Episode: #352 | Published: 2026-03-11 | Duration: 40 min 46 sec

Tenet: Business

In today's episode, Dr. Stucki sits down with financial experts Bob Spiel and Nate Williams, who push back on the idea that dental specialists should sell their practices to Dental Support Organizations (DSOs) or private equity groups. Using straightforward financial modeling, they question the belief that corporate buyers always offer the best payout, pointing out that long work-back commitments and illiquid equity can leave doctors with less overall value than a traditional private sale. They suggest that, in many cases, surgeons are essentially paying for their own buyouts with years of future work, while also giving up a significant amount of professional independence. By calling attention to the risks of share dilution and reduced control over day-to-day decisions, they encourage doctors to hold onto independent ownership of their most valuable assets. Overall, the episode serves as a practical warning about how Wall Street-driven incentives can affect both the financial health and clinical direction of the dental profession.

Key Points From This Episode:

• We are introduced to our guests, Bob Spiel and Nate Williams.
• Debunking the goal and purpose of private equity (in the dentistry space).
• They look at the hypothesis that private equity-backed DSO groups pay more for practices than private doctors (an in-depth hypothetical scenario).
• Another hypothetical scenario: what it looks like when practices are sold to businessmen.
• Nate explains the 5-year work-back.
• He unpacks the rollover equity: minority non-marketable shares of an entity.
• What happens to shares when the ship sinks.
• Big cash up front and what that means for the future.
• Navigating misinformation as an industry.

Links Mentioned in Today's Episode:

Nate Williams, CPA on LinkedIn — https://www.linkedin.com/in/nate-williams-cpa-cfp

Practice Financial Group — https://practicefinancialgroup.com/

Bob Spiel on LinkedIn — https://www.linkedin.com/in/bobspiel

Spiel Consulting — https://spielconsulting.com/

Dentist Partner Pros — https://dentistpartnerpros.com/

Just Say NO to the DSO — https://open.spotify.com/show/2DRR7iWpDQiX1NSyaSIWzK

Questions — questionsjustsaynotothedso@gmail.com

Everyday Oral Surgery Website — https://www.everydayoralsurgery.com/

Everyday Oral Surgery on Instagram — https://www.instagram.com/everydayoralsurgery/

Everyday Oral Surgery on Facebook — https://www.facebook.com/EverydayOralSurgery/

Dr. Grant Stucki Email — grantstucki@gmail.com

Dr. Grant Stucki Phone — 720-441-6059