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Defining Your Dental Destiny: What Matters Most? · The Millionaire Dentist™

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Speaker 1: Hello, everyone, Welcome to the Millionaire Dentnist podcast, brought to
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Speaker 1: you by four Quadn's Advisory. On this podcast, we break
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Speaker 1: down the world of dentistry, finances and business practices to
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Speaker 1: help you become the millionaire dentists you deserve to be.
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Speaker 1: Please be advised we do speak with an honest tongue
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Speaker 1: and may not be safe for work.
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Speaker 2: Hello and welcome.
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Speaker 3: This is Casey Hire's back at the Millionaire Donnis Podcast
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Speaker 3: in studio with co host Jared Bridgeman.
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Speaker 2: Jasey, good morning, How are you doing well?
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Speaker 3: Just talking to some clients from sou Fall, South Dakota
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Speaker 3: that came in. They podcast listeners. I go, oh, yeah,
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Speaker 3: I guess we do have listeners. It's not just Jared
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Speaker 3: and I talking. They kept talking talking about my velvety voice.
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Speaker 2: Yeah it was nice. Yeah. I was like, I please, please,
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Speaker 2: you know, encourage me more. I appreciate that. Yeah, well
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Speaker 2: it was. It was nice of them.
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Speaker 3: They were like, do you ever get stressed out about
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Speaker 3: coming up with different topics? I said, not really. It's
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Speaker 3: conversations I have with practice owners or traveling and experiences
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Speaker 3: within a dental industry. So they actually just kind of
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Speaker 3: come to us I.
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Speaker 2: Think the only thing I really stress about is you
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Speaker 2: and I are finding the time to sit down and
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Speaker 2: do it. You know what I mean.
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Speaker 3: We're we are busy, fella, We're busy titans of industry,
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Speaker 3: that's right, trying to help the dental community. But a
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Speaker 3: couple of things that came from that, and I think
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Speaker 3: we'll just run with it is it's two things. It's
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Speaker 3: really not just dental, it's in life too. But what
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Speaker 3: matters and what do you want?
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Speaker 2: Ye?
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Speaker 3: Sounds very basic, but when we think about practice owners
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Speaker 3: and our experiences with him, when it comes to what matters,
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Speaker 3: it's easy to just save money, sure, but that's not
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Speaker 3: that's not it sometimes one hundred.
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Speaker 2: Percent, you know, especially once you start more money, more money,
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Speaker 2: that's right. Well, once you start having a family, that
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Speaker 2: can change. That changes your entire perspectively, as I did
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Speaker 2: for me.
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Speaker 3: We know the conversations we have. Yes, when you master
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Speaker 3: the business side of dentistry and get that right, of course,
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Speaker 3: making twenty five to sixty five percent more money every year, right,
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Speaker 3: saving yes, five ten times more and having a plan
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Speaker 3: that's important for sure. But for a lot of folks
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Speaker 3: it comes back to, well, my relationships work life balance,
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Speaker 3: time with my kids, time with my spouse, time for
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Speaker 3: hobbies that matters sometimes almost just as much as getting
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Speaker 3: the money right.
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Speaker 2: It really does. This was a while ago, but you
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Speaker 2: and I had some spouses on the podcast, maybe two
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Speaker 2: three years ago, and that was a big topic of conversation,
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Speaker 2: was before they joined our forum and stuff, how much
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Speaker 2: stress and how much time was spent not being at
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Speaker 2: home and being with the family.
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Speaker 3: I'm glad you brought that up. When I'll talk to
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Speaker 3: a practice owner, just them, they'll have their challenges, and
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Speaker 3: then when the spouse comes in, it changes things because
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Speaker 3: the spouse feels the stress. Even if the practice owner
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Speaker 3: comes home and in their mind think I've compartmentalized it,
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Speaker 3: I'm home, be present, the.
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Speaker 2: Spouse still feels the stress.
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Speaker 3: That they're like, what did you have a bad You
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Speaker 3: never hid it as well as you think did you
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Speaker 3: have a bad patient?
