February 27, 2025 • 14 mins
Before hiring an associate or opening a new location, are you truly ready? In this episode of The Millionaire Dentist™, we dive into the critical importance of proper sequencing and planning in dental practice management. Learn how to get your core operations and financials in order, avoid costly "backwards" decisions, and leverage expert advice from accountants and advisors to build a sustainable and profitable practice.
Interested in more info on how to: Earn More, Save More, and Retire Early
Upcoming Tour Dates: Go to our EVENTS page for info
Facebook: Four Quadrants Advisory
Instagram: @fourquadrantsadvisory
LinkedIn: Four Quadrants Advisory
Interested in more info on how to: Earn More, Save More, and Retire Early
Upcoming Tour Dates: Go to our EVENTS page for info
Facebook: Four Quadrants Advisory
Instagram: @fourquadrantsadvisory
LinkedIn: Four Quadrants Advisory
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:03):
Hello, everyone, Welcome to the Millionaire Dentist Podcast, brought to
you by four Quadness Advisory. On this podcast, we break
down the world of dentistry, finances and business practices to
help you become the millionaire dentists you deserve to be.
Please be advised we do speak with an honest tongue
and may not be safe for work.
Speaker 2 (00:24):
Hello and welcome.
Speaker 3 (00:25):
This is Casey Hires back at the Millionaire Dentist Podcast
in studio with co host Jared Bridgeman.
Speaker 4 (00:29):
Casey, how are you today?
Speaker 2 (00:31):
Doing well?
Speaker 4 (00:32):
Doing well? You look like you've been You've had a
busy day today. I've realy seen you made me sad.
You're you're you know, you're the light of my life.
You just come in. You're the sunshine to my to
my day.
Speaker 3 (00:41):
Oh man, compliments early, I'm better to be on on
on guard for what's coming.
Speaker 2 (00:45):
No, this is this is fun.
Speaker 3 (00:46):
We've a lot of events, a lot of traveling, a
lot of dental organizations want us to come in.
Speaker 2 (00:51):
We do our own.
Speaker 3 (00:52):
It's it's all good, busy, a lot of conversations with
the practice owners.
Speaker 4 (00:55):
You were out in Scottsdale very recently. I've never been
to Arizona. I've always liked to go visit at some point.
Did you How was your time out there?
Speaker 2 (01:04):
I love Scottsdale.
Speaker 3 (01:05):
If I was a tattoo person, I'd probably tattoo Scottsdale somewhere.
I love it. Got in and out, was a good boy.
Didn't bring my clubs. We were there for business, but
I love that area. Yeah, uh oh, you seventy six.
When I left Indianapolis it was four.
Speaker 4 (01:20):
Yeah, so that's got some.
Speaker 3 (01:22):
In an out burger, got some coffee bean because I
used to live out Western some of my favorites.
Speaker 2 (01:26):
Got to enjoy your staples.
Speaker 4 (01:28):
You got a hit while you're.
Speaker 3 (01:29):
There, Yeah, and then a great event and then boom airport.
Speaker 4 (01:33):
That's awesome. I mean, I'm glad you had a good time.
Speaker 3 (01:35):
But I told my two daughters and my wife, like, hey,
I came back, you know to be a family. Yeah person,
And yeah, where's my medal? Like I wanted praise and
did they get you one? No, Apparently that's just part
of the thing you're supposed to do. I wanted extra accolades.
Speaker 4 (01:53):
Yeah, I'm that way with My daughter is eleven now
is just doesn't seem to really care about anything. I
have to say, yeah, it's coming whatever my Boy store
aroundy seven. So Casey, one of the things I wanted
to just mention real quick, quick little PSA for our
listeners out there. You've heard us mentioned in some previous podcasts.
The boy reporting that has originally was due back on
(02:15):
December thirty first. It keep it kept getting pushed back
and there's litigation. Currently it is back on track and
there's a new due date of March twenty first. If
you have not done that reporting, you need to or
have your someone on your team take care of.
Speaker 2 (02:29):
That as a business owner.
