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Change Isn’t Easy—But It Might Save Your Practice · The Millionaire Dentist™

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  Hello everyone, Welcome to the Millionaire Dentist Podcast, brought to you by four
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  Quadnans 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 dentists you deserve to be.
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  Please be advised we do speak with an honest tongue and may not be
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  safe for work. Hello to welcome. This is Casey Hires back at the
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  Millionaire Dentist podcast and studio with co host Jared Bridgeman. Casey, good morning,
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  how are you You know we're so flexible and adaptable. We changed the
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  time that we recorded, Yeah, because we had a good idea where they
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  let's get in there, but the morning we might be less sharp. This
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  might be real sleepy. I'm one cup of coffee in Is that good or
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  bad? That's not great? One cup but double espresso? It typically does.
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  It depends on what's in that cup, a little bit of extra sauce.
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  Casey, you just returned not that long ago from you're down in the
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  Phoenix area doing some presenting with one of our events, and so it was
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  the Bourbon and Real Financial Dental Advice for Dentists. How was that how'd that
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  go for you? The Desert's great. Yeah, yeah, Scottsdale's one of
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  my favorite cities. Although it's really not about me, but I enjoyed,
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  you know, NonStop, Phoenix. Scottsdale beautiful. People were bitching because it
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  was sixty degrees. They were in soccats and north faces and just like losing
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  their minds. You know. It was a little cloudy and there it was
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  like fifty eight and the five in front of their temperature really so wonderful.
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  Yeah, it was it for us here in Indiana right now. It was
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  twenty something, maybe thirty something this morning. Yeah. The Valley of the
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  Sun's great. But we did it at you know, again one of the
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  best venues in town. But had about twenty practice owners in the room,
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  which was great capacity. Yeah. Yeah, a lot of people. You
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  have a couple that they want to come to confirm everything, to hear like,
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  oh, well I'm doing great. Sure. Sometimes that's the case of
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  the times. Those are called little professors. Then we had some people that're
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  like, shoot, you know, I'm not quite maybe to your threshold of
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  collections, or I have an owned or I'm not an owner, but this
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  is really important, right And then there's the group that looks like they've seen
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  a ghost. They're like, how did you now? Do you know?
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  And and and you know from their perspective because sometimes, you know, as
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  we've spoken before, being a dentist and being a practice owner can feel like
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  you're an island, can feel very singular that you don't realize that, like,
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  oh, these are some very common problems throughout the industry, and then
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  they don't realize that, you know, to them seems very personal, which
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  it is very personal for them. No, that's exactly right. A lot
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  of practice owners hold their cards close, you know, close to the chest,
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  and it's kind of there. They're a cross to bear, and then
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  when they hear no. Across the country, a lot of practice owners deal
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  with this in some regard. It's just different levels of plateauing. You can
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  plateau making terrible money. You can plateau making four hundred thousand. We've had
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  people plateau where they hit seven hundred and there's an opportunity to make nine hundred,
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  and so it comes down to what are you leaving on the table.
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  But as you get older, what's what's hard what's what's harder to do?
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  When you get older, you know what it's. I would say something on
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  lines of you can't teach an old dog new tricks. Change. Yeah.
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  Yeah. So when you when you talk to these with these specialists in these
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  practice owners and you talk to the ones that are have seen this ghost,
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  they're like, shit, you're hitting it on the nail right now. Though
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  there's some of those that will approach you or are like marked on, hey,
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  please give me a call, there's some that might not. What what
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  do you think the issue was? Change with them is like the ones that
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  don't, Yeah, well, first off, you should sing the song change.
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  Yeah. Yeah, maybe put that in here and some at the end
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  or something. Yeah, that's a good Steve, come on and sing it
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  for us pipes. Yeah that's right. Not necessarily from the room that I
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  was just in, but ultimately talking the practice owners and again a lot of
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  them, change is hard. We had somebody in from Palm Beach area recently
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  and they're like, dude, I did it one way for twenty plus years.
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  He's like, this was really hard. And in year one he goes,
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  uh, these were alts you guys have got us are unbelievable. He
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  goes print off that achievements page. I want to send it to my friends
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  because I want to get the word out, because that's the kind of dude
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  he is. And we go some highly personal financial information. He goes,
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  I don't give a shit. He goes, you guys are crushing it,
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  and I want other people to know. But he even acknowledged that was hard
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  for him to do. He's so glad he did it, right. But
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  do you like change? Not always? Man, it's it. It can
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  be very tough, especially once you're set in your ways, either good or
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  bad. Well it was, you know, we're did what four minutes of
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  prep because we're yeah, of course, so smart, are so good.
