Dentist, practice owner, and podcast host, Dr. Jamine Ifedi, MBA, joins us to share his journey into dentistry and what he’s learned along the way. From taking all the entrance exams (yes, the MCAT and DAT) to choosing dentistry based on test scores, Dr. Ifedi’s path was anything but traditional. After hands-on experience in a variety of specialties, a deep dive into geriatrics as a travel dentist, and early dreams of practice ownership, he eventually opened Empire Dental Group in Charlotte, NC.

How do you step into practice ownership only a year and a half after graduating? How can doctors transform a white coat into a lasting financial legacy? Can you still buy a practice if you have student loans? Dr. Ifedi, a true community pillar, shares his time and knowledge in this episode and in his community to uplift future dental leaders. Tune in to hear how he accomplished it all.

Here are four key takeaways from Michael’s discussion with Dr. Jamine Ifedi:

1. Your Path Doesn’t Have to Be Traditional
Dr. Ifedi’s journey—from taking both the MCAT and DAT to choosing dentistry based on test scores—shows that success in healthcare doesn’t follow a single script. He leveraged his MBA and diverse clinical experiences to carve a unique path into practice ownership.

2. Experience is the Best Teacher
Instead of a formal residency, Dr. Ifedi used his final year of dental school as a self-directed residency and later worked as a travel dentist across 100+ clinics. This gave him unmatched exposure to different practice models and patient populations, especially in geriatrics.

3. Student Debt Shouldn’t Stop You from Ownership
Dr. Ifedi emphasizes that lenders don’t see student loans as a disqualifier—so neither should you. Ownership can be the fastest route to financial freedom, especially when paired with smart financial planning and mentorship.

4. Build Wealth Beyond the White Coat
From real estate and investing to business ownership, Dr. Ifedi encourages doctors to think long-term. He shares how stacking smart financial decisions early—like buying appreciating assets before depreciating ones—can lead to generational wealth.

Transcript

Jamine Ifedi:
In my opinion, I believe the best individuals in the financial realm are the educators. If they’re not big on education, me personally, I probably would not like to work with you.

Michael Jerkins:
Welcome back to another episode of the podcast For Doctors, By Doctors. My name is Dr. Michael Jerkins and I am actually alone today, absent my co-host Dr. Ned Palmer, who is on paternity leave—probably listening to lots of other podcasts as he rocks a child to sleep. But we are super excited to have another episode today, specifically focusing on a topic that we’ve gotten a lot of questions about: practice ownership.

This is someone who has really demonstrated a history not only of being a very successful doctor, but also an entrepreneur—someone who has gotten a lot of training and experience in order to build and grow his own practice in North Carolina. So, very excited to have our guest today.

Even if you’re not a dentist, if you’re a physician, veterinarian, or another doctor thinking about going out on your own or becoming a practice owner, there are lots of lessons here. A lot of things you don’t learn in school—and I didn’t either, frankly, not in school or residency. So hearing from someone who’s done it themselves, who understands the pitfalls, who understands what they might have done differently if they had to do it over again, is very valuable. I want to spread that information to our doctor community today.

As always, you can email us at [email protected] with any questions, guest requests, or topics you’d like us to cover. With that, let’s jump into today’s interview.

Today we’re excited to welcome Dr. Jamine Ifedi. He is a passionate entrepreneurial dentist dedicated to empowering doctors of all kinds to build generational wealth beyond their white coats. After earning his MBA from East Carolina University and DDS from UNC Chapel Hill Adams School of Dentistry, he founded Empire Dental Group in Charlotte, North Carolina, in 2022.

As a fellow podcaster, Dr. Ifedi and his CPA—who is also his brother—created the Generational Dental Wealth podcast to help doctors take control of their financial futures and practice with freedom and integrity. With a deep interest in geriatrics, Dr. Ifedi has served as a travel dentist to over 100 nursing homes across the Carolinas. He’s also the treasurer of TEAM—Talented, Empowered, Aspired Men—a nonprofit he co-founded to uplift young men and empower them to realize their roles and responsibilities in society. Dr. Ifedi, thank you for joining us on the podcast today.

