The Dentalpreneur Podcast w/ Dr. Mark Costes
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On today’s episode, we have a fascinating conversation with Dr. Justin Scott. As the CEO of Virtual Dental Offices and a practicing dentist, Dr. Scott has mastered the art of blending innovative practice management with clinical expertise. Fresh from his awe-inspiring trip to Iceland, he shares the breathtaking experience of witnessing the Northern Lights with his mother, along with the challenges of navigating the Icelandic winter. Dr. Scott takes us through the journey of his company, Virtual Dental Offices, highlighting its transformative impact on dental practices by leveraging the power of virtual assistants. Balancing his time between clinical duties and his growing business, he offers a fresh perspective on managing dual roles. The episode dives into the vital role of outsourcing in today's dental practices, addressing the workforce crisis and streamlining operations for efficiency. With his finger on the pulse of practice management, Dr. Scott discusses the tasks that are most effectively handled by virtual assistants, from administrative duties to patient interaction, and assures listeners of the robust security measures in place to protect sensitive patient data. He also shares the lighter side of virtual assistance, revealing some of the personal and unique tasks that these remote team members can take on to simplify one's life. EPISODE RESOURCES __ __
On today’s episode, we have the second installment of our deep dive into student loans and financial strategy with Jake Courtney, a financial planner specializing in student loan consulting from Student Loan Planner. We tackle the tangible scenario of "young Mark," a hypothetical new dental graduate saddled with substantial debt and faced with the daunting task of financial planning. This episode serves as a case study, putting Jake's expertise to the test. We navigate through a realistic situation that many new graduates can relate to — weighing the desire for homeownership against the backdrop of significant student loans and an entry-level associate position. Jake lays out the roadmap for managing a whopping $425,000 in loans while still aspiring to financial goals like purchasing a home or saving for retirement. Our discussion unveils the myths surrounding student loan debt and its impact on acquiring additional loans, like those for a mortgage or dental practice. Jake debunks the idea that a large student loan balance necessarily spells doom for future financial ventures. It's not the debt amount that creditors scrutinize, but rather the ratio of your debt payments to your income. Listeners, especially those just starting in their professional journey, will gain insight into the balance between paying off loans and investing in their future. With Jake's sage advice, we learn about the power of maintaining a high savings rate, the importance of not allowing lifestyle creep with increasing income, and strategic tax filing for minimizing student loan payments. The call to action is clear: for those navigating the complexities of student loan repayment, particularly with looming deadlines like the April 30th consolidation tip shared by Jake, it's critical to seek specialized advice. Engage with professionals at Student Loan Planner, and consider an hour-long consultation that promises to be an invaluable investment in your financial future. EPISODE RESOURCES __ __
On today’s episode, we have an insightful two-part series, diving into the complex world of student loans and repayment strategies. Joining us is Jake Courtney, a seasoned student loan consultant and financial planner from Student Loan Planner, whose expertise lies in aiding dentists to navigate the often overwhelming terrain of hefty student loans. We explore the evolving landscape of student loan repayment. Jake, hailing from Dayton, Ohio, brings over nine years of financial advice to the table, helping clients forge individualized plans to maximize savings over their loan repayment timeline. We discuss the shockingly high average debt for dental graduates, the potential for reform, and the introduction of income-driven repayment plans like the new SAVE plan. With the possibility of loan forgiveness after 25 years and the daunting "tax bomb" that could follow, we dissect the risks and strategies necessary to manage this significant financial burden. Whether you're fresh out of dental school or years into your practice, understanding the interplay between your adjusted gross income and your student loan payments is crucial. As we wrap up part one of our discussion, we invite you to join us for part two, where we'll delve deeper into these topics. Remember, preparation is key when it comes to managing student debt effectively. If you're seeking guidance on navigating your student loans or planning for potential forgiveness, reach out to a specialized financial planner like Jake and consider tuning into resources like the Student Loan Planner podcast. EPISODE RESOURCES __ __
On today's episode, we're joined by Mike “C-ROC”, who interviews Dr. Mark Costes for his “What Are You Made Of?” podcast. Mark shares his journey from facing multiple rejections from dental schools to becoming the successful owner of multiple practices and a leading dental coach. With stories of early career struggles, learning the importance of culture and leadership, and how to scale businesses effectively, Mark offers invaluable insights into the mindset and strategies that have propelled him to the forefront of dental entrepreneurship. Listeners will hear about the moments of realization that led to significant changes in Mark's business approach, the role of core values in building a strong company culture, and the impact of mentorship and continuous learning on personal and professional growth. Mark also discusses the potential of artificial intelligence in dentistry and shares his advice for aspiring dental entrepreneurs. EPISODE RESOURCES __ __
