Latest / The Millionaire Dentist™ / Four Quadrants' CE Presentations: More Than Just Credits

Transcript

Four Quadrants' CE Presentations: More Than Just Credits · The Millionaire Dentist™

0:03
Hello, everyone, Welcome to the Millionaire Dentists Podcast, brought to you by
0:07
four Quadn's Advisory. On this podcast, we break down the world of dentistry,
0:12
finances and business practices to help you become the millionaire dentists you deserve to
0:16
be. Please be advised we do speak with an honest tongue and may not
0:20
be safe for work. Hello and welcome. This is Casey Hires back at
0:26
the Millionaire Dentist Podcast in studio with co host Jared Bridgeman. A C.
0:30
How's it going. I'm gonna call you John Wayne Man. You got this
0:32
like cool little country the Great West shirt with a horse and a hero on
0:37
it. I don't know what's going on. I love this shirt. It's
0:39
It's one of those shirts where I see it on my clothes hanger and I'm
0:43
never quite sure if I should wear, and then when I do, I
0:45
get compliment. Your staff brings you your shirt for the day, and you're
0:48
like, yes, I like that. My butler comes to me right yeah.
0:51
No. For those of you that wouldn't know because it's a podcast or
0:54
not televised, Jared has a very strong and eclectic wardrobe and I enjoy it.
1:00
Thank you. You're thank you. It's I'd like to buy things that
1:04
still have personality, that I can wear that are work appropriate. Yeah,
1:08
you know, yeah, and I can get away with the be in the
1:11
marketing. You're like that extra shot at tequila and margarite to Jared, that's
1:15
right, the extual one I love. That's right, Casey. I wanted
1:21
to have a chat with you. You just got back into town from a
1:23
couple events we were hosting out in Colorado, in Denver and Boulder. First
1:27
of all, I would to ask how that one for you? Did you
1:30
have a good time out there? Yeah? Yeah, yeah. I lived
1:33
out in Denver for a summer internship a long time ago. Love Denver.
1:37
Oddly enough, the weather was the worst it's ever been when we were there.
1:41
Of course before and after it was like seventy five and sunny. They
1:44
boast three hundred sunny days a year there. I did not see the mountains,
1:48
so when you land in Denver normally you see the mountains. Awesome.
1:49
And then they had the d d ice a plane on the way home,
1:53
but it was it was nice. I always thought Boulder was this because it's
1:57
Keith Boulder. Weird. That's their thing. And so I went in there
2:00
thinking it's beautiful, but this is what do we do? Walk in some
2:04
of the nicest people that have attended events, and the venue was spectacular for
2:09
brunch. It was a black belly you want to black belly. Yeah,
2:13
it was a nice brunch spot. I mean, while we do a lot
2:15
of like golf and bourbon tastings to get into this really hard hitting subject matter
2:21
that's kind of a fun thing. Well, some people don't golf, others
2:23
don't want bourbon, and so we're doing this brunch and we got a whole
2:28
new, you know, group of folks who they're there for the subject matter
2:31
and they were so so nice. Yeah, it was it was It was
2:35
a nice uh hear that. I was really excited for you guys to go
2:38
out there at Colorado is a is a state that we have not been to
2:43
in a little while, and it was nice to you know, get back
2:45
out there and have people starting to hear about us again. I saw a
2:47
sign I had never seen before. It was very large on the highway and
2:52
it said drive high get a d UI, which you know it's yeah,
2:58
cannabis is legal in color of what That was a sign I had not seen
3:00
it was. It was the font was you couldn't miss it, and it
3:04
rhymed, you know, and it had the whole thing. But I kind
3:06
of chuckled neither here nor there, Yeah there. So going off of that,
3:10
I want to talk to you and kind of dive into more of our
3:14
our our speaking engagements are speaking events in general, and not just the ones
3:19
that we host. You go out to other people, other other organization's events.
