8 steps to wealth: Strategies to help dental practice owners build lasting success

What’s your most important tool? Many dentists might say it’s their high-speed handpiece. My answer, however, applies to all professions. Need another hint? It comes in handy when embarking on long journeys. It’s the proverbial road map. Trying to get anywhere without it is nearly impossible. You must know how to get where you’re going before you can arrive. Author and speaker Zig Ziglar said it best: “You can’t hit a target you can’t see.”

The private practitioners I meet with to discuss their long-term ambitions ultimately become experts in this road map via eight wealth optimization strategies. Give me five minutes, and I’ll go over them with you here. Write them down and you’ll have a near bulletproof game plan for building your empire. Just don’t lose sight of it if you aim to solidify your success.

No. 1: Legal and insurance protection

Protection is your first priority. Builders inherently create what opportunists covet for themselves. By anticipating predation and misfortune, you can fortify yourself accordingly. Word of caution: don’t do anything until you have an LLC. There’s no reason to jeopardize your own personal property when this straightforward legal protection exists for your safety. Additionally, you’ll need an umbrella policy on top of the usual insurance. Lastly, remember that the biggest threat dentists face is an inability to make a living. Therefore, disability insurance isn’t optional—it’s essential.

No. 2: Cash confidence

Fortunately, insurance is affordable. If you can’t afford it, you can’t afford to remain in business, which leads me to the second stop on our map: cash confidence. You need ample liquidity. Think high-yield savings accounts. Unlike CDs, these offer immediate access to your cash while still allowing it to grow. Accessibility is key. I’ve witnessed too many dentists make poor decisions that haunt them for years because they lacked adequate reserves. When markets dry up, bills still come due. Taking out loans to make payroll ends in catastrophe. Lacking cash? That usually indicates an expenditure problem. My clients know my mantra by heart: “Develop an unlimited appetite for investments and a strong distaste for waste.” Every unneeded expense needs to go to the chopping block! This shores up balance sheets faster than anything else. Then let cash accumulate. These reserves come in especially handy when the world needs cash, and you have it in spades. There’s no better way to pick up lucrative investments at fire-sale prices.

No. 3: Reliable income generation

Business becomes fun when you make these strategic investments. When they generate reliable income for you, then you’ve reached step three. While chairside dentistry can be gratifying, my clients do it only when it suits them. True entrepreneurs never need to be forced to trade their time for money. At this stage, it’s logical that you can’t step away entirely just yet. Nonetheless, it’s important to at least get a taste of what it’s like to generate income that doesn’t cost you your time. Eventually, you’ll learn to cultivate more opportunities that provide it.

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No. 4: Paychecks and playchecks

When you’re steady in your business, a natural rhythm develops, and the flow of prosperity becomes evident. At this stage, the fourth step, I encourage my clients to view the flow in two distinct streams. We’ll label the first one as paychecks and the second one as "playchecks." I bring up this notion frequently in my writing and speaking. Basically, the paycheck side is dedicated to the security of the business—your livelihood. It not only keeps you afloat, but it’s responsible for your continued growth. It covers necessary ongoing costs in addition to further investment. The playchecks on the other hand? They’re yours to do with however you like. Spend it, donate it, give it to friends and family. It eliminates any itch to spend beyond your means. Its only purpose is to satisfy, and when you’re satisfied, you retain the will to effectively manage the lion’s share of your revenue.

No. 5: Life insurance

Now you’ve got a well-oiled machine, and you’re benefitting from the fruits of your ingenuity. We’ve arrived at step five. This is when my clients and I discuss life insurance. I take a holistic view of the subject, considering it integral to everyone’s investment portfolio. The products themselves are diverse. There’s no one-size-fits-all approach, but that doesn’t diminish its inherent necessity. Like most insurance, it’s affordable and protects the ones who matter to you most. Forgo it not just at your own risk, but theirs as well.

No. 6: Estate planning

Speaking of loved ones, they’re at the heart of step six: estate planning. Make no mistake, this isn’t a conversation reserved for old-
timers. The moment you own wealth, estate planning becomes pertinent. When you have significant wealth—and all my clients do at this juncture—then it remains at the forefront of our discussions. Putting in place a proper will and trust now prevents undue tax burdens and legal fees later. I want to leave everything except unnecessary grief to my loved ones. The transfer of wealth should be the easiest part of leaving this world behind. Unfortunately, avoiding this topic makes it terribly difficult for your loved ones, and the debacle serves only to enrich attorneys. I promote leaving a more joyous legacy—one that doesn’t involve probate.

No. 7: Debt restructuring

In terms of items to leave behind, debt shouldn’t be among them. Thus, debt restructuring is our seventh step. The clients I work alongside understand my philosophy regarding liabilities: avoid them when possible; restructure them when necessary. Debt frequently plays a role in certain acquisitions, and I teach dentists to manage it appropriately, getting it off the books as efficiently as possible. I espouse cash confidence above all. However, leveraging debt at low enough interest rates frees up cash for more strategic purposes. Long story short: don’t take on debt without the watchful gaze of a skilled advisor who can evaluate risk versus reward ahead of time, restructure it systematically, and provide you with a clear payoff strategy.

No. 8: Harnessing a clear investment strategy

Without burdensome debt, the road ahead is wide open, which brings us to step eight: harnessing a clear investment strategy. My clients become adroit entrepreneurs. Their investments produce their income while they enjoy their time however and wherever they see fit. Not surprisingly, most continually reinvest in themselves and their business. The ventures that lead to this path are as diverse as the clients I coach, but they all invariably revolve around partnerships and win-win scenarios.

Meet with me personally, and we can delve into specifics, but for now, understand that while most people get paid for what they do, you as an entrepreneur will ultimately be paid for what you know. The former is finite, while the latter is entirely without bounds. 

Editor's note: This article appeared in the March 2026 print edition of Dental Economics magazine. Dentists in North America are eligible for a complimentary print subscription. Sign up here.