On today’s episode, we dive into the heart of dentistry and explore the stories that shape our profession. We have a remarkable assembly of guests from the Dental Legacy Foundation. Dr. Dan Nelson, Ryan Passey, Dr. Jared Hill, and Jared Galovich join us to share their recent experiences and the incredible impact of their work in Tanzania. We discuss their inspiring journey with Smile Outreach International and the creation of sustainable dental care in Tanzanian communities. Our guests detail the transformative mission trip that not only provided dental care but also resulted in essential infrastructure projects, such as the construction of a life-changing water tower. From touching ceremonies to the construction of computer labs and visions of new dental schools, this episode is an incredible testament to what can be accomplished with passion and partnership. For those inspired by today's conversation and eager to contribute to these life-altering missions, your opportunity to make a difference is just a step away. Get involved with the Dental Legacy Foundation and Smile Outreach International to continue this wave of positive change. Your skills and donations can help bring consistent, quality dental care and so much more to communities in need. EPISODE RESOURCES __ __
On today’s episode, we have friend and fellow dentist, Dr. Ben Kacos, in a conversation that feels both casual and richly informative. They discuss the demands and intricacies of dental practice, from handling complex procedures under sedation to strategic practice expansion. Dr. Kacos shares his personal experience of incorporating a paramedic into his sedation procedures, enhancing both efficiency and patient safety. Dr. Kacos also delves into the challenges of expanding a dental practice and the metrics that indicate when it's time to do so. His growth journey from a small setup to a multi-operatory enterprise offers listeners a blueprint for scaling their operations. The discussion turns towards the demographic considerations of practice location, emphasizing the importance of choosing a place with a conducive patient-to-dentist ratio and potential for growth. Listeners are encouraged to think ahead about their practice's lifecycle, from inception to the eventuality of selling or partnering with larger organizations. Dr. Kacos stresses the importance of demographic research in planning a successful dental practice and provides insights into managing a large team under one roof. EPISODE RESOURCES __ __
On today’s episode, we have special guest, Dr. Paul “Nacho” Goodman, and we dive deep into the fascinating world of dental professional networking, career paths, and the importance of kindness in achieving success. We discuss the vibrant community within the "Nachos Kind of Facebook Group," boasting an impressive membership of dental professionals, and how Dr. Goodman has cultivated a platform for job connections and career advice in the dental field. The conversation highlights the unnecessary competitiveness within the profession and champions a more collaborative and empathetic approach. Dr. Goodman, founder of Dentist Job Connect, shares insights into the challenges and opportunities facing dental professionals today, from navigating job markets to the intricacies of dental practice sales. He stresses the importance of early career planning, proactive job searching, and the critical role of personal development beyond clinical skills. The episode also explores the dynamics between private practice and Dental Service Organizations (DSOs), offering listeners a balanced view of the current dental landscape. For anyone in the dental profession, from students to seasoned practitioners, this episode is a treasure trove of wisdom on building a fulfilling career, embracing lifelong learning, and fostering positive relationships within the dental community. EPISODE RESOURCES __ __
On today’s episode, we have special guest is Dr. Summer Kassmel, a seasoned dentist with an impressive track record of merging practices to create successful group ventures in Colorado's picturesque mountain regions. Dr. Kassmel is not just an accomplished practitioner; she's an innovator in dental education, founding both Dental Assistant Schools Delivered and the Dental Career Academy. In this episode, Dr. Kassmel shares her journey from solo practice to overseeing grand-scale operations and how her unique business models address staffing challenges in the dental industry. Listeners will get a firsthand account of how Dr. Kassmel crafted two innovative training programs that have become cornerstones of her practice's success and a beacon for dental professionals nationwide. For those driven by the allure of transforming challenges into triumphs, Dr. Kassmel's story is a testament to what's possible with vision and tenacity. Her approach blends the nurturing of new talent through rigorous, accessible training programs with an entrepreneurial zeal, setting a new standard in the dental community. EPISODE RESOURCES __ __
