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When Courage Counts: Why Avoiding Problems Costs Dentists Big · The Millionaire Dentist™

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  Hello, everyone, Welcome to the Millionaire Dentnist Podcast, brought to you by
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  four Quadron's 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 Dentnist Podcast in studio with co host Jared Bridgeman. Casey, good
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  afternoon. How are you good? You you were out of town just a
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  couple of days ago. Yeah, I got down to Florida. Yeah,
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  you're down to Tampa presenting some of our wise wisdom that we provide. How
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  was it? How was your trip? That was good? Nice city,
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  great venue. You know you're a good Italian place. When the guy comes
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  in dressed to the nines on his thirtieth cup of espresso, wreeking of Coffee,
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  introducing himself and the place was his grandfather's name, and I mean heart
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  it was. It was a really cool spot. Yeah, I saw I
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  saw some pictures that you'd sent back to me, and uh, it looked
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  awesome. Yeah, food sounded amazing. Yeah. There was a hot Tampa
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  Bay Lightning game too that night, so the when we went to set up,
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  the bar was hopping early. Yeah. Nice. While you were down
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  there, and while you're not not just a Tampa you've been We talked about
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  this all the time. You're all over the country. You go to a
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  lot of events, we host a lot of events. What is a common
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  theme or fact are you fighting with, Let's say, someone who's maybe you
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  know, upper middle age, maybe in the mid fifties. What's a common
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  theme you're starting to see out there. I'm just gonna go for the jugular
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  on this. Okay, it goes from this is fun tasting bourbon and this
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  is a cool restaurant too. That was good information to one on one conversation.
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  My wife's gonna divorce me, I'm gonna go bankrupt. Dentistries. Curseword,
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  curseword, curseword. I don't know how this happened. I quickly go
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  from like a subject matter experts to almost a psychiatrist. Well, and would
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  you say, even like thirty minutes prior to this opening up, most of
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  these guys and gals are saying that everything's fine, Yeah, I mean that's
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  human nature. Hold the old, your cards close to the vest. You
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  don't want anybody to detect weakness. I don't want to complain, but here
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  I go. That's how I usually start my conversations. Yeah, the words
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  in dentistry specifically, we were talking briefly chickens coming home to roost and in
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  dentistry a lot of things in life. But you know, you can address
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  them early on in life and set yourself up, or you can neglect them
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  and then look up and find yourself in your fifties and you're like, uh
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  oh, and we'll get into what that oh means, right, But I
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  mean, and this is something that I feel like most people can relate to
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  on some on some path of some sort. You know, personally me,
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  there's probably there's probably quite a few decisions in my in my mid twenties,
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  college age and twenties that took me years to recover from in terms of you
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  know, college credit card things like that, I'm off the cl with psychiatrists
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  or not. But yeah, no, it's it can go with a diet,
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  weight loss, working out money, handling money. There's a lot of
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  places that can go. But ultimately the chickens coming home to roost. That's
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  probably what this comes down to. Right. You can as a practice owner,
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  you can enjoy dentistry and ignore everything else, and ignorance is bliss.
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  But at some point you're gonna look up and go, huh, I don't
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  want to be eighty practicing stores seventy And how often have you been seeing that
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  happen more than you'd like? Well? What I like is not relevant,
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  but it's disheartening and frustrating when I hear these more and more of these stories.
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  Right. I think what's disheartening about it, too, is the average
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  person sees dentists as being successful people with money. They make money, and
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  to see them still working at seventy eighty. But yeah, what's the origin
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  of chickens coming home to roost? I use that word. I know the
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  context of it, but I like to know the origin of things. All
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  right, This is right off the top of my head. I didn't have
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  to google search, this or anything. Comes from an author, Robert Southey.
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  He wrote that and introduced that phrase in a poem from eighteen to ten.
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  The phrase is curses are like young chicken, They always come home to
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  roost. Yeah, so what's roost. But yeah, coming back to this,
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  I think that ultimately having the courage to get things right early. And
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  this is all coming from again, what conversations I have when I'm out and
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  about right, Like spoiler alert, A lot of the things we talk about
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  there are things that practice owners tell me across the country. I'm talking to
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  us. So it doesn't matter what area you're from. Oh my gosh,
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  that's a whole other thing. Right, People overvalue Well, you don't understand
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  I live here. Yeah, eighty percent of the geography we go to.
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  It's the most unique geography ever. Yeah. Yeah, but again there are
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  unique challenges everywhere. Sure, tackling what those challenges are is the point of
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  this, and it really comes down the courage. I was talking to a
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  specialist doing well, makes a lot of money, didn't really want to do
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  their own practice. So it was an associate making good money, had the
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  opportunity to become partner. Sure, why not? Well, now they look
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  up again, they're in their fifties, the older specialists, there's no exit
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  plan. They're not producing. The one I talked to is frustrated and they
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  literally just said I didn't have the courage to do what I should have done.
