry with a clear enough head to know EXACTLY how to leverage it. I had a bad strategy. But that’s changed. Knowing what I know NOW, here’s what I would have done:
First, I would have given up my dreams of grandeur through dentistry and simply set it up to maximize its potential as a CASH GENERATION machine. That means I would have cut overhead and optimized the internal management of the practice to be as lean and efficient as possible.
Second, I would have used that cashflow as a springboard to fund the launch of my dental sleep medicine business and the beginning of my transition to healthcare entrepreneur.
This is how you use a cash producing business to build a wealth producing one.
The business of dentistry is not setup to handsomely repay you for investing in it. If you put $1 in, maybe you get $1.50 back.
The business of dental sleep medicine is very different. The model is such where you can invest $1 and get maybe $10 back or more. There are no guarantees, of course, but the model allows for a level of return that is multiples above dentistry.
If you’re in a tough position right now in your dental practice, stop digging the hole. Figure out how to get your practice generating cash and then do something SMARTER with it than putting it back in your practice.