On today’s episode, we delve into the profound realms of leadership and self-discipline, guided by the wisdom shared at the DSI mastermind event. The DSI mastermind ethos, mirroring the personal core values of its creator, serves as our north star. As we explore personal integrity, we're reminded that true integrity extends beyond our dealings with others, touching the very promises we make to ourselves. The discussion sheds light on the critical nature of personal integrity, emphasizing its role in our journey towards self-improvement and the fulfillment of commitments not only to others but, crucially, to ourselves. The episode doesn't shy away from the tough love needed to confront our shortcomings, urging a reflection on the promises we've made to ourselves and how we might be falling short. Through a series of exercises, it offers a path to enhance our self-discipline and leadership, challenging us to hold ourselves to the same standards of integrity we set in our external relationships. The conversation also traverses the significance of self-awareness, the discipline to endure discomfort for future rewards, the unyielding power of grit in overcoming challenges, and the vibrant drive of passion that should fuel our goals. Moreover, it emphasizes empathy's role in enriching our interactions and mindfulness in aligning with our purpose and managing stress. Physical well-being is spotlighted as the foundation upon which all other aspects of our lives are built, alongside a balanced perspective on the importance of financial health without letting it overshadow other critical life quadrants. This episode serves as a potent reminder of the multifaceted nature of success, blending personal development, physical health, and financial acumen with a heart-centered approach to living a fulfilling life. It invites listeners to re-evaluate their goals, ensuring they ignite a fire within, and to reassess their commitments, not just to the world but to themselves. For those on a quest to lead a balanced, impactful, and disciplined life, this episode offers invaluable insights. And if you haven't already, make sure to listen to the previous episodes for more foundational knowledge and inspiration. EPISODE RESOURCES __ __
On today’s episode, we continue our compelling journey into enhancing wellness within the dental profession. In today’s follow-up episode, brought to you by the Dental Success Network (DSN), we’re diving into Part 2 of "Recharging the Dental Battery: Strategies for Dentist Burnout, Client Care, and Nervous System Resilience." This episode promises to be as enriching as the first, filled with insights and strategies for thriving in both your professional and personal lives. Understanding Response Patterns: We delve into the nuances of the fight, flight, freeze, and fawn responses, crucial for recognizing our reactions to stress and trauma. Trauma in the Dental Chair: The episode explores the significant impact dental procedures can have on patients with trauma and how this affects their nervous system. Dealing with Anxious Patients: Our experts share compassionate and practical recommendations for dentists to better support anxious patients. Joy and Resilience: Discover how to build resilience in the face of professional challenges and find joy in your practice and beyond. The Power of Curiosity: We encourage you to be curious about your behavioral patterns and consider deeper therapeutic work to understand and nurture your nervous system. To all dental professionals out there, if you seek to transform your approach to client care and personal wellness, the Dental Success Network is your sanctuary. With DSN, gain access to a community that understands the unique challenges you face and offers solutions to enhance your professional journey. Embrace the support, education, and camaraderie that DSN provides. EPISODE RESOURCES __ __
On today’s episode, we delve deep into the challenges and triumphs of women in dentistry. In today's episode, recorded live from a webinar within the Dental Success Network (DSN), we're tackling a subject close to the hearts of many professionals: "Recharging the Dental Battery: Strategies for Dentist Burnout, Client Care and Nervous System Resilience," hosted on November 28, 2023. We're joined by an inspiring panel: Ashlee Hirschfeld, Summer Kassmel, & special guest Lauren Zoeller, a somatic therapist. Lauren Zoeller’s Expertise: As a somatic therapist, Lauren brings a unique perspective on how dental professionals can navigate the physical manifestations of past traumas and relational issues, providing insights into how these experiences shape our current well-being. Trauma's Impact: Lauren discusses the profound effects of trauma on entrepreneurs and leaders, particularly in high-stress environments like dental practices. Survival Responses: Our panel dives into the nervous system's survival responses, crucial knowledge for understanding reactions to daily stressors. Healing through Awareness: The importance of awareness and choice in the healing process is highlighted, especially when dealing with survival states that often go unnoticed. Strategies for Resilience: Listeners will gain practical strategies to develop a flexible nervous system that can withstand the rigors of dental practice. If you're finding value in these discussions and want to connect with like-minded dental professionals, the Dental Success Network is your go-to community. We're more than a network; we're a support system dedicated to your success and well-being. Join us at DSN to access a wealth of resources, including more episodes like this one. Remember, this is only Part 1 of our in-depth discussion. Tune in tomorrow for Part 2, where we'll continue to explore strategies for combating burnout and enhancing client care. Don't miss out on more expert advice and practical tips that can transform your practice and personal life. EPISODE RESOURCES __ __
