The Orthopreneurs Podcast with Dr. Glenn Krieger

What if I told you that much of what you’re hearing about OSOs, DSOs, private equity, and debt is missing the context you need to make an informed decision about your practice?

In this episode of Five Minute Friday, I break down some of the fear, misinformation, and clickbait surrounding private equity-backed orthodontic organizations. After receiving dozens of questions about the financial health of OSOs—particularly following a recent article—I want to explain how debt, refinancing, equity, and partnership structures actually work in the private equity world.

This episode is not an argument that every orthodontist should join an OSO or DSO. It is a call to educate yourself, understand the structure of the deal, and stop allowing fear or industry rhetoric to make major financial decisions for you. My goal is to give you context so you can evaluate whether affiliation is right for your practice, your family, and your long-term goals.

💬Quotes

“You can disagree with the way things are headed, but to root for people in your industry to fail—good people, people who have families—I mean, that’s just disgusting.”
— Dr. Glenn Krieger

“Nobody knows where the future of any private equity-backed company is headed. All signs may point toward good things happening, but bad things can happen. That’s the nature of business.”
— Dr. Glenn Krieger

🎯 Key Takeaways

The danger of rooting for your peers to fail (00:00)
Why Dr. Krieger’s OSO and private equity education is different (00:50)
Why smaller OSOs may carry significantly greater risk (01:44)
Capital preservation and evaluating the risk of a partnership (02:05)
Understanding cash, retained ownership, and parent-company equity (02:49)
Why parent-company equity can be an important part of the deal (05:01)
How leverage and debt are used in private equity transactions (06:55)
Why refinancing debt does not automatically signal financial trouble (07:39)
The difference between restructuring, failure, and ordinary refinancing (08:17)
Smile Doctors’ history of equity turns and what that means (09:21)
Why no one can guarantee the future of an OSO or DSO (10:24)
How to decide whether an affiliation is right for your practice (11:30)

🟦 Additional Resources

Before you make a decision involving your practice, your equity, and your family’s financial future, take the time to understand the actual structure, risk, and potential reward. Affiliation is not right for every doctor, every practice, or every stage of a career.

Reach out and DM me if you want to have an honest conversation about private equity, OSOs, DSOs, associates, satellite offices, or the future of your practice. I will never try to pressure you into a deal. My goal is simply to help you ask better questions and make a more informed decision.

- Airway Meeting: https://web.orthopreneurs.com/arizonasleepandairway2026

- For more information, visit: https://orthopreneurs.com/

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There's a lot of noise surrounding OSOs, DSOs, and private equity. In this episode, I sit down with Jay Hedrick, CEO of Smile Doctors, to cut through the myths and have an honest conversation about how these organizations really operate. Whether you're completely independent, already affiliated with an OSO, or simply curious about what these partnerships look like behind the scenes, this episode will give you the perspective most orthodontists never get: direct access to the CEO of a multi-billion-dollar orthodontic organization.

We dive into leadership, business strategy, private equity, equity opportunities, culture, joint ventures, de novos, and what it actually takes to build a sustainable organization that benefits doctors, teams, patients, and investors alike. This isn't a sales pitch—it's an inside look at how high-level business decisions are made and what every orthodontist should understand before making one of the biggest decisions of their career.

💬Quotes

"We like for the doctors to focus on giving a great patient experience and making an exceptional environment in their clinic... we'll work on driving more patients in and optimizing the business."
 — Jay Hedrick

"Don't chase the money exclusively. Figure out where you'll be happiest, where you're culturally aligned, and where you have the highest probability of long-term success."
 — Jay Hedrick

