June 8, 2023 • 18 mins
When you find an excellent external financial advisory team, you can get yourself onto a path of financial freedom. The earlier you do that, the better. Casey and Jarrod discuss how clients of Four Quadrants have the ability to retire when they want and still be able to afford the lifestyle they are accustomed to.
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.
(00:03):
Hello, everyone, Welcome to theMillionaire Dentist Podcast, brought to you by
Four Quadrants Advisory. On this podcast, we break down the world of dentistry,
finances and business practices to help youbecome the millionaire dentist you deserve to
be. Please be advised we dospeak with an honest tongue and may not
be safe for work. Hello andwelcome. This is Casey Hires back at
(00:27):
the Millionaire Dnist Podcast in studio witha very dapper Jared Bridgeman. Hey,
how are you doing here? Alittle suit on too? It's nice?
Suit it up, suit it up. Love it. So, Casey,
let me ask you Memorial Day justhappened? Did you have anything great happen
over your your holiday weekend? Crushedit? I'm really good at days off.
(00:47):
I'm really good at holidays. Icrushed it nice, I mean you
name it. Yeah, cigars,golf, friends, family cookouts, that's
everything. Nailed it than really goodat that time off? Yeah. We
Uh, I took the family overto my dad's house and he has a
heated pool, so that was nice. It's uh the ponds for you in
the back, the way back,that's right, kids. Yeah. Well
(01:10):
and I'm I'm the kind of guyI don't like cold pool water. It
takes me like an hour to inchmy way in, so warmmer pool is
really at my alley. Figured you'dbe a cannonball guy. I still gotta
play my nose. Why I neverreally learned to swim. She's not that
well like a dogg and paddle likea master though. Goodness, Yeah,
it's nice to have some time offsharpen the axe. Well, and especially
(01:33):
for you. I mean you've beenyou know, hitting up shows and uh
and speaking and doing all kinds ofstuff lately. Yeah, spreading a good
word. Um. And and it'sfunny, what do we prep for podcasts
in terms of three to six minutes? And we just run, We just
go right like we're uh. Andso we had so many great ideas,
no one theme, and uh,we're just gonna throw some stuff against the
(01:57):
wall and see what sticks. Imean, we've got a lot of fun
things to talk about, but it'snot it's not what we say cohesive.
Hey, don't even have a titleyet, but I'll think of one.
You know what it's like when youhave a bunch of ingredients left and you're
like, you know what let's seewhat we do and it tastes delicious.
I don't know lay store and Ijust grab it's in my fridge. Yes,
So you know some of this ofcourse, like we are a firm
(02:20):
who has been around for almost twentyyears who helps practice owners. We talk
about that all the time. Someof the topics are going to probably hit
that, but we're also going totalk about some other things in dentistry as
well. But you know, oneof the first ones, we were talking
to our founder and CEO, JasonSmith, and he was sort of doing
some reflecting and he said, asI look out at our clients, some
of them are able to retire early. Um, those that find us young
(02:44):
are able to retire at fifty.And I found that interesting. And we
just had somebody in from what NewYork right right right? He uh,
he's retiring early, isn't he fiveyears early? Okay, four and a
half if we want to get real. I also know he just took an
amazing river cruise out in a gamsterdamnand up in that area. Well,
(03:05):
this is one of those things thatI was that the Yankee Dental Congress meeting
presented to a sold out room.You know, somebody approaches and has some
questions and wants to talk. That'sgreat, right, right, We provide
ce, but ultimately people realize yourexpertise comes from that you have done this
for a couple of decades as afirm, actual experience. We just didn't
make it up. And he waseverybody has a different situation, right,
(03:28):
And he was just in a placewhere one partner's retiring, another partner disabled,
and so boom, all of asudden, he's in a different situation.
Long story short, he took thatleap of faith, and for his
personality profile, that was hard,Jared, It was really hard for him
to take that leap. He looksback and goes, the hell would I
have done without finding you? Guys, He's retiring four and a half years
early. He's retiring early. Henow has someone else who's bought in,
(03:52):
right, correct, And I meanwho's now and we help we'll help handle
that kind of handoff, right,and millions more than he would have had,
right. So for him, itwas retiring early because he found us
later. But we work with peoplewho they find us in their mid thirties,
Jared. They can be out ofdentistry by the time they're fifty.
