There is a dentist in my hometown working out of a smaller, one-story brick building. Inside the plain brick building is a comfortable office, but no state-of-the-art fancy equipment. There are no digital pans, no granite countertops, no Cerac machines, and no warm oven baking cookies for the customer. The only fancy decorations are the pictures of this dentist fly fishing in Montana. That. Is. It. You would think this dentist would be at a disadvantage to his younger colleagues without owning the latest toys and technology. Instead, he produces over $1.6 million and nets over $1 million per year working 4 ten-hour shifts per week. He is the millionaire next door. On Fridays and Saturdays, you will find this dentist on his 55-foot yacht with family.
The old adage “If you build it they will come” has never been more wrong with new dentists. Most people selling a dental practice did not become millionaires by going into massive debt with equipment. They became wealthy by focusing on relationships with patients, the community, and staff. Once a new dentist recognizes the value of this advice, the wealth will come. Find me an established dental practice decorated with wallpaper, old carpet, metal chairs and several pictures of a guy holding up a 12 inch Salmon, and I’ll show you the millionaire next door.