Speaker 3 (02:31):
Yes, the government wants this document and not doing it yep,
can be problematic penalties and fine and there's been litigation
in courts and different things.
Speaker 2 (02:39):
But March twenty first.
Speaker 4 (02:40):
Thays dolls and may get pushed back again. But you know,
keep an eye on it because if you miss it,
it could could cause issues. So just just keep an
eye off for that.
Speaker 2 (02:49):
Yeah.
Speaker 3 (02:50):
Well, it's a time of year for accounting and taxes
and things of that nature.
Speaker 4 (02:53):
Dude, less than two months, Yeah, but what a month
and a half now almost into February, tax days coming up.
I personally dread tax Day just because I don't like
messing with numbers and things too much. You know, you've
been here longer than I have. You've been around our accountants,
You've obviously done taxes in your lifetime. You're not a
super young man anymore. But my question for you is
(03:16):
what would be the what would be a major difference
something to catch on very quickly of knowing if you
have a proactive accountant versus an accountant that's just kind
of reacts to news as it comes.
Speaker 3 (03:25):
Yeah, where there's smoke, there's fires sometimes, and specifically with
practice owners. They provide a good product to their patients.
They expect those that they employ to do things for
them to do them well.
Speaker 2 (03:35):
Unfortunately that's not the case.
Speaker 3 (03:37):
We've talked about a lot of these things during the
life of the podcast, but during tax time, if it's
being extended, right, if your quick books are months behind,
If your profit and loss statement and balance sheets are behind.
If your QuickBooks say one thing, your financials say one thing,
and your taxes say one thing, that's not good. If
you have a shareholder loan on your balance sheet, what
the hell is going on?
Speaker 4 (03:59):
Where to come from? You even have it?
Speaker 3 (04:01):
Yeah, the BOI, your CPA should be handling that or
reminding you, because that's just how it should be.
Speaker 2 (04:06):
So if you're.
Speaker 3 (04:07):
Experiencing some of those things, you know, that might be
your sign that you have here sign you have a
nice person, you like them, they work with fifteen other dentists,
but you might not be getting the expert tax advice
that you need, I mean forced compost nice.
Speaker 4 (04:20):
I want to have him do my taxes. What listen. Well,
one of the other things I wanted to bring up
is you know, every once in a while, you got
a business owner out there, you know, making several hundred
thousand dollars a year in terms of their collections, and
they're still possibly using like a you know, one of
those online I don't want to name the companies, but
you know you see commercials for them. What about those
(04:40):
people that are just trying to file not only personal
but their business through a simple software.
Speaker 3 (04:47):
Like that, oh like Turbo Tax or H and R
Block or just now And we've run across that. It's
typically newer owners and they they're yeah, they're trying to
get their taxes done. They're still thinking as a civilian,
not as a business owner. Right, Yeah, you get what
you pay for yeah. I mean as a business owner,
that should give you.
Speaker 4 (05:03):
Yeah, and if that's what your plan is this year,
you may want to reconsider well.
Speaker 2 (05:08):
Tax strategy is a big deal.
Speaker 3 (05:09):
And again we don't hang our hat on one singular
thing here, but just recently, some of the folks that
we're working with and looking at their information and data,
just by what we do as a standard of care,
we're lowering people's tax liability. One person fifteen seven hundred
dollars per year, another person it's like twenty one eight.
Speaker 4 (05:26):
That can almost get you some eggs.
Speaker 2 (05:28):
Nothing, it's nothing different.
Speaker 3 (05:30):
It's just structuring it in a way that masters the
opportunity for good tax management.
Speaker 4 (05:35):
And don't get me wrong, it's a confusing world. Taxes
can be very confusing, and you know there's one hundred
forms for everyone thing. So that's why having a team
or somebody's who's an expert in the dental field in
terms of taxes is important. Yeah, yeah, Casey, you wanted
to really bust my chops about something I did. I
don't know. It could be what did you bring to
(05:56):
the table for me? I brought all the other stuff.
Speaker 3 (05:58):
Now, the thing I the topic for today is ass backwards.
Speaker 2 (06:05):
There you go.
