He Borrowed $1.1 Million to Buy a Dental Practice at 28

Would you borrow $1.1 million to buy a dental practice at 28 years old? That's the decision Dr. Josh Drake faced only a few years after graduating from dental school. After joining an established practice as an associate, Josh was given the opportunity to buy into the business. The price tag was intimidating—but once he understood the cash flow behind practice ownership, the decision began to make sense. Nearly 20 years later, Josh joins Eric Miller on the Financial Beast Podcast to talk candidly about what dental practice ownership actually looks like after the acquisition. In this episode, you'll discover: • Why Josh took on a $1.1 million practice loan at 28 • How understanding cash flow changed his view of practice debt • Why mentorship made his transition into ownership easier • The financial buffer he believes every practice owner should maintain • Why a profitable practice can still consume everything it makes • The difference between being a great dentist and being a business owner • How marriage and children changed Josh's relationship with his practice • Why he realized the business needed to serve his household—not the other way around • How he began systematically moving money out of the practice and into personal wealth • What he learned from Profit First and “pay yourself first” • Why he brought his younger sister into the practice • The challenges of managing employees as a healthcare practice owner • Why Josh turned down an opportunity to sell to a DSO • The unanswered question surrounding his eventual dental practice exit • How building personal wealth creates more options when it's finally time to retire Josh's story demonstrates an important distinction for healthcare practice owners: Owning a successful practice and building personal financial independence are not necessarily the same thing. Your practice should be an engine for building your household's wealth—not the only place where your wealth exists. 🎙️ Subscribe to the Financial Beast Podcast for financial strategies, practice growth insights, exit planning and wealth-building strategies specifically designed for healthcare practice owners. CHAPTERS: 00:00 Building Wealth as a Healthcare Practice Owner 01:45 Deciding to Become a Dental Practice Owner 03:18 Learning the Business Side of Dentistry 04:04 Understanding the Value of Buying a Practice 06:26 Buying Into the Dental Practice 07:16 Taking On a $1.1 Million Practice Loan 09:13 Transitioning From Partner to Full Owner 11:07 Making Changes as a New Practice Owner 12:59 The Hardest Part of Managing Employees 14:52 Managing Dental Practice Cash Flow 17:53 When Your Practice Needs to Serve Your Family 21:52 Paying Yourself First as a Practice Owner 23:35 Bringing His Sister Into the Dental Practice 27:28 Should You Sell Your Practice to a DSO? 30:09 The Challenge of Planning a Dental Practice Exit 34:00 Building Wealth Outside Your Dental Practice _________________________________________________________________________________ Want to schedule a free consultation? Visit www.econologics.com or call us at (727) 588-1540 or schedule directly at: https://econologicsfinancialadvisors.com/complimentary-consultation/   Get Social With Us Website: https://www.econologicsfinancialadvisors.com  LinkedIn: https://www.linkedin.com/company/econologics  Facebook: https://www.facebook.com/econologicsfinancial  Instagram: https://www.instagram.com/econologicsfinancialadvisors  X / Twitter: https://x.com/FinancialBeasts  Vimeo: https://vimeo.com/econologics  🔒 Disclaimer Econologics Financial Advisors, LLC (‘EFA’) is registered with the Securities and Exchange Commission as an investment advisor. (Such registration does not imply a certain level of skill or training.) EFA provides investment advisory services only in states where it is permitted to do so under state laws and only to the extent permitted thereby. This communication is not an offer to sell or effect any transaction in securities. Neither EFA nor its affiliates provide legal, tax or accounting advice. Please consult a qualified attorney or accountant. Results are not guaranteed and will vary depending on the specific circumstances of each individual and on other factors. Full disclosure: https://econologicsfinancialadvisors.com/legal-disclosures/