Latest / The Millionaire Dentist™ / Younger Dentists, Big Ambitions & the Changing CE Landscape

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Younger Dentists, Big Ambitions & the Changing CE Landscape · The Millionaire Dentist™

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  Hello, everyone, Welcome to the Millionaire DENTNIS Podcast, brought to you by
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  Four Quadrants Advisory. On this podcast, we break down the world of dentistry,
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  finances and business practices to help you become the millionaire dentist you deserve to
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  be. Please be advised we do speak with an honest tongue and may not
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  be safe for work. Hello and welcome. This is Casey Hires back at
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  the Millionaire DNNIS podcast in studio with co host Jared Bridgeman. Casey, how
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  are you good man? Got some great clients in from the Upper Midwest Wisconsin,
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  I believe. Yeah. Yeah, what do you call cheese country?
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  Cheese cheese land. Awesome partners, great, great folks. Yeah, even
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  though you can't suit to the mic, that's why we're all dressed up.
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  I am dressed up and it always makes me feel a little nice. I
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  hate doing it in the morning, putting on the full suit, but once
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  you're in it, you know it's as game time. I'm gonna sound old,
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  but people look like hell today in public, generally speaking, Pajamas apparently
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  go for for clothes. When I was younger, there was something called Dress
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  for Success Day in like thirty, fourth and fifth grade, and you would
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  dress up and you would feel good about yourself because you look nice. And
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  ye, man, I I won't leave the house unless I've showered and I've
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  been dressed. My my wife will go and pajamas, like down at the
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  gas station or something like that, and I'm like, no, no,
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  I'm gonna take a shower first. Yeah, that's aggravated with me about it.
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  There was a great clip in Tina Fey and Alec Baldwin. What was
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  that. Yeah, he's in a tuxedo and she's like, aren't you a
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  little over dressed? And he looks at her and goes, what am I
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  hill Billy's after six? Like, of course I'm gonna our a texedo.
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  Anyway, I'm not sure how we got there. You look great, Yeah,
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  you look fine. Young kids look like, hell, there's there's our
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  show. Yeah, you know, let's let's report some things from the dental
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  community that we have noticed, observed, had conversations about, let's let's do
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  one of those. Recently, we were a part of a state association kind
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  of a con and it wasn't really as well attended as all parties involved had
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  hoped. Not all dental shows are created equal, right, right, And
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  I think it's a tough feeling. It's a tough thing. But one of
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  the things that you and I had talked about at one point was is it
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  harder to attract people now to these shows because of things like the Internet where
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  people can hyper focus and find the things they want without having to stay in
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  line. Well, that's a good point. Younger dentists now have more options,
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  yea. Right. Used to if you wanted to get a good deal
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  on product or get ce well, gosh, going to your state show was
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  a really good way to do that. And now people have a lot more
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  options, the younger dentists. They also have more head ones. We can
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  get into that, but I can touch on that not all shows are created
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  equal. What's the big draw now is it would it be like the guest
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  speaker, possibly, like if they maybe they lopped in some sea level,
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  you know, celebrity. There's a lot of layers to it, right.
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  You can talk state meeting, you can talk regional or national, but really
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  it's the internal organization. I mean, I've gone to enough of these hundreds
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  and hundreds of them where some of them you know they are organized well there's
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  there's clarity, there's good planning. It's just it's run like a well oiled
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  machine. Others. I joke, there's a lot of state meetings that I
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  think my fourth grade science fair was better organized and better better attended than some
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  of these state meetings. And I go to other state meetings and they are
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  more like regional meetings. They're incredible, And I think the internal organization and
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  communication is really the first domino. Well, and I think, and this
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  maybe does not pertain as much to owners and dentists out there, but it
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  feels like sponsors sometimes are the people exhibiting there or whatever. It can be
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  an afterthought. They worry about the other things, and then that people who
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  are actually helping pay for the whole event are kind of well, that's that's
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  the hard part, right because like in the in the good old days or
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  the old days, you would go to shows to get a deal. Well,
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  now you don't have to. But yet these shows rely on industry too
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  as revenue streams to make it happen. Right, they're at really nice resorts
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  or venues or things. But yeah, we do more speaking and presenting of
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  cean than anything. But some of the shows where maybe we'll talk to some
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  exhibitors, or maybe we'll set up shop every now and again just to get
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  more feedback of anything. But there's some frustration because the shows need the revenue
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  from industry, but industry seems to be more and more frustrated in this content
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  at traffic whatever you want to call it. To talk to some some people
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  from maybe some of the larger companies, and they've just said, man,
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  this we're just doing these meetings because we've allotted for it, but we're getting
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  very little out of it. Then I'll go to somewhere like the director is
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  literally apologizing to people because it's poorly attended. Others they're grateful that it's vibe,
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  it's culture, the whole thing. But yeah, that's a that's a
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  big one is shows and why aren't they? Why are they well? And
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  you know, touching back on possibly maybe the younger crowd not feeling the need
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  to go to shows as much. But it's an odd flip because we've noticed
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  there's been a big drive among younger dentists comparatively for starving for that success.