Speaker 3 (06:06):
Typically, for anything, there's a sequence of events needs to occur,
and if you do something too soon or too late,
it's not good. What am I talking about? Here's the
big one. A lot of times a practice owner will
want an associate, but everything else in their practice isn't great,
and they get an associate where the order of things
should have been different. We'll get into that a little
(06:27):
bit later, but there's a lot of real life examples
of getting out of order of doing something asked backwards,
And the first one that came to my mind was,
this was a long time ago. I met a on
spring break in South Padre. I met a lovely lady
and just getting to know her a little bit, her
dad had reserved her wedding reception because there was a
(06:50):
five year plus list to have a South Fork ranch
in Dallas, which is where the show Dallas was recorded,
And so she was twenty two or twenty one and
they had already reserved that wedding spot. But here's the point.
I didn't know her very long, and she had shared
that with me. That's like on a on a second date,
you're talking about how you're reading wedding or set like,
(07:11):
that's ass backwards, that's that's not doing things in the
right order, right, right.
Speaker 4 (07:15):
So you know this is something that was not with me,
but a friend, a family friend. They wanted a really
one of those expensive different cats, you know, like like
man coons, those kind of things. So they went and
got a pure bread and it was like, I don't know,
a couple like two thousand dollars something, you know, I'm
a go down to the shelter kind of guy. But
they did that and brought the cat home and realized
(07:36):
that their daughter was severely allergic.
Speaker 2 (07:39):
Yeah. Yeah, same principle, right, it's do things in order.
Speaker 3 (07:44):
And there's endless examples of this right of doing something
asked backwards where you're like, oh, I should have done
these three things first, and you learn the hard way.
But in owning a practice, holy cow, And that's one
of them. And the example you just use. If you
want to buy a practice and be a business owner
ahead of time, you need to speak with some very
very good accountants and CPAs because there's so many implications
(08:07):
and if you're using one of the basic items that
we talked about earlier, you need good tax advice before
you go out and do something major. But then once
you're an owner, it's incredible how many things are backwards
in a practice.
Speaker 4 (08:19):
I mean, we've mentioned before we've come across cases where
an associate was making more money than the owner.
Speaker 2 (08:24):
That happens a fair amount, right.
Speaker 4 (08:26):
Or it was costing you know, buck ten for every
dollar they were earning.
Speaker 2 (08:29):
Yeah, yeah.
Speaker 3 (08:30):
Or you know, somebody has a practice and they're overhead
seventy five percent and they go open a second practice.
Speaker 2 (08:35):
Ideally you would get.
Speaker 3 (08:36):
Your first practice great cash flow, great income, great overhead,
really really humming, and then you would launch that second one.
Speaker 4 (08:44):
Well heck, once you get everything rolling the right way
in your one practice, you may realize I'm pretty happy
with what I'm doing right now.
Speaker 3 (08:50):
Well, people I talk to who want extra practices because
they don't make the money they want. If they could
make the money they want with one, they would prefer one.
But it's out of order. So many times with again
the associate or a second or third location. There are
things that you need to do first. Yes, where that
can be a really good idea, right.
Speaker 4 (09:09):
So, I mean there's always a positive thing to set
a goal. This is something I would like to do
because I really do love the idea of having someone
work under me or having a second practice. Set that goal,
but then talk to the experts, talk to the people
and be like, what are the steps that need to
be done to get myself secured and make that happen.
Speaker 3 (09:26):
Yeah, you need to know what needs to happen to
get there. In the example of the talking about your
wedding reception location, when you just meet somebody, Okay, if
you want your wedding to be someplace, what needs to happen, Well,
you need to meet somebody, and you need to establish
a good friendship, and you need to you know, do
all these things first. Then having a wedding reception a
(09:48):
really cool venue that's booked out five years can be amazing.
Speaker 4 (09:51):
How many shotgun weddings need know that we're successful for
a long time. I maybe back in the day, well,
and I was going to make a joke about how
you know, I'm not going to enter a bodybuilding petition
and go tomorrow and hope for first place. Yeah, I
know you can't see me right now, folks, But a lot.
