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March Madness & Dentistry: Coaching Your Practice to Victory · The Millionaire Dentist™

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  Hello, everyone, Welcome to the Millionaire Dentnists 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, good
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  afternoon. How are you doing well? Good? Good? Did you have
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  a great weekend? It was lovely? Lovely? Yeah, nice was We
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  had just celebrated, you know, Saint Patrick's Day just happened. I did
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  not pee green on three seventeen. Nice, okay. I was one of
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  the best shirts Harry's Chocolate Shop out of dou when I was a student.
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  That was their shirt. I pea green on three seventeen. That's awesome.
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  Not a lot of that asage. I had a lot of basketball games that
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  I was helping coaching. Did you have any green beer at all? Row?
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  Okay? Zero. I had a little bit, but I'm uh.
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  I don't tend to go out for Saint Patrick's Day. It's just it always
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  feels like amateur hour to me. You go out and there's a and I
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  don't trust the other people drinking and out driving and they're getting old because we're
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  actually logical. And I used to I used to wear a kilt, yeah,
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  and put in a solid nine hours. Not anymore, Not anymore.
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  I'll make some corn beef. It's a daddy daughter dance on Friday night.
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  And you and you took your daughter, both of them, both of them.
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  Yeah boy. Yeah, good weekend, man, good weekend. Woke
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  up and fresh breath. It's uh, it's March madness time. It is
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  March madness time here at a at the office. We know we do a
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  little March madness, just kind of a company social. It's pretty fun to
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  do. Everybody around here is talk about their brackets and start to kind of
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  pretty plan out their their their planned. Are you are stakes gambling? Yeah?
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  You know not enough here in RS needs to get involved. How do
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  you feel about your your your boys for boiler Maker? Yeah as good as
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  I can. Yeah, time to go win. You're gonna go all in
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  on them? Well? What's all in mean? Number one winner? Pick
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  them. Yeah, well yeah, yeah, okay, just check in.
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  Yeah, I'll be like locked in my basement watching them every game and just
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  stressed I shouldn't be in public, and yeah it's going to be so,
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  you know, trying to tie together March badness, college basketball and dentistry,
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  and you are the expert and a lot of those things. Can you kind
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  of walk me through and help me help me figure out some of the parallels
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  there being someone who's a dunce a couple of my favorite topics to be honest
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  with you, you know, even as a you know, always call myself
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  a non sports fan really just because it's I was so bad as a kid
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  that I was spurned by it. But everybody has heard and everybody has seen
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  those wonderful cinder roll stories, like the team. It's almost like the the
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  engine that could. I think I can, I think I can? Can
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  you? You know, And we've had some of our own access with their
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  own clients this way, what's a great Cinderella story to you? Underdog story?
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  Cinderella story? So I think about NC State, right, Jim Valvano
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  nineteen eighty three. Even if you're not a big basketball fan, the v
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  Foundation, you're like cancer. There's fundraise, razors and events all year throughout
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  the country, right, right, But that all started because he had an
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  underdog Cinderella team. And then I think of George Mason. I think that
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  was in the mid two thousand and five, two thousand and six, they
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  were like a double digit seed, made it to the final four. Butler,
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  Yeah, Butler, I remember that was a big deal, the final
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  game two years in a row. You know, first year, nobody expected
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  expected them, those Cinderellas. And that's always fun, right if it's not
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  your team losing to a Cinderella, it's really fun to watch Farley Dickinson anyway.
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  So and on tying that into a practice owner or you know, a
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  dentist, a specialist out there, what would what would you say the Cinderella
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  story for somebody like that, someone who maybe doesn't have the best looking practice,
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  maybe someone who is they're not knocking out of the park with like a
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  three million dollar collection, I would even say the best of in practice.
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  I would just say we call it boring a sexy. We have a lot
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  of people who collect a million, million, one million, two, They
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  make four four fifty, they save one hundred and fifty two hundred thousand dollars
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  a year. They're on track for ten to fifteen million dollars. They do
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  every year. They're consistent. Right, But at first, you know,
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  you look like somebody else in their in their dental school might look at them
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  twenty five years later and be like you right, right, right. But
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  the difference is being good at dentistry and knowing what you're not good at,
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  like as a coach. Again, i'll produe boiler makers or my background.
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  But in the old days, Jane Katie was was the bulldog, right.
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  Frank Kendrick was a really good recruiter. He went out and got Glenn Robinson,
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  big dog, He went out and got all the guys. Bruce Weber
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  was the ex an o's guy, right, So you had so you know,
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  gene knew what he was good at, getting on officials, you know,
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  getting people fired up, being funny. But he had people under him
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  that made his program go. So they had specialized help. Yeah, that's
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  that's a real good way to put it. Yeah, it seems like now
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  if you're good at one of those things, then you get the head coaching
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  job. And that's why they get fired every three years. There's no longevity.
