Owning a Practice vs Owning a Business

We all have different ways to run our practice. Some opt to partner with another entrepreneur and work on their own; others buy an old practice and go from there. Regardless of how you start, what matters is as the practice grows, so should the time you have for yourself. The more profitable your practice becomes, the more it should be run like a business.In today’s episode, I share a replay of my guest appearance on the Dental Hacks podcast, where I discuss what sets a practice apart from a business and why I believe dentists should all be business owners. I discuss how my practice has evolved over the last few years, the new services I offer, and what to expect in the future. I explain the financial side of owning a practice and how to determine if you should continue running it or if you should sell it. I also describe some of the reasons why I’m not a fan of DSOs and why dentists should stop doing fillings and crowns.“The most expensive overhead you have in your practice is time.”This week on T-Bone Speaks Dentistry Podcast:How my practice has evolved over the years.What I would do if I opened a second office.The difference between owning a practice and owning a business.Why you should own your own practice.Calculating the costs of owning a dental practice.Knowing when you should just sell your practice.My thoughts on DSOs and why I don't agree with how they run their practices.The pros and cons of being married to your business partner.What I would do differently as a newly licensed dentist.The characteristics of the right DSO.Why you should stop doing fillings and crowns.Our Favorite Quotes:"If you're going to own a business, you should own and operate a business and not a practice."Resources Mentioned:The Dental Hacks PodcastSubscribe, Connect & Share Your Favorite EpisodesThanks for tuning into this week’s episode of T-Bone Speaks Dentistry. If you enjoyed this episode, please head over to Apple Podcasts or Google Play Music to subscribe to the show and leave your honest review. For more great content and helpful tips to grow your dental practice, visit our website. Follow us on Facebook and LinkedIn, subscribe on YouTube, and don’t forget to share your favorite episodes with other dental practitioners.