I’m old. I struggle to understand how the younger generation of dentists thinks. I can’t get anyone to explain how taking a “job” for $100,000 (I get it, sounds like a lot) is better than buying a Comfort Dental Partnership. I’ve done the math and the numbers just don’t “add up”. Maybe someone can explain it to me. . . .
A dentist takes a job for $100,000 per year. He/she has taxes to pay on that $100,000 income, student loan debt service, personal rent, car payment, health insurance and at the end of the day all that remains is approximately $879/per month for discretionary living. I recently surveyed our 300+ partners concerning their student debt and this article reflects those survey results. (SEE CHART BELOW)
At Comfort Dental our “5 years and less” owner doctors earn an average of $285,000 per year net partnership income before taxes and business debt service but after all dental practice expenses. I know this is complicated for young dentists but think through this and try to stay with me. This is, after all, your professional life. After I adjust the difference in taxes, subtract the same student loan debt, rent, car payment and health insurance, that partner nets $6,516/per month for discretionary living. Again, this encompasses the Comfort Dental franchise fee and consulting agreement expenses! I’ve done the numbers again and again and I still don’t get it. How is $879/per month better than $6,516/per month?
It gets even better with our veteran (longer than 5 years) partners. (Again, see chart) They average $400,497* AND have paid off or are paying off their Comfort partnership purchase expenses and are likely even RECEIVING consulting income. But it is most appropriate for young dentists to compare themselves and their “corporate job” income to that of our “under 5 year” partners.
It takes 8 years of intense education, endless budgeting, studying, and hardship during what should be the most glorious years of your lives to achieve a dental degree and these individuals are satisfied with a little more than $10,000 per year net income??? Hell, UNEDUCATED DENTAL ASSISTANTS EARN MORE THAN THAT. Hygienists, quite a bit more. Lab techs, more still. And here’s the one that should really hack you off but nobody believes me: YOUR DENTAL SUPPLY SALESMAN OR SALESWOMAN MAKES A WHOLE LOT MORE THAN MOST DENTISTS!!!! Look it up.
These young dentists worked hard for 8 years getting their degrees and licenses, so I know it’s not because they’re unwilling to put in the effort. They worked hard and they are smart. I get the lack of confidence. We have that handled. The learning curve at Comfort Dental is the steepest on Earth. We have reps like no other. We have a great support system, built-in peer review and mentoring with our partnership concept. Success oriented, hard working, likeable dentists of any experience level succeed with Comfort Dental.
Our offices are always open, patients continue to get care, and practice expenses continue to get paid when a partner or partners aren’t at the office. So it’s not that there is worry it takes a corporate “structure” to absorb dentist time off. The income alone at Comfort Dental gives them financial security and the peace of mind that corporate dentistry can’t provide for. They even have an asset to sell when they decide to move on. They get NONE of this with a “job”.
So what is it? Why aren’t young dentists, more experienced and more tired traditional docs, retired military dentists, and dentists who have already tried the corporate “job” route beating our doors down??? I’ve looked at it in every way possible. And even after putting it to paper, (Again, see chart) I still don’t get it.
Own your own practice, avail yourself of unlimited support, get away from the office and don’t worry about office expenses being covered or patients receiving care, have the financial security to support family AND the time to “be there” at home, be a part of the greatest dental opportunity anywhere and even earn better than a dental supply salesman? Seems pretty simple to me. Comfort Dental.