🎯 Key Takeaways

Intro (00:00)
Meet Jay Hedrick, CEO of Smile Doctors (00:37)
Jay's journey from engineer to leading a multi-billion-dollar company (03:41)
Are great CEOs born or developed? (07:03)
Why experience can be worth more than money early in your career (09:29)
What a CEO actually does every day (12:03)
Private equity explained in plain English (15:09)
Common myths about private equity and why growth—not cost cutting—is the real goal (16:55)
How equity events work and why they matter to orthodontists (20:37)
Why Smile Doctors adopted the Joint Venture (JV) model (27:02)
De novos, bolt-ons, and creating growth opportunities for doctors (30:46)
Patient-first culture inside an OSO (33:14)
Advice for orthodontists evaluating OSO opportunities (36:13)
How to evaluate risk, culture, and long-term opportunity—not just the highest multiple (37:36)

🟦 Additional Resources

If you've ever wondered whether joining an OSO is right for you—or you've heard conflicting opinions about private equity—I encourage you to listen with an open mind and focus on the facts.

As I mention in the episode, I've had hundreds of confidential conversations with orthodontists about OSOs, DSOs, practice transitions, and private equity. If you're considering your options now or years down the road, I'm always happy to share my perspective honestly and without pressure.

💬 Have questions about OSOs, DSOs, or private equity? Reach out to me directly—I'm always happy to have a confidential conversation.

- Airway Meeting: https://web.orthopreneurs.com/arizonasleepandairway2026 

- For more information, visit: https://orthopreneurs.com/

- Join our FREE Facebook group here: https://www.facebook.com/groups/

In this episode of Five Minute Friday, I’m challenging you to think beyond the traditional model of marketing to every parent in your community for routine pediatric orthodontic cases. When every practice is chasing the same audience with the same message, it becomes increasingly difficult to stand out—especially as the orthodontic market experiences slower or declining case starts.

You do not need to copy my niche. The goal is to identify the cases you truly enjoy, develop the expertise to treat them exceptionally well, and make sure your community knows you offer that service. When you become known for something specific, you can reduce competition, build a stronger referral network, charge appropriately for your expertise, and create a practice that is both more profitable and personally fulfilling.

💬Quotes

“What is it you can do that you love doing that is more than just treating the Phase I or the Class I crowded? Dive into that. Enjoy it. Become an expert on it. Become the best in your city at it, and then go get it.”
— Dr. Glenn Krieger

“When another orthodontist says, ‘I hate doing X, Y, and Z, but I know that Glenn does it,’ they’re happy because they have a referral, you’re happy because you got the new patient, and if you love doing it, you’re even happier.”
— Dr. Glenn Krieger

🎯 Key Takeaways

Why competing for the same pediatric patients limits growth (00:30)
Finding fulfillment through specialization (01:45)
Why adult orthodontics can create more meaningful outcomes (02:02)
Building an interdisciplinary practice with trusted specialists (02:22)
How complex cases can generate peer referrals (03:48)
Charging appropriately for advanced treatment (04:36)
Choosing a niche that separates you from local competitors (04:50)
Why practices may need to diversify in a changing orthodontic market (07:04)
Turning your favorite treatments into a referral-driven specialty (07:52)

🟦 Additional Resources

Take an honest look at the cases that give you the greatest sense of purpose. Maybe it is adult treatment, surgical orthodontics, airway, aligners, impacted teeth, interdisciplinary care, or something completely different.

Whatever it is, develop your expertise, communicate it clearly, and become the orthodontist your community thinks of when that specific case walks through the door. Your niche should not only help your practice grow—it should make you more excited to come to work.

Reach out to me if I can help you identify where your greatest opportunities may be.

- Airway Meeting: https://web.orthopreneurs.com/arizonasleepandairway2026

- For more information, visit: https://orthopreneurs.com/

- Join our FREE Facebook group here: https://www.facebook.com/groups/

What if I told you one of the biggest wealth-building opportunities in oral health may have nothing to do with owning more practices?

Most orthodontists have heard plenty about private equity, OSOs, and DSOs—but venture capital is an entirely different conversation. In this episode, I sit down with Dr. Jeremy Krell, co-founder and managing partner of Revere Partners, to explain how venture capital works, how it differs from private equity, and why innovation across the oral health industry may create compelling opportunities for doctors who want to invest beyond their own practices.