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  I needed to outline what the partnership look like, understand when they're in
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  data is really get clear on that stuff. But by nature, a lot
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  of you all listening are non confrontational, right you have you treat patients that
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  hopefully it's a low percentage, but a lot of them you you know,
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  have have dreams of headbutting them, but you have to be nice to them.
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  And so you're non confrontational by nature. And this is a lot of
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  a lot of things we talked about here. We have answers that come from
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  data and stuff. A lot of things that people feel or right there,
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  feelings, their emotions, and so sometimes they don't have the courage to speak
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  up when they should have, and the longer they wait, it's almost the
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  worse it feels. Well, that's the message, have courage strategy. Listen
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  when that happens. Most of the podcasts that we talk about, you can
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  have some of those results. You can have financial freedom in your fifties,
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  you can call your shot, you can retire if you want to. But
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  when you don't have to practice, you enjoy it. So when you back
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  off a few days again, if you practiced dentistry with no plan, no
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  strategy, no courage, no vision, and you just kind of put your
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  head in the sand. With the business side of it. You're going to
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  look up in your fifties and it's going to be frustrating, Right, And
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  I get frustrated for them when I hear this and even tell me what the
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  answer was. Right if I was when I was thirty five or forty,
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  I should have taken this more seriously. I should have gotten fill in the
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  blank, right, besides the clinical all the stressors you all have. If
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  I would have addressed that head on and just done a better job, I
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  wouldn't have been in this position. But hearing a specialist and you know,
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  makes a lot of money. But they were still frustrated because there's a lot
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  of dentists. You know, if they made what that person made, they
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  would think they would have no frustrations. Guess what you trade one set in
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  for another? Correct? You know we've been kind of focusing on partners for
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  most of this podcast, But are there any other specific or broad categories that
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  chickens may be coming home to roost for a dentist or a practice owner.
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  Yeah, having the courage and strategy to address overhead overhead? Yeah, how
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  about insurance insurance from imbursements. All of a sudden you look up, you
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  haven't addressed it. You're practicing a lot, you're thirty thirty five percent insurance
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  adjustments. You feel trapped, you feel stuck. What about staff maybe having
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  that maybe inherited a staff member who's been with the practice forever and they're old
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  and maybe not performing as well as they should anymore and making way too much
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  money. That's probably easier yeah, for practice owners. But yeah, I
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  mean there's an addition by subtraction. If you have a bad culture, get
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  rid of somebody. I mean that's more like a practice management sort of a
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  from our perspective. Yeah, obviously, if somebody's a problem, get rid
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  of them. But you know, high overhead, high insurance adjustments, retirement
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  partnership, I see, you have a partnership. If you don't have a
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  plan, a strategy, have clear communication and address these things, practicing dentistry
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  is going to the joy is going to fade, right because these things are
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  going to you know, just overwhelm with stress. And so just talking to
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  this person, they knew it, yeah, but they were, you know,
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  asking for help at this point, and I gave them again not knowing
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  their situation or I don't give specific advice, but I said, you know,
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  you might want to meet with them and have a big person conversation to
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  put on the big boy pants. Yeah, and understand when when is the
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  exit strategy? What's that look like that there is some frustration here with you
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  know, lack of production and you're getting paid extra money to quote unquote do
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  the administrative things. And because you're the senior partner, they got a pretty
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  good deal. I'm not producing it as much. And and so again it's
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  just when we present, when we do podcasts, I just try to encourage
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  people. You know, what are your challenges and what are you going to
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  do to fix them? Right? And I get this on people may be
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  afraid to even think about it, but things aren't going to get fixed by
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  it's uncomfortable. Yeah, And that's where you know, corporate dentistry and DSOs
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  have sort of and that's going away. You know, people were like,
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  well in twenty eighteen, they were going to offer me x multiples cute,
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  right, Yeah, Yeah, that money's drying up. And we heard another
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  statistic that a lot of times when some of the promises, you know it's
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  all gonna be centralized, you don't have to deal with any of that stuff.
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  About twenty percent of it actually gets taken over and centralized a lot of
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  time. And that's a whole other topic. But you know, I guess
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  my point is being able to sell out to DSOs and corporate dentistry was sort
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  of that hail Mary bailout that some practice owners have had in the past.