3:24
So let me ask you where where do we speak? Like, what
3:28
are some of the the the organizations, what are some of the size levels
3:31
that we speak to? And for you listeners, we won't make it all
3:35
about us. But again, our subject matter is underserved and it's needed in
3:39
the dental community. And so we love our own events because we have them
3:44
at the best venues in town. We call the shots, we can do
3:46
what we want. I've yet to kick anybody out yet. Most dinnis and
3:49
specialists are pretty nice, but most asterisk. We'll do a national meeting right
3:57
Yankee Dental Congress. They have us in to speak. I've been in a
4:00
ballroom with two hundred and fifty orthod honest, a huge regional meeting. We'll
4:05
do state meetings. Yep. I think we've done Indiana, Oregon, Florida,
4:11
Georgia, just to name a few. In Florida Georgia line great band,
4:15
and I want to go to that football game in Jacksonville. That's a
4:17
bucket lister. And then we'll throw into dental societies and study clubs as well.
4:21
And Jared, if you think about it, that those are a lot
4:24
of different style of events that we do. And I want people to hear
4:28
this. This is not a a We're not selling time shares. This isn't
4:32
a pitch now in any room we're in. We can't help everybody. We
4:36
hope that the information inspires them to go be better and gives them some tools.
4:41
But sure when we when we go talk to you know, twelve hundred
4:44
people a year, well yeah, we we'd love to have some private conversations
4:47
and if we can help a handful of people, that's that is part of
4:50
the equation. But this is not some ploy to you know, we're not
4:55
pushing encyclopedias. We're not sell those anymore. I kind of wish I had
4:58
a set, but I remember having someone as a kid, you know,
5:01
vacuums whatever you think, it's not some employ to get people in a room.
5:04
It's it's to get them in a room to be honest with themselves and
5:08
to learn something. But sure we would we would like to speak to some
5:11
people and maybe help a handful. But our business model isn't, you know,
5:15
going out there to just be a self promoting advertisement. That's tacky.
5:18
So straying away from that self that self advertisements. What is the point of
5:26
our event, our of our of your of your presentation? Then if it's
5:30
not to one hundred percent sell our services, what do you speak about?
5:34
We speak about what is not taught in dental school. We we we present
5:38
on things that it's very hard to get supplemental knowledge from. That's probably the
5:45
broadest way to say what it is. It's the business side of dentistry.
5:47
It's it's the practice, it's the personal, it's financial. Most practice owners
5:54
practice because they love dentistry or they like to work with their hands or to
5:57
help people, but they're working to make money, to save money, to
6:00
retire, to have a great you know, a great life. Back a
6:04
back nine right and so, and for those of you who may not have
6:08
listened to all of our episodes, we'll first of all shame on you.
6:12
Second of all, and this is everything we're talking about. We're above the
6:15
practice management level level of the business side of things. Yeah, practice management's
6:19
great, right? What do people will always tell me casef stroked a huge
6:24
check and we've founded the kumbayad drum and we answer phones better and we schedule
6:28
better and the staff's happy, or we do a team meeting. Those are
6:30
all important, but they don't move the needle for who the practice owners who
6:32
stroke in the check. Very few groups can actually help you make significantly more,
6:38
save significantly more, have millions more retirement and retire earlier. Now the
6:44
subject matter we talk on, if people can get better in that with whoever
6:47
they're currently using, that's still going to benefit them. Correct, So you
6:51
know, why don't we go over just a couple of those areas that you
6:55
you. I have listened to you speak several times and you get very,
6:58
very passionate. It's a very I don't know if entertainments or I were to
7:01
use, but I really like watching you speak, and I like watching people's
7:04
reactions to you speak and what they're hearing and engaging in. What are some
7:09
of these areas that if someone was to attend either our event or a state
7:14
association where we're speaking, or a study club. What are some of the
7:16
areas that they can learn about. Well, first off, I appreciate the
7:18
compliment. One of the best compliments I received. It was from someone who
7:23
turned out the kind of a smaller DSO corporate thing where they owned. They
7:29
were the grand puba of one hundred and fifty dental locations. And afterwards,
7:35
still within the presentation, said may I say something? And he said who
7:39
he was? He goes, most of you indust room know who I am.
