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How One Year Can Transform a Practice: Real Clients & Results · The Millionaire Dentist™

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  Hello, everyone, Welcome to the Millionaire Dentist Podcast, brought to you by
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  four Quadrons 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
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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 Dentist Podcast in studio with co host Jared Bridgeman. Casey, how
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  are you? I did the weirdest thing yesterday. What what'd you do?
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  I worked out. I was gonna say, you're looking pretty buff this morning
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  somehow. If that's one and done, that's amazing. I need to be
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  more consistent with it. But my body is fighting me on it. So
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  if I cramp up in the middle of this, that's what it is.
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  It was just a simple workout, you know. I always want to always
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  say I want to go to the gym, and then by the time I
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  get home from work and pick up with kids and do all that, I
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  just I don't have the pass the energy to do it. As a single
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  man in southern California, my gym was very nice and had a full bar.
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  But I would spend two or three hours working out four or five days
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  a week, playing basketball, lift and weight socializing at the bar. It
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  was awesome. I didn't have any responsibilities. I just had to get the
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  beach body ready. And now you've got a lot of responsibilities. Yeah,
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  and so you know, chills or workout, chill gets the nod more.
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  I need. I need that. I need to find a way to combine
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  them. You know what I mean. Is there something I can do where
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  I can just like my body does exercising formula I'm sleeping maybe you know nice,
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  Hey, there's an invention idea. That's right, Casey. You just
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  got back into town recently from you went down to San Antonio. Yes,
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  how was that? We? I know, we hosted an event. It
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  was our bourbon and real financial Advice for Dentist event at what was the restaurant
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  again, Cured Cure. I was deep in the heart of Texas. Yes,
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  really cool venue in an area called Pearl Street. They've revitalized that.
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  It's really an epicenter of staurants and bars and and fun. Really nice place.
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  We had some really great people in the room, but a couple were
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  like not meat eaters, vegetarian vegas. When you walk in, there's like
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  animals hanging like getting dried out, smoked, cured, cured, oh like
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  for not just because they were sad, no, no, no, and
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  and so I was like, oh, my gosh. And then we did
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  the bourbon pairing and tasting where they talk about the food and how they don't
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  waste any part of the animal and got into great detail, and I'm just
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  like, these people are very sweet. They were great. We got them,
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  you know, some some food that was good for them, but they
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  were not They didn't expect to hold the room to there. They weren't militant.
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  Yeah, yeah, But I was like, oh, this is this
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  is the most intense pairing and descriptions I've ever heard of animals. And these
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  people are so but it was nice. It was nice. A lot of
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  people really locked in and you know, again some are going to go challenge
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  their team. Others come and go hey can we talk. You know,
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  Over the course of this podcast in the past couple of years, we've gone
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  through and covered the things we look for in clients, things that prospects should
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  look in or you know, people should look for when they're either coming to
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  talk to us or talking to maybe a new accountant or a new financial planner.
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  Let's kind of fast forward in time just a bit after we know we've
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  signed the client, We've we've gone through all the all the information gathering and
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  all the planning and stuff like that. Let's talk about you know, for
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  example, we had a client Industry of the day who was celebrating their first
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  year with us. Let's look at how that first year kind of panned out.
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  So in the spirit of February, in Valentine's Day, after the courtship
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  and the dating part is over, and we commit right yeah to helping somebody.
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  Yeah, it's interesting. We had a specialist in and you know,
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  we're based in Carmel, Indiana, right, These folks are from southern California.
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  And I think it's always interesting when people try to say, well,
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  you don't understand our geography. We have clients in all all over the geographies.
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  No, I did feel bad because it was chilly here for them,
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  but yeah, yeah, so cal it's all nice in February, not not
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  that in compare to Indiana. But ultimately, you know, what, what
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  does somebody who they they've worked with they've got their financial house in order.
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  Specifically, they've worked with us and let's call it for just over a year,
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  and we were just going over some of the some of the accomplishments,
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  right, and it was fun. We can go to lunch and have a
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  nice lunch and have some celebratory cheers and all of that, and that's important.
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  And they even said that, they said, you know, we really
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  appreciate this part of it, to get to know our team outside of talking
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  all these numbers. I will say when we were during each planning meeting each
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  year, I'm actually in the lobby right away, I introduced myself and I
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  take some you know, fun action fund. You're the paparazzi. Paparazzi,
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  and it's really interesting for me to be able to hear and see the differences
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  from year to year with each client. And this particular doc right away was
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  like it's like meeting family again. You know, we talked so much.
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  I talked to everybody so much like family. They hugged different people as they
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  came in, and then I noticed, just myself, the general mood of
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  the room was a thousand times happier, not that it was bad the year
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  before you know, some of the you know, the very initial meeting might
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  have been some nervousness and not quite people don't know what to expect, and
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  they've consistently been underwhelmed by their team and their external help for decades. And
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  so to your point, not only the feeling that we give our clients,
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  but let's get into some of the results when you can affect numbers and help
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  change the lives. Being nice is one thing. So I was gonna ask
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  you, was getting results is where it's like, give me a hug,
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  So throw me some results after Why we think they were so happy and huggy.