JI:
It’s an absolute pleasure. It’s a long time coming. So it’s good to be here with you, man. Just seeing the journey of you and the financial institution over time—oh man, it feels like an honor. I feel like I’m one of the OGs.

MJ:
You are! That’s actually true. Well, let’s start there, if you want. Walk us through your journey—maybe even before dental school—to becoming a practice owner and having the success that clearly you’ve had.

JI:
Man, for myself, it’s actually very similar to one of your previous guests, Dr. Yip. I was also on the pre-med track in undergrad, and a little bug in my ear told me about dentistry. But you get so far down one road, you’re like, “Alright, we’re going and we’re staying.” So just like her, I actually wanted to become an OB-GYN—that was my plan A. Plan B, or maybe A2, was to become a dentist. But I was more focused on the medical route, doing shadowing and different experiences.

So, I thought I was going to go that route. I actually took both the MCAT and the DAT, and I said, “Lord, whichever one I do better on, that’s where I’m going.” I saw my scores and said, “I’m going to be a fantastic dentist.”

MJ:
Well, there you go! Easy enough, I guess. I asked Dr. Yip this, but I’ll ask you too: which test did you think was more difficult? How would you compare the DAT and MCAT?

JI:
Yeah, I actually took the old MCAT, the new MCAT, and the DAT—so all three. I’d say the hardest was the new MCAT, back when they changed it to a 7.5-hour exam. Second would be the DAT. Third, the old MCAT—people probably don’t even remember those days, when it was scored 1 through 15 or 1 through 30 or something like that.

The DAT was definitely more fun—it had elements that felt more relevant. Some people didn’t like the math component; I liked it. I loved the perceptual ability part, the puzzles. I closed my eyes and took the exam and had a good time. I took it right after the MCAT, so I didn’t have to re-study the science. I just studied the parts that were different, like perceptual ability and math.

MJ:
Wow, okay. That was a busy few months for you, with a lot of big decisions. So let’s talk about your path—once you knew you wanted to be a doctor, and you knew you wanted more training in business. Why did you pursue your MBA, and how has it helped?

JI:
Believe it or not, it was actually the result of a negotiation. My mother is a nurse practitioner. She wanted me to become a doctor; I wanted to become a businessman. First I wanted to be a chef! She said, “Well, doctors can be businessmen too.”

So we negotiated—I would get my MBA first. Because no matter what you do, you have to understand the language of business. People ask, “Did you learn business in business school?” You don’t learn everything about business—you learn how to speak the language of business.

Once we made that agreement, I stretched the MBA out over two years—could’ve done it in one—but I enjoyed it. And from there, I went on to dental school.

MJ:
Okay, and walk us through how your MBA and mindset shaped your dental school experience and eventually your first few years in practice.

JI:
Great question. Knowing I wanted to go into practice ownership changed how I viewed dental school. I wasn’t interested in specializing, so I had to maximize my time.

While others used downtime to study, I shadowed clinics. One of the reasons I chose UNC Chapel Hill was because they had every specialty. Since I got into dentistry later, I needed to learn a lot—fast. I shadowed surgeons, pediatric dentists, prosthodontists, orthodontists—you name it—just to see what I liked and what I didn’t.

Coming into my fourth year—during COVID—I told a mentor I was thinking of doing a residency. In dentistry, you can go straight into practice after school, or take a residency. He challenged me and said, “Why do you want to do a residency?” I said I didn’t feel ready.

He said, “You have one year left. Why not use it to get ready?”

That hit me. I accepted that challenge and used my fourth year as a residency. I was so busy with clinicals and experiences, I didn’t have time to document them. Six months before graduation, faculty told me I wasn’t going to graduate because I didn’t have enough requirements on paper. I said, “I definitely do.”