On today’s episode, a presentation from a mastermind in 2019, Dr. Mark Costes shares invaluable insights on building a personal board of directors to elevate your dental practice. From choosing the right mix of professionals, like attorneys, CPAs, and insurance specialists, to the critical role of a personal advisory board in decision-making, Dr. Costes outlines how assembling a group of experts can significantly impact the success and growth of your business. He emphasizes the importance of proactive planning, especially in areas like tax planning and insurance, ensuring that every team member's expertise is aligned with the practice's goals. Tune in to learn how to construct your personal board of directors and advisory board, making sophisticated business ownership decisions to thrive in the dental industry. Don't miss this chance to redefine your approach to business management! EPISODE RESOURCES __ __
On today’s episode, we’re picking up where we left off. Dr. Matt Slivka, from Scottsdale, AZ, returns to share more of his expert advice on creating an unbeatable team environment. This episode zeroes in on the importance of employee reviews, regular growth meetings, and the creation of an effective workplace that not only aims for success but embodies it in every aspect of its operation. Key Insights: The Role of Employee Reviews: Dr. Slivka emphasizes how employee reviews are not just a formality but a crucial part of developing and maintaining a positive workplace culture. He shares his unique approach to conducting these reviews, ensuring they are constructive, forward-looking, and integral to personal and team growth. The Importance of Regular Reviews: According to Dr. Slivka, regular employee reviews are essential and non-negotiable for running a successful team. These reviews provide a structured opportunity for feedback, recognition, and the alignment of individual goals with those of the team and the broader organization. Weekly Growth Meetings: Dr. Slivka underscores the significance of holding weekly growth meetings. These gatherings serve as a powerful tool for continuous team development, allowing for real-time engagement, problem-solving, and celebration of achievements. They are vital for keeping the team aligned, motivated, and focused on shared goals. Principles for an Effective Workplace: In the final part of our discussion, Dr. Slivka shares key principles for creating an effective workplace. He touches on elements such as designing a conducive environment, fostering a positive atmosphere, and cultivating a culture that supports growth, collaboration, and innovation. As we conclude our enlightening conversation with Dr. Matt Slivka, it's clear that building and nurturing a dream team goes beyond mere aspiration. It requires dedication to practices that promote growth, communication, and a positive culture. We hope you're inspired to implement these strategies in your own team for transformative results. If you haven't listened to Part 1, we highly recommend you do so to fully grasp the concepts and strategies discussed. Part 1 lays the groundwork for understanding what it means to "live the dream" in a professional context and sets the stage for the actionable insights shared in this episode. EPISODE RESOURCES __ __
On today’s episode, we're joined by Dr. Matt Slivka, with a presentation from our most recent mastermind Scottsdale, AZ. He is renowned for his innovative approach to business and leadership. This episode takes us to the heart of what it means to truly "live the dream" in a professional setting, and how a united team can make that dream a vivid reality. In this first installment of our special two-part episode, Dr. Matt Slivka shares his invaluable insights on the essence of "living the dream" within the business landscape. Broadcasting directly from a compelling presentation in Scottsdale, AZ, titled "A Team Approach to 'Living the Dream'," Dr. Slivka delves into the core of achieving personal and collective aspirations in the workplace. Key Highlights: The Meaning of "Living the Dream": Dr. Slivka opens up the discussion by exploring various interpretations of what it means to "live the dream." It's not just about financial success; it's about finding fulfillment and joy in what we do every day. Understanding Your "Why": The importance of knowing the driving force behind your efforts cannot be overstressed. Dr. Slivka emphasizes how understanding your "why" and that of your team can propel you toward your goals, enriching both your professional and personal lives. Crafting a Mission Statement: A meaningful mission statement is the backbone of any successful team or business. Dr. Slivka walks us through the process of creating a mission statement that reflects your core values and resonates with everyone on the team. Establishing Core Values: Core values are the guiding principles that dictate behavior and action within a team. Dr. Slivka discusses how to establish and uphold values that align with your business ethos and encourage a cohesive, driven team environment. Dr. Matt Slivka's insights provide a foundation for not just aspiring to "live the dream," but actively creating an environment where this dream is a shared reality for you and your team. As we wrap up part one of this enlightening discussion, we invite you to reflect on your own "why" and the core values that drive your business forward. Don't miss out on Part 2, coming out tomorrow, where Dr. Slivka will dive deeper into the strategies for building and nurturing a dream team that not only shares your vision but is passionately committed to bringing it to life EPISODE RESOURCES __ __
