The Boomerang Sale
September 30, 2015 |
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The first time David Phelps sold his dental practice, he ended up in a legal battle that cost him more than $100,000.
Phelps eventually got his practice back and was determined to sell it the right the second time.
David Phelps started his dental practice in 1986 and built it for 20 years before his daughter was diagnosed with leukemia. Fighting for his child’s life, Phelps decided to sell his practice in a hurry.
He agreed to provide financing to the new owner to buy the practice, which ended up being a decision he would come to regret.
Our guest
David Phelps began investing in real estate in 1980 while attending Baylor College of Dentistry in Dallas. His first joint venture partner was his father, who invested with David in the first rental property David managed. After graduating in 1983, David – who also had a dental practice – began a steady and continuous progression of real estate education and investment. His goal was to create multiple streams of income that would provide for his family, for an emergency, for college tuition and for retirement. In 2004, David’s daughter, Jenna, then 12, was diagnosed with end-stage liver failure, the result of years of chemotherapy and drug therapy to treat leukemia and epileptic seizures. Jenna was fortunate to receive a liver transplant in time to save her life, but the recovery period was long and arduous. During this time David made the decision to become a true business entrepreneur, transforming his dental practice to enable him to spend more time with Jenna, whether she was sick or well.
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