Episode 94 – Requested Replay: Live Life On Your Terms

“I wish I knew then what I know now, because maybe things would have been different.” – Dr. Bruce B. Baird

Do you want to live life on your terms?

Of course, you do! But in order to do that, you need to know what opportunities are available to you and your dental practice.

The reality is, that the opportunities for dental business owners today far outweigh the opportunities of yesterday. There is a huge market shift available now, but in order to take advantage of it you need to know two things: what your endgame is, and what these opportunities are.

If you’ve ever wanted to fast forward and learn what your 60-year-old self would tell your present self, then you will want to listen in to today’s episode. My co-founder at PDA, America’s Most Productive Dentist, Dr. Bruce B. Baird, joins me for a discussion on:

  • The power of knowing your endgame
  • Why private equity investors want to be in dentistry and what that means for you
  • Make sure you know the landscape today, and what opportunities are available to help you make choices that allow you to live life on your terms

Want to know if you have an Investment Grade Practice? Click here to use the completely free Investment Grade Practice calculator: What’s my IgP Freedom Number?

Want to have a conversation about your Investment Grade PracticeTM? Contact Brent at brent@productivedentist.com.
Never miss an episode! Subscribe to Investment Grade PracticesTM Podcast on iTunes & Spotify.


Victoria Peterson
Welcome back to Investment Grade Practice, there are days that you wake up and just know is going to be a fabulous day and today is one of those I have my partner in crime, Dr. Bruce B. Baird is on the line with me talking about the new landscape for buildingInvestment Grade Practices. How’re you doing, Bruce?

Dr. Bruce Baird
I’m doing great, Victoria, how are you?

Victoria Peterson
I’m doing great. Just to give our listeners a picture you are on your way to Iceland.

Dr. Bruce Baird
I am on my way to Iceland. I’m sitting in a Lufthansa lounge in Newark, New Jersey and we’re leaving in about an hour to head to Iceland for about eight days. So looking forward to that, it’s been on my bucket list.

Victoria Peterson
I love it. You know, anytime people say, “This sounds too good to be true, this IGP model is where you get to live the life you want to know and build an asset,” and I always look to you. We’ve been partners for 18 years and I want to say that it was 15 years ago, you started working two days a week, your production works, your take-home pay has been great.

Dr. Bruce Baird
You’ve lived life on your terms. No question, no question. I just wish I would have known what I know today because it would have been different. I mean, it would have been better 10 times better but I mean, it can be done in any environment what I love is what we’re able to do now with capital events and to be able to take some of your wealth off the table and invested in whatever it is you decide to invest in, pay off a debt, to do the things you want to do and to me, that gives you freedom and my way of looking at the past has been I’m going to work really hard and make a lot of money that’s going to create freedom. I don’t discount the fact that we’re going to have to work hard and we’re going to do great things but the opportunities today far outweigh the opportunities of yesterday.

Victoria Peterson
Well, let’s talk about that I love this perspective of, you know, what would my 60-year-old self tell my 40-year-old self to do. So there’s some wisdom here but there’s also a huge market shift that wasn’t even available or conceived 20 years ago, that doctors in their 40s can take advantage of. So why don’t we talk about that a little bit on what you said? How do I take equity off the table without losing the thing that I love about being an entrepreneur?

Dr. Bruce Baird
Yeah, there’s, today the opportunities because of the values of dental practices which have continued to rise over the last really 12 years. It changes the entire environment. I’ve been telling people from the front of the room and I feel personally obligated to reach out to all these dogs because we’ve had 1000s of docs come through PDA and I feel personally obligated because I would tell them why on earth would you sell to a DSO when you’re 40 years old. In there, I know guys that have sold that 35, 44 or 48, whatever I, and the truth is I just didn’t have all the information, which is one of those things where you can make decisions but when you don’t have all the info, well, it’s it may not be true and the way I look at it today is if I could take a capital event, meaning at 40 years old, get 9x 8x 9x 10x of my practice EBITA and reinvest a certain percentage of that 30% or 40% back into a new code that’s going to continue to grow. The cool part of that is it allows me to let’s just use a mixed sample of a million dollars in EBITA and you know, that’s a kick in practice, that’s a four or $5 million practice. So you can extrapolate. If you’re half that, or if you’re whatever, but extrapolate those odds, you’re gonna sit here and work for 40 years, you’re gonna sell the practice for 500,000 800,000, a million dollars, that’s going to be the game because things are changing, they’re changing rapidly, but what if you could have a million and even put 7 million in your pocket, roll 3 million forward into a new CO or into stock, a part of a new CO, all of a sudden, this second bite of the apple becomes 15 million more now you’ve created 22 million in value and you’ve taken it off the table but you get to still keep practicing dentistry the way you’ve always done it. It’s just you have no debt. You, you do whatever you want, work as many days as you want and you’re creating that using leverage and that’s a whole different animal than what I was taught what I learned and, if I knew then what I know now Well, the truth is it wasn’t available but it is available now.