On today’s episode, Mark goes over a few key topics, such as the importance of customization in operations manuals. Mark emphasizes the necessity of personalizing the operations manual for each dental practice. Rather than adopting a one-size-fits-all approach, he advocates for involving every team member in the creation process. This ensures that the manual is relevant and reflects the unique procedures and culture of the specific dental practice. Components of the Operations Manual: The operations manual should encompass various essential elements, including detailed job descriptions, step-by-step protocols for each role, accountability agreements, and visual guides for common areas. Regular performance reviews, organizational charts, and onboarding processes should also be included to facilitate smooth operations and staff management. Time Journal Exercise for Efficient Operation: To improve the operations manual, Mark suggests a time journal exercise for both the CEO and team members. This involves documenting daily activities to identify redundant tasks and inefficiencies. The goal is to streamline processes and delegate or eliminate low-value tasks, allowing the focus to be on high-value activities. This exercise not only aids in creating a more effective operations manual but also enhances overall practice efficiency. Meeting Management and Organizational Structure: Effective meeting management is crucial for dental practice operations. Mark outlines various types of meetings, including morning huddles and strategy sessions, emphasizing the importance of structured agendas to avoid unproductive discussions. He also touches on the importance of an efficient organizational structure, where roles are clearly defined, and overlaps in responsibilities are minimized. This structure ensures clarity in communication and task execution within the practice. EPISODE RESOURCES __ __
On today’s episode, host Dr. Mark Costes dives into the fascinating world of Dental Laboratories with guests Steven Fey, VP of Business Development at Maverick Dental Labs, and Barry Conley, a seasoned lab technician with over 40 years of experience. Maverick Dental Labs, known for its national reach and a team of more than 130 employees, has been instrumental in setting industry standards through strong culture systems and meticulous attention to detail. Steven and Barry share their experiences and insights on the evolution of dental laboratories, emphasizing the role of technology such as AI and digital dentures in reshaping dental practices. They discuss the challenges of maintaining quality and operational efficiency in the rapidly changing landscape, and how Maverick has managed to stay ahead by embracing technology while preserving the human touch that is critical to their success. Listeners will get a behind-the-scenes look at the journey from receiving a dental impression to the final product, highlighting the meticulous process that ensures each dental piece meets Maverick’s high standards. The episode also touches on the importance of clear communication between dentists and labs, comparing it to interpersonal relationships where understanding and clarity are key to fulfilling expectations. EPISODE RESOURCES __ __
On today’s episode, Mark welcomes Sydney Robinson, the Executive Director of the Dental Success Network (DSN). Sydney brings her unique perspective from the frontlines, sharing real-world dilemmas and solutions from the DSN community. The episode dives deep into the nuances of dental practice management, focusing on two main themes: the challenge of dealing with an associate dentist causing team unrest, and the complexities of hiring and compensating staff in today’s competitive job market. Dr. Costes emphasizes the importance of leadership in addressing clinical shortcomings and cultural misfits within a team. He probes essential questions that lead to recognizing where responsibility truly lies and the steps necessary for rectification. The conversation also explores the potential pitfalls of hiring overqualified staff, ensuring that roles and hierarchies within the practice are clear to prevent power struggles and maintain harmony. If you’re a dental professional grappling with similar issues or seeking to preemptively manage your team effectively, this episode is a treasure trove of strategies and thoughtful leadership approaches. EPISODE RESOURCES __ __
On today’s episode, Dr. Mark Costas engages with repeat guest Chip Fitchner, founder and principal at Large Practice Sales. They delve into the intricacies of selling dental practices to DSOs, discussing the various models like holdco and JV, and the emerging trends in the dental market. Chip, with his vast experience in buying, selling, and building companies, shares critical insights into selecting the right partnership for dental practices, emphasizing the importance of understanding the financial and operational nuances involved. For dentists contemplating the future of their practices, this conversation sheds light on the opportunities and considerations in partnering with DSOs. For more insights and to explore the possibilities for your practice, visit Large Practice Sales. EPISODE RESOURCES __ __
On today’s episode of the Dentalpreneur podcast, Dr. Mark Costes welcomes Eunicia Peret, a wealth strategist with 15 years in the financial services industry. Eunicia specializes in helping high-income individuals enhance wealth beyond traditional methods, aiming to increase retirement income while minimizing taxes. Her approach involves creating cohesive financial teams for her clients, proving effective for many. As a strategic advisor for business and women's leadership groups, Eunicia shares insights from a recent conference and discusses strategies for financial success and wealth management, emphasizing the importance of understanding individual financial situations and customizing strategies accordingly. EPISODE RESOURCES __ __