7:42
He said, this is so important. He said, I'm where I
7:46
am. I got a lot of breaks along the way. You don't know
7:47
half the story, but these are the things that will help every practice owner.
7:51
And he just went on and on and on, and I was like,
7:54
holy cow, that is a nice compliment because in a lot of these
7:56
rooms, people are looking at each other and some are competitors or they know
8:00
each other and they're sizing each other up. And that was just such a
8:03
genuine feedback to the room. But ultimately was a compliment on our subject matter
8:07
what we get into that would not be a hit fit him particularly, No,
8:11
no, not really, And that's why I think it was so impactful.
8:15
But we get into areas that are uncomfortable. You know, I can
8:18
go through some of them, but we go into areas that ultimately, in
8:22
any room, I don't know their situations, personal or practice. Some people
8:26
are in that room and dentistry has failed them. They are sad, they're
8:30
overheads high, their incomes low, they're producing, their body hurts, and
8:35
they're little. They're a litlegaded, little cynical. But I also have people
8:39
in there that have two million dollar practices. Their fee for service, they're
8:43
making eight hundred to a million a year. They have different frustrations and so
8:48
in any room, and I always say this, you know, we're going
8:52
to go a while mile wide and inch deep, but I'm not going to
8:54
give you your solution, because how the heck could I don't know you.
8:58
We're not that arrogant, right, But you know, I've said this before
9:03
in this podcast, and I typically preface most presentations with this. There is
9:07
no magic bullet. There's not one, two or three things you're going to
9:11
do that are going to fix things. There's probably like fifty things every year,
9:16
and when you fix half of them, guess what, there's a new
9:20
couple dozen, and so I try to get into it's like whackable. Yeah,
9:24
I word this one down, something else may pop up. I imagine
9:26
a lot of people listening can resonate with that. You know, they put
9:30
out one fire and then two more pop up and that's hard. But the
9:31
most specialists and Dennis keep that to themselves, yep, because they want to
9:35
show strength, which we understand. You know. One of the big things
9:39
we'll get into right off the bat is insurance, and that's fun in different
9:41
geographies. And let me back up. One thing that's pretty consistent is somebody
9:46
in the room will get frustrated because I'm highlighting and getting into things that they
9:50
have been frustrated with, and they will then tell me that in their specific
9:56
situation or geography or whatever that it it's just unfixable. So in their minds,
10:01
because of insurance and their geography, it's just not fixable. Well,
10:05
human psychology, if you allow yourself to believe those lies, yep, most
10:09
of the time they are lies that you feed yourself, then it's not your
10:13
fault. It's snaking its own tail. Yeah, it's everybody else's because if
10:18
they acknowledge that, no, it can be better. Crap. Then there's
10:20
a lot of work that they have to do and they have to have some
10:22
humility and go say, or is that the pride of the fact that they
10:24
couldn't figure out to fix it themselves? Oh? Sure, Yeah, yeah,
10:26
you have to have the humility to go, oh, so it can
10:30
be better. I just haven't achieved it yet, right, But we'll get
10:31
into insurance. We'll get into insurance adjustments again. Some people in the room
10:35
that's not a thing. Others, you know, it's a little bit or
10:37
a lot of a thing. But we'll get into what they should be reasons
10:41
why insurances can get out of hand. We cover it in a pretty robust
10:46
manner. We also do a case study to quantify that. But again that's
10:50
one real life scenario. And you guys also like you guys, you you
10:52
also lay out you know, some pretty generic or specific I should say,
10:56
red flag areas that kind of look out for to that. Yeah, I
11:00
think that's the whole thing. While I go through these, it's a self
11:03
test, and so you know, there's dozens of them. We'll touch on
11:07
eight problem areas, stressors, cash flow killers, and the whole point of
11:11
it is, here's a self test on three of these, you may go,
11:13
man, I've got that. Good for you. That's excellent. Well
11:18
what about these other ones? Well, I don't. I'm unsure about these
11:20
two, and then these other I'm failing and so, and we're still just
11:24
touching the surface of what we do as a firm and its entirety. I
11:28
mean, these are one, one and two hour events. We do three
11:33
sometimes but normally one and two. Yeah, we'll get into insurance and insurance
11:35
adjustments, so we'll get into tax management. I mean, holy cow,
11:39
those two right there. I could talk for half a day. Nobody wants
11:41
to hear that. But you know, well, and obviously in the tax
11:45
one too, you know, most people know it's especially once you own your
11:48
own business or own a business you need someone else's help with because it's just
11:54
so damn confusing. Well, and it's twofold one. A lot of people
11:58
go, oh, yeah, I like my tax person. They're great.