(04:13):
He retired right, like retired withlike lots of money. Oh yeah,
retirement. I retire at fifty andbe homeless eight eight digits right, eight
digits. Yeah, And so that'sa big deal. And that's why we
we better our bread sometimes on thispodcast because this is what we do all
the time. We help people.We want to help more people, but
we can't help everybody, you know. Jason, our founder again also had
(04:36):
mentioned something I found very interesting,which is he's finding today that dentists in
their mid thirties seem to have moreof a stride than even like ten years
ago. Like there's been a shiftin more of a drive for what like
like to success and to own theirown practice and really not just own own
at top quiz. Why do youthink that is because millennials are better than
(04:58):
jen x? I love it.No, I No. I think part
of it could just be a lotof people that age or just a few
year, few years younger than us, have seen the struggles that maybe they're
their parents or their grandpather they ifthey're in that in that bitline of business.
I'm going to give the answer tomy own pop quiz. Yes,
(05:18):
from my conversations with practice owners.It's twofold that age. They've seen some
older folks and maybe a study clubor in the community that they were respected
and they did not retire or goout the way they wanted to, or
they had the practice longer. Sothey have seen it may be not done
the right way, and that's alittle can cause trepidation. The other side
(05:40):
of it is a lot of theirfriends are going into corporate dentistry to avoid
the downfalls and pitfalls of that ownershipcan have because they're almost too scared to
do it. So they say,I'm going to take that out of the
equation. I'm going to do corporatedentistry. It's not necessarily what they want
to do, but it's a path. And so some of the younger owners
are looking at this going so Iwant to be old and still practicing,
(06:01):
or do I want to get stuckin a grinding the achievers go screw it.
I'm want to prove everybody wrong.Yep. I'm want to prove my
friends wrong who are too scared toown a practice. And I don't want
to be old man River at thestudy club who can't retire right in your
seventies raties, and so what we'refinding are some really the mindset because twenty
(06:21):
years ago, fifteen years ago,some of these the younger people might not
have been ready for a firm likeours, quite frankly, but now they're
looking up, going, I don'twe don't have time to waste. I
want to get this right. I'mgood at dentistry. I'm not good at
all the stuff you guys do.Let's have a chat, let's work together.
But yeah, that's that pop quizis that they want to prove their
corporate dentistry friends wrong, and theydon't want to be the old person who
(06:44):
can't retire. So they want toget it right, and they don't want
to wait. They don't want todo it themselves for ten years and fall
short. So find us in yourthirties, retire by fifty or you know,
five to eight years earlier than expected. That all sounds great. Does
that mean we're you know, you'reworking yourself to the bond. No,
that's that's the in dentistry. Youhere, if you want to make more,
produce more. We've said it before, that's what people here. It's
(07:06):
not necessarily true. Our firm isreally really good at driving results, but
increased production like one point seven percent, right, you know, over a
couple of year periods. So it'sit's what we're all about, is our
clients working the same or less hours, but they're more efficient. That looks
different for different practices. Sometimes that'san insurance situation we've got to get figured
(07:28):
out. Sometimes that's fees, caseacceptance, patients per day, production per
day. There's a lot of benchmarksthat drive that would that kind of tie
into more of a work life balancefor these for these owners. Yeah,
it's incredible the folks again can takethe leap of faith and have the opportunity
to work with a firm like ours. You know, work life balance gets
(07:49):
better when these areas are mastered.I mean they're not at home working on
the books either. No, asmuch as they were. No, I
mean they can actually do things thatthey enjoy. But it was interesting.