Victoria Peterson
I love that. So for listeners who are kind of catching up to this conversation, it is it’s kind of a mind meld and a mind trap to say, Well, how do I? How do I take equity off the how do I get $7 million from my million dollar practice today, you know, all of these things that you talked about? So let’s break it down a little bit. practices are being sold, bought, and sold based on profitability. So wherever you are in your journey, start becoming more profitable. We actually have a calculator on our website now and I’ll share the link in the show notes. I think Productive Dentist Academy might be the only consulting firm out there that has dissected the private equity playbook and can with pretty, pretty smooth accuracy. look into the crystal ball and say this is what my practice could sell for today. This is what it could look like in five years, whether I sold to a solo practitioner, a private group, or a DSO and it’s really powerful when you understand what your endgame is and Stephen Covey says that right, start with the end in mind, and then back it up. I think the challenge for most doctors is we’ve never had an end game, you know, the end game was to work till you’re 65 put some money in a 401K, and hope you have enough to last until you’re 90 but the end game can shift because the economy went crazy, because interest rates are going up because the stock market is volatile. What is a private equity investor? Bruce, can you talk to our audience about that and why do private equity investors want to be in dentistry?

Dr. Bruce Baird
Well, private equity is one of those things I’ve just learned some, you know, in the last six months, I’ve learned more about private equity investment banking, then than ever. I’ve learned more and and the truth is I’m telling a little story is that if you had $100 million sitting in your bank 100 million and what do you do with that money? Well, guess what, people who have that kind of money, they actually put that money up with private equity companies and they sign contracts with these private equity companies that guarantee them a 12% return, or a 10 or a 14, whatever it happens to be, it’s a guaranteed return for a fixed amount of time, might only be five years might be seven. So the private equity says this is a closed Fund is a five year fund or seven, and we’re gonna pay you five times 12 $60 million for your 100 million and at the end of that five years, we are going to give you your 100 million back and you will have already received well mainly your during that time. So what’s the game for private equity, they have to increase profitability. They have to find other private equity guys that will buy them because they have flows and bonds and so it’s almost a game that’s played among private equities, the same private equity groups sell to other private equity groups and then the next time they sell to each other, and so this is closed funds. That is an enormous amount of money, institutional money, retirement funds, you know, all these sorts of things where there’s so much money they need returns. Dentistry is the best return right now, in all of the health care and, in fact, forever Probably the biggest across the board in any distance and so they are paying a premium, much more of a premium and they were 12 years, much more than a premium that were even five years ago.

Today, you’re starting to hear which something’s really important. You’re starting to hear things like 7x multiples and 8x, went back 12 years ago was 5x or 6x. Well, how does that work? Well, it all depends on your EBITA. We’ve evaluated 10 offers for one single 10 Different DSOs came in and offered offered a payout to these to this practice 10 Different and the EBITA. It was different on all 10. So people get confused, thinking EBIT is a fixed number, it should be, but DSOs don’t think it should be because they can adjust your EBITA and say, “Oh, no, we don’t figure that and usually, you’re going oh, okay, because you don’t know any better and so all of a sudden, you’re even it goes from 400 to 300 but they still aren’t at the same amount, which says 2.4, or whatever and all of a sudden you’re sitting here, and it’s an 8x, not a 5x or a 6x and it’s literally baked into the way they do business and so when you hear about 8x 7x, six, I don’t believe that. I mean, we’ve got to be able to one of the things we’re doing at productive dentist Academy, we’re figuring out what is your truth. What can we take? Well, I’m not gonna say take bank, but what can we hang our hat on, and say, This is yours, and now we’re going to increase that. So one thing I love about investment group practice, they’re going to continue to increase your EBITA and we’re figuring that every single month, so that, you know, you know that you’re increasing your profitability, your profits of your practice and that’s the perfect opportunity because you actually know, and I have to say, I sold 12 years ago to Heartland I didn’t even know what made it, it was so sad. They gave me an offer, it was a lot of money, but anything would have been a lot of money to make 12 years ago and so today, we’re going to standardize that with our clients and people we work with. I love that.