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Speaker 2: Like what's going on? And oftentimes, you know, if the
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Speaker 2: spouse is not in the practice, you know, involved in
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Speaker 2: working there, the doc may not want to share that information.
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Speaker 2: They don't want to stress their partner out and say,
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Speaker 2: you know, maybe cash flow is not great right now,
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Speaker 2: I'm not doing as well as I thought I would,
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Speaker 2: because they don't want to let their family down. In war,
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Speaker 2: if you can't name your enemy, what are you fighting right? Right?
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Speaker 3: And so a lot of times with what matters with
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Speaker 3: practice owners, they have to actually be real with themselves
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Speaker 3: and identify not just what matters, but what what is it?
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Speaker 3: Is it my staff, is it the fact that I'm
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Speaker 3: so heavily laden with insurance, I'm on skates all day?
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Speaker 3: There's typically something, but unfortunately the root problem is not
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Speaker 3: identified all the time yep, and instead big decisions are
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Speaker 3: made to try to fix it quick.
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Speaker 2: I like the idea of finding what is it you?
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Speaker 2: What is it you want, and then working backwards. So
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Speaker 2: I want more family time and more vacation time. Okay,
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Speaker 2: what do I need to do to get that? And
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Speaker 2: start working back and you know, usually it is obviously money,
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Speaker 2: but how do I make that happen? And it could
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Speaker 2: be something as you know, looking at your practice and
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Speaker 2: how you handle things in terms of maybe you need
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Speaker 2: to drop an insurance, maybe you need to increase production,
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Speaker 2: maybe you're not doing that well with that. There are
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Speaker 2: so many factors and that's where having an external team
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Speaker 2: or someone to talk to you about that can really
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Speaker 2: really help someone who knows what they're doing.
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Speaker 3: That's a good point reverse engineering it. Right, If you
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Speaker 3: want to work three days a week and you want
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Speaker 3: to make six hundred thousand dollars a year, and you
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Speaker 3: want to be able to go on vacation, well we
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Speaker 3: see that frequently, that that path is there, but there's
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Speaker 3: a lot of work to get there. And then we
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Speaker 3: see people who they're so stressed out with their practice
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Speaker 3: and with some of these items that to keep their sanity,
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Speaker 3: they travel a lot and when you look at it
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Speaker 3: from a cash flow perspective, it's crushing them. But they're
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Speaker 3: they literally go, case, this keeps my sanity. Well, how
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Speaker 3: about let's find those root problems and make it better.
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Speaker 3: But the first question is what is the most important you?
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Speaker 3: Is it the work life balance?
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Speaker 2: You're stressed at work all the time and you're taking
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Speaker 2: lots of vacations. Are you actually taking a break on
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Speaker 2: your vacation? No, that's a good point. You know you're
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Speaker 2: distressed about the time you're missing.
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Speaker 3: Yeah, yeah, you're in a different setting that costs a
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Speaker 3: lot of money to then be stressed about the things
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Speaker 3: that you've not been able to pinpoint or correct. But
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Speaker 3: that first part is what matters. Because there's seasons in
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Speaker 3: life where people tell us hey, I'm happy to work
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Speaker 3: five days a week yep, and I love it, And
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Speaker 3: then there's fast forward six years, Oh, I'm missing too
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Speaker 3: many things. I need to pull my schedule back to
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Speaker 3: four days or three and a half days. But then
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Speaker 3: you trade.
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Speaker 2: One set of problems for a new set of problems
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Speaker 2: sometimes right, And then all of a sudden, it's twenty
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Speaker 2: years later and you're starting to think about, oh, retirements
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Speaker 2: around the corner.
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Speaker 3: Well, and ultimately if what's more important work life balance
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Speaker 3: or money?
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Speaker 2: Yeah? Yes, yeah, And.
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Speaker 3: There is a balance and there is a blend, but
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Speaker 3: ultimately getting the root problem right, I'm.
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Speaker 2: Working on getting my kids to pay me to fother them.
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Speaker 2: That's that's that's my work life balance.
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Speaker 3: Sounds like a ten dollars idea. But let's do a
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Speaker 3: basketball analogy. So like if you're missing your jump shot,
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Speaker 3: I'm missing the ball's not going in the hole. I'm
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Speaker 3: so frustrated, right, I'm not making It's like, ah, what
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Speaker 3: do I do?