Speaker 3 (10:05):
A lot of practice owners will bring on that associate
hoping and thinking that that's going to be that, that's
going to be the one. And so again it's just.
Speaker 4 (10:12):
Having a baby together, we'll save our marriage. Having an
associate will save my practice. Just burned down everything.
Speaker 2 (10:18):
Yeah, it's in dentistry.
Speaker 3 (10:20):
There's a lot of things that need to be done
a certain way, and people will jump steps, skip steps,
ignore steps, and then they'll make big decisions and they
don't like the result, they don't like where they're at.
And again it's just it's getting things ass backwards. Get
your practice and everything about your money right. Then you're
in a better position to go make decisions or take
some risks, or grow or whatever.
Speaker 4 (10:41):
That looks not any different than when you perform your
It don't work on a patient. There are certain steps
you follow to ensure that everything is done, you know,
sanitize and clean and done in the right order and
the patient isn't in pain and all that stuff.
Speaker 2 (10:53):
Yeah, if you if you skip six steps and jump ahead.
Speaker 3 (10:56):
It's not it's not going to turn out the way
you want it. So many, so many of these examples.
That's how it is. As a practice owner. It's easy
for us to talk about it. We see it a lot.
And then when we bring strategy and a plan and
put numbers to things. Yep, boy, it adds clarity. You know,
you're so right, because, like you know, we see.
Speaker 4 (11:14):
Dentists and talk to gnis all across the country and
we see all these cases and for us, there's so
many common issues that may be different a little bit
here and there. There's a lot of common issues. But
to the person we're talking to, it feels like it's
just them against the world. You know, you always say
like maybe, like are you do you think like you're
on an island. They don't realize that this is there
(11:36):
is people out there to help them with these things.
Speaker 3 (11:38):
Yeah, this cliche saying, but it's very true. People just
don't know what they don't know. A lot of practice
owners they're not trained or educate in on a lot
of the decisions they're making, and it's hard.
Speaker 2 (11:47):
They just don't know.
Speaker 3 (11:48):
When you add the again, the strategy and expertise and
the numbers, they quickly realize. We love to educate them.
Oh that makes sense. This isn't necessarily a bad idea,
but it would be a really bad idea if I
did it when I thought I should do it. Instead,
I need to do these three things and then this
will be the trigger for this action. Boy, when you
(12:08):
put systems in and have numbers to guide you, it helps,
and so many practice owners get things ass backwards.
Speaker 4 (12:15):
I mean, even just being in my own little department
and marketing over here. I've built my own systems and
have some things going that might have taken a little
work on the front end, but it's really made things
better in the long run.
Speaker 3 (12:24):
Well, you could come up with a really nice marketing
piece to send out that we're doing something really cool
in some city, but if we haven't reserved the space
and scheduled flights and planned accordingly and invited people, then
that action was a terrible.
Speaker 2 (12:38):
Decision, was of everything.
Speaker 4 (12:40):
Yeah, yeah, Casey, thank you so much for stopping in today. Folks.
We talk about our events a lot. We've got way
more coming up. Next week, we're going to be in Birmingham, Alabama.
That's gonna be pretty exciting. We're going to we just
launched some events and we're gonna be in Denver, Colorado.
In a few months. We're gonna be hitting Louisville and
Kentucky and Lexington. We're gonna be the Carol Visit four
(13:00):
Quadrantadvisor dot Com slash events check it out and.
Speaker 2 (13:03):
Please come, please register be at the Henman too.
Speaker 4 (13:06):
We'll hope and you're presenting at them, right, Yeah, that'll
be fun. And the night before we're doing a social
you're in Atlanta.
Speaker 3 (13:12):
We're gonna we got another we're sending off one of
our clients. He was the president of a state dental association.
We're gonna send him off with a nice event that's
more private, right, I shouldn't have probably that.
Speaker 2 (13:21):
We love our clients.
Speaker 4 (13:23):
Anyways, Casey, thank you so much and I can't wait
to hear on your next trip.
Speaker 2 (13:28):
I'll when Thanks.