12:00
But then on the same coin, they're missing a lot of opportunities to reduce
12:05
tax liability. But we'll get into what reactive tax planning looks like. Some
12:07
of the reasons why there's massive tax surprises, either refunds or extra ode.
12:15
We'll get into what good looks like around taxes in an overhead again another huge
12:20
bucket. A lot of things affect overhead, but we get into overhead and
12:26
knowing your numbers and what it should be and if it's here, that's not
12:30
good enough. And unfortunately a lot of people there overhead is so high,
12:33
but they are content or have told themselves, well, that's just how it
12:37
is, Just how it is. Let me ask you, in a worst
12:39
case scenario, someone who listens to you speak in the worst case, what
12:45
are you hoping they would least walk away with? To not settle? And
12:48
the quote we have popularized around here is start treating the business side of your
12:54
practice with the same expertise as the clinical. Just spoke to somebody, they
12:58
said, you know, as a dentist and and doing implants in some higher
13:01
level dentistry. We're measuring in millimeters. That's pretty precise, right. But
13:05
then on the business, finance and tax side of things, it's just wild
13:09
wild West. It's a it's a it's a busy hope. Hope is a
13:15
terrible business plan. Well, and we know we've had Kevin Rdan who's an
13:18
NBA and it's tax specialist here, uh, you know, for the company,
13:22
and he's been on the podcast several times and we've spoken with him about
13:26
that in general, just you know, when we bring on a new prospect
13:28
and looking at consultations, just looking at people's quick books and how unruly they
13:33
can be at times. Yeah, yeah, I mean, no matter how
13:35
hard they try to keep it up up, it's it's it's hard work.
13:39
Don't get me wrong. Well, you know that you you try to keep
13:41
it up and you fail all the time, I know, and you think
13:43
you could take something for it. You know what we get into, uh,
13:48
we get into you know, practice accounts, business accounts touch on sometimes
13:52
there's a shell game, six different accounts, moving money around, what what
13:56
what? Having too much leads to what, Having that enough leads to some
14:01
some best practices around that. And then income right paycheck, income income structuring.
14:09
How so many practice owners simply do what take what's left over at the
14:11
end of the month, skip paychecks, have erratic distributions or erratic bonuses,
14:16
something we would have the right entity structure. Nobody's told them that. Looking
14:20
at getting double text all those kind of things. Yeah, you know,
14:22
then then we don't get into investing too much on these but you know there's
14:28
a mix of pre tax savings and and you need balance, right, and
14:33
too many people they'll have just a singular focus of just brokerage or or just
14:39
pre tax dollars. But then when they get to the end and they're in
14:41
this tax bracket or they have this undue risk that they've put themselves in but
14:46
nobody's told them. Ye, So we certainly touch on that one of the
14:50
you know, retirement retirement strategies, what that looks like, and then one
14:56
or at least having one, yeah, no, no, no kidding,
15:00
And then the lack of a comprehensive approach. How most people that we work
15:03
with or that attend our courses, they already have some of these people in
15:09
place and account in a financial planner, a business advisor, and investment advisor,
15:13
maybe different combination of consultants. But ultimately, if you as the practice
15:18
owner, are still the hub of the wheel and you have to communicate with
15:20
all of those entities what is lost there and what the structure should look like.