I gathered the paperwork, and it turned out I led the class in nearly every category except crowns—shoutout to Dr. Chris Lane for that one. I think the fact that my paperwork wasn’t up to date helped—I got even more experience that way. It all worked out, and I had a great time.

MJ:
I love that. So what would you say to the D4s out there now who aren’t super confident in their training? Maybe they think they’ll learn what they need in a residency. What advice do you have for D3s and D4s?

JI:
Treat each year like it could be your last. That D4 year—treat it like it might be the last experience you get in school. Come out as ready as possible.

You won’t know everything, and that’s okay. But at the very least, figure out what you like and don’t like—what works in your hands and what doesn’t. That’s a big win.

Use the time to shadow different clinics. Be a fly on the wall, come in with a servant spirit—ask, “How can I help?” That opens doors. You’ll get to assist with procedures you want to learn. It’s better to see it before you do it.

MJ:
Yeah, I see that a lot with trainees—whether in dental, vet, or medical—transitioning from book knowledge to the real world can be tough. But you nailed it: show up, ask how you can help. If you do that, the opportunities multiply. Because let’s be honest—sometimes having trainees around doesn’t make the job easier or more efficient.

JI:
Not at all, not at all.

MJ:
Walk us through—so, a kid done with dental school, you obviously put in the work. You were clinically at the top of your game as a D4. Did you jump right into being a practice owner? Walk us through your journey after that to where you are today with your clinic.

JI:
So remember when I told you I had to negotiate the opportunity to get an MBA? I had to negotiate practice ownership as well. Same mom came into the room, and I said, “When I graduate, I want to own a practice straight out.” And she said, “That might not be the best idea.”

Sometimes, in a mentor-mentee relationship—like with parents—you have to understand: is someone giving you feedback because they want you to be aware of something, or are they pushing their own fears onto you?

I had to analyze that. And I realized it did pertain to me. I was a pre-dent who got into it later, never a dental assistant. We have dental assistants in our office now who are matriculating into dental school—I tell them all the time, “You’re already a much better pre-dent than I was.”

So I needed to get a year under my belt to make sure I could serve my patients the best way possible. Going into my D4 year, I knew I had to get a lot of experience quickly. Same mindset as in dental school.

I remember when graduation approached, and everyone had their lives planned out: buying houses, making moves. And I didn’t know yet. I was okay with not knowing, because I knew my path would be different.

Eventually, around April, I signed a contract with two general dentists in Charlotte. They needed a surgically inclined dentist to rotate between their offices. I was a new grad, so I didn’t know if I was “surgically inclined,” but I had done a lot of surgery work in school. By graduation, I had completed double the extraction requirements, and UNC has a fantastic OMFS faculty.

I remember waiting for my license to show up on the North Carolina dental board site—refreshing it daily. I had already graduated, passed everything, but legally couldn’t practice until it was official. My contract was supposed to start in July, but I told them, “As soon as this goes live, I’m ready.”

When it popped up, I texted, “I can come in today.” They said, “Come in tomorrow—we’ve got a case for you.”

First day on the job: full-mouth extraction. I took out 31 teeth on an 18-year-old. His mouth was completely bombed out. His parents said, “Everyone in our family has dentures. This is a rite of passage.”

It was hard to see, but it was powerful to help him. That’s one of the most extensive procedures in dentistry—tooth by tooth, full mouth, especially at 18 when the roots are longer and teeth are more developed. Took me six to eight hours. But once you start with the hardest case, it’s only downhill from there. That gave me the confidence.

Over the next year to year and a half, I worked as a travel dentist. I’m dually licensed in North and South Carolina. I worked in over 100 cities, in nursing homes, in different offices. That let me pursue my passion for geriatrics and learn what different practice models look like—equipment, materials, payroll systems.

I took notes. “What do I like? What don’t I like?” So when I opened up my own practice, it made sense. The decisions weren’t based on one office—they were based on 20.

MJ:
Wow. That’s about as solid of experience as you could have leading into owning your own practice. So was it about a year and a half as a travel dentist before you opened? When did you feel ready to go out on your own?