Speaker 1 (13:31):
That's all the time we have today. Thank you to
our guests for their insight and for sharing some really
great information, and thank you to you the listener for
tuning in. The Millionaire Dennis Podcast is brought to you
by four Quadrants Advisory to see if they might be
a good fit for you and your practice. Going over
to four Quadrantsadvisory dot com and see why year after
year they retain over ninety five percent of the clients.
(13:51):
Thank you again for joining us, and we'll see you
next time.
Hello, everyone, Welcome to the Millionaire Dentist Podcast, brought to
you by four Quadness Advisory. On this podcast, we break
down the world of dentistry, finances and business practices to
help you become the millionaire dentists you deserve to be.
Please be advised we do speak with an honest tongue
and may not be safe for work.
Speaker 2 (00:24):
Hello and welcome.
Speaker 3 (00:25):
This is Casey Hires back at the Millionaire Dentist Podcast
in studio with co host Jared Bridgeman.
Speaker 4 (00:29):
Casey, how are you today?
Speaker 2 (00:31):
Doing well?
Speaker 4 (00:32):
Doing well? You look like you've been You've had a
busy day today. I've realy seen you made me sad.
You're you're you know, you're the light of my life.
You just come in. You're the sunshine to my to
my day.
Speaker 3 (00:41):
Oh man, compliments early, I'm better to be on on
on guard for what's coming.
Speaker 2 (00:45):
No, this is this is fun.
Speaker 3 (00:46):
We've a lot of events, a lot of traveling, a
lot of dental organizations want us to come in.
Speaker 2 (00:51):
We do our own.
Speaker 3 (00:52):
It's it's all good, busy, a lot of conversations with
the practice owners.
Speaker 4 (00:55):
You were out in Scottsdale very recently. I've never been
to Arizona. I've always liked to go visit at some point.
Did you How was your time out there?
Speaker 2 (01:04):
I love Scottsdale.
Speaker 3 (01:05):
If I was a tattoo person, I'd probably tattoo Scottsdale somewhere.
I love it. Got in and out, was a good boy.
Didn't bring my clubs. We were there for business, but
I love that area. Yeah, uh oh, you seventy six.
When I left Indianapolis it was four.
Speaker 4 (01:20):
Yeah, so that's got some.
Speaker 3 (01:22):
In an out burger, got some coffee bean because I
used to live out Western some of my favorites.
Speaker 2 (01:26):
Got to enjoy your staples.
Speaker 4 (01:28):
You got a hit while you're.
Speaker 3 (01:29):
There, Yeah, and then a great event and then boom airport.
Speaker 4 (01:33):
That's awesome. I mean, I'm glad you had a good time.
Speaker 3 (01:35):
But I told my two daughters and my wife, like, hey,
I came back, you know to be a family. Yeah person,
And yeah, where's my medal? Like I wanted praise and
did they get you one? No, Apparently that's just part
of the thing you're supposed to do. I wanted extra accolades.
Speaker 4 (01:53):
Yeah, I'm that way with My daughter is eleven now
is just doesn't seem to really care about anything. I
have to say, yeah, it's coming whatever my Boy store
aroundy seven. So Casey, one of the things I wanted
to just mention real quick, quick little PSA for our
listeners out there. You've heard us mentioned in some previous podcasts.
The boy reporting that has originally was due back on
(02:15):
December thirty first. It keep it kept getting pushed back
and there's litigation. Currently it is back on track and
there's a new due date of March twenty first. If
you have not done that reporting, you need to or
have your someone on your team take care of.
Speaker 2 (02:29):
That as a business owner.
Speaker 3 (02:31):
Yes, the government wants this document and not doing it yep,
can be problematic penalties and fine and there's been litigation
in courts and different things.
Speaker 2 (02:39):
But March twenty first.
Speaker 4 (02:40):
Thays dolls and may get pushed back again. But you know,
keep an eye on it because if you miss it,
it could could cause issues. So just just keep an
eye off for that.
Speaker 2 (02:49):
Yeah.
Speaker 3 (02:50):
Well, it's a time of year for accounting and taxes
and things of that nature.
