It wasn’t an email. It was a letter. Handwritten. Mailed in. Tucked in with a practice valuation request form. And it started with three haunting words:

"I waited too long."

The letter went on to describe a story that I’ve heard, in pieces, dozens of times—but rarely with this level of honesty. It came from a dentist I’ll call "Dr. L," who had every intention of exiting on his own terms. He had a successful suburban practice. Loyal patients. Great team. No major health issues.

And yet, when he finally decided to explore selling…

The offers were anemic. The buyers weren’t interested. The value just wasn’t there.

Most dentists assume the real danger is the big, obvious stuff:

• A lawsuit
• A malpractice complaint
• A competitor opening down the street

But here’s the truth:

The real time bombs are quiet. They don’t explode overnight. They leak value, inch by inch, until your retirement dreams shrink by six figures or more—and you don’t even notice until it’s too late. Let’s defuse a few of them right now.

He looked like the kind of guy who calls everyone “buddy.”

Cool blazer. No tie. Designer watch. Whiskey in hand. And a smile that said, "I'm not here to sell you anything." Except he was.

He was the DSO's closer. The friendliest face of the sharpest contract you'd ever sign. And I watched a very smart dentist—a respected, successful, clinically gifted doctor—get taken for nearly $1.3 million less than he should have received.

All because the guy with the whiskey made him feel like it was just a chat.

Dear Reader,

Why the Valuation You’ve Been Given Might Not Tell the Whole Story

You’ve probably thought about your number. The number that would make you pause. The number that might make you sell. The number that says: I did it. I built something worth buying.

But here’s the hard truth most dentists don’t hear until it’s too late: The number you’re given isn’t the whole story. And in many cases… it’s not even the right one.

We’re not saying your practice isn’t valuable. It is. But if all you’re looking at is EBITDA × a multiple… you’re missing what the right buyer is willing to pay—and why.

Dear Reader,

Let’s say you’re doing well. Collections are solid. Overhead’s under control. Maybe you even had your best year yet.

You’re not desperate to sell. Not even close. In fact, the plan sounds something like this:

“I’ll just wait a few more years… grow a little more… and then I’ll look at DSOs.”

But here’s the problem no one’s talking about:

Dear Reader,

There’s a myth floating around in the dental world. A quiet, stubborn fear that keeps smart practice owners stuck for years longer than they should be:

“If I sell, I lose control.”

Control over your team.
Your schedule.
Your treatment planning.
Your reputation.
Your future.

We get it. You didn’t spend 20 years building a practice just to be told how to run it by someone who’s never touched a handpiece.

Dear Reader,

You’ve been told the big money’s in the sale. That moment you hand over the keys… Shake a few hands… Watch the funds hit your account…And just like that, you’re a multi-millionaire.

But what if we told you that wasn’t the whole story? That the real wealth — the kind that changes everything for you, your kids, and maybe even your grand kids — doesn’t come from that first wire transfer?

The biggest payday often comes after the deal is done. It’s called the second bite. And the dentists who understand how to set that up? They don’t just sell their practice. They build a legacy.

Dear Reader,

You work hard. You run a tight ship. Your numbers are solid, your team is sharp, and you’ve built something that matters. And every April, you get hit with the same gut-punch:

“You owe how much in taxes?”

It’s infuriating. You’re penalized for success. Rewarded with a higher bill. Stuck on the treadmill of high income, high effort, and very little left over after Uncle Sam gets his share.

But here’s what the smartest dentists are doing — and it’s something your CPA may have never brought up:

Dear Reader,

You’ve built a solid practice. Good numbers. Loyal patients. Strong hygiene. Maybe even a fresh renovation and the latest tech.

But here’s a reality check most dentists don’t see coming:

DSOs aren’t just buying your practice. They’re buying you. And if they’re not impressed? The deal’s dead before it starts.

Let that sink in.

Dear Reader,

You didn’t build your practice overnight.

You built it through:

• Late nights and early mornings
• Missed family dinners and weekends on call
• Hiring and firing
• Sleepless nights over payroll, patients, and problems no one else could solve

So when it comes time to sell? You’re not just handing over a business. You’re handing over your life’s work.

And the fastest way to destroy everything you’ve built… is to sign with the wrong DSO. Because not all buyers are equal. And not all deals are designed to honor what you’ve built. Some are wolves in scrubs. All smiles up front — until the ink dries.