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Speaker 2: What do I do? Well?
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Speaker 3: If you don't have the proper shoes and socks and
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Speaker 3: you're laced up, maybe you have a blister. Maybe it's infected,
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Speaker 3: and so literally as you're jumping, that pain is causing
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Speaker 3: your shot to be off. Follow me here on this analogy.
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Speaker 3: It's not just about that release of the basketball to
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Speaker 3: go in the net. Well, you have a problem with
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Speaker 3: equipment and being prepared the right way because something else
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Speaker 3: is causing the basket not to go in.
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Speaker 2: Or maybe there's a deflate gate situation. Maybe your basketball
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Speaker 2: is not pumped all the way now the flate gate.
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Speaker 3: Look at you. Now, let's take it a step further.
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Speaker 3: Determining and defining what matters and what your vision is
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Speaker 3: and what you want that's important. Takes some time to
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Speaker 3: get there. But then ultimately then once you get that
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Speaker 3: in line, then what do you want? And I've had
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Speaker 3: conversations recently where somebody has a boutique practice fee for
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Speaker 3: service and they really really like that in their hum
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Speaker 3: and others have a heavily insurance laid in practice where
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Speaker 3: they're working. They're on skates that they don't have any
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Speaker 3: time they're stressed. You know, others say I want a partner,
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Speaker 3: I want an associate, I want multiple locations. Again, you
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Speaker 3: have to define what you want. Had a conversation recently
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Speaker 3: with somebody who young dentist getting ready to potentially buy in,
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Speaker 3: and to buy in is not looking like a partnership.
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Speaker 3: It's looking like a dictatorship. The older dentist is really
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Speaker 3: enjoying the younger dentist production. And there's a lot of
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Speaker 3: details I'll leave out, but ultimately, when you get down
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Speaker 3: a path, sometimes you feel like the toothpaste is out
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Speaker 3: of the tube. You're too far down the path, so
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Speaker 3: I might as well just do this and then you
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Speaker 3: look up in five years and are you happy or not?
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Speaker 3: But again, you have to determine what matters, what you want,
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Speaker 3: what you want your practice to be, what you want
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Speaker 3: your life to be. And there's so many areas that
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Speaker 3: these conversations when I have them with practice owners, I'm shocked.
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Speaker 3: They go, oh, this is nice to talk about it.
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Speaker 3: I've not really talked about it. In my mind, I'm
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Speaker 3: glad we are, but I'm also like, how did you
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Speaker 3: get to this point? Or you haven't had these basic
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Speaker 3: conversations with yourself or your spouse to really understand what
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Speaker 3: you want.
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Speaker 2: That's why that's why I was I was going to
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Speaker 2: bring up was And one other question I ask yourself
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Speaker 2: is you know, once you've decided what you want, have
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Speaker 2: you asked yourself why why do you want that? Oh?
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Speaker 2: I want and I want two more practices? Okay, why?
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Speaker 3: And here's a key word, trade offs. There's trade offs
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Speaker 3: and everything. There's trade offs in life, and so you
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Speaker 3: have to determine what that is. And again in dentistry.
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Speaker 3: Too often people get down a path on emotion or
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Speaker 3: one or two data points and then they look back
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Speaker 3: and go, huh, I don't know that I like to
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Speaker 3: have three practices.
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Speaker 2: I mean, if you love owning a business and you
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Speaker 2: love being more on the business side of it, I
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Speaker 2: can see it personally for me, I be help for
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Speaker 2: me to try and run three different practices.
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Speaker 3: Well, we constantly hear what staff and team are the
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Speaker 3: biggest stressor yep, and then those some same folks have
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Speaker 3: three practices and can't wait to get three more.
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Speaker 2: Now you fill those three practices.
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Speaker 3: And then what's the plan. Well, somebody's going to come
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Speaker 3: and pay me a whole bunch of money. Well is
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Speaker 3: that in five years and ten years and fifteen years
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Speaker 3: are you going to be burnt out? Is that sustainable?