JI:
If you’d asked my younger self, I was ready in D4. But something bigger than me guides my steps. I graduated in May 2021 and started practicing the first week of June 2021. We went under contract in August 2022 and closed in October 2022.

So, maybe a year and a half from graduation to closing. That process involved sending out over 500 mailers, talking to tons of dentists, traveling all over the state to find the right fit. And honestly, some people search for years. I feel very blessed that it came together like it did.

MJ:
Yeah, I’ve talked to a lot of dentists—and depending on the market, it can take years to open or find the right practice to acquire. Even just finding a neighborhood or area that fits your goals and has a clear demand is tough.

You’ve done a lot—from nonprofit to podcast to clinic. The journey from idea to first customer (or patient) is filled with steps. You mentioned mailers and talking to dentists. What advice would you give to a brand new practice owner from the day of closing to the day they see their first patient?

JI:
Best thing I can say: surround yourself with people who know more than you.

Start asking questions. Take inventory of yourself—what do you like, not like, what are you good at or not? Everyone gives advice based on their own experience. It’s your job to filter what applies to you.

For me, I sat down with a lot of experienced owners—some with multiple practices. I asked simple but critical questions: “Should we acquire the real estate? The accounts receivable? How should we manage patients?”

As I got answers, I compared them with what I was seeing in the clinics I worked at. Juxtaposing everything helped it all click.

Cash flow is king. One thing people don’t take advantage of: if you can, keep your job while starting your practice. Even one day a week could bring in $4,000–$5,000 a month. That kind of cash, especially if your cost of living is low, can grease the wheels of your new practice.

In the early days, pour as much as you can into the fire to keep it going. Don’t let your personal needs slow the growth. My wife and I always joke that our practice was our first baby. And it needed that attention—it couldn’t stand on its own yet. Eventually, it hits a point where it’s independent. Other doctors can work there. But in the beginning, it needs you.

MJ:
Makes a lot of sense. One of the biggest questions we get from new grads is: “What about my student debt?” Did you have any? And what advice would you give to dental students about managing loans while getting into ownership?

JI:
Let me answer in two parts—first, for those considering dentistry, and second, for those who are already dentists.

Dentistry is the most expensive professional degree out there. Medical grads come out with about $250,000 in debt. Law grads, around $150,000. Dentists? North of $300,000.

A loan that size means payments of $3,600/month—post-tax. If you’re an associate, that can wipe you out.

So for those not in dental school yet: stay public and stay in-state. That alone could reduce your debt by over $100,000. In North Carolina, we’re lucky—we have three dental schools. When I applied, there were two: UNC (one of the top two in the nation), and East Carolina University (most cost-effective in the nation).

At ECU, you might come out with $100K–$125K in debt. That’s a third of what others face—and we all walk out with the same DDS or DMD.

So be strategic. Decisions today set you up for tomorrow.

Now, for those who are already dentists—don’t let student debt stop you from buying a practice. If lenders don’t see it as a disqualifier, why should you?

The fastest way to pay off debt is to get a bigger shovel. Owning a practice gives you that shovel. And remember, loan payments are post-tax. Sit down with a CPA or someone who understands taxation. A $300,000 loan over time might cost you $600,000—half in principal, half in interest.

If you’re on a 25-year income-based plan, you might pay $600K in total. And then consider taxes—25% on top of that. That’s why owning a practice and increasing your income is your fastest path out. If ownership aligns with your values and goals, go for it. It’s the best way to take control.

MJ:
I totally agree. A lot of people claim to advise doctors but don’t actually understand our financial life cycle—especially student loans. If someone says they’ve worked with doctors, ask for names and references. Because if they can’t explain student loans, public service loan forgiveness, or income-based repayment, how can they advise you on major financial decisions?

JI:
I agree 100%. That’s why I think Panacea plays an interesting role—not to turn this into a commercial—but if you’re getting financial advice from someone who doesn’t understand how you earn your money, they’ll give you basic advice for a complex situation.

