How to Utilize

A Dental Practice

To Create Ultimate Wealth

Eric J. Morin


CEO and Managing Partner Tower Leadership

Proven Dental Business Strategist who has shown hundreds of dentists all over the country how to utilize their practice to create ultimate wealth

Eric Morin is a business consultant and financial professional who has been in the dental consulting industry for over a decade. He holds both a bachelors and masters degree in business management. He started in the dental industry, building his own dental practice to be a thriving, multi-doctor practice from the ground up. He has spent the majority of his career working with hundreds of doctors to increase their practice growth significantly and has had many clients double their revenues even within the first year of working with him. Eric has given the keynote at meetings across the nation that were designed to educate dentists on how to be successful in business and finance, and specializes in showing doctors how to reinvest in their practices while reducing debt and tax liabilities. His work with clients has led to significant increases in their net worth’s, incomes and margin of time and money. Using his knowledge in business and financial management he has designed a course that will take dentists through the steps they need to become a strong business owner and create the life and practice they deserve. 

Strengthen Cash Flow

I want to teach doctors to understand that the goal is not to continue making more income.

The reason its not an income goals is that you'll just end up spending it. 

I was working with one doctor who was spending $193,000 a month personally, but he told himself the reason:

he lives in Connecticut, and Connecticut is just “different from everywhere else.”

We all justify things like that.

What can be done with $193,000 a month is crazy, but he was still living paycheck to paycheck.

The truth is that the more money you make the more money you will end up spending.

Somehow, I have got to allocate that money out of your hands and put it somewhere else to buy assets that generate income.

If I can do that, then I know that I can get you where you want to be.

If you want to use the word "retire," then I can get you there quicker, but I can make you wealthy in your thirties or forties.

At the same time, it will give you the autonomy to work.

For example, one of the happiest guys I work with is 83 years old.

He loves dentistry; he loves what he does, but he doesn't have to work.

That's wealth because he doesn't have to be there.

When you get around him, it's fun, because he just gets excited about dental cases.

Overall, the idea is to put more and more money into passive income sources, if I can get doctors to start thinking about passive cash flow first.

For example, I can show how it is possible to invest in a single operatory, and pay off a million-dollar building in six years.

Yes, I can take one operatory and pay off a million-dollar building in six years. 

Spend More Time With Family

The truth is that when you look at the effect of wealth on life, on the family legacy, that wealth is the ability to impact others.

When you increase the amount of your assets rise every year, your income rises.

When you start getting out of the retirement mindset and into the wealth mindset, your idea is to impact as many lives as possible.

If you look at a Bill Gates or a Warren Buffet, they're spending their entire fortunes giving back to other people.

The truth is that wealthy people impact other people.

I always tell people, “The first group of people you should impact is your family.”

Having wealth without being stressed out over debt, and all the little things, allows you to have the life you want for your family, and give them the things they want.

First, we impact our family, and then, we can impact our team. 

Give More

Impact leads to wealth because the more wealth the practice provides by making smart decisions, by reducing the debt on the practice, and the ability to fund an impact on other people, it goes out to the community.

Who can you impact in the community?

This is about using a dental practice, having a margin of money that you can give back to other people and impact their families, they can go out and impact other people.

That's the kind of life you want to have. It’s not very glamorous, the idea of retirement as the hope that you don't outlive your money.

I mean, I don't want that on my headstone, "He didn't outlive his money." 

Think about those two different things.

One is very ego-centric.

It's all about you and what you can have.

The other is about helping as many people as possible, as Zig Ziglar said once,

"If you want to get as wealthy as you want to be, you help as many other people get as wealthy as they want." 

I believe in the philosophy of helping - if you help as many people get what they want, whether these are patients, employees, or people at your church.

If you help people get what they want, they will fight for your dreams.

You won't have a problem with them working a late hour; you won't have a problem with them coming on Saturdays.

If you help people, they'll help you, but to do that, you have to relieve some of the stress.

Making great financial decisions will mean that I can get you in the position to impact as many people as possible.

It starts with getting rid of this retirement model mentality, moving over to a wealth process based on an understanding of passive cash flow, and then starting to make decisions that we can create wealth, which we can impact others.

Financially Impact Those Around You

The goal of creating wealth is to have your assets and income go up every single year.

It’s to have the time and ability to travel and to be with the ones you love.

It also to have impact.

Impact on organizations, future generations and your community.  

I was just working with a client and his goal is to create a 35-million-dollar trust so his kids can spend their lives impacting others.

Now that’s what it’s all about!

Your assets and income should be going up every single year.

That’s correct, even if you stop actively practicing your assets and income should keep increasing. 


What I want to do is help dentists realize the value in their practice and that investing back into that practice, and using what comes out of it, can create amazing wealth.

This will allow your assets and income to go up every year, without taking money outside of your practice and shoving it somewhere else.

There are times for placing money into retirement accounts.

I'm certainly not saying that you should not put money into retirement accounts, but I want to get doctors away from thinking about the traditional retirement paradigm. 

For instance, I started working with one doctor who wanted about $10,000 -15,000 a month as income for the rest of his life.

One of the reasons he ended up with me is because his financial advisor said,

"That would be no problem. All you'd have to do is put away $100,000 a year for the next 20 years."

Leave a Lasting Legacy

Let’s look at the kind of impact created by true wealth in someone’s life.

This topic is very near and dear to my heart.

I started working with an individual, one of my favorite clients; he's such a go-getter.

About three years ago, he was in a situation where he had just gotten kicked out of a partnership.

He was on the phone with me, in tears.

He says, "Eric, what am I going to do?"

I said,

"It's the best thing that's ever happened

to you." 

To fast-forward a little bit, he ended up buying this practice.

When I walked him through the acquisition, the practice had never done more than $900,000 in 30 years.

In the first year, it did $2.6 million.

Fast-forward a few more years, and he’s telling me how he broke down on the side of the road, right by a dealership;

he was able to walk in and buy a car for cash on the spot and drive it home.

But that's not the impact portion because this individual is working to create a

$30 million trust for his kids to spend their entire adult life giving away that money.


In the passive phase of retirement, you might assume then that your spending would decrease since you would not be traveling as often.

However, this is typically when there is an increase in the cost of health-care.

The average long-term care claim happens at the age of 81 and if you look at the rising cost of healthcare a claim 20 years from could literally cost you millions of dollars.

In fact, the cost of what is referred to as long term-care is so expensive

the Obama Administration decided not to put it into the Affordable Care Act when it was passed and there are only

2 companies left in the U.S. as of this publication writing Long Term Care Policies.

The claims were so high most companies pulled out of the market.

Create Wealth

The good news is that there is a better way.

It’s to create wealth verses trying to retire.

We need our assets and income to increase every year so that we can live the lives we deserve, and impact our families and communities, not burden them.

The goal of retirement is to avoid outliving your money, but you're being put into a model that doesn't offer enough money to get where you want.

People aren't accumulating.

Even if they were accumulating, they don’t understand the amount they truly would have to accumulate

in a typical retirement model to have what

they want. 

When most dentists come to me at age 51, they aren’t happy with the progress they are making with their wealth.

At 61 years old, they may say, "I'm just not where I'm supposed to be."

Just recently, a doctor came to see me, and was in tears.

I asked,

"Why are you crying?"

And she said,

"Well, the reason I'm crying is that I just don't feel like where I'm supposed to be. At this point in life, I should have more accumulation."

(Because financial advisors will scare the heck out of you, telling you if you haven't accumulated, you will end up being destitute.)