On today’s episode, featuring "The Automatic Patient Podcast," hosts Jordon Comstock and Justin Comstock are joined by dental industry veteran Dr. Mark Costes. They delve into the critical transition from working in the business to working on the business, discussing the common pitfalls that dentists face, such as getting trapped in the routine of clinical work and struggling with cash flow management. Dr. Costes shares his extensive experience in scaling dental practices and the importance of understanding business fundamentals, emphasizing the need for dentists to become proficient in financial literacy to escape the chair. They touch on systems and methodologies crucial for a practice's success, like the percentage-based budgeting system that aligns with growth and how to handle the complexities of a growing dental practice. The conversation is insightful, offering practical advice and strategies for dental practitioners looking to expand their business acumen and step into a more entrepreneurial role within their practices. EPISODE RESOURCES __ __
On today’s episode, Mark engages in an insightful conversation with Joshua Scott, a 21-year veteran in the dental marketing sphere. As the CEO of Studio 8e8, Joshua's company has been lauded as the top healthcare marketing agency in the U.S. by Healthcare Business Review. This episode promises to dive deep into the secrets behind story-driven marketing and the incredible journey of Studio 8e8. Mark and Joshua delve into the intricacies of scaling a dental practice from scratch to a multimillion-dollar enterprise within the first year. They unpack the strategic moves and the bold marketing initiatives that propelled a startup dental practice to an astounding $3 million in year one and continued to $5.4 million the following year. They'll also touch upon the operational challenges that come with such rapid growth and the importance of creating a brand that resonates and converts. To wrap up, they shift gears to discuss work-life integration, sharing personal insights on maintaining wellness amid business growth. Joshua opens up about his sleep routine, acknowledging the power of a restful night to fuel a productive day. Don't miss out on this blend of professional insights and personal philosophies. For more stories of entrepreneurial success and tips on how to elevate your practice, keep listening to the Dentalpreneur podcast. And, if you're looking to craft a narrative that truly represents your brand and resonates with your audience, visit Studio 8e8's website to learn how they can help you tell your story. EPISODE RESOURCES __ __
On today’s episode, we’re coming to you live amidst the excitement of the Chicago Midwinter event. Bear with the audio today, as we're running on the basics – just AirPods and a cellphone – but the content promises to be nothing short of compelling. In this episode, we're dialing into a live webinar with the esteemed Dr. Dan Briskie and Dr. Taher Dhoon, dissecting the art of presenting large treatment plans. These two industry veterans have mastered the craft in less traditionally affluent areas, proving that success isn't limited to high-end demographics. Expect to dive deep into the nuances of case presentations, learn strategies to elevate patient acceptance rates, and uncover the subtle art of conducting these high-stakes consultations. We're going to unravel how Dr. Briskey and Dr. Dhoon have transformed the lives of their patients and their practice's bottom line through skillful communication and presentation. Listeners, if you've ever grappled with the transition from routine procedures to more complex treatment plans, this is the episode for you. Get ready to absorb tips that could revolutionize your approach and potentially your practice's financial health. EPISODE RESOURCES __ __
On today’s part-2 episode, Mark continues his conversation with Brannon Moncrief, CEO of McLerran & Associates. They dive into the intricacies of dental practice sales, comparing the holdco equity model with joint venture models. Brannon sheds light on the varying financial outcomes these models can have for dentists, particularly those who have scaled back their clinical hours. They also discuss how a dental practice's value can surge during a recapitalization event and the factors influencing this increase. The discussion pivots to the inherent risks in the holdco model, such as the possibility of doctor turnover post-recap and the difficulties in predicting investment returns. Mark and Brannon explore the benefits of joint venture models, including the advantages of continuous EBITDA distributions and potentially higher returns at the time of recap. Lastly, they touch upon the emerging hybrid models that aim to blend the best aspects of holdco and joint venture structures to offer a balanced option for practice sellers. For a more detailed exploration of these topics and to learn how these different business structures could impact your dental practice sale, tune into the full episode. Don't forget to follow the podcast for more valuable insights into the dental industry, and for personalized consulting services or strategic advice, reach out to Brannon Moncrief at McLerran & Associates. EPISODE RESOURCES __ __