It’s important to understand what you’re good at and not, what you like and don’t like, so you can filter the feedback you get. Without that filter, you’ll end up somewhere you didn’t intend to be.

One thing that drew me to Panacea was the PRN loan. I didn’t need it myself—I wasn’t going through residency—but for someone else, especially coming out of their D4 year, it could be critical. You need to work with people who offer solutions tailored to your situation.

And like you said, ask financial advisors, “Do you work with other doctors?” And ask to speak with them. Personally, I believe the best financial professionals are educators. If you’re not big on education, I probably don’t want to work with you. Teach me how to solve my problem, and when I hit my limit, I’ll come back with a bigger one.

Some advisors want to be the sole source of information, but the best ones empower you to learn and grow. That’s how I choose who I work with.

MJ:
Absolutely. As doctors, we spend a lot of time educating patients. We don’t just wait until something goes wrong—we teach them to avoid problems. That’s how we approach things at Panacea too. Not every doctor needs to be a customer, but if we can educate all doctors and make them a little smarter, that’s a win.

Too often, I’ve seen people take advice from those who have no business advising them. And it doesn’t just hurt the doctor—it affects society. If a doctor makes poor financial choices, they might not be able to practice where or how they want, and that impacts all of us as patients.

JI:
Absolutely—rattle it off, educate!

MJ:
Back to practice ownership: some early-career doctors say, “I just want to be a clinician. I don’t want to deal with staff, finances, equipment, insurance.” What would you say to them? How do you balance being a doctor and a business owner?

JI:
I think that’s totally okay. If you don’t want those responsibilities, then maybe don’t pursue practice ownership—or consider how you pursue it.

One underserved model is partnerships. If you dislike the business side but enjoy managing people, find someone who’s the opposite. I was talking to Rob (Panacea’s VP) about partnerships and valuations, and I was glad to hear there’s been an uptick in that.

We need to stop thinking it’s either full ownership or nothing. Partnerships are valid paths—but you have to vet them. Ideally, have a one- or two-year “test period” to see if your values align. Morally, financially—are you both on the same page?

For example, I wouldn’t want to partner with someone who spends everything in the account. I prefer reinvesting in the business. But if you like to spend, you probably wouldn’t want to partner with me. That’s why compatibility and communication are key.

So before pursuing ownership, ask yourself: do I enjoy the challenges that come with it? Yes, owners make more, build equity, and have higher lendability. But if you’re not okay with the cons, there’s nothing wrong with being employed. You can still use your income to invest in businesses you’re passionate about—maybe your brother owns car washes or your sister owns restaurants. You can be an owner without being a dental practice owner.

Figure out which kind of “hard” is good for you—then choose that one.

MJ:
Exactly. Being a doctor gives you optionality. It’s a cool job and a versatile one. You might start in one environment, then shift—get more training, change how or where you practice. Nothing has to be permanent.

I’m glad you brought up partnerships. We’re seeing that in medicine, dentistry, even vet med—people want to own part of something, have some say, build wealth, without doing it all alone. But like a marriage, not all partnerships are good. You need to “date” the practice first—test it before making a legal commitment.

Having a great team is also critical. A CPA, an attorney—people who can look at the financials and advise you better than you could on your own. And like you said, that test period matters.

Would you agree?

JI:
Absolutely. I also think lenders are starting to take on more of an advisory role. They’re not telling you what to do, but their algorithms can flag what’s a good or bad idea.

If you hear something you don’t like—don’t take it personally. Take it as a challenge: “How do I get ready for this next opportunity?”

I remember asking Rob about expansion, and he gave me specific metrics—like production per operatory. Now I know what benchmarks to aim for before taking the next step. If you move too soon, before you’re ready, what started as a nice situation can become a dangerous one.

MJ:
Completely agree. Doctors are often confident in their clinical skills—but that doesn’t always translate to financial skills. So let me ask you this:

How can doctors turn their white coats into a lasting financial legacy?