Jeremy brings a rare combination of clinical knowledge and entrepreneurial experience. He shares how Revere Partners identifies promising oral health startups, provides the capital and guidance they need to grow, and creates opportunities for investors to participate before those companies reach acquisition or larger-scale expansion. You’ll walk away with a clearer understanding of the risks, potential rewards, and practical steps involved in exploring venture capital as part of a broader investment strategy.

💬Quotes

“Revere Partners was created by doctors for doctors.”
— Dr. Jeremy Krell

“The model is designed to help dentists, orthodontists, and others in the oral health space access investment opportunities more easily.”
— Dr. Jeremy Krell

🎯 Key Takeaways
Intro (00:00)
Meet Dr. Jeremy Krell, Managing Partner at Revere Partners (01:51)
Understanding venture capital in oral health (04:47)
Venture capital vs. private equity (11:23)
How orthodontists can begin investing in venture capital (14:51)
How the venture capital model works (17:56)
Why oral health presents unique investment opportunities (24:27)
How to learn more about Revere Partners (30:13)

🟦 Additional Resources

I’ve seen firsthand how learning to think beyond clinical production can completely change the way orthodontists approach wealth, risk, and long-term opportunity. This episode is not about chasing the latest investment trend—it’s about understanding a model that is already helping fund the next generation of oral health companies.

Listen to the full conversation, evaluate the opportunities carefully, and decide whether venture capital deserves a place in your broader financial strategy.

Learn more about Revere Partners:
https://www.reverepartnersvc.com/

Contact Dr. Jeremy Krell:
jeremy@reverepartnersvc.com

- Airway Meeting: https://web.orthopreneurs.com/arizonasleepandairway2026

- For more information, visit: https://orthopreneurs.com/

- Join our FREE Facebook group here: https://www.facebook.com/groups/

What if I told you the biggest threat to your orthodontic practice isn't competition—it's assuming tomorrow will look like yesterday?

In this episode of Five Minute Friday, I tackle a conversation many orthodontists have been avoiding. For the first time in modern orthodontic history, we're seeing four consecutive years of flat or declining growth across the profession. This isn't about fear or pessimism—it's about recognizing the data, asking the right questions, and making smarter decisions before the market forces you to.

I share why I believe this is a pivotal moment for our profession, what industry trends may be driving these changes, and why simply waiting for the next "bounce-back year" may not be the strategy it once was.
 
More importantly, I discuss how surrounding yourself with the right peers, evaluating your practice through today's economic lens, and becoming more intentional with your business decisions can position you to thrive—regardless of what happens next.
Whether you're considering opening another location, hiring an associate, or simply wondering why your growth has slowed, this episode will challenge you to think differently about the future of orthodontics and how to prepare for it.

💬Quotes

"Once anything can happen. Twice is a coincidence. Three times is a pattern. We're working on four."
— Dr. Glenn Krieger

"The whole point of this Five Minute Friday isn't to give you all the answers—it's to make you aware of something and get you to start thinking about it."
— Dr. Glenn Krieger

🎯 Key Takeaways
Intro: Are four flat years changing orthodontics forever? (00:00)
Industry trends and what the data is telling us (00:45)
Why startups are different from mature practices (02:00)
Is this the new normal for orthodontics? (03:10)
Making smarter expansion and hiring decisions (04:45)
Why every orthodontist needs a trusted mastermind or peer group (06:00)
Preparing your practice instead of waiting for the market to change (07:15)

🟦 Additional Resources

I've seen firsthand how quickly orthodontics can change—and the practices that adapt first are almost always the ones that continue to grow.

If this episode got you thinking differently about your practice, don't navigate these changes alone. Find a trusted group of orthodontists who challenge your thinking, share ideas openly, and help you make better decisions.

If you'd like my perspective on your practice or want to learn more about the Orthopreneurs RD community, send me a message. I'm always happy to help however I can.

- Airway Meeting: https://web.orthopreneurs.com/arizonasleepandairway2026

- For more information, visit: https://orthopreneurs.com/

- Join our FREE Facebook group here: https://www.facebook.com/groups/