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  You know, there's change. People never will change because it's unknown as too
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  scary, right. There's also people that change because well, the guy down
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  the road did this, so I need to do this, almost like a
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  keeping up with the Jones. So it's interesting that with change there is a
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  positive and a negative connotation. Dude, I almost bought a house once because
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  my buddy bought a new one and I was jealous of it. I was
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  like, great, my little starter home looks like garbage. Now, man,
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  that's not like you bought a new pair of shoes or a new jacket,
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  he a BLOADY bought a house. Yeah, damn it, I've better
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  buy a house. Yeah, it's interesting. Dentists like they are creatures of
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  Oh if my pier down the road has this, I need to do this,
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  or do you see it being in a lot of times with new tech
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  A lot of times technology equipment or ooh, you know somebody bought has three
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  practices and corporate dentistry wrote them a big check. So now I'm going to
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  do that exact same cookie cutter thing because I saw them do it without knowing
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  how good or bad that other person may be. At the business side,
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  well there's you know, one hundred details that if they don't align perfectly,
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  your end point might be different. What's it called underwater? Well yeah,
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  it's just if you're going to do something, you need data to back it
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  up. And you know, our biggest frustrations are for us we use data
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  to either say, hey, we should or shouldn't do something. You know,
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  clients product should or shouldn't do something. If we're talking to new know
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  new people to potentially partner with, you know, this is a good idea
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  because of this data, or this isn't but it's the people that damn the
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  data, They're going to do whatever they want, you know. And I
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  was kind of just thinking. I just finished season two of a show called
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  The Bear on Hulu. It's about a restaurant opening a new restaurant and how
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  much work and time, Like, you got to work your ass off.
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  And I feel like sometimes have well a lot of times have to do the
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  same thing. But the question is are you working your ass off in the
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  right ways? Yeah. No, that's a good point because we've said this
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  before. They're always told if you want to make more, just produce more.
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  Sometimes that's the case, many times it's not. But you know,
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  the amount left on the table, the amount that people settle in dentistry,
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  it's incredible. And again, just like the example I was talking about from
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  Florida, I was doing pretty good. Yeah, mate, took that leap
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  of faith and it's just blown away, and he's like, damn it,
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  why didn't I do that sooner? Right? Right? You know, but
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  we all wish we had that crystal ball. But yes, yeah, we
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  uld say, are there times, in your opinion where a doc may have
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  made a change and embrace the change, but it was bad, It was
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  it was a bad maybe idea or bad plan or just a fizzled out.
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  I'd say the most common ones we see are there's a hot real estate,
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  real estate. It's like rappers want to be basketball NBA players and NBA players
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  want to be rappers. It's interesting with real estate because most practice owners are
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  behind with retirement savings and don't have a clear in certain picture. They get
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  into real estate and they hear really good things about it, and you know,
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  some people have a good success ye big real estate. But yeah,
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  sometimes that one is one that we like. Your original question. Times are
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  change Maybe that may not be great good. Yeah, yeah, a lot
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  of times jumping into it, you know, an investment venture to quote unquote
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  catch up sometimes that can be and then adding more locations. Right, well,
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  your overheads already seventy plus percent, so you're gonna add a location.
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  So yeah, there's there's some change. That's stuff dropping insurance, right,
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  That's one that we like around here, But the data has to back it
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  up. Some practices aren't in a position to do it. You have to
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  do it the right way, you have to pick the right plan, all
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  that kind of stuff. And yeah, yeah, I mean, if there's
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  room for growth. Maybe you are an insurance shop. Again, there's a
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  way to be very profitable that way. Most people don't know what that blueprint
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  is. We're very good at it. If you want, if you have
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  the room and the space and the stomach for it, you can run into
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  profitable insurance shop. But let's be more precise with the change versus just oh
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  this sounds good, or so and so did it, or I read this
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  on a dental blog, so I'm going to do it. Unless you're getting
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  forensic with personal finances, personal goals, P and L, balance sheet,
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  taxes, production report, all those pieces of data need to be taken into
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  account before making change. That's the type of change you need to get behind.
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  But it's interesting, you know, that's our model here, yep.
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  But even then there's people that just can't get out of their own way.
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  Well, and that's what I was going to ask you. Let's say a
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  doctrint event. You guys have a couple of conversations. You get to like
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  the consulting phase, the consulting I'm sorry, the consultation phase, all that
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  stuff. Is there ever a time where you can you can sense that someone
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  does want to change, But for various reasons cannot make that leap and what
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  would those reasons be from your experience? Wow, what a question you have.
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  Fear or stubbornness typically, you know, sometimes it can be ego,
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  yep, right. I mean we've talked getting people in the back end of
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  their career. It's harder for the change the ones that do go. Man,
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  I wish I would have done it sooner, but sometimes that can be
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  hard. I mean, we've got quotes all over our website from doc saying
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  like I was forty five year old me had signed up. Yeah, yeah,
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  it's we have the benefit of having this national perspective of of you know,
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  many clients and seeing there before and after snapshots. So for us.
