Wait a minute, if the dentist was retiring, why would the PE firm buy his practice? There'll be nobody to clean those customers' teeth. Are they just paying a fortune for the office, equipment, and customer list?

Technically not the last one but broadly speaking yes, you can't transfer the client list when you sell your practice.

so what are you bitching about/suggesting should happen? People should not be allowed to sell their businesses for what they are worth?