JI:
Doctors have more tools at their disposal than they realize. Everyone’s path is different, but here are three core wealth-building strategies that I believe apply to most: real estate, stocks, and business ownership.

Doctor loans are a great tool. Many don’t know you can buy a home with as little as 0% down—and that you can have multiple doctor loans over time if used responsibly. Your first home probably won’t be your last, so consider buying it as both a current place of peace and a future investment. Even if you don’t want to be a landlord, property management companies can help—or you can sell it later, possibly tax-free if you’ve lived there long enough (check with your CPA).

Each home you buy becomes a milestone of your journey. I bought a small place going into dental school in Chapel Hill. By the time I graduated, its value had quintupled. It’s okay to start small—maybe a condo in school, then a single-family home, then maybe a duplex. Eventually, those properties can generate enough income to pay for the home you really want.

401(k)s and IRAs allow you to chip away at your future wealth. Knowing your money is working for you reduces stress and burnout. Burnout often comes from doing something repetitively without seeing results. If you can redirect the money you would’ve spent on student loan payments—let’s say $3,600/month—into investments over 20 years, it could grow to more than $2 million at 8% returns. That’s real power.

Ownership is another key path. For MDs, buying into a practice might cost $100K–$500K. For dentists, it’s usually $500K to over $1M. That’s a big decision. Do you want to own the building? Sell it later? Keep it for life? These are all important questions.

But the point is: if you stack the right decisions—buy real estate wisely, invest consistently, and decide if and how you want to own a business—your long-term financial picture can be completely transformed.

MJ:
That’s a ton of valuable insight. Even if people take just 10% of that and apply it, they’d be far ahead. I assume a lot of this comes up on your podcast?

JI:
Absolutely. We cover a lot and try to keep it fun.

MJ:
True or false—treating patients is the easiest part of running a practice?

JI:
True, for me. I enjoy patient care more than the business challenges.

MJ:
One piece of financial advice every new dentist should learn before graduating?

JI:
What you buy first after school sets the tone. If you buy a new car, that signals where your priorities are. I bought an engagement ring—it sent a message that our family and financial goals come first. Buy the appreciating asset before the depreciating one. If you can, buy a home before a car.

MJ:
What’s the best resource you go to for practice ownership advice?

JI:
Podcasts. I discovered them in dental school, and they opened up a world of learning. You can hear directly from people like Dr. Jerkins or even Mark Cuban—people you’d never otherwise meet. It’s one of the best ways to understand how other people think.

MJ:
Best book you’ve read in the last year?

JI:
The E-Myth Revisited by Michael Gerber—it helped me understand the difference between working in vs. on your business. Also, How to Win Friends and Influence People taught me that sometimes it’s not about more money—it’s about better communication, understanding, and connection.

MJ:
What’s one thing you’ve recently changed your mind about?

JI:
I used to believe in holding everything long term—especially real estate. But I’ve shifted to realizing not everything is meant to last through every season. Some assets, relationships, or mentors serve you for a time and then no longer align with where you’re going. That doesn’t make them bad—it just means your season has changed.

MJ:
Love that. You’ve shared so much wisdom. I’m going to re-listen to this myself. For people who want to hear more from you, where can they find you?

JI:
Our podcast is Generational Dental Wealth. On Instagram and Facebook, we’re My Dental Wealth. We host free pop-up events in different cities where we talk about financial topics in a casual, face-to-face setting. You can DM us with questions—CPAs handle the tax stuff, I handle practice ownership. It’s all about building a team that cares.

MJ:
Amazing. Dr. Jamine Ifedi, thank you again for joining us today.

JI:
Thank you, and thank you to your team for the great work you’re doing.

MJ:
Thanks for listening to The Podcast for Doctors (by Doctors). You can find us on Apple, Spotify, YouTube, and more. If you liked this episode, please subscribe and give us a rating. To suggest guests or topics, email us at [email protected]. And next time you see a doctor… maybe prescribe them this podcast. See you next time.

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