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Speaker 3: Asking these questions and thinking this through, it sounds like
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Speaker 3: a common sense thing. So many practice owners they just
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Speaker 3: don't do it.
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Speaker 2: No, it's an inn level of fear. Because of that,
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Speaker 2: you're afraid to ask yourselfing.
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Speaker 3: And they don't know, they don't know what is the
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Speaker 3: best strategy. Yep, and they're not sure about it, and
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Speaker 3: which is fine to not be sure for a time. Right,
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Speaker 3: when I talk to somebody in their thirties, well, hey,
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Speaker 3: that's great, you're having these conversations. Now, let's get this
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Speaker 3: righted for the next couple decades. It's the folks that
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Speaker 3: are in their fifties that look up and go, you know,
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Speaker 3: I might want to get this taken care of.
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Speaker 2: But again, that ties into what we talked about last week,
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Speaker 2: taking a calculator risk, jumping into that pool.
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Speaker 3: Yeah, it's a lot easier to take that leap of
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Speaker 3: faith when you know what you want, why you want it,
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Speaker 3: what's the path to get there, what's it going to take,
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Speaker 3: what are the trade offs? Are you willing to take them?
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Speaker 3: And so much of this can be answered again if
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Speaker 3: you have the right people in your life, and that
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Speaker 3: can be personal, can be professional, that can be you know,
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Speaker 3: people that you pay to help you about Uncle Rico
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Speaker 3: from and from Napoleon Dynamite.
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Speaker 2: How are you telling Uncle Rico and I can't wait
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Speaker 2: to hear it. Well, we talked about sports earlier.
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Speaker 3: How about this, I would throw this football over that mountain.
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Speaker 3: How many practice owners are like I'm going to have
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Speaker 3: three practices and I'm gonna and there's nothing to back
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Speaker 3: it up. You can have three practices, you can have
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Speaker 3: multiple associates. It's a beautiful business model and path. There's
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Speaker 3: a lot of planning that it takes to happen. And again,
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Speaker 3: if you don't ask the basic question what matters and
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Speaker 3: what do you want?
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Speaker 2: Yep? Or you want to find yourself old and regretful. Yeah, yeah,
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Speaker 2: there's some there's some years angry and all the other
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Speaker 2: younger doctors doing better than you.
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Speaker 3: I mean, there's certainly some dental events where you see that.
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Speaker 3: And a lot of times I'll talk to the younger
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Speaker 3: dentists who maybe has asked themselves these questions and has
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Speaker 3: their vision and has their path. They might not know
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Speaker 3: how to get there, but at least they know what
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Speaker 3: they want. And they even say I'm kind of quiet
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Speaker 3: my study club or dental society because a lot of
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Speaker 3: the older people just say it can't be done a
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Speaker 3: dentistry anymore. It can't be done the current landscape. It's
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Speaker 3: too hard. It's too hard. Any younger groups like that.
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Speaker 2: That can be so negative can really hurt your overall
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Speaker 2: psyche in terms of your profession. But that's all you're
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Speaker 2: hearing from the older, older folks.
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Speaker 3: Well, the people I talk to, they basically just say, well,
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Speaker 3: I'm not having these problems.
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Speaker 2: I'm doing okay.
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Speaker 3: So I'm going to be quiet about it because I
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Speaker 3: don't really want to, you know, make people think twenty
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Speaker 3: years ago, when I was in.
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Speaker 2: My twenties, that's the kind of stuff I would do
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Speaker 2: on Facebook, is like stir up conversations. And now I'm
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Speaker 2: just like on twenty years ago. And so you're like
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Speaker 2: in your forties. I turned forty one last week. Bro wow,
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Speaker 2: I know. I don't look at it.
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Speaker 3: Moisture, great moisturizer. You know your your fitness regimen just
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Speaker 3: must be off the charts.
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Speaker 2: It's ice cream. Hey, you know what you want like
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Speaker 2: ice cream? And the trade off is I'm lactose in tolerance.
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Speaker 3: So I know that's the whole thing trade offs in life.