Victoria Peterson
I’m so happy that I can catch you on your way to Iceland. You are an icon in dentistry, for several reasons. One, you never stop learning, you are voracious, and you’re still taking clinical classes after you hung up the handpiece, you know, you’re actively engaging in developing new businesses and working with me and the team on developing deeper, richer content for PDA. It’s always evolving, and it’s always great to catch up with you.

Dr. Bruce Baird
Oh my gosh, yeah, it’s so much fun. I mean, it. I mean, dentistry is a passion of mine, obviously, been doing it for 42 years and I don’t want to just, you know, putting up the handpieces one thing which I did two and a half years ago, but the new printing technology, the new things that are out there that can increase profitability, decrease the ability to be able to take care of patients and a much higher level. Gosh, I love that. I want to keep doing it. You know, I’m not sure physically I can. I can do it but I can sure help Dennis do it.

Victoria Peterson
I love it. Well, congratulations on your new book “Legendary Leader” quite a thrill to see your big mug on Time Square.

Dr. Bruce Baird
That was amazing. I had a lot of people calling me out of the clear blue Sam, what is going on? So it was great. I love it.

Victoria Peterson
Thank you so much. We’ll also put in our show notes how you can order Bruce’s new book “Legendary Leadership”. So if you’re looking to take your leadership game to the next level and not skin, your knees, and bumps and bruises along the way I highly, highly recommend this book. Bruce, my friend. It was great to be with you today.

Dr. Bruce Baird
Oh my gosh. Great to talk to you.

Thank you for tuning in to this episode of the Investment Grade Practices Podcast. If you find value in this episode, help us spread the word by passing it along to a dental friend. Subscribe and give us a Like on iTunes or Spotify. Learn more about building your Investment Grade Practice at productivedentist.com today

Have a great experience with PDA recently?

Leave a Review

Need help?
Accessibility Options
Accessibility On Our Website

We are committed to continuously improving access to our goods and services by individuals with disabilities. If you are unable to use any aspect of this website because of a disability, please call (800) 757-6077 and we will provide you with prompt personalized assistance.

If you have trouble seeing web pages, the US Social Security Administration offers these tips for optimizing your computer and browser to improve your online experience.

If you are looking for mouse and keyboard alternatives, speech recognition software such as Dragon Naturally Speaking may help you navigate web pages and online services. This software allows the user to move focus around a web page or application screen through voice controls.

If you are deaf or hard of hearing, there are several accessibility features available to you.

Closed Captioning
Closed captioning provides a transcript for the audio track of a video presentation that is synchronized with the video and audio tracks. Captions are generally visually displayed over the video, which benefits people who are deaf and hard of hearing, and anyone who cannot hear the audio due to noisy environments. Most of our website’s video content includes automated captions. Learn how to turn captioning on and off in YouTube.

Volume Controls
Your computer, tablet, or mobile device has volume control features. Each video and audio service has its own additional volume controls. Try adjusting both your device’s volume controls and your media players’ volume controls to optimize your listening experience.

Read More About Accessibility and Why It Matters

Need help?

Oops! We could not locate your form.

Do not include sensitive personal, financial, or other confidential information (Social Security, account number, login, passwords, etc.). This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Helpful Resources

Below are links you may find helpful when scheduling an appointment with us.


Episode 218: Associates Deserve Clinical Calibration

 “On the backside of fear we find confidence. And once we’re...

Episode 218: Associates Deserve Clinical Calibration (featured image)

Episode 244 – Navigating the Dental Media

“If I can help my audience and make sure they don’t fall into the...

Episode 244 – Navigating the Dental Media (featured image)

Episode 121 – Success Requires Support

 “Success requires support, but which support, who are you...

Episode 121 – Success Requires Support (featured image)
In the Press

I’ve Arrived: From $100 in the Bank to Generational Wealth in Less Than 3 Years.

from Dental Entrepreneur – Winter 2023 By Dr. Maggie Augustyn...

I’ve Arrived: From $100 in the Bank to Generational Wealth in Less Than 3 Years. (featured image)
From Our Blog

Embrace the Digital Communication Shift

Why More Practices Are Moving Away from Phones and Towards Text &...

Embrace the Digital Communication Shift (featured image)
Follow Us On Social Media


Stay informed on updates and upcoming events from our office.


Connect and learn more about Productive Dentist Academy.


Subscribe to our YouTube channel.


View fun photos and follow our team on Instagram.

