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Back to Life, Back to Reality in a Post-COVID World · The Millionaire Dentist™

• 0:03
  Speaker 1: Hello, everyone, Welcome to the Millionaire Dentist Podcast, brought to
• 0:07
  Speaker 1: you by four Quadnan's Advisory. On this podcast, we break
• 0:11
  Speaker 1: down the world of dentistry, finances and business practices to
• 0:14
  Speaker 1: help you become the millionaire dentists you deserve to be.
• 0:17
  Speaker 1: Please be advised we do speak with an honest tongue
• 0:19
  Speaker 1: and may not be safe for work.
• 0:23
  Speaker 2: Hello and welcome.
• 0:24
  Speaker 3: This is Casey Hires back at the Millionaire Dentnist Podcast
• 0:27
  Speaker 3: in studio with co host Jared Bridgeman.
• 0:29
  Speaker 2: Casey, Happy New Year? How are you happy?
• 0:31
  Speaker 4: New Year?
• 0:32
  Speaker 2: Break was great?
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  Speaker 3: Christmas was great, friends, family, rest, relaxation, fun, you name it.
• 0:37
  Speaker 2: It was all there. And then we came back.
• 0:40
  Speaker 4: We've had a couple of days back in the office
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  Speaker 4: and then we've had about a foot of snow hammers
• 0:43
  Speaker 4: in the last day and a half. You know, this polar
• 0:45
  Speaker 4: vortex was supposed to be a lot worse than it
• 0:48
  Speaker 4: really was. Is that called fear porn?
• 0:50
  Speaker 2: I think so? Yeah, yeah, you're not familiar as much
• 0:53
  Speaker 2: with the fear part. Yeah.
• 0:54
  Speaker 3: Well yeah, that's a different podcast for different listeners. Your
• 0:58
  Speaker 3: pseudo name anyway, what do we get four or five inches?
• 1:02
  Speaker 2: Maybe? Yeah?
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  Speaker 4: Yeah, you know, a couple of areas may have drifted
• 1:05
  Speaker 4: to be a little higher, but I know the further
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  Speaker 4: south in Indiana U went the worse it got.
• 1:10
  Speaker 3: Yeah, my snowblower did not complete the task today, so
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  Speaker 3: I had to manually shovel, which I just you know,
• 1:16
  Speaker 3: are you kidding me?
• 1:17
  Speaker 2: Did you do it in your in your suit? No?
• 1:20
  Speaker 3: I had a proper ski attire ones And then I
• 1:24
  Speaker 3: could feel my heart pounding out of my chest. And
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  Speaker 3: I'm trying to get this done as quickly as possible,
• 1:28
  Speaker 3: and I remember old people have heart attacks doing it,
• 1:31
  Speaker 3: and I might be on the younger side of getting old.
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  Speaker 2: Neither here nor there are you gonna go help some
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  Speaker 2: of your elderly neighbors.
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  Speaker 3: Of course with my blower, because it's a light, fluffy snow,
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  Speaker 3: so I should have just got the blower.
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  Speaker 2: It's a nice pass in place now. Yeah. Yeah, that
• 1:44
  Speaker 2: wet stuff is no joke, Casey.
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  Speaker 4: I wanted to point this out real quick before you
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  Speaker 4: jump into any other topics. One of our last podcasts
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  Speaker 4: before the end of the year, we talked about the
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  Speaker 4: boli the benefits of ownership stuff whatever.
• 1:59
  Speaker 2: An irs demand, yes for a business owner.
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  Speaker 4: So that has been delayed I believe it's in litigation
• 2:05
  Speaker 4: right now. So the new DOE date has been moved,
• 2:07
  Speaker 4: and I believe Steve Leevey told me that was on
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  Speaker 4: January thirteenth. But make sure to talk to your account
• 2:12
  Speaker 4: and your CPA or you know, if it has not
• 2:14
  Speaker 4: been done yet, double.