We were just is it okay topivot? Yeah, we were just at
um. We were just at astate meeting and one of our clients is
the president of the state Association andwe had the the privilege of hosting the
(08:13):
presidential suite and just it was itwas fun, right, like, of
course everybody likes that. Feel.Sure, we got to talk to a
lot of people we don't work with, but they're big hitters and the AGD
and the ADA and they do allkinds of things in the dentistry and well,
and they were older and they heardabout our firm. They haven't worked
with us, but even hearing fromthem, like why I hear really good
(08:33):
things or you know, younger peopleneed to at least take a look or
or what does it take to havesuccess? Because again, most of these
folks are older and they're they're stillworking. Some don't mind it because they're
not in the mouth as much.Yeah, um, and they actually enjoy
it. But it was it wasa lot of fun to go to that
meeting. Um, and again justhave those conversations. But I was asking
(08:54):
some of them, when you goto these sorts of meetings, what do
you what do you want to getout of it? Yeah, I feel
like, you know, off thetop of my head, some of it
really is just um, the celike the in the chairs. There's certainly
some opportunities to learn something. Yeah. Um, I mean honestly that if
they're at a nice resort and theyget a little family time or a little
(09:16):
time away see some old friends.Yeah you know, yeah, that's right.
Um. But they had said that, you know, sometimes they still
go through the exhibit hall, butit can be awkward. Um and and
it's not necessarily helpful. Um.But what I told them, I go,
well, we were actually are inthe exhibit hall as well. And
I go, oh, really webecause I was just kind of skipping through.
(09:39):
We didn't know that you that youwere. And one of them said,
you know again, I don't workwith you, but you know,
wow, that's a good way foryounger dentists to potentially find you guys,
because he goes, it's you know, I didn't know about you guys until
later in my career. It wasan interesting conversation. You know what's nice
about that too, is, uhit makes me think of when you're walking
through the mall because we don't dothis, but you know, the guys
with the bottles of lotion are constantlytrying to sport stuff in your hands and
(10:01):
try out their their lotion. Ifyou've ever walked the streets of law sidewalks
of Las Vegas, like the niceareas, uh yeah, yeah, they
snap a match in you're just like, leave me alone. That's how the
hawk can feel sometimes. Um.Ultimately, we we we don't necessarily do
that. We like to meet.We like to meet new people to see
if we can help. But we'veactually got some people we're at this weekend.
(10:24):
Oh, we've got the American Associationof a Pediatric Dentistry and they are
in Orlando. Yeah right, yeah, the Gay Lord Palm's great, great
hotel, great resort. You've beenthere to that, to that hotel,
right, yeah, yeah, yeah, that that Florida State meeting. That's
right. That participating, but ultimatelytalking to to our team that's down there.
You know. Again, we're um, what we do doesn't really lend
to exhibiting as much. Right,we don't have a shiny thing, and
(10:48):
people don't want to talk about becauseyou guys won't let me go the thing.
But you know, people don't wantto talk about overhead and taxes an
income in retirement because it doesn't makethem feel good at those meetings. They
typically want to just have fun becausewe only address we really just address the
negative things and make you better andwe have positives that come out of it.
We're addressing the most the things thatcost practice a right the most.
It's greet them wrong. It's gonnacost you it. It's not a product
(11:11):
that we're like this, we'll dothis and like how cool this pin came
right upside down and it's kind offunny. But we do a little raffle.
Right, we'll have a nice bottleof a class AA zul tequila,
maybe a bottle of red wine camus Right, it catches their eye.
People are really excited to potentially winabout one hundred bottle or two hundred dollars
bottle of an adult beverage. That'sgreat. What we do in the conversations
we have are worth so much.Yet from a mindset, it's just hard
(11:33):
for people. It puts them ina mind pretzel sometimes and they're more comfortable
talking about a nice bottle of redwine. But I like to win things
there you get well, don't haveyou get me into the chats keys.
But yeah, it's nice Pediatric Nationalmeeting we're participating in. And again for
us it's we don't have the shinything. But you know, if we
(11:54):
meet twenty or thirty people, theremight be one that we end up chatting
with and helping a lot of thepeople that we to or that align with
our firm. They like nice thingsand they have expensive hobbies. You know
what, I know a couple ofclients have some expensive hobbies. We're not
saying names. We we our clientsget things right, and they have the
ability to have a private jet,that is true, have a McLaren,
(12:18):
have a race car. But butthey didn't go broke. Well here's the
difference. I've heard some really sadstories about centists and specialists who had really
expensive hobbies and they were going tofill that need, regardless if they should
or not, at the expense ofretirement savings, the future cash flow and
the practice cash flow at home,and those are sad stories. Is a
(12:39):
McLaren nice to sleep and if youlose your home? No? No,
I mean what about four or fivehundred thousand bucks for a McLaren. Those
are beautiful, Oh yeah, notreally roomy to sleep in? Right?