Your Privacy
Privacy Policy

This privacy notice discloses our privacy practices and the use of Google Analytics 4(GA4), an analytic advertising feature. This privacy notice applies solely to information collected by this website and the GA4 platform. It will notify you of the following:

  1. What personally identifiable information is collected from you through the website and GA4 platform, how it is used, and with whom it may be shared.
  2. The choices available to you regarding the use of your data.
  3. The security procedures in place to protect the misuse of your information.
  4. How you can correct any inaccuracies in the information.

Information Collection, Use, and Sharing

We only have access to/collect information that you voluntarily give us via email or other direct contact from you. We will not sell or rent this information to anyone.

We will use your information to respond to you, regarding the reason you contacted us. Unless you ask us not to, we may contact you via email in the future to tell you about specials, new products or services, or changes to this privacy policy.

While Productive Dentist Academy is the primary data controller, Google, in the context of providing Google Analytics service, acts as a data processor. We use Google Analytics 4, a widely recognized web analytics service provided by Google, Inc., to track user interactions and gather data for advertising purposes. As a third-party vendor, Google Analytics operates independently and maintains its own privacy policy, which can be found at https://policies.google.com/privacy. We carefully select our third-party vendors for their commitment to user privacy and adherence to data protection standards. As part of our ongoing commitment to your privacy, we implement measures to ensure that services like GA4 comply with our high standards of data protection.

GA4 collects certain personally identifiable information from you as you interact with our website. This information includes but is not limited to your device ID, IP address, and geographic location. The information collected through GA4 is used to analyze user behavior, optimize our website’s performance, and tailor our content to better serve your needs. This data is compiled and anonymized, ensuring that it cannot be linked back to individual users.

Please note that GA4 may share the information collected with Google and other third-party service providers to enable data processing and reporting on website usage. However, we will not sell, rent, or share your information, especially your personally identifiable information, with any third party outside of our organization.

Your Access to and Control Over Information

You have certain rights regarding the data collected by GA4. You have the right to do the following at any time by contacting us via the email address or phone number given on our website:

  • See what data we have about you, if any.
  • Have us delete any data we have about you.
  • Express any concern you have about our use of your data.

In addition to opting out of any future communications from us at any time, you may also opt out of the GA4 feature if you so choose. You can opt out of the GA4 Advertising Features we use through Ads Settings, Ad Settings for mobile apps, or through the NAI’s. This link points to Google Analytics’ currently available opt-outs for the web https://tools.google.com/dlpage/gaoptout/ 


We take precautions to protect your information. When you submit sensitive information via the website, your information is protected both online and offline. GA4 also follows industry best practices to protect your data both online and offline.

To ensure data protection while we are using GA4, we are implementing additional security measures that include and are not limited to:

  • limiting data access, 
  • using secure protocols, 
  • managing data sharing with Google

Wherever we collect sensitive information (such as credit card data), that information is encrypted and transmitted to us in a secure way. You can verify this by looking for a lock icon in the address bar and looking for “https” at the beginning of the address of the Web page.

While we use encryption to protect sensitive information transmitted online, we also protect your information offline. Only employees who need the information to perform a specific job (for example, billing or customer service) are granted access to personally identifiable information. The computers/servers in which we store personally identifiable information are kept in a secure environment.

Contact Us

If you have any concerns about the use of GA4 or believe that we are not abiding by this privacy policy, please contact us immediately. We are committed to addressing any privacy-related issues promptly and transparently.

By using our website and consenting to the use of GA4, you acknowledge and agree to the data collection and processing practices described in this notice. For more information about GA4 and its privacy practices, please review Google’s Privacy Policy on this link https://policies.google.com/privacy.

If you feel that we are not abiding by this privacy policy, you should contact us immediately.

Read More About Our Privacy Policy and Why It Matters

Terms of Service
Terms of Service

Entering this site or the links accessible through this site, you agree to be bound by this agreement. The information and the resources contained on and accessible through this site are made available by Productive Dentist Academy and/or its suppliers and vendors, and are subject to your agreement to their terms and conditions.

All contents copyright (c) Productive Dentist Academy

All rights reserved, Productive Dentist Academy makes this website available to all users for the sole purpose of providing educational information on health-related issues.

The accuracy of website, information, and resources identified are not warranted or guaranteed, or intended to be a substitute for professional health advice, to contradict health advice given, or for health care of any kind.

Your use of this website indicates your agreement to be bound by the Terms of Use and you expressly agree to be bound to the foregoing terms and conditions.

All materials on this website, including the site’s design, layout, and organization, are owned and copyrighted by Productive Dentist Academy, or its suppliers or vendors, and are protected by U.S. and international copyrights.

Material on this site may be used for personal use only. Commercial use of any sort is strictly prohibited.