15:24
And really one of the challenges of you know, challenge your team existing
15:28
team to do better for you, and here's what that looks like, and
15:33
here's how you can take some of those steps. Because a lot of people
15:35
we talk to their non confrontational by nature, and so it's harder for them.
15:39
But eventually you can't let the tail wag the dog. Yep. And
15:43
if your patients are doing well, and your staff's doing well, and the
15:46
people you help in your family and all these, if you're the one that's
15:48
suffering at some point you have you should be capturing more for yourself and your
15:52
legacy and your retirement. That's right now, casey, if someone you only
15:56
fell asleep twice during you know during that So do you sound a very into
15:58
it? I try to stay awake. If someone's listening right now and they're
16:03
like, hell, yes, this is what I've been wanting to hear,
16:06
or I think my society needs to hear this, my club needs to hear
16:08
this, or I know I belong to an organization. First of all,
16:12
I want you guys to be able to go to I want you guys to
16:15
go to four Quadrant Advisory dot com slash speaking. There's a form on there
16:18
and you can fill that out and we'll reach out to you. But there
16:22
are some things I wanted to ask you about that case in terms of are
16:26
there certain minimums that you're looking that we're looking to have in terms of going
16:30
somewhere to speak. I'm glad you ask that, but real quick, we
16:33
actually have a program to approved for continuing education right through the aged three six,
16:38
four, eight three. Off the top of my head is our PACE
16:41
number, right, And so you know these are things that are that are
16:45
not only important, but for those CE junkies out there, they can get
16:48
an hour or two of CE. Thanks for bringing it up, Yeah,
16:51
because again not only learning stuff, but like you get a certificate that says
16:55
you learned something. Yeah. I mean, hey, I read some bios
16:57
online and you know, hundreds of hours a year CE and what have you.
17:00
And so you know that that can be important. But I mean,
17:03
crowd size varies, right. Have I been in an Irish pub on a
17:07
Tuesday in the basement after what's the holiday after Saint Patrick's Day with some unique
17:14
smells and there was probably only like fourteen people there and I was told thirty.
17:17
Sure was it a great crowd and a great event? Because I can
17:19
customize the messaging to that room. Absolutely, it was a great event.
17:25
I mean, how many you know that's a tough question. I mean,
17:27
twenty to fifty is typically how many are in rooms that I present in.
17:33
At the bigger meetings, we'll sell out and have one hundred. Sure it'll
17:36
be a full on almost like a college course, you know. Size.
17:38
Yeah, it's just a different dynamic, right, similar material, bigger the
17:42
room. It's going to be a little more formal, a little more sterile.
17:45
You know, twenty five thirty people we're going to interact. I want
17:49
to hear from the from the audi intimate. There is cozy coz I'd say
17:53
I get cozy with them. Again, that's four quarters of advisory dot com
17:57
slash speaking well and again we'll throw into dental society or a study club and
18:03
there's some We've had some great ones out there and we pop for a for
18:06
a bar tab. Sure there's some people out there that go listen. If
18:08
you can come in and speak on this, this will help drive our attendance.
18:11
That's dwindling because people can get so much ce online now that they don't
18:15
actually get in a room to get it. And so some of these groups
18:19
they go, hey, we need a draw and then if you have you
18:23
know, twenty five thirty people we'll pop for a five hundred dollars bar tab.