• 2:15
  Speaker 2: Check with that.
• 2:16
  Speaker 4: And make sure you're going to an actual government website.
• 2:19
  Speaker 4: My wife has her own LC and was trying to
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  Speaker 4: update it and it was trying to charge like three
• 2:23
  Speaker 4: hundred dollars and I was like, nope, it's free. So
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  Speaker 4: make sure if you're on any site that's trying to
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  Speaker 4: charge you for this, don't get off that.
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  Speaker 2: Yeah, no, that makes sense, you know.
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  Speaker 3: Coming back today, I should have been jamming to a
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  Speaker 3: song from nineteen eighty nine, okay by the band Soul
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  Speaker 3: to Soul, Back to Life, Back to Reality.
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  Speaker 2: Do you remember that? I do remember that. Could you
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  Speaker 2: see a couple of bars for me? Though I was
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  Speaker 2: gonna ask that you delted it out?
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  Speaker 3: Either one of us can sing back to the life,
• 2:52
  Speaker 3: back to back to reality, right, And for a lot
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  Speaker 3: of people coming back after the new year, it kind
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  Speaker 3: of feels like that. Our podcast I think could probably
• 3:01
  Speaker 3: be titled this because there's another side, especially in dentistry,
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  Speaker 3: that this is hitting really hard right now, you.
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  Speaker 4: Know, you mean, besides, you know, coming back having patients
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  Speaker 4: happened to actually do work again. I mean, dentistry is
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  Speaker 4: a full time job, right Being a business owner is tough. Obviously,
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  Speaker 4: we are, you know, pandemic in.
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  Speaker 3: The rear view mirror. So far, hopefully we don't see
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  Speaker 3: it again and never do. That being said, with PPP
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  Speaker 3: and idol and the HHS stimulus, the last couple of years,
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  Speaker 3: there have been one hundred two hundred and three hundred
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  Speaker 3: four hundred thousand dollars that a lot of practice owners
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  Speaker 3: have enjoyed. And now that's dwindled away. Ye, back to life,
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  Speaker 3: back to reality. Now there's inflation, Everything costs more. Employees
• 3:42
  Speaker 3: want more money and they don't have this buffer. This
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  Speaker 3: you know, it was almost like an artificial buffer that
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  Speaker 3: I hid maybe some overhead issues in a practice.
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  Speaker 4: And so and that's been you know, it was the
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  Speaker 4: first couple of years of the pandemic, but that didn't
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  Speaker 4: have a couple of years of lasting ramifications there and
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  Speaker 4: and bonuses and things like that. But as we're on
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  Speaker 4: the tail into this, it's a brand new year in
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  Speaker 4: your in your mind, Casey, why are people dwindling on this?
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  Speaker 4: What what happened to?
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  Speaker 3: That?
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  Speaker 2: Is why?
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  Speaker 4: You know?
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  Speaker 3: You know, I could almost I could almost pivot into
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  Speaker 3: like you get an inheritance, right, you get a long
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  Speaker 3: lost uncle and he says, hey, you were a great
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  Speaker 3: nephew and you didn't know it, but I had some
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  Speaker 3: money and here's half a million bucks. Well, if you
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  Speaker 3: take that influx of cash and just treat it as
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  Speaker 3: everything's great, right, and you just really enjoy that, that's
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  Speaker 3: that's wonderful. Sure, once that drive, once that five hundred though, Like,
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  Speaker 3: let's say you had that, what car would you you know,
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  Speaker 3: let's talk about the things you would go buy. You'd
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  Speaker 3: have a big, big chain, right, a nice car. Oh,
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  Speaker 3: you know, it just goes on and on. But if
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  Speaker 3: you don't, if you don't think through, Okay, how is
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  Speaker 3: my practice healthy? Is my are my personal finances healthy?
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  Speaker 3: And integrate that into like could have.
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  Speaker 4: Given owners a false sense of that they were doing
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  Speaker 4: really well.