Use of Resources & Information
This site may not be used as a supplement or alternative for health care, and is not intended and does not warrant or guarantee the quality or quantity of any services of any of the advertisers identified; further, the information provided is merely for educational purposes, and its accuracy is not guaranteed. Do not use this site as a substitute for health care. Please consult with your doctor or other health care provider regarding any health questions you may have. This site may not be used for health diagnosis or treatment. Do not use this site to disregard any health advice, nor to delay seeking health advice, because of something you read or see in this site.

You understand and agree that neither Productive Dentist Academy nor its suppliers or vendors or linked domain names are responsible or liable for any claim, loss, or damage of any kind, directly or indirectly resulting from your use of this site or the information or the resources contained on or accessible through it.

Productive Dentist Academy expressly disclaims any implied warranty or representation about the information or accuracy, relevance, completeness, timeliness or appropriateness for any particular purpose of any kind. Your use of this site is also subject to all additional disclaimers that may appear throughout the site.

Other Internet Sites Links
This site also includes links to other internet sites created and maintained by Productive Dentist Academy’s suppliers, vendors, affiliates, or subscribers. Be aware that Productive Dentist Academy does not control, makes no guarantees about, and disclaims any express or implied representations or warranties about the accuracy, relevance, completeness, timeliness or appropriateness for a particular purpose of the information or the resources contained on these or any other internet sites.

Further, the inclusion of these links is merely for your convenience and is not intended and does not reflect Productive Dentist Academy’s opinion on the accuracy or the importance of these other sites; further, Productive Dentist Academy does not endorse in any manner any of the views expressed in, or products or services offered by these other sites. All information in any site by Productive Dentist Academy, or associated or linked site, is extracted, read, used, or relied upon by you at your own risk.

Disclaimer of Warranty
Productive Dentist Academy and its suppliers and vendors disclaim all express or implied representations or warranties regarding the information, services, products, materials, and any other resources contained on or accessible through this site, including without limitation any implied warranties of merchantability or fitness for a particular purpose. All information provided by Productive Dentist Academy is made available “as is” and “as available” without warranty of any kind, or any express or implied promise, including, by way of example, its continuing availability.

Limitation of Liability
With respect to products, goods, or services purchased from any entity identified, listed, named or contacted through Productive Dentist Academy’s website, or any links to Productive Dentist Academy’s website, to the maximum extent permitted by applicable law, in no event shall Productive Dentist Academy or its suppliers or vendors be liable for any direct, indirect, special, punitive, incidental, exemplary, contractual, or consequential damages, or any damages whatsoever of any kind, resulting from any loss, which by way of example, includes loss of use, loss of data, loss of profits, business interruption, litigation, or any other pecuniary loss, whether based on breach of contract, tort (including negligence), product liability, or otherwise, arising out of or in any way connected with the use or performance of this site, with the delay or inability to use this site, or with the provision of or failure to make available any information, services, products, materials, or other resources contained on or accessible through this site, even if advised of the possibility of such damages.

You acknowledge and agree that the limitations set forth above are elements of this agreement, and that this site would not be provided to you absent such limitations.

You agree to indemnify, defend, and hold harmless Productive Dentist Academy and its suppliers and vendors from any liability, loss, claim, and expense (including reasonable attorneys’ fees) related to your violation of this agreement or use of this site in any manner. Your use of this site shall constitute your acceptance of the terms of this Agreement, as revised and modified, if any, each time you access this site. Productive Dentist Academy may modify this agreement at any time, and such modifications shall be effective immediately upon posting of the modified agreement.

Productive Dentist Academy’s failure to insist upon strict enforcement of any provision(s) of this agreement shall not be construed as a waiver of any provision or right.

This agreement and the resolution of any dispute related to this agreement or this site shall be governed by and construed in accordance with the laws of the State of Washington, without giving effect to any principles or conflicts of law. Any legal action or proceeding between Productive Dentist Academy or its links, suppliers or vendors and you related to this agreement or this site shall be brought exclusively in a state or federal court of competent jurisdiction sitting in Skagit County, Washington.

All materials on this website, including the site’s design, layout, and organization, are owned and copyrighted by Productive Dentist Academy or its suppliers or vendors, and are protected by U.S. and international copyrights.

This site contains links to other sites. Productive Dentist Academy is not responsible for the privacy practices of other sites that are linked to us.

Should you have any questions or concerns regarding Productive Dentist Academy’s Privacy Policy and Terms of Use, please contact us.

Read More About Our Terms of Service and Why It Matters

Search the Website

Use keywords in the search box below to find what you're looking for.

Go to the Top of the Page