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  But you know Tom Crean, he was an IU basketball coach, not
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  real great with x's and o's, but boy he was a good recruiter and
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  a good raw ra guy. So we got that. So compared to that
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  to basketball, that's almost you know, outside of the coaching, that's you
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  know, making your team run the drails, make sure everybody's playing the plays
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  they need to play. How if you have a wild card out, if
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  you have a player who is trying to be fancy, and maybe that player
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  tends to cause a lot of turnovers, what would you say as a comparable
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  turnover in practice owning? No, that's a good one. So let's see.
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  I'll say there's a really skilled person and they're trying to do too behind
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  the back or just too many fancy things. Our firm prevents our clients from
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  too many turnovers. In dentistry, right right, your external team can help
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  make sure you don't bring on an associate too soon, or you don't add
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  that next location and go two million in debt all of a sudden. That's
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  another thing where having a good team can help you avoid those turnovers. So
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  a turnover, obviously in basketball, can potentially cost you the game, especially
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  if there's too many of them. What effect What does these type of turnovers
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  happen? What effect happens in the practice? What is that? How does
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  that? What does that mean to the practice and to the owner. They're
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  practicing in their late sixties, early seventies, god forbid their late seventies or
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  early eighties, right, that's what that means. So it's like when you're
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  young in bulletproof, you always feel like you can just produce an overcome and
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  overcome and overcome and at times, you know, because I'm going to live
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  forever. Yeah, you know, I felt like that until I until I
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  started waking up and then being like, oh my hurts for no reason.
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  Yeah. But you know, too many practice owners fool themselves and they're just
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  thinking they'll just keep practicing because I love it in this, that and the
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  other, and they don't really plan for tweaking that ankle or blowing out their
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  acl Then all of a sudden, you can't play it right. You can't
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  practice industry if something goes wrong with your hands or your vision or and so
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  I mean, and this is not something we really deal with, but there
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  are different special specialized help that can help you. There might be maybe someone
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  can help you with the practice management side of things, but there's other people
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  like us, for example, that work with you on the accounting, the
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  tax and the financial side. Having those those right team members in place,
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  either external or in house, can make a large difference. Now that that's
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  a great way to put it. I mean as like, let's say we're
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  a kind of a run, we're a program, and we're we are recruiting
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  some of the best practice owners out there to get them better. Yes,
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  so in every program, like you have a strength coach. Strength coach is
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  there is what they're doing. You have an operations person, they're booking travel.
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  You've got all these people that do certain things. But ultimately you have
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  to have somebody looking over all of it. So many practice owners, they
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  might have a strength coach, or they might have the academic tutor, but
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  they're missing three or four pieces or parts to their team or their program.
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  And in dental life's's going to simply have you practicing longer and making less money.
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  Well, and you want to make sure too that these people you have
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  helping you are also proactive. It doesn't help to have you know, an
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  assistant coach that never comes and tells you when there's issues or you know there's
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  something better that could happen. Well, So as a strength coach, you
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  either say you get your asses there at seven am and we're lifting. You
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  don't just say we have a nice gym and I'm going to be there and
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  whenever you would like to roll in, you go ahead and do that.
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  Or to really make a parallel on dentistry, it's all available, but if
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  you come here you have to pay, like as you call your accountant,
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  you get nicol and dying for eight hundred bucks. Right. So they've heard
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  some horror stories recently from our our BFF Steve Levy, our CPA and JD
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  just about when he when we bring on some people sometimes that we're even looking
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  at, you know and consulting some of the things that are accountants and stuff,
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  have done and told them and told them basically the exact wrong thing to
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  say. Yeah, and they thought they were they thought they were right at
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  the time. Yep, I guess what they're going now. You ever fired,
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  you got to hire the right people. But yeah, I mean and
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  march madness, listen, making the tournaments hard. Right in dentistry, graduating
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  dental school and actually providing AO dentistry. That's tough, right, that's an
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  accomplishment, that's really good. Most people want to make an impact in the
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  tournament. You win four games, you're in the final four. If you
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  win six games, you are the national champion. So in dentistry, it's
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  you know, it's great, you're a dentist, but now it's time to
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  do something about it. Right, And and you need overhead sub sixty yep,
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  right, you need to make that money. You need to save that
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  money. It's right there in front of you. But it takes a whole
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  team. It takes a team to help get you there. There's no one
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  star player. I can't think of one. Like when we had Glenn big
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  Dog Robinson. He was really good. He averaged thirty points. Yep,
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  he couldn't get us past the elite eight because he was just We just had
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  one stud. Didn't Clinton Repson going to play with the bucks? Yeah?
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  Okay, I thought I recognize that name. Yeah, like, ah,
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  I got one. You know. But if you know you're a great dentist,
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  and maybe you've got a good investment person, that's great. You've got
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  a couple pieces of a ten part puzzle, and so it really is important.
