Podcast Episode #549: Lessons on Ownership, Mindset & Money For Practice Owners and New Dental Grads - Mike Abernathy
Episode #549: Dentist Freedom Blueprint Podcast
Lessons on Ownership, Mindset & Money For Practice Owners and New Dental Grads - Mike Abernathy
Too many dentists get caught chasing the wrong goals—believing the diploma means they’ve “arrived,” or that the next DSO deal will finally set them free. In this candid conversation, Dr. Mike Abernathy shares hard-won wisdom from five decades in dentistry and entrepreneurship, cutting through the noise to reveal what actually creates a fulfilling career and life. From mentoring dental students into ownership to avoiding the “destination trap,” Mike lays out the mindset shifts and strategies to escape being a prisoner of your own success.
You’ll hear why profits follow ownership, not employment, how to balance competence with confidence, and why common sense—not the status quo—should drive your business decisions. Whether you’re fresh out of school or approaching the finish line, this episode is your blueprint for building a practice and life that serves you, not the other way around.
Minute Markers:
00:00 – Intro
01:27 – Mike Abernathy’s background and mission
09:44 – The business reality of dentistry
14:06 – The “secret sauce” for success after graduation
16:05 – You can have anything, but not everything
18:14 – Financial discipline and living below your means
21:27 – Timeless principles that never change
23:41 – The Station: living for today, not someday
25:38 – Risks and realities of DSOs and private equity exits
30:37 – Why DSOs aren’t the answer for everyone
32:26 – Critical career and investment decisions
35:58 – Building replacement income before exiting practice
37:34 – Why diversification outside financial markets is crucial
Featured on the Show:
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P.S. Whenever you’re ready, here are some other ways I can help fast track you to your Freedom goal (you’re closer than you think) :
In this episode, we finish up the second part of my interview with Rob Swanson and his eight rules of investing. (If you haven’t listened to part 1, be sure to go back and give that a listen before jumping into this one.) Today, we pick up where we left off, covering rules four through eight and talking about everything from decision-making to cash flow and risk reduction.
Listen in as Rob shares his incredible insight and experience in real estate and investing to give us a few rules that help make our decisions and investments more solid. You will hear about the importance of looking at margins before buying and what boxes need to be checked when it comes to predicting a solid income stream. Rob also discusses how to define and mitigate the different risks involved so that you can come out on top.
Alastair MacDonald is a private advisor to established entrepreneurs, investors, and business owners, as well as a TEDx speaker who lectures on economic, social, and financial forecasts. Join me today to hear part two of our conversation at the Freedom Founders Mastermind, where we dive into the concept of certainty, how to hedge against a volatile economy, and why the abdication model is no longer one that works.
Listen in to learn the reasons why Alastair is not worried about consumer price inflation (and what he’s really worried about instead) and why the 401(k) is not always the investment that it is made out to be. You’ll learn why he is most concerned about the issue of division and polarity in the Western world, why your business is your best asset in a volatile economy, and how you can maintain its viability to weather the most intense economic storm.
1. Get Your Free Retirement Scorecard:
Benchmark your retirement and wealth-building against hundreds of other practice professionals, and get personalized feedback on your biggest opportunities and leverage points. Go to www.FreedomFounders.com/Scorecard to take the 3 minute assessment and get your scorecard.
2. Attend A Workshop:
If you’re committed to Freedom, but still building a practice, paying down school debt, or growing investment capital, our hands-on Freedom Blueprint Workshops are your entrance ramp onto the fast track! Visit www.freedomfounders.com/workshop to claim your seat!
3. Apply To Visit The Mastermind:
If you’d like to join dozens of dentists, docs, and practice professionals on the fast track to Freedom (5-7 years max), visit www.freedomfounders.com/step-1 to apply for a seat.
4. Want to Work Directly with Me?
If you’d like to work directly with me and a small group of my closest investment colleagues, with direct access to the dealmakers and asset classes that I invest in, just send a message to my Executive Assistant (Lindsey@FreedomFounders.com), and put “Fast Access” in the subject line. Or, call (972) 203-6960 Ext 144 and leave a brief voicemail for Lindsey. Let her know you’re interested in the Fast Access program – we’ll set up a time with you to talk, find out about your goals, and see if there is a fit.