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  Speaker 2: It was a nice cushion when they may not have been.
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  Speaker 2: And it was needed. Listen to a lot of geographies
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  Speaker 2: that could be open. It was needed.
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  Speaker 3: But boy, we did talk to a lot of people
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  Speaker 3: or that that two fifty three hundred thousand dollars that
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  Speaker 3: pop comes into the account.
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  Speaker 2: That feels pretty good.
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  Speaker 3: Yeah, And you can almost it was forgiven, and you
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  Speaker 3: can almost start to have like a mystification that like, right, well,
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  Speaker 3: you know that's my accounts are good, so everything must
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  Speaker 3: be okay.
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  Speaker 4: And sometimes when the good times, when you think the
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  Speaker 4: good times are good, you don't imagine them ever.
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  Speaker 3: Ending well put and and and then all of a
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  Speaker 3: sudden it does dwindle away a little bit again and again.
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  Speaker 4: As as you said, you know, one of the major
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  Speaker 4: issues in the past year more has been inflation, yes,
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  Speaker 4: and how that's been kind of skyrocketing. And that is
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  Speaker 4: not only affecting you know, how much you pay for
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  Speaker 4: your supplies, how much you know your electricity is, and
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  Speaker 4: the building and all that stuff. And then you've got
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  Speaker 4: your your employees who are also feeling interest rates and
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  Speaker 4: things in terms of like, you know, their own cost
• 6:01
  Speaker 4: of groceries, rent, and so they're they're asking and needing
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  Speaker 4: and wanting more money. So everybody is being.
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  Speaker 2: Put over the coals of this.
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  Speaker 4: It's almost the perfect storm where now people again are
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  Speaker 4: looking up going, well, shoot, my insurance adjustments are still high.
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  Speaker 3: My overhead's high. There's some cash flow pinches. I'm feeling
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  Speaker 3: it in the practice, I'm feeling it at home, and
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  Speaker 3: the alarm goes off. People get frustrated, and it's well,
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  Speaker 3: one of the reasons is why we're doing this podcast.
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  Speaker 3: Some of those things were an artificial cushion or pacification, right,
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  Speaker 3: like a pacifier like Okay, this feels good, Everything's okay, yep.
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  Speaker 3: Where again we're about root causes and root causes of
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  Speaker 3: personal cash flow frustrations and practice high overhead. Like if
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  Speaker 3: you don't get to the root cause, different circumstances are
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  Speaker 3: just going to delay or disguise it.
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  Speaker 2: It's not going to solve anything.
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  Speaker 4: And that's something you know. Hopefully you have you have
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  Speaker 4: your own team. If you don't, this is a lot
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  Speaker 4: of hats to wear, a lot of things to look
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  Speaker 4: through and try and sift through and understand. But you know,
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  Speaker 4: a starting point, if you've not done this yet, is
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  Speaker 4: like you need to come up with a very clear,
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  Speaker 4: you know, cost breakdown. What are you spending your money on?
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  Speaker 4: Is it not just supplies, not just you know, marketing?
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  Speaker 4: Break it down and realize, hey, i'm high here, I'm
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  Speaker 4: low here.
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  Speaker 3: I talked to, in essence, two types of practice owners.
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  Speaker 3: One practice owner they don't really know their numbers and
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  Speaker 3: they know they don't know their numbers. The other practice owner,
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  Speaker 3: they do know some of their numbers. The common denominator
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  Speaker 3: is they both have the same frustrations and they're not
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  Speaker 3: sure how to solve the problem. I'm not sure how
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  Speaker 3: to move the needle. They're not sure how to get
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  Speaker 3: from point A two point b. And again some of
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  Speaker 3: the idle, PPP and HSS stimulus has simply put a
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  Speaker 3: band aid on the problem, disguise the problem.
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  Speaker 4: Well, and that's a good way to put it, because
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  Speaker 4: a band aid is temporary. Yeah, it was always meant
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  Speaker 4: to be a temporary effect.