Speaker 4 (02:53):
Dude, less than two months, Yeah, but what a month
and a half now almost into February, tax days coming up.
I personally dread tax Day just because I don't like
messing with numbers and things too much. You know, you've
been here longer than I have. You've been around our accountants,
You've obviously done taxes in your lifetime. You're not a
super young man anymore. But my question for you is
(03:16):
what would be the what would be a major difference
something to catch on very quickly of knowing if you
have a proactive accountant versus an accountant that's just kind
of reacts to news as it comes.
Speaker 3 (03:25):
Yeah, where there's smoke, there's fires sometimes, and specifically with
practice owners. They provide a good product to their patients.
They expect those that they employ to do things for
them to do them well.
Speaker 2 (03:35):
Unfortunately that's not the case.
Speaker 3 (03:37):
We've talked about a lot of these things during the
life of the podcast, but during tax time, if it's
being extended, right, if your quick books are months behind,
If your profit and loss statement and balance sheets are behind.
If your QuickBooks say one thing, your financials say one thing,
and your taxes say one thing, that's not good. If
you have a shareholder loan on your balance sheet, what
the hell is going on?
Speaker 4 (03:59):
Where to come from? You even have it?
Speaker 3 (04:01):
Yeah, the BOI, your CPA should be handling that or
reminding you, because that's just how it should be.
Speaker 2 (04:06):
So if you're.
Speaker 3 (04:07):
Experiencing some of those things, you know, that might be
your sign that you have here sign you have a
nice person, you like them, they work with fifteen other dentists,
but you might not be getting the expert tax advice
that you need, I mean forced compost nice.
Speaker 4 (04:20):
I want to have him do my taxes. What listen. Well,
one of the other things I wanted to bring up
is you know, every once in a while, you got
a business owner out there, you know, making several hundred
thousand dollars a year in terms of their collections, and
they're still possibly using like a you know, one of
those online I don't want to name the companies, but
you know you see commercials for them. What about those
(04:40):
people that are just trying to file not only personal
but their business through a simple software.
Speaker 3 (04:47):
Like that, oh like Turbo Tax or H and R
Block or just now And we've run across that. It's
typically newer owners and they they're yeah, they're trying to
get their taxes done. They're still thinking as a civilian,
not as a business owner. Right, Yeah, you get what
you pay for yeah. I mean as a business owner,
that should give you.
Speaker 4 (05:03):
Yeah, and if that's what your plan is this year,
you may want to reconsider well.
Speaker 2 (05:08):
Tax strategy is a big deal.
Speaker 3 (05:09):
And again we don't hang our hat on one singular
thing here, but just recently, some of the folks that
we're working with and looking at their information and data,
just by what we do as a standard of care,
we're lowering people's tax liability. One person fifteen seven hundred
dollars per year, another person it's like twenty one eight.
Speaker 4 (05:26):
That can almost get you some eggs.
Speaker 2 (05:28):
Nothing, it's nothing different.
Speaker 3 (05:30):
It's just structuring it in a way that masters the
opportunity for good tax management.
Speaker 4 (05:35):
And don't get me wrong, it's a confusing world. Taxes
can be very confusing, and you know there's one hundred
forms for everyone thing. So that's why having a team
or somebody's who's an expert in the dental field in
terms of taxes is important. Yeah, yeah, Casey, you wanted
to really bust my chops about something I did. I
don't know. It could be what did you bring to
(05:56):
the table for me? I brought all the other stuff.
Speaker 3 (05:58):
Now, the thing I the topic for today is ass backwards.
Speaker 2 (06:05):
There you go.
Speaker 3 (06:06):
Typically, for anything, there's a sequence of events needs to occur,
and if you do something too soon or too late,
it's not good. What am I talking about? Here's the
big one. A lot of times a practice owner will
want an associate, but everything else in their practice isn't great,
and they get an associate where the order of things
should have been different. We'll get into that a little
(06:27):
bit later, but there's a lot of real life examples
of getting out of order of doing something asked backwards,
And the first one that came to my mind was,
this was a long time ago. I met a on
spring break in South Padre. I met a lovely lady
and just getting to know her a little bit, her
dad had reserved her wedding reception because there was a
(06:50):
five year plus list to have a South Fork ranch
in Dallas, which is where the show Dallas was recorded,
And so she was twenty two or twenty one and
they had already reserved that wedding spot. But here's the point.