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  Yeah, I mean, I think it's all the above, But you
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  know, ultimately, just and a lot of times that first year it's a
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  lot of blocking and tackling, a lot of cleaning things up, establishing baselines,
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  things of that nature. A lot of times the you know, the
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  real juice that we get excited about that's more year two, year three,
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  year four. But we could be able to clean up a lot of tax
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  management, improve cash flow. But ultimately, anytime, you know, somebody
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  has a lot of stress, and somebody has on their shoulders the weight of
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  the world when it comes to money, finances, practice, all of those
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  things that's hard and so being able to have a team to dump that on,
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  Hey I need help with this, that was so big for her.
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  I mean, people can sometimes get paralyzed with decision making. And as you've
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  said before, a team of people, you know, we've got some of
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  the brightest you know people and you know, putting their heads together to help
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  work these things out. It's not just you on your own. Well.
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  And you know, our average improvement or average you know, income jump within
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  three years is about twenty five percent. That's what new clients can expect,
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  you know, and for her, you know, for this specialist, Yeah,
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  it was right on track, sort of right around that eight eight and
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  a half percent in year one. That doesn't get us as excited sometimes we
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  want to see that twenty five and thirty after multiple years, right, but
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  that really helped cash flow at home. Okay, So you know, for
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  the first year there's a lot of cleanup. There's sometimes you know, your
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  instant structure may have to change. So again, as you said, you
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  know, after three years we do it an average about twenty five percent income
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  increase. We did about eight and a half nine percent for this for this
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  dock just in the first year alone. There's so much more things that we
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  are so excited abo. Well, we we get excited when we double people's
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  income, and that's that happens a fair amount. And but also being able
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  to double your savings, right and in year one to go from you know,
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  saving around forty nine thousand to now one hundred thousand. Again, when
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  I go around and present and hit on some of these specific so I'll get
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  some looks like there's there's no way that came then to asking you. People
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  actually question sometimes the success. Some people go, wow, that'd be amazing,
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  but I don't believe it. Prove it. Others get angry because they've
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  spent decades under saving so yeah, that's but yeah, for these folks being
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  able to double retirement and they were already saving forty nine give it them pay
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  raise, taking stress off like that, that was really for us. That's
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  what we expect of ourselves and that's what we worked to deliver. H But
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  for the client, they were just very astatic and over ecstatic and over the
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  moon right right, because they had hoped it would be good. We proved,
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  we proved it. Yeah, and again we're just getting started. But
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  but yeah, that's a good snapshot I think of just for us, just
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  what we do, how we hold ourselves accountable. There's a ton of things
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  on the back end that we do around tax management, cash flow and systems
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  that you know, it doesn't get the glory. It's like the offensive lineman,
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  right, you know, they're in the trenches making the gap for the
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  running back to go score a touchdown. They don't get a lot of or
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  there's a lot of that that we do that doesn't get the notoriety. But
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  ultimately, my example to have been the bass player in a band, well,
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  yeah, you know, I get it, nobody cares about the bass
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  player, but they have a very important job to do. There you go.
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  And then for others. Another thing we were talking about is somebody recently
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  was in a great client and this was within five years. This is probably
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  like a four year relationship. And this talks about somebody wanting to retire and
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  transition out, find an associate, go to partner and all those things,
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  and so eighty percent of associates never become partners. That's statistic. I mean
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  that it's really hard and we tell people you need like to start thinking in
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  terms of a decade to transition out, but we were able to help somebody
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  in a significant way on that end of things. So kind of talk me
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  through that this from what I understand, it was someone who was an associate
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  who then became a partner and then will you know, soon ish become the
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  actual full time owner and so would that be the doc that's transition Now they're
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  kind of winding down. Yeah, I mean that that's the cliff notes right
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  there. And I think the neat thing about this one is this is somebody
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  who, yes, we were able to help in a ton of different ways,
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  but ultimately had somebody that it was like a mentor menee relationship, really
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  liked each other and respected each other. So there was an emotional attachment there,
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  yep. And that's great. Typically that's where practice owners stop and then
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  they go into this whole let's work together, and it doesn't go well.
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  But we were able to help really help this to put everything above board,
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  look at all the numbers and make sure it's structured in a manner that they
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  are still friends. Kind of helped the entire process of that, right,
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  not just kind of we let it. Yeah. Yeah, And again for
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  our clients, will help them do that. The younger dentist is always leary,
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  Oh, it's my guys and your guys, and why would I use
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  your guys? And that's traditionally how it's been. That's not like how it
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  is here. So first off, it's getting to that situation where we look
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  at all the numbers, data, practice and valuations and things of that nature.
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  But yeah, in a short period of time, going from an associate
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  to then a partner, which is again doesn't happen the majority of the time.