On today’s two-part episode, Mark sits down with Brannon Moncrief, CEO of McLerran & Associates, for an insightful discussion on the evolution and current state of Dental Service Organizations (DSOs). They delve into how DSOs have transformed over the past two decades and what the current wave of DSO consolidation means for the industry. The conversation also touches on the often overlooked factors that lead to failed recapitalizations within DSOs, such as operational sustainability challenges. Brannon and Mark examine the effects of the shifting economic landscape, highlighting the influence of rising interest rates on private equity investments in DSOs and their return expectations. Moreover, they underscore the criticality of choosing an appropriate DSO partner. They emphasize the significance of deal structure, equity options, and the operational history of the DSO and its financial backers, offering invaluable insights for anyone looking to navigate this complex sector. If you're looking to deepen your understanding of DSOs, their financial intricacies, and how to strategically align with or invest in them, be sure to tune in to this episode. And don't miss out on the second part of the series for more in-depth analysis and expert advice from Brannon Moncrief. For those eager to learn more and take the next step in optimizing their dental practice's potential, reach out to McLerran & Associates for personalized guidance and strategies tailored to your unique situation. EPISODE RESOURCES __ __
On today’s episode, we’re joined by Ashlee Hirschfeld, the COO of the Dental Success Network (DSN), for a deep dive into the latest in dental practice management, upcoming educational webinars, and the most engaging topics within the DSN community. They kick off the discussion with an overview of the exciting webinars scheduled for February, covering topics from presenting large treatment cases to understanding the crucial numbers for your practice. Mark and Ashlee highlight the importance of these webinars for practitioners looking to enhance their skills and adapt to the current social and financial climate. The conversation then shifts to the benefits of DSN membership, emphasizing the substantial savings on dental supplies and services negotiated for members. Mark proudly shares that DSN’s negotiated discounts often surpass those available through larger DSOs, underscoring the value of DSN membership. Answering community questions, Mark offers his expert advice on insurance verification, the criteria for hiring an associate based on patient numbers, and the metrics for evaluating hygienist performance. Each answer is tailored to encourage dental practitioners to analyze their practices’ unique situations and make informed decisions. The episode wraps up with a reflection on the impact of dental mission work and the fulfillment derived from giving back to underserved communities. Mark and Ashlee's discussion underscores the importance of community, continuous learning, and the pursuit of excellence in dental practice management. Listeners are encouraged to participate in the upcoming webinars and events to further their knowledge and connect with like-minded professionals. For more information on the Dental Success Network and to join the community, visit their website and explore the resources available to help dental practices thrive. EPISODE RESOURCES __ __
On today’s 2-part episode, we’re featuring Brent Saunier and Chris Sands from Profi 2020, the conversation takes an intriguing turn into various strategic aspects of tax planning for dental practitioners. Here, the discussion revolves around the use of luxury items like jets for business purposes, the implications of the Corporate Transparency Act for small business owners, the nuances of the 1031 exchange strategy in real estate, and the complexities of achieving real estate professional status for tax benefits. The episode elaborates on how significant investments, such as purchasing a jet, can potentially be justified as a business expense under certain conditions, emphasizing the importance of aligning with the tax code's requirements. The discussion then shifts to the Corporate Transparency Act, highlighting the necessity for small business owners to report beneficial ownership information to combat financial misconduct and enhance national security efforts. This segment stresses the importance of compliance to avoid hefty penalties and legal repercussions. Further, the dialogue explores the intricacies of the 1031 exchange strategy, allowing property owners to defer taxes by reinvesting the proceeds from the sale of one property into another. The conversation underscores the importance of like-kind exchanges and the need to identify the next property promptly to leverage this tax-deferral opportunity effectively. Lastly, the episode touches on the coveted real estate professional status, which can offer substantial tax benefits by allowing owners to claim losses against their active income. However, achieving this status requires meeting strict criteria, making it a challenging goal for full-time professionals. This podcast episode is packed with invaluable insights and practical advice for dental entrepreneurs looking to navigate the complex landscape of tax planning and investment strategies. Whether it's understanding the legal requirements of new tax laws, exploring real estate investment opportunities, or leveraging tax codes for business growth, this discussion provides a wealth of knowledge for savvy business owners aiming to optimize their financial planning. EPISODE RESOURCES __ __