I didn't know her very long, and she had shared
that with me. That's like on a on a second date,
you're talking about how you're reading wedding or set like,
(07:11):
that's ass backwards, that's that's not doing things in the
right order, right, right.
Speaker 4 (07:15):
So you know this is something that was not with me,
but a friend, a family friend. They wanted a really
one of those expensive different cats, you know, like like
man coons, those kind of things. So they went and
got a pure bread and it was like, I don't know,
a couple like two thousand dollars something, you know, I'm
a go down to the shelter kind of guy. But
they did that and brought the cat home and realized
(07:36):
that their daughter was severely allergic.
Speaker 2 (07:39):
Yeah. Yeah, same principle, right, it's do things in order.
Speaker 3 (07:44):
And there's endless examples of this right of doing something
asked backwards where you're like, oh, I should have done
these three things first, and you learn the hard way.
But in owning a practice, holy cow, And that's one
of them. And the example you just use. If you
want to buy a practice and be a business owner
ahead of time, you need to speak with some very
very good accountants and CPAs because there's so many implications
(08:07):
and if you're using one of the basic items that
we talked about earlier, you need good tax advice before
you go out and do something major. But then once
you're an owner, it's incredible how many things are backwards
in a practice.
Speaker 4 (08:19):
I mean, we've mentioned before we've come across cases where
an associate was making more money than the owner.
Speaker 2 (08:24):
That happens a fair amount, right.
Speaker 4 (08:26):
Or it was costing you know, buck ten for every
dollar they were earning.
Speaker 2 (08:29):
Yeah, yeah.
Speaker 3 (08:30):
Or you know, somebody has a practice and they're overhead
seventy five percent and they go open a second practice.
Speaker 2 (08:35):
Ideally you would get.
Speaker 3 (08:36):
Your first practice great cash flow, great income, great overhead,
really really humming, and then you would launch that second one.
Speaker 4 (08:44):
Well heck, once you get everything rolling the right way
in your one practice, you may realize I'm pretty happy
with what I'm doing right now.
Speaker 3 (08:50):
Well, people I talk to who want extra practices because
they don't make the money they want. If they could
make the money they want with one, they would prefer one.
But it's out of order. So many times with again
the associate or a second or third location. There are
things that you need to do first. Yes, where that
can be a really good idea, right.
Speaker 4 (09:09):
So, I mean there's always a positive thing to set
a goal. This is something I would like to do
because I really do love the idea of having someone
work under me or having a second practice. Set that goal,
but then talk to the experts, talk to the people
and be like, what are the steps that need to
be done to get myself secured and make that happen.
Speaker 3 (09:26):
Yeah, you need to know what needs to happen to
get there. In the example of the talking about your
wedding reception location, when you just meet somebody, Okay, if
you want your wedding to be someplace, what needs to happen, Well,
you need to meet somebody, and you need to establish
a good friendship, and you need to you know, do
all these things first. Then having a wedding reception a
(09:48):
really cool venue that's booked out five years can be amazing.
Speaker 4 (09:51):
How many shotgun weddings need know that we're successful for
a long time. I maybe back in the day, well,
and I was going to make a joke about how
you know, I'm not going to enter a bodybuilding petition
and go tomorrow and hope for first place. Yeah, I
know you can't see me right now, folks, But a lot.
Speaker 3 (10:05):
A lot of practice owners will bring on that associate
hoping and thinking that that's going to be that, that's
going to be the one. And so again it's just.
Speaker 4 (10:12):
Having a baby together, we'll save our marriage. Having an
associate will save my practice. Just burned down everything.
Speaker 2 (10:18):
Yeah, it's in dentistry.