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  Right, It's still there from time to time or different opportunities, but ultimately,
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  again, you wouldn't put all your eggs in that basket. If you're
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  a practice owner. You need to get these things right. And it's so
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  beautiful when they do, and when they don't it so ugly. That's really
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  the difference. Right, we could we could pull a thirty eight year old
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  client. I know, we could pull somebody who maybe found us in they're
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  fifty four, sure, and you know, it's incredible what is possible when
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  you get this right. But the first step is I'm not going to accept
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  mediocrity. I'm not going to accept this. I'm going to address it head
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  on. Right, it's really neat that as a firm we're we are just
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  working with more and more they come to us successful, Right, they're already
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  making a million and we get them to make two. They're you know that
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  that happens. You know, they're already making six, we get them to
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  a million. Well, and that's all because they had that courage to pick
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  up that phone something, right, so that if you're thirty eight and you
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  get a big tax surprize and it pishes you off enough to then go make
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  some changes. Actually that tax surprize was a blessing because if that didn't happen
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  at thirty eight, you'd probably look up and be fifty five and go huh
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  yep. So yeah, it's crazy to me. To me too, it's
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  like, yeah, that seeing that tax, that tax a prize, and
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  how we've been able to help our clients, you know, fix those situations
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  when they get on boarded. That's really just a small piece of the puzzle.
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  That's not even where the big money comes from. Well, I'm teaching
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  my young daughters right when when we don't lie, and if you lie,
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  typically it's not just one lie. Then you have to have another line you
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  keep covering up next thing. You know, you've got nineteen lives. You
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  can't keep track of them all and you're sick to your stomach. Yeah,
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  well this is this is kind of the same thing. This stuff gets out
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  of control, all of it. And again, if you don't have the
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  courage, it's going to hit you. It's even worse because you're lying to
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  yourself. Do you want to address it when you're forced to or do you
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  want to address it when you are in control of it? But but yeah,
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  if someone wanted to maybe hear a little bit more on this, what
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  should they do? Should they maybe come CEO speak at an event. Well,
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  it's interesting, a lot of people have been reaching out. It's like
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  we record this and yeah, it's like kind of we have fun and just
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  share real life experiences from practice owners and thennis around the country. But more
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  and where people are like, hey, man, been listening to your podcast,
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  I'd like to talk. So then actually, I know they've been saying
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  stuff like I hear that Jared guy. He sounds like he's really handsome.
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  That's a big one. Yeah, you carry the whole thing. But you
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  know, my point is, eventually, when people can get exposed to information
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  enough, it's all about timing. But you know, the right time to
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  make a change to do something different. Right, when's the right time to
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  go start working out what was yesterday? But if you're not going to do
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  it and be excited about it, then you know that's right. And so
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  it may not be the right time for us to be able to work with
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  you because we don't work with everybody. But reaching out isn't going to hurt
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  anyth You're gonna still gonna get some information. Educate yourself. You tend to
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  course. You know our website, you can educate. It might just get
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  your wheels turning and maybe thinking, oh, maybe my standard CPA that I
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  have is not really doing quite a bang up job. Yeah, Timing is
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  everything. Just talk to somebody today. They've got a lot going on.
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  They've got it all going on. But yeah, again, the chickens come
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  home to roost. It's right, Just like curses. It can be on
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  your time or it can be on the chickens time. There you go,
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  casey uh here with them. The next two months, we're going to be
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  doing a bunch more events. We're going to be in Nashville, Tennessee for
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  a bourbon tasting, which is pretty exciting, and we're doing a brunch in
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  Denver, right or Boulder. So we're not just about bourbon something. I
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  mean, listen, you don't have to touch a drop if you don't want
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  to touch a drop. So in April, we will be in Colorado,
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  We're going to be in Denver, and we're going to be in Boulder.
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  We're doing a bourbon tasting in Denver. We're doing a brunch in Boulder.
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  Yeah, the brunch is crushing it right now because I think some people are
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  like, uh, I want to learn about overhead and taxes, but I
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  don't need the burn of bourbon down my threat. That's right. I'll take
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  some of mosta that. If you're interested in checking out those events, please
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  go to four Quadrants Advisory, dot Com, slash Events, whatever platform you're
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  listening to this podcast on, please rate us and review us, preferably the
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  higher the better. But things like that do help us spread the good word
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  out there for everybody else. So thank you Casey, and thank you the
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  audience. That's all the time we have today. Thank you to our guests
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  for their insight and for sharing some really great information, and thank you to
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  you the listener for tuning in. The Millionaire Dennis Podcast is brought to you
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  by four Quadrance Advisory to see if they might be a good fit for you
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  and your practice. Going over to four Quadrantsadvisory dot com and see why year
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  after year they retain over ninety five percent of their clients. Thank you again
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  for joining us, and we'll see you next time.