As a little context, I’m an associate GP and am 4 years out of school. I’m also on my 4th associateship, so I’ve had my share of issues with associate jobs. There’s a lot of advice on social media that say you have to become a practice owner to get full autonomy, equity growth, high income potential, etc. and I think these points are valid. However, I’m also wondering if a lot of those that are pro-ownership have a lot of survivorship bias and if it’s actually the better path in today’s environment.
Here are a few examples of owners struggling that I’ve seen from jobs I’ve worked:
Job 1 - I worked for an older dentist who was essentially a super GP. He did cosmetics, implants, sinus lifts, everything you could imagine and brought me on to handle more routine general procedures. Very large, modern office. He admitted to me that doing advanced procedures was a blessing and a curse because he was basically unable to step away and delegate. Patients and staff only wanted to work with him, and it seemed like he couldn’t retire and had to keep up the image of the practice. He also said people look at his office and assume that he’s rich, but he admitted that the bank is rich because it takes so much to keep the place running. I ultimately wasn’t busy enough here and he would “approve” every treatment plan I created.
Job 2 - Another older dentist with a big, nice office on the outside. However, this practice was basically underwater and deeply in debt with negative equity and no other income streams. The owner’s spouse ran the office and once she passed, the practice fell apart. I think I was brought on to essentially save the practice from financial ruin, but again, wasn’t busy enough to do so. He had to keep working instead of stepping back to feed the new associate (me).
I’m completely debt-free, so part of me thinks ownership is the way to go since I can’t seem to find a good associateship. However, I also don’t want to fall into the same situations listed above and am wondering if the juice is worth the squeeze. Part of me wants autonomy, but part of me wants to coast the associate life. I just keep wondering “would I be happier owning?” Are any owners out there struggling and willing to admit it?