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  Speaker 3: Yeah, And you want to put rip off the bandage
• 8:00
  Speaker 3: and it's all healed perfectly.
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  Speaker 2: Well, sometimes it's not. Sometimes it's festered.
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  Speaker 4: It's using In fact, you know, I was going to
• 8:05
  Speaker 4: say infection. You got a little more graphic. That's you know,
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  Speaker 4: that's it's just running down your arm.
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  Speaker 3: It's our listeners will now remember this a little better,
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  Speaker 3: I guess. But but ultimately, you know, this podcast is
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  Speaker 3: a springboard for a couple of things. Number one, to
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  Speaker 3: provide the dental community some needed information. We bring on
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  Speaker 3: subject matter experts from in house here, just like you
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  Speaker 3: mentioned at the top the b O I and we
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  Speaker 3: want to help people that way.
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  Speaker 4: But this is a springboard to get better. Yes, and again,
• 8:32
  Speaker 4: having a conversation with four quadrant advisory, you walk away
• 8:36
  Speaker 4: with some complimentary information or it changes your life.
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  Speaker 2: Yep. Either way, you're going to be better. You're You're not,
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  Speaker 2: You're not gonna there's no there's no bad to this.
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  Speaker 3: People, the people that want to be stinking rich, have
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  Speaker 3: to get this right. There's no way around it. You
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  Speaker 3: can sell your practice and go be an associate, or
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  Speaker 3: you can run a shitty practice for decades and be okay.
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  Speaker 3: And what one person told me is, well, my whole life,
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  Speaker 3: I've never just been okay. I've been exceptional. Why am
• 8:59
  Speaker 3: I for just okay now? And I respect the practice
• 9:03
  Speaker 3: owner that has that realization versus the one that just says, well,
• 9:06
  Speaker 3: I'm going to keep practicing dentistry and it should all
• 9:08
  Speaker 3: just work out. And I've said this dozens of times.
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  Speaker 3: The most sad calls are the people in their sixties
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  Speaker 3: that have been great dentists, had a great chair side manner,
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  Speaker 3: adored by their patients, produce great dentistry and don't have
• 9:21
  Speaker 3: much to show for. They've lived the life of a
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  Speaker 3: successful dentist. Sure, but their savings aren't great. They're overheads high,
• 9:27
  Speaker 3: they're fearful to and again, you got to choose your heart.
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  Speaker 3: You can address it and fix it, or you can
• 9:32
  Speaker 3: wake up and be practicing longer than you want. But
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  Speaker 3: the main point of today is twenty twenty five. There's
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  Speaker 3: a lot of optimism, there's a lot of you know,
• 9:41
  Speaker 3: there's a lot of good there's a lot of wherever
• 9:44
  Speaker 3: you are, what side of the you know, we're not
• 9:45
  Speaker 3: getting political, whatever side of the ile you're on. There's
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  Speaker 3: always a rejuvenation in a new year, right and positive outlook.
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  Speaker 3: But a lot of practice owners are looking up going well, shoot,
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  Speaker 3: I just gave my employees a raise and now I'm
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  Speaker 3: cash flows tight.
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  Speaker 2: What do I do?
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  Speaker 4: Comes back to cash flow in the practice and getting
• 10:04
  Speaker 4: it healthy. And if there's three of you being a
• 10:08
  Speaker 4: practice owner, right, what one practice owner?
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  Speaker 2: But what's twenty four times three, twenty four.
• 10:13
  Speaker 4: Times three forty eight plus another one seventy six, seventy two,
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  Speaker 4: seventy two.