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  And oh, by the way, there are forty five testimonials of your peers
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  on our website with their spouses sharing their experience. That's that's always funny,
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  that fear of change. Oh can I can I talk to one of your
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  clients. Well, we guard and gate our client's time. We sell their
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  information. And here's the funny thing when you think about this buying pattern of
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  dentist. When you ask for a reference said company, are they going to
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  give you who they're going to give you. They're all stars, right,
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  and so to me it's comical, but it's a buying pattern that dentists have
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  as well. I need three references, Well here, you don't get them
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  because we have too many tire kickers, right, and we are protecting our
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  clients. It is a high level experience, you know, I do what.
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  I'm looking at reviews for I say something to buy on Amazon, I
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  look at the worst ones. Yes, yeah, and you know we've got
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  what forty to fifty clients talking. But how we help each of them is
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  going to be different than how so it comes down to that trust factor,
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  you know, can they be trusted? But ultimately people know, well,
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  why wasn't that? Why doesn't this work? And it's so easy coachability.
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  If somebody wants to make a change and work with us and give receive advice,
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  but they're not coachable and they're not going to take advice, then that's
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  the formula where it doesn't work because they're so used to saying I've been burnt
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  before by this company or that company, and why won't this Well, actually,
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  for us, we turn it around. If you're coachable, yep,
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  my gosh, we can help you make more and say, well, I
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  mean look at look at pro sports players, you know, on different teams,
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  Like, if you don't listen to your coach and you're not willing to
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  be coached, you're not gonna be you're not gonna be playing. Well.
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  Yeah, now I've got people I know who maybe played poker with this set
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  and the other, and they've had professional careers and they weren't necessarily the biggest,
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  fastest, strongest, tallest, most skilled, but they were a team
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  player. They worked hard, they were coachable, and if people wanted them
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  around, Like that's a different kind of example, but you know, ultimately,
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  culture wise, if you're having a hard time grabbing a hygienisty, money's
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  part of it or the landscape's part of it. But are you a good
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  leader? Are you a poor leader? I have a friend right now who's
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  a job hunting and it is at least in a position to not have to
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  take the first job that comes along, and for and for her, it's
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  one hundred percent about the culture right now. She's like, I've had some
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  terrible places I've worked, and now I'm looking for something that obviously will pay
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  the bills, but if I can hold out and find a company that I
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  fit well and with that'll that'll do it. Yeah, No, that's good.
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  I mean change is inevitable. Yes, put yourself in a position to
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  have the most data before making change. It's incredible how how often dentists will
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  drop one hundred and fifty thousand dollars on technology in real estate, but then
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  in other things they have that fear or that stubbornness to not move an inch
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  and not you know, sign a check to an advisory team that knows what
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  they're doing. That was a little self serving, but ultimately, yeah,
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  I was talking about us. Oh but yeah, change can be a bad
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  thing, right, Change can be a good thing. It's inevitable. You
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  want to have as much data and as much knowledge you know, and go
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  on instinct and gut less. That's secondary, it's important. But yeah,
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  yeah, let's get some David Bowie bumper real and call it casey. So
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  next week we will be in Louisville, Kentucky at bullets and billets, barrels
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  and belts. I'm sorry, barrels and belts, bullets, bullets, bullets,
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  B I L A T S. I got to learn. I looked
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  it up. It's it's a it's a whiskey thing, but yes, a
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  bourbon thing. So we will be there on the thirteenth and fourteenth. We're
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  having two nights of bourbon tasting and it's like a you can make your own
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  recipes and at this place you can even model your own custom whiskey, which
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  is pretty cool. But the important part is Casey will be there slinging the
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  information. That's not that important, but it sounds like a fun doubleheader.
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  Subject matter is important, subject matter is super important. I will also be
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  there, so if you that's right, if you love hearing from me and
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  want to see what I look like a person, which you shouldn't, I
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  will be there. So hey, go on four quarters Advisory dot com slash
• 13:46
  events, click on either event that you want to attend. Make sure you
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  register because we like to know who's coming. So thank you. That's all
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  the time we have today. Thank you to our yes for their insight and
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  for sharing some really great information, and thank you to you the listener for
• 14:03
  tuning in. The Millionaire Dennis podcast is brought to you by four Quadrant Advisory
• 14:07
  to see if they might be a good fit for you and your practice.
• 14:11
  Going over to four Quadransadvisory dot com and see why year after year they retain
• 14:16
  over ninety five percent of their clients. Thank you again for joining us,
• 14:18
  and we'll see you next time.