Speaker 3 (10:20):
There's a lot of things that need to be done
a certain way, and people will jump steps, skip steps,
ignore steps, and then they'll make big decisions and they
don't like the result, they don't like where they're at.
And again it's just it's getting things ass backwards. Get
your practice and everything about your money right. Then you're
in a better position to go make decisions or take
some risks, or grow or whatever.
Speaker 4 (10:41):
That looks not any different than when you perform your
It don't work on a patient. There are certain steps
you follow to ensure that everything is done, you know,
sanitize and clean and done in the right order and
the patient isn't in pain and all that stuff.
Speaker 2 (10:53):
Yeah, if you if you skip six steps and jump ahead.
Speaker 3 (10:56):
It's not it's not going to turn out the way
you want it. So many, so many of these examples.
That's how it is. As a practice owner. It's easy
for us to talk about it. We see it a lot.
And then when we bring strategy and a plan and
put numbers to things. Yep, boy, it adds clarity. You know,
you're so right, because, like you know, we see.
Speaker 4 (11:14):
Dentists and talk to gnis all across the country and
we see all these cases and for us, there's so
many common issues that may be different a little bit
here and there. There's a lot of common issues. But
to the person we're talking to, it feels like it's
just them against the world. You know, you always say
like maybe, like are you do you think like you're
on an island. They don't realize that this is there
(11:36):
is people out there to help them with these things.
Speaker 3 (11:38):
Yeah, this cliche saying, but it's very true. People just
don't know what they don't know. A lot of practice
owners they're not trained or educate in on a lot
of the decisions they're making, and it's hard.
Speaker 2 (11:47):
They just don't know.
Speaker 3 (11:48):
When you add the again, the strategy and expertise and
the numbers, they quickly realize. We love to educate them.
Oh that makes sense. This isn't necessarily a bad idea,
but it would be a really bad idea if I
did it when I thought I should do it. Instead,
I need to do these three things and then this
will be the trigger for this action. Boy, when you
(12:08):
put systems in and have numbers to guide you, it helps,
and so many practice owners get things ass backwards.
Speaker 4 (12:15):
I mean, even just being in my own little department
and marketing over here. I've built my own systems and
have some things going that might have taken a little
work on the front end, but it's really made things
better in the long run.
Speaker 3 (12:24):
Well, you could come up with a really nice marketing
piece to send out that we're doing something really cool
in some city, but if we haven't reserved the space
and scheduled flights and planned accordingly and invited people, then
that action was a terrible.
Speaker 2 (12:38):
Decision, was of everything.
Speaker 4 (12:40):
Yeah, yeah, Casey, thank you so much for stopping in today. Folks.
We talk about our events a lot. We've got way
more coming up. Next week, we're going to be in Birmingham, Alabama.
That's gonna be pretty exciting. We're going to we just
launched some events and we're gonna be in Denver, Colorado.
In a few months. We're gonna be hitting Louisville and
Kentucky and Lexington. We're gonna be the Carol Visit four
(13:00):
Quadrantadvisor dot Com slash events check it out and.
Speaker 2 (13:03):
Please come, please register be at the Henman too.
Speaker 4 (13:06):
We'll hope and you're presenting at them, right, Yeah, that'll
be fun. And the night before we're doing a social
you're in Atlanta.
Speaker 3 (13:12):
We're gonna we got another we're sending off one of
our clients. He was the president of a state dental association.
We're gonna send him off with a nice event that's
more private, right, I shouldn't have probably that.
Speaker 2 (13:21):
We love our clients.
Speaker 4 (13:23):
Anyways, Casey, thank you so much and I can't wait
to hear on your next trip.
Speaker 2 (13:28):
I'll when Thanks.
Speaker 1 (13:31):
That's all the time we have today. Thank you to
our guests for their insight and for sharing some really
great information, and thank you to you the listener for
tuning in. The Millionaire Dennis Podcast is brought to you
by four Quadrants Advisory to see if they might be
a good fit for you and your practice. Going over
to four Quadrantsadvisory dot com and see why year after
year they retain over ninety five percent of the clients.
(13:51):
Thank you again for joining us, and we'll see you
next time.
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