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  Speaker 3: Damn, if you have seventy two hours in a day,
• 10:20
  Speaker 3: which none of us do. Then you can, you can,
• 10:23
  Speaker 3: you can probably get this right, but you don't. And
• 10:27
  Speaker 3: ultimately it just comes down to, well, why is this happening? Well,
• 10:30
  Speaker 3: some of this money that was out there rightfully so
• 10:32
  Speaker 3: that was captured, gave people a false sense of security
• 10:37
  Speaker 3: while not improving in the areas that they need to
• 10:40
  Speaker 3: be improved in. Again, they wake up, they look up
• 10:43
  Speaker 3: twenty twenty five inflation, employees, more money, Where's it going
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  Speaker 3: to come from?
• 10:47
  Speaker 2: Right?
• 10:48
  Speaker 3: And typically opening two or three more practices all around town?
• 10:51
  Speaker 2: Isn't the answer.
• 10:52
  Speaker 3: If you're overheads eighty percent, let's go ahead and take
• 10:54
  Speaker 3: this beautiful business model of eighty percent overhead and just
• 10:57
  Speaker 3: multiply that by three and then sorry if if there's
• 11:00
  Speaker 3: no strategy, yeah, you're gonna look up and go, what
• 11:03
  Speaker 3: did I just do?
• 11:05
  Speaker 2: What did I just do?
• 11:06
  Speaker 4: Casey one of the You know, it's the start of
• 11:08
  Speaker 4: the new year. We've got, as I saided, everybody's optimistic.
• 11:12
  Speaker 4: For the most part, we're all excited. I'm really stoked
• 11:15
  Speaker 4: for all of the events we're doing this year. We
• 11:18
  Speaker 4: are going out, we're visiting more places than we ever have.
• 11:21
  Speaker 4: I think in the history of our company. This year
• 11:23
  Speaker 4: like we've really ramped us up. We're gonna spread the
• 11:25
  Speaker 4: good word. Yes, you know this month alone, in January,
• 11:28
  Speaker 4: we're going to be in Fort Myers. We're going to
• 11:31
  Speaker 4: be in Jacksonville. We're going to be in Boston for
• 11:33
  Speaker 4: the Yankee Dittal Congress. You'll be presenting there.
• 11:35
  Speaker 3: Yeah, We've got a two hour presentation. We have a
• 11:38
  Speaker 3: social we exhibit. We we want to meet as many
• 11:41
  Speaker 3: people as possible to find. You know, we'll talk to
• 11:44
  Speaker 3: three hundred people and just in Boston, Yes, and we'd
• 11:47
  Speaker 3: like to find one or two that maybe we can help.
• 11:49
  Speaker 3: We're not we can't help everybody, Jared, can.
• 11:52
  Speaker 2: You help me.
• 11:55
  Speaker 4: Go to four Quadrantadvisory dot com slash events. I'm adding
• 11:59
  Speaker 4: new ones all the time. We're going to be in Henderson, Nevada.
• 12:01
  Speaker 4: We're going to be in Scottsdale, Arizona. We're going to
• 12:04
  Speaker 4: be in Birmingham, Alabama, Shreveport, Louisiana are some of the older.
• 12:07
  Speaker 2: Ones we've got already launched. The Henman. The Henman. You're
• 12:10
  Speaker 2: me presenting there as well. Correct.
• 12:12
  Speaker 4: That's exciting, Casey, thank you so much for coming in today.
• 12:15
  Speaker 4: Braving the weather.
• 12:17
  Speaker 2: Uh you know where in your I really do like
• 12:19
  Speaker 2: your snow shoes. Thank you, I need a pair for myself.
• 12:21
  Speaker 2: Back to life, Back to life, back to reaction to reality.
• 12:24
  Speaker 1: So all, Hello, everyone, Welcome to the Millionaire Dentist Podcast,
• 12:30
  Speaker 1: brought to you by four Quadnan's Advisory. On this podcast,
• 12:33
  Speaker 1: we break down the world of dentistry, finances, and business
• 12:36
  Speaker 1: practices to help you become the millionaire dentists you deserve
• 12:40
  Speaker 1: to be.
• 12:40
  Speaker 2: Please be advised we do speak
• 12:41
  Speaker 1: With an honest tongue and may not be safe for work.