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  You know, these programs have to have every single detail covered, ironed
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  out and planned for. And in dentistry, you need to have everything planned
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  for. Not just that day's patience and knowing that you know how to do
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  dentistry, that's not good enough. You also need to know who's going to
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  replace your star player. What happens when you're ready to retire. Well,
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  that's a good point. We have conversations all the time, and it's time
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  to start thinking. And even our own clients are like, well, you
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  know, it's hard. It's hard to admit it's time. Yes, or
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  it may be time, or it could be time. But you've got a
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  plan for that. You've got to plan years in advance. If you're playing
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  in five years, that's not enough, right. Well, and going you
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  know, going back to the basketball team, right you can have one year
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  that's just terrible disappointment. Another year your top of the mountain. I mean
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  in twenty eighteen, Virginia the year before they were the first one seed to
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  get beat by a sixteen seed. Oh yeah, I remember that. And
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  then the next year they came back and won a tournament. Ye. Now,
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  Unfortunately, my boiler Makers suffered that last year, so I'm hoping that
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  the same destiny is in front of us. That being said, let's put
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  that they had a terrible year, they bounced back and within champions. In
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  a dentistry, that can be the case too. From year to year,
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  you get hit with a big tax surprise, you lose a hygienis, you
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  lose an assistant, you lose an associate. I mean, there are a
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  lot of things that can get in the best players in the world still have
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  a bad game, no doubt about it. But it's also like, how
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  do you what's your plan to come back from that? Are you prepped for
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  that? The older I get, I think about the odds right heads your
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  bed. It's leveraging odds probability for success. Let's just make it real clear.
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  This is a podcast. We like what we do, We like our
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  services. Our clients have increased their probability of massive financial success, less stress,
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  longer life. Really, if you think about it, by having a
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  team have their back. If you don't, the probability is simply lower and
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  lower and lower and lower, and it becomes more of a hail Mary that
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  you can that you can make it versus planning appropriately and how often do hail
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  mailories actually work? I don't know that statistic, but I can. You
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  know the there's a reason why it's called the Helmer. But Doug Flutie and
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  Joe Montana are probably in a couple of those highlights and those are forty years
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  old. A right, that's right, Casey. Where are you going to
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  be next? Do you know? I might be in tears if Purdue loses.
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  Oh, I just need to I just need at least the Final Four.
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  It's been since nineteen eighty Has it really been that long? Yeah,
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  my dad's went to Purdue as well, a Purdue guy. So I remember
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  watching a lot of Purdue games as a kid, and I hadn't. I
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  didn't realize that was the case. They haven't been. That was before I
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  was even born. Lead eight a couple of times. But uh yeah,
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  last Final Four was nineteen eighty, Sue, So, so where will I
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  be you mean professionally? Yes? Okay, well not in your basement watching
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  TV. You gotta be more damn damn good basement. You got to be
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  more specific basement. You know we're heading to uh Nashville, Nashville, nash
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  Vegas, Nashville. Yep. That will be in Denver and Boulder in April.
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  Keep Boulder, weird, Austin stole it, but yeah, Boulder's a
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  unique place. They got three and four feet of snow last week, so
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  wow. Hopefully when we're there it's it's not snow this morning here. But
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  we're doing a brunch. Uh. You know, we we typically do wine
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  or bourbon tastings, but again, we could care less if you enjoy bourbon
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  or wine. That's not a requirement. It's just a different activity. Brunch
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  one sounds like it's gonna be pretty cool. I mean, if you want
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  to my mosta have at But yeah, there's a lot of interest in that
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  too. I mean our goal is people want to hear subject matter at a
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  nice venue. Yep. And and but yeah, we're gonna have We got
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  some robust travel. That's right schedule, folks, If you don't mind,
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  please giving us a review and a like on whatever platform you'd listen to us
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  on whether at Spotify, YouTube Music, Google Music, check out Four Quadrantadvisory,
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  dot com, slash Events and see where we're gonna be next. We're
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  putting up new new cities and venues all the time. We're looking at Atlanta
• 14:28
  pretty soon. I know that's coming up. We're gonna be back here in
• 14:31
  Indianapolis area as well, Casey, anything else you'd like to add before we
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  go? Boiler up, Boiler up, thanks so much. I'm a humble
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  Purdue fan because I've been humbled so often. But yeah, thank you.
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  That's all the time we have today. Thank you to our guests for their
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  insight and for sharing some really great information, and thank you to you the
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  listener for tuning in. The Millionaire Dennis Podcast is brought to you by for
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  Quadn's Advisory to see if they might be a good fit for you and your
• 14:58
  practice. Going over to four Quadrantsadvisory dot com and see why year after year
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  they retain over ninety five percent of their clients. Thank you again for joining
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  us, and we'll see you next time.