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Speaker 3: But know what you want, have a path, don't settle
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Speaker 3: my gosh. I mean, all these things sound so basic,
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Speaker 3: but too many practice owners find themselves in a position
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Speaker 3: and like, how did I get here? Should I just
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Speaker 3: sell my practice and go be an associate somewhere? Like
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Speaker 3: dentistry is not what I thought it would be. And again,
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Speaker 3: it's not all circumstantial. It's not just because dentistry is this,
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Speaker 3: or insurance is this. You have to take some accountability
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Speaker 3: and understand it starts with you, and then you have
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Speaker 3: to work your way out. And then once you actually
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Speaker 3: know what you want, like you said, reverse engineer, and
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Speaker 3: then get some help. Don't just talk to your best
12:26
Speaker 3: friend in dental school who has a completely different situation
12:29
Speaker 3: in practice and think that their tip is going to
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Speaker 3: help help your practice get to the next level. Most
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Speaker 3: of our listeners and most people I talked to again
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Speaker 3: have achieved a level of success. They have no clue
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Speaker 3: how to get to the next level, that's right, or
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Speaker 3: a very little clue that their idea is I'm gonna
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Speaker 3: do this, do this thing. I'm gonna go six hundred
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Speaker 3: thousand dollars in debt and open another location, and that
12:51
Speaker 3: a'll solve it all your problems. It's what's what's the
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Speaker 3: movie Neighbors, What's It's with? Yeah, with the zach Efron
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Speaker 3: and Seth broke in. But the idea is that one
13:03
Speaker 3: of the characters, they're having marital problems and at the
13:05
Speaker 3: end of the movie, they're.
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Speaker 2: Like, I love you, I love you.
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Speaker 3: Let's have a baby that'll solve everything. Literally the quote.
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Speaker 3: And it's so funny. But let's take that into dentistry
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Speaker 3: or business. Let's do this thing. It's an emotional high
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Speaker 3: and they think that's going to solve it. Let's have
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Speaker 3: a baby that'll solve everything. Let's get an associate and
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Speaker 3: open a second location that'll solve everything. It could be
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Speaker 3: very successful. Yeah, but man, don't just go on a whim.
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Speaker 2: So many do. Yeah, especially with the whole baby thing.
13:32
Speaker 2: That's a downer. Children are a blessing chair. Oh yeah,
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Speaker 2: that's right. Listen, folks, we're going to be touring again.
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Speaker 2: We're going to be in Huntington Beach in calabasas end
13:44
Speaker 2: of this week. After that, we're going to be in
13:46
Speaker 2: South San Francisco and Lafayette, California, followed by Grand Rapids
13:50
Speaker 2: and Detroit, Michigan. We're going to be in a lot
13:53
Speaker 2: of places. I'm really excited to see our team go
13:55
Speaker 2: out there and really spread the good word and reach
13:58
Speaker 2: out there and talk to other dentists out there. If
14:00
Speaker 2: you are interested in going to one of our events,
14:03
Speaker 2: go to four Quadransadvisory dot com slash events, or if
14:05
Speaker 2: you know someone that wants to go or might need
14:07
Speaker 2: some business business help. Well, some of these things we're
14:11
Speaker 2: talking about, it will. It will shake people to their.
14:14
Speaker 3: Core a lot of times and they realize, oh, Okay,
14:18
Speaker 3: there's a lot of headwinds and dentistry. That's what we're
14:21
Speaker 3: there to talk about. How do you overcome them? But
14:23
Speaker 3: I'm going back to the mode stomping grounds at one
14:25
Speaker 3: of these events out in Soun of California.
14:26
Speaker 2: I'm gonna get some kick ass sushi and I can't wait.
14:28
Speaker 2: Send me pictures. Thanks Casey.
14:33
Speaker 1: Hello everyone, welcome to the Millionaire Dentist Podcast, brought to
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Speaker 1: you by four quadnans Advisory. On this podcast, we break
14:41
Speaker 1: down the world of dentistry, finances, and business practices to
14:44
Speaker 1: help you become the millionaire dentists you deserve to be.
14:47
Speaker 1: Please be advised we do speak with an honest tongue
14:49
Speaker 1: and may not be safe for work.