A premium valuation on your terms.
Transfer ownership of your practice to your associates and employees for a 10× exit — on your timeline, with full clinical autonomy, and zero outside shareholders.
Doctor Owned
Doctor Led
Doctor Controlled
Zero Outside Shareholders
Why this. Why now.
The soul of a great practice is independence. Corporate dentistry stripped that out — and traded it for thin margins, KPI overkill, and a growth strategy built on cutting corners.
Corporate did give us the blueprint for a 10× valuation — and we're handing that back to the doctors.
What corporate built
The big consolidators spent the last decade rolling up practices using Wall Street financial engineering with private equity backing. Today they're buried in debt, with razor-thin margins, and stalling.
What we built back
Master DDS One is a doctor-owned ESOP platform that follows a similar path — but uses bank debt and clever tax strategies to achieve the same valuation, on doctor terms. No corporate oversight. No pressure to cut corners. No outside shareholders. Just a structured path to a 10× exit, with full clinical autonomy preserved from day one.
We just want to keep dentistry in the hands of dentists.
Validated by CSG Partners.
CSG Partners — the nation's largest ESOP investment banking practice, with 450+ completed transactions and $35B in enterprise value — has reviewed Master DDS One at 100 practices. The preliminary analysis came back stronger than our internal model.
Weighted Multiple
10.6×
Blended EBITDA multiple — DCF + market comps at 100 practices
Enterprise Value
$438M
Mid-case valuation for Master DDS One at full enrollment
Projected Tax Savings
$180M
Cumulative through 2036 vs. a non-ESOP structure
A staged exit — and a permanent tax shelter.
49% of equity sells to the ESOP at the first recap (target Sept 2027). The remaining 51% sells roughly four years later. After the second sale, the company elects S Corp status and pays zero federal income tax — permanently. CSG projects $431M in accumulated capital by 2042.
Source: CSG Partners preliminary ESOP analysis for Master DDS One, modeled at 100 participating practices. Figures are projections subject to final valuation, market conditions, and bank financing terms.
Three steps. From practice to ownership.
The structural mechanics behind Master DDS One. Clinical autonomy is preserved at every step — what changes is the financial structure underneath your practice.
You enroll your practice
You keep full clinical independence — your patients, your treatment plans, your schedule, your staff. Your existing practice debt is absorbed by the ESOP at the first recapitalization. Nothing changes in the operatory. Your EBITDA contribution determines your equity stake in the group.
100 practices recapitalize together
The group sells equity to its own employees through an ESOP — 49% at the first recap, the remaining 51% approximately four years later. The group is valued at ~10.6× EBITDA. Doctors and staff become the owners. There are no outside shareholders.
It belongs to you
At the end of the second event, the company is 100% owned by you and your employees, free and clear. It's a private, autonomous entity with no corporate oversight, no PE timelines, and no pressure to sell.
Same chair. Different math.
Same patients. Same clinical decisions. Same schedule. The financial structure underneath your practice is what changes.
What's already confirmed
No management fees
Zero fees charged to your practice. The structure adds value, not extracts it.
Existing debt absorbed
ESOP proceeds retire your practice debt at the first recap — with pre-tax dollars.
Economies of scale
Projected 25%+ savings on non-clinical costs through group purchasing leverage.
Corporate NPI leverage
Group reimbursement negotiation across 100 practices — leverage of a platform.
Separate vintages
After Master DDS One closes, new practices go to the next vintage. Your economics are protected.
No post-enrollment M&A
Cap table locks at enrollment close. Equity is not diluted between recaps.
Master DDS One enrollment path.
Target first recapitalization: September 30, 2027. The path between today and that date is sequenced — and enrollment for Master DDS One closes at year-end 2026.
Step 01
Jul – Dec 2026
Enrollment Period
Practices commit to Master DDS One. Advisory services begin. Accounting transitions to Baker Tilly. Systems stand up.
Step 02
Dec 31, 2026
Enrollment Cutoff
No additional practices accepted into Master DDS One after this date. Later enrollees are directed to the next vintage.
Step 03
Jan – Mar 2027
Preparation
Employee migrations, bank accounts, accounting consolidation, quality of earnings review. Final work before going to market.
Step 04
Apr – Sep 2027
Capital Raise & Close
CSG takes the deal to market. Trustee negotiation and valuation. Target first recap close: September 30, 2027.
Step 05
~2030
Second Recap & S Corp Election
Remaining 51% sells to the ESOP. S Corp election follows. The company becomes permanently federally tax-free.
Step 06
~2035
Debt Retired
All debt is paid off. The doctors and employees own the company outright — free and clear.
Built-in Succession
The Student Loan Repayment Program — your successor is already being recruited.
The Doc to Doc Alliance Student Loan Repayment Program is an eight-figure (and growing) fund built to attract the next generation of entrepreneurial doctors into the network — drawn in by an aggressive student debt paydown package, a structured pathway to ownership, and hands-on clinical training and mentorship from doctor-owners across the alliance. When you're ready to step back, your replacement isn't a search — they're already a member of the group.
Ready to see what your practice is worth at 10×?
Master DDS One enrolls 100 practices and then closes. If you're considering a transition, a partnership, or simply want to understand what your practice is worth inside a doctor-owned ESOP — we'd welcome a confidential conversation.
Confidential · No obligation