7I have worked as a dental Certified Public Accountant (CPA) and financial advisor since 2007. And for the past 12 years, working almost exclusively with owners of dental practices, I've invested far more than Malcolm Gladwell's required 10,000 hours into this profession (see Outliers, Malcolm Gladwell).
More importantly, as a CPA, I see the world differently than the average person. For example, when you notice the cars other people drive, the houses they live in, the vacations they take, or the number of practices they own, you probably create an assumption of how well someone is doing financially. When I look at these things, I immediately think about the complexities of their tax returns and personal financial statements - and because I may actually be the one to prepare those tax returns, I'll know how well they're doing.
Recently, a friend commented to me after returning from a trip to Orange County, CA, Everyone down there has so much money; I saw so many Porsches and BMWs and Mercedes... Like the rest of us, this friend has been conditioned to believe that if someone spends a lot of money, they must have a lot of money. This assumption, as I've learned from my insider position as a CPA, is flawed. The assumption that high spending equals doing well financially is like assuming that the guy who orders the Triple Bacon Cheeseburger must have a six pack
As a CPA and financial advisor, I have learned that the doctors who are doing well financially are those who have money in the bank, have financial peace of mind, and ultimately own assets that generate enough passive income to replace the income they earn by working in their practice.
Over the last decade, I've studied success and failure alike. I've looked for and found patterns and behaviors and personalities and practices that lead to wealth; and I've found the same that lead to the prolonged indentured servitude so many doctors unfortunately experience.
With a seasoned history of working with dental practice owners (or aspiring ones) like you, I've written this book in hopes it will provide you with everything you need to know about how to buy a dental practice that will carry you into what we call Financial Independence: the moment when you're free of debt and have enough passive income to pay for your current and future lifestyle.