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  So we were talking about this before we hit record. We are seeing a
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  lot more younger dentists younger, let's say, in your thirties, as an
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  owner, having a real drive to want to get it right earlier. And
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  one of our hypothesis or right, what's another as theory. One of our
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  theories was, and we've heard we've heard heard this from industry, but a
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  lot of younger people maybe they'll own their practice and five of their friends said,
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  I'm gonna go work at a dso I'm gonna my income is gonna be
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  solid and I don't have to do the business side. And so now that
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  that exists, I think younger people are wanting to either prove their peers wrong,
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  classmates wrong, or they're they're just being driven earlier to think about that.
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  Could you compare it to almost to like big box stores. How now
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  there's you know, over the last few years, it's been more of a
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  resurgence and smaller locally owned stores, restaurants and things like that kind of coming
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  back in fashion. Compared to a Walmart in every town, they're kind of
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  the same thought. Probably maybe some of these younger folks are wanting to buck
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  that trend and not go with a large corporation. Maybe I've not considered that
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  I don't know. That's kind of the people, like the people I've talked
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  to, the younger ones, because I asked them. You know, normally
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  people waiting they're forty five or fifty before they want to master the business and
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  financial side of dentistry because they think it's just gonna all work out, or
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  because imposter syndrome or whatever your worldview is on mastering something you're not trained in
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  as a practice owner. But I think one of the big motivators is and
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  this could be a good thing. The DSOs out there, there's an alternative,
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  and so the people that want to take the risk and they want to
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  own their own practice, they want to get it right, and there's maybe
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  more of a challenge or a desire to do so versus well, everybody owns
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  a practice, nobody really talks about what's wrong. And then you wake up
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  one day and you go, shoot, I'm not in position. I get
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  to get this right now. People go, screw this. I want to
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  prove my buddy wrong. Who's given me the middle finger because I just took
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  on more debt to own my own practice. That's my theory and see potentially
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  results, larger results, faster, like I want to be able to enjoy
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  my money while I'm able to versus working till I'm eighty and then not having
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  any money anyways. Yeah, no, there's that's interesting. You know some
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  other headwinds. I think a lot of younger dentists they have a lot of
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  I call it too many cooks in the kitchen and so a lot of times,
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  again this is coming from speaking to practice owners. Young practice owners.
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  Maybe they'll have family who are successful on entrepreneurs, but it's not in dentistry,
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  and so sometimes they'll just say, you know, scale scale, scale
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  it bit of grow, grow, grow, multiple, multiple multiples, and
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  so they're hearing that influence right. Or or they have different consultants who there
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  there's good ones and battlements, but a lot of consultants out there they almost
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  like to have they almost promote codependence with some of these folks. In terms
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  of these you need to be on the consultant themselves. Some of what we've
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  seen and some of what have been shared to us is that you know,
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  there's practice management and consultants out there that there's fine, there's a place for
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  it, and it's good, but some of those have to create an almost
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  codependence so that they keep getting paid. But yet maybe the practice, the
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  numbers, the income, the overhead, the situation here on this podcast.