No, right, So you've gotto do it right. Our clients get
things right. And after you dothat for a couple of years minimum,
all of a sudden you look upand you go, hey, I kind
of want this thing, and youfeel guilty about it. And then when
(13:01):
your team goes, You're in aposition where if that's something you want to
do over the next nine months,here's the path to make that happen.
How much better do you feel buyingsomething when your team's going that's okay.
Now you also might hear a oooh, yeah, we we have got to
get you fee for service before we'regoing to do that. But if that's
your goal, we will help youwork towards that. What's what's the path?
(13:22):
Yeah? Yeah, it doesn't necessarilyto be yes or no, But
what we hear is it's so muchbetter to do those things. We don't
feel guilty about it. Where's agood place for someone to start if they
want to discuss anything about their practicein terms of on the financial business side,
is just going to the website andfill out a form. They're giving
(13:43):
you a call. What can thesefolks do? Yeah? Actually, I
received a call this week from somebodywho has known about our firm, has
met a client who sang our praisesthat's standard. There were two or three
other things that had occurred where theysaid, gosh, I don't I just
need to call literally just reached outof you know, y'all are smart.
(14:03):
If you want to reach out,you can figure it out. Website still
out of form, placed a phonecall. I think some of them are
directed to my cell phone. That'sfun. No, I want to hear
that number on everything. No,but but ultimately somebody that goes I don't
know. I just I feel likeI need to talk. And after twenty
minutes it was like, okay,this is this is great. You're actually
(14:24):
vetting me because you don't take everybodyI said that is correct. Well,
and then the great thing is isif you know you need help, or
if you think your practice as goodas is or perfect, getting a second
pair of eyes can either you know, help you be like, oh damn,
I'm fantastic, or here are someareas of improvement. It doesn't hurt
to initiate the conversation. We've hadthree people recently that went through our process
(14:48):
and learned that previous tax returns werenot done in a dental specific, mastered
way right, And there were thirtythirty eight thousand and sixty thousand dollars that
with our help amending these returns,that's what they were getting. And we
did not charge them more to workwith us because we found it right that's
(15:09):
just our standard of care that whatthey were receiving, and they thought they
were doing pretty good. Two outof the three thought they were doing pretty
good. But again, is thereroom for more? I don't know.
Again, it's all about a conversationand if you're if you're not, you
know, if you're if you're alittle too insecure, or you're a you're
not an extrovert like I am orCasey is, and you kind of want
to hear some more of this firstbefore you start a conversation. Again,
(15:31):
We're going to be at all kindsof places all year long. We've got
our own events that we are hostingat various top golfs who are also implementing
a tasting and ce event like maybesome bourbon or maybe some wine. Again,
those are on four quadrants advisor dotcom, slash events. Just check
out where we're going to be,you know. And it's interesting some people
will come to us out of thisum paralysis from all the debt. We
(15:54):
have people with five hundred thousand dollarsin debt when they come here. We've
had people with over two million dollarsin debt when they came. That hurts.
It's emotional, and we've talked aboutthis before. That's not really an
issue. When you get everything elseright, Jared, you can stroke a
check and pay off the debt wheneveryou want. We have example after example
of that. But here's the orderof concern. And if people listen to
this and are finishing their jog ormowing their lawn, you know that this
(16:17):
is actually pretty interesting. Most peopleput debt number one and they want to
get rid of it, and thenthey go down from there. It's it's
it's it's just the inverse. Itshould be practice cash flow, get the
practice right right, insurance if that'sa situation, get your arms around that
personal cash flow, tax management,and the interest. When you get those
things in order, the debt isthen better addressed. When those things are
(16:38):
it's harder to pay down debt.People will reach out because of their their
debt. And there's such thing aslike good debt too, Oh of course,
right, yeah, yeah, that'sthat's emotional. But you know some
people don't have any debt and they'relike, I'm good, I'm I'm just
doing great. And you know what'sanother thing we've heard recently. It's not
uncommon for our clients incomes to whatgo up or double? Yeah, twenty
(17:03):
the average is twenty five percent,but I mean recently. Yeah. Again,
we keep getting better and better.You know, people that have made
less mistakes because they're coming to usearlier, which means the opportunity is bigger.