18:27
But say, do we do sponsoring? Sure, well, I mean
18:30
I know we do, not like the local banks that just want to be
18:33
in the room and smile, right, you know, but no, I
18:37
mean, well, we'll throw a little money at at a bar tab if
18:40
that's what it takes to help. Again, like a smaller group. Now,
18:42
one time you had a cabana by the pool that sounded that sounded awful.
18:47
Yeah, that was a that was today story for another podcast. It
18:56
comes down to I want, and you want and our and everybody in this
19:00
company just wants to get the once to get the word out on making everybody
19:04
in this field better. Industry is a wonderful industry, but my gosh,
19:07
so many dentists are mediocre or underperformed from a financial standpoint, and then they're
19:14
not in the best place. And you know who wants to be you know,
19:18
in your early to mid sixties and you've sold your practice, but you
19:21
still have to practice a couple of days of years and associate and go back
19:23
to being the worker. Be like, that's not ideal, and you want
19:26
to talk to somebody who understands that and gets where you're coming from, gets
19:30
the frustrations and gets your personalities because you know, I handle all of our
19:33
social marketing here and I will post things about our events coming up, and
19:38
all have some random mass yahoos from whatever area making some really smart ass comments
19:44
about dentists that I have to go and delete and hide because they actually don't
19:48
understand that just because you own your own practice, that oh they've got money,
19:52
they shouldn't have any any frustration. Damn. That's a whole other topic.
19:56
But I mean, you know, dental insurance, it's frustrating for patients
20:00
because there's really no good dental insurance out there, and so patients feel like
20:03
they're paying too much and the dentists are, you know, getting sixty cents
20:07
on the dollar, and so a lot of people don't even know that insurance
20:10
no insurance. On both sides of the ball are are rough and frustrating,
20:14
And so I mean, why not come to a place where you're you know,
20:15
speaking with not with someone who really understands the situation. Listen, I'm
20:19
not naive. I understand. We go to some of the best venues and
20:22
people just want to go check it out, right, Like Michel and rated
20:26
chefs and things, the spirit or whatever that is that our events guy's always
20:30
talking about, you know, and there's there's great bourbon. I mean,
20:34
I know a lot of people that go just to drink some bourbon and then
20:37
they look at me at the end they're like, shoot, I can't come
20:41
in from the bourbon, but can we talk? You say sure, and
20:44
then we'll talk. And there's a lot of times it's hey, here's some
20:47
high level tips. We can't help you. You're not ready for us,
20:51
but that's okay. You still learn something. Go to the next level.
20:55
Don't settle. Don't be mediocre because you're not as a dentist or a specialist,
20:59
so why settle. That's I want people to have action and movement,
21:03
and it's not about with working with us. A small percentage is, but
21:07
it's more like, let's go, let's go, let's get that out there.
21:10
Let's make everybody you know, a rising tide raises all what boats chips?
21:15
Yeah, for the hell that is. Look at you with your quotes,
21:17
Casey, thanks again for stopping by today. Don't forget four quarters advisory
21:22
dot com slash speaking. If you want to submit maybe something on behalf of
21:25
the organization or if you know the contact of your organization and listen, Guys
21:30
and gals, don't don't be asked me. I know you're involved in an
21:33
organization or a study club, our association, reach out to us. Let
21:38
us help you and help fill out even their schedule. If you have a
21:41
hole in your schedule and needs someone's speaking. Anybody that reaches out will consider
21:45
yes, you know, everybody, we might not come, but we'll consider
21:49
it, but hey, if it fits in our schedule, you know.
21:52
Thanks Casey. Thanks, that's all the time we have today. Thank you
21:59
to our guests for their insight and for sharing some really great information, and
22:02
thank you to you the listener for tuning in. The Millionaire Dennis podcast is
22:06
brought to you by four Quadrance Advisory to see if they might be a good
22:08
fit for you and your practice. Going over to four Quadransadvisory dot com and
22:14
see why year after year they retain over ninety five percent of their clients.
22:17
Thank you again for joining us, and we'll see you next time.