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  If it wasn't for me, you'd be in here talking to yourself. You
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  know what I mean? You just need me. I get it, I
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  get it. But no, there's there's cold potentially codependence. And so a
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  lot of young people are getting a lot of advice from friends from family who
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  maybe are successful and outside of dentistry. So that's interesting, and there's they're
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  not doing it out of any kind of spite, like they really do think
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  the advice they're giving is worth the shit. Maybe I don't hope there's no
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  saboteurs in this, but again, you know, headwinds and options and what
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  younger people are facing. I think that corporate dentistry and DSOs have changed the
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  landscape a little bit, and younger people want to get it right faster,
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  which is admirable, but they also don't know how to zigger zag sometimes right.
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  They may have an uncle that crushes it in real estate, and they
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  might have a friend that is a Wall Street czar, and they might have
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  a friend that's a in a DSO, and so they don't actually have somebody
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  who has a similar business scenario. But they're getting a lot of advice from
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  different areas, which is good as long as you can what distill that advice
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  down. It's like getting dating advice. No, here's my buddy, it's
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  been single for twenty years. When I give advice, here's a guy who's
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  been married for t years. Like, nobody's in that situation, the same
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  situation as you. Interesting, I'm falling. I'm following that analogy. I
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  was over too. I didn't want to say anything. I wouldn't tracking with
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  some of the other ones. My goodness, I'm but but no, that
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  wouldn't make sense. I used to ask older men all the time advice on
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  a whole bunch of things, but women in relationships, and I would love
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  getting all those opinions, but I knew that I had to take their all
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  their good, bad and head trash and distill it down for the good.
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  So you get an old divorce guy, you get an old married guy,
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  you get a middle aged guy, you get a single guy. You get
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  all the advice you can. That was helpful for me, but you have
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  to distill it down for what's best for you. And you never came to
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  me which is a shame. I love Guru, not the Mike Myers movie.
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  Well, and another thing we ask young Dennis is what's your vision for
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  your practice? And a lot of times they don't get asked that, and
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  it's really important again, what is your vision for your practice? Where do
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  you want to go huge? And I think that's something that we just need
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  to do in every business and personal you know situation. You know, you've
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  got what you think a practice should be and what you should be doing,
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  but does that mean that's that's fulfilling your vision or what you're seeing your end
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  goal of being well? And then we get into an insurance conversation of right,
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  you want an insurance shop. Well, if it's a startup, it's
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  a good way to market, but then you have to pull back. Some
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  have a fee for service like that. There's a lot that goes into that.
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  But take the time. I mean we board, we asked, so
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  we asked that a lot, though, what do you want? And they
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  go, huh, nobody's ever asked me that. And it's like you've owned
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  your practice for four years and you're not sure what your vision is of your
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  practice, And instead people are trying to make decisions that you know, lower
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  overhead and help their income, but then they find themselves just busier. They're
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  busier, and it's just a constant reactions reacting to, oh, shoot,
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  my overheads too high, let's hyper focus on that, and then letting other
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  things fall to the side. It's it's like when I used to play a
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  lot of chess. I would play with my uncle who was like a state
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  champion in college, and I played him and he's like, you play too
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  reactionary. You're two defensively. Oh yeah, I would always react to what
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  he was doing and not doing my own moves. Oh yep, that was
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  it was really smart. I never did figure it out, but I learned
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  that that phrase. Yeah, I like that. I guess this is called
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  the kitchen sink talk. Today we hit on a few things, but every
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  now and again, it's nice to just report back from the dental industry.
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  And again, not all shows are created equal. Younger people want to get
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  it right. Man. They've got a lot of influences and sometimes it's hard
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  to know. But listen. If you want to hear more from from Casey
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  or some of our other speakers, make sure you go to four quadrants Advisory
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  dot com slash events. We're gonna be in probably your area pretty soon.
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  I know we're coming to Houston and Charlotte and the Chicagoland area all very quickly.
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  We've got blogs, we've got older podcasts. You can go through and
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  think about how how great I am, you know, especially there's a lot
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  of dental resources. There's all kinds of stuff out there, all right,
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  Casey, I appreciate it. That's all the time we have today. Thank
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  you to our guests for their insight and for sharing some really great information,
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  and thank you to you the listener for tuning in. The Millionaire DNNIS podcast
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  is brought to you by four Quadrants Advisory to see if they might be a
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  good fit for you and your practice. Going over to four Quadrants Advisory dot
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  com and see why year after year they retain over ninety five percent of other
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  clients. Thank you again for joining us, and we'll see you next time.