Ask the Expert: How do I decide which ownership path is right for me? 

Dear Dr. Jerkins: I know I want to be a practice owner, but I’m not sure of the best path to get there. Some colleagues say starting from scratch is the way to go while others suggest buying an existing practice or even partnering with another dentist. Each option sounds appealing in different ways but also overwhelming. How should I think about these choices and decide which ownership path is right for me? 
— Future Owner in Training

Dear Future Owner: Practice ownership can be one of the most rewarding steps you take, but the route you choose to get there matters. There are three common paths: starting your own practice, buying an existing one or partnering with another dentist. Each has advantages and challenges, and the right fit depends on your goals, personality and tolerance for risk.

Starting a practice

Launching your own practice is the most entrepreneurial option. You have the freedom to design every detail — your office space, brand, technology, team and culture. It’s exciting to build something entirely your own, and you’ll be starting with the latest equipment and systems.

But it’s also the most demanding path. Construction, equipment, staffing and marketing costs add up quickly. Patient flow takes time to build, so you may need to supplement your income with part-time work elsewhere early on. This approach requires careful planning, a conservative budget and the patience to weather uncertainty before the practice becomes profitable.

Dentists who thrive on independence, creativity and building from the ground up often find this path most rewarding.

Buying a practice

Acquisition is often seen as the “fast track” to ownership. By purchasing an established practice, you gain immediate revenue, a patient base and a trained staff. This can make for a smoother transition and quicker financial stability compared with a startup.

Of course, there are risks. You may inherit outdated equipment, inefficient systems or a team that isn’t the right long-term fit. Pricing can also be steep, especially with corporate buyers competing for practices. Don’t underestimate the importance of managing patient and staff expectations as you step into the previous owner’s role.

Buying is often ideal for dentists who want ownership without the prolonged uncertainty of starting from scratch and who are comfortable working within an existing framework before gradually shaping it into their own vision.

Partnering in a practice

Partnership can offer the best of both worlds. Sharing ownership reduces the financial burden, gives you access to an existing patient base and allows you to learn alongside a more experienced colleague. It can also provide camaraderie in what can otherwise be a very independent career.

The trade-off is shared control. Decisions on staffing, treatment philosophy and reinvestments need to be made collaboratively. A successful partnership requires strong alignment of values, communication styles and goals. When the fit is right, partnership can be deeply rewarding, but a mismatch can lead to conflict and stress.

Choosing the right path

Ultimately, your decision comes down to knowing yourself. If you value independence and want to build something entirely your own, starting may be the right fit. If stability and immediate cash flow appeal most, buying could be the better option. If collaboration energizes you, partnership might be ideal.

No matter which path you choose, surround yourself with trusted advisers who can help you evaluate opportunities and avoid missteps. With careful planning, each pathway can lead to a fulfilling and successful career as a practice owner.

Dr. Jerkins is the president and co-founder of Panacea Financial and a practicing physician in Little Rock, Arkansas. Panacea Financial is endorsed by ADA Member Advantage as the exclusive provider of practice financing. It is a division of Primis Bank and insured by the Federal Deposit Insurance Corporation.