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  And then to get the older client transitioned out and the younger person who
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  works with us as well as the owner and doing that in kind of a
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  less than five year window successfully it was beautiful. It's beautiful, and the
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  older being able to enjoy retirement and kind of start to scale back. But
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  everybody's in agreement with all the details. There's so many details with these and
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  they're typically done wrong, and people will contact us to just do transition.
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  We only do it for clients, right, We do not do it all
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  the kart. Yeah, I mean, it's obviously not an easy process.
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  Even if you find someone you know, it's a lot of you're dealing with
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  money and you've got multiple people and multiple spouses and multiple opinions, and everybody
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  values their practice as much or more than it should be a certain say,
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  everybody many people, and so it's really weeding out all of that and just
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  making sure that everybody's on the same page, looking at the same pieces of
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  data and understanding the rationale for how things are structured well. And we want
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  the best for everybody involved. And I understand it. So it sounds like
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  a hallmark card, but you're right out because for the older person, we've
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  been working with them for a while. We want to make sure that they
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  are awesome and great and care lucrative in retirement. But then this younger person,
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  we want to work with them for decades to come. So for us
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  it's too maybe not his guy, we're your guys, and generally we're both
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  your people. Yeah, you know, which it's a unique lens to view
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  this through because people are so used to the hardcore negotiations. They're used to
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  that, or they're you know, or they seeing it movies and things like
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  that. But you know, and people are always well, you know,
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  it's fair to fair, don't mess with my money, you know what I
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  mean? People are always worried about you know, already almost use the F
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  word there, you know, Franklin, but don't have with my money.
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  Yeah, no, I think that's a big part. But with both these
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  examples, right in a year, somebody doubling their retirement, getting a nice
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  raise and stress levels where they are so much better at home with their family
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  and three kids, that's amazing. And then somebody in a little longer footprint
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  getting the right person to come in and partner and then buy your practice and
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  transition out there. Those are awesome, big, once in a lifetime things
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  that again we master every day all day for so many people. That's why
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  we like to go and meet and speak and educate because we don't we work
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  with a small amount of people. We love meeting and speaking. We love
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  helping people when we can, especially if we know if it all works out,
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  becoming a client of ours. And then, as you mentioned earlier in
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  the in this episode, we also love when our early annual planning meeting comes
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  up and we fly you guys in, we go to lunch, we spend
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  time with you like it's just a great way to It's just it's to me,
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  it's amazing to see again a year after year how things have improved and
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  keep on improving and building that. Really that's beautiful, and you know it's
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  it's but again, for we meet way more people that we don't work with,
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  but we want to educate and empower those people as well, because dentistry
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  is a beautiful profession, it's a beautiful industry, but bit is tough,
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  and we help people in those areas and even if we don't work with them,
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  there's there's things we can help them be better with and empower them to
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  challenge their current team. Folks, if you know someone out there, if
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  you're friends with another practice owner, just even associates, and they're not listening
• 14:31
  to us, you should recommend the Millionaire Dentist podcast to them because again,
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  this is free education, free and you have to hear it. They get
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  to hear us. Isn't that great? Casey, You're going to be traveling
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  again very soon, or at least us as a team are. Do you
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  know where we're going? I don't like pop quizes. Yeah, We've got
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  a couple of dental societies that reached out and and they that they want they
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  want to invite us to to speak to their members, wh we splat,
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  you know, sprinkle that in, and then we're going to be at the
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  Chicago midwinter. Yeah, we're doing some exhibiting g AO. Yeah, Georgia.
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  Yeah, Association of Orthodonics, that's right. That's coming up Chicago midwinter
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  and then heading down to Tampa for me in Tampa. That's awesome. Nashville,
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  Tennessee will be coming up in about six seven weeks. I believe we
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  go to great cities, we find the best venues. I know I heard
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  Nashville. We're going to Cane Prime, which is supposed to be out of
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  this world. Yeah, that's pretty strong. Their pork belly bacon with kind
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  and candy on it. HiT's just straight. It's like almost lunchtime. You're
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  killing me here, all right, case anything else to add? All good,
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  All good, All right, folks, don't forget four Quadrantadvisory dot com
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  slash events. If you feel like checking out where our events are. If
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  not, if you feel like it, check it out, do it.
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  Click that button, fill out some forms, give us your information. You
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  know, I love you. Also, if you're on iTunes, make sure
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  to rate us and leave us a review a positive one. Hopefully that really
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  helps us out and so thanks again everyone. That's all the time we have
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  today. Thank you to our guests for their insight and for sharing some really
• 16:06
  great information, and thank you to you the listener for tuning in. The
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  Millionaire Dennis Podcast is brought to you by Four Quadrants Advisory to see if they
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  might be a good fit for you and your practice. Going over to four
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  Quadrantsadvisory dot com and see why year after year they retain over ninety five percent
• 16:22
  of their clients. Thank you again for joining us and we'll see you next time.