On today’s 2-part episode, we delve into the realms of taxation and financial strategies for dental professionals. In this episode, we're joined by Brent Saunier and Chris Sands, the founders of Profi 2020, Marks’ personal CPA firm. As regular contributors to the podcast, Brent and Chris offer their expert insights on taxation changes and strategies that could significantly impact dental practitioners. One of the highlights of this episode is the discussion on the Tax Relief for American Families and Workers Act of 2024, a piece of legislation that could potentially extend 100% bonus depreciation through the end of 2025. This could mean significant tax savings for dental practitioners who have made or are planning to make substantial investments in their practices. We also dive into the intricacies of cost segregation studies, a strategy that can lead to substantial tax deductions for those who own their dental practice buildings. Brent and Chris explain how these studies work, the potential benefits, and the importance of timing when making such investments. The conversation takes a turn towards the practicalities of dealing with IRS audits, sharing insights from a recent audit experience and strategies for minimizing the risk of triggering an audit. They shed light on common red flags, including the home office deduction and the use of cars within the business. For dental practitioners looking to optimize their tax strategies and navigate the complexities of IRS audits, this episode is packed with valuable information and actionable advice. To learn more about Profi 2020 and how they can help you with your taxation and financial strategies, visit their website. Stay tuned for more insightful episodes aimed at helping you grow your dental practice efficiently and effectively. EPISODE RESOURCES __ __
On todays’ two-part series with Dr. Arman Taghizadeh, affectionately known as Dr. T, whose expertise in psychiatry bridges the gap between mental health and peak performance in athletics. As a distinguished Johns Hopkins-trained psychiatrist and a six-time "TopDoc" honoree, Dr. T brings invaluable insights from his impressive career in both medicine and sports. In this second episode, we delve into the transformative power of visualization. Dr. T elucidates how this technique not only helps athletes surmount mental hurdles but also serves as a critical tool for performance enhancement across various fields. He walks us through the practical application of visualization, demonstrating how it can be used for mental rehearsal and to deconstruct complex tasks into manageable steps. The conversation then shifts to address the often-overlooked issue of compassion-fatigue, offering guidance for professionals inundated daily by the emotional demands of their work. Additionally, we underscore the profound effect of compliments and positive reinforcement in acknowledging individual effort and contributions, a simple yet potent strategy to bolster morale and motivation. For anyone looking to elevate their mental game, whether in sports or daily life, Mark and Dr. T's insights in this series are indispensable. Don't forget to revisit part one if you haven't already, and join us as we continue to navigate the intricate landscape of mental fortitude and resilience. EPISODE RESOURCES __ __
On today’s 2-part episode, we are joined by Dr. Arman Taghizadeh, also known as "Dr. T," a distinguished Johns Hopkins trained psychiatrist specializing in General Adult Psychiatry, Child and Adolescent Psychiatry, and Sports Psychiatry. As a six-time "TopDoc" in Baltimore Magazine and a committed educator at Johns Hopkins Hospital, Dr. T brings his rich background as a wrestling All-American and an advocate for mental and physical health in students and professional athletes to our discussion. In part one of this series, Dr. T delves into his personal and professional journey, providing insights into the experiences that have honed his expertise. He shares effective strategies for developing robust mental health and fitness, emphasizing the cultivation of resilience and emotional well-being. Our conversation also covers breakthrough methods for professional athletes to overcome mental blocks, and how these can be universally applied to various professions, encouraging optimal performance and mental agility. Don't miss the wisdom and strategies Dr. T and Mark offer for enhancing your mental fitness. Be sure to catch the continuation of our enlightening discussion in part two, where we delve deeper into the mental aspects of competitive sports and everyday life challenges. For those eager to transform their mental approach to sports, career, and life, visit the Mindset Training Institute, founded by Dr. T, to explore their services and resources. Tune in tomorrow for the conclusion of this powerful interview. EPISODE RESOURCES __ __
On today’s episode, we have the concluding part two of our enlightening crossover episode with Dr. Desiree Yazden from the Social Dentist podcast. In this episode, we delve deeper into the operational aspects of running a successful dental practice. Dr. Yazden and Mark dissect the importance of understanding the cost per procedure to ensure financial health and discuss the critical role of leadership and team engagement in effectuating change. They emphasize the power of regular, focused meetings in keeping the team aligned and nurturing a positive practice culture. Additionally, they explore how demographic research plays a pivotal role in choosing the right market and location for your practice, alongside strategies for boosting revenue and efficiently managing overhead to maximize profitability. If you haven't caught up with part one, now is the time to do so before diving into this insightful conclusion. Enjoy this episode, packed with practical advice for enhancing your dental practice's success. EPISODE RESOURCES __ __