A lot of incomes are doubling.Yeah, you know that happening in
the first month, but the firsttwo and a half years. Yeah,
incomes are doubling and stuff goes quick. I just really example a bottle of
chemist to get started to have theconversation. That's right. Well, Casey,
(17:26):
I wanted to thank you for thiskind of a kitchen sink version of
our show. Again. Check usout at four quadrons dot com if you
want to see the events we're goingto be at, like the events tab,
if you want to see some ofour client testimonials or a space for
that. We've got blogs. Man, We're just full of knowledge and if
you get it all figured out,keep on keeping on, yeah, and
just listen to us. Thanks,Casey, that's all the time we have
(17:51):
today. Thank you to our guestsfor their insight and for sharing some really
great information. And thank you toyou the listener for tuning in. The
Millionaire Dennis podcast has brought to youby four Quadrants Advisory to see if they
might be a good fit for youand your practice. Going over to four
Quadrants Advisory dot com and see whyyear after year they retain over ninety five
percent of their clients. Thank youagain for joining us and we'll see you
(18:11):
next time.
Hello, everyone, Welcome to theMillionaire Dentist Podcast, brought to you by
Four Quadrants Advisory. On this podcast, we break down the world of dentistry,
finances and business practices to help youbecome the millionaire dentist you deserve to
be. Please be advised we dospeak with an honest tongue and may not
be safe for work. Hello andwelcome. This is Casey Hires back at
(00:27):
the Millionaire Dnist Podcast in studio witha very dapper Jared Bridgeman. Hey,
how are you doing here? Alittle suit on too? It's nice?
Suit it up, suit it up. Love it. So, Casey,
let me ask you Memorial Day justhappened? Did you have anything great happen
over your your holiday weekend? Crushedit? I'm really good at days off.
(00:47):
I'm really good at holidays. Icrushed it nice, I mean you
name it. Yeah, cigars,golf, friends, family cookouts, that's
everything. Nailed it than really goodat that time off? Yeah. We
Uh, I took the family overto my dad's house and he has a
heated pool, so that was nice. It's uh the ponds for you in
the back, the way back,that's right, kids. Yeah. Well
(01:10):
and I'm I'm the kind of guyI don't like cold pool water. It
takes me like an hour to inchmy way in, so warmmer pool is
really at my alley. Figured you'dbe a cannonball guy. I still gotta
play my nose. Why I neverreally learned to swim. She's not that
well like a dogg and paddle likea master though. Goodness, Yeah,
it's nice to have some time offsharpen the axe. Well, and especially
(01:33):
for you. I mean you've beenyou know, hitting up shows and uh
and speaking and doing all kinds ofstuff lately. Yeah, spreading a good
word. Um. And and it'sfunny, what do we prep for podcasts
in terms of three to six minutes? And we just run, We just
go right like we're uh. Andso we had so many great ideas,
no one theme, and uh,we're just gonna throw some stuff against the
(01:57):
wall and see what sticks. Imean, we've got a lot of fun
things to talk about, but it'snot it's not what we say cohesive.
Hey, don't even have a titleyet, but I'll think of one.
You know what it's like when youhave a bunch of ingredients left and you're
like, you know what let's seewhat we do and it tastes delicious.
I don't know lay store and Ijust grab it's in my fridge. Yes,
So you know some of this ofcourse, like we are a firm
(02:20):
who has been around for almost twentyyears who helps practice owners. We talk
about that all the time. Someof the topics are going to probably hit
that, but we're also going totalk about some other things in dentistry as
well. But you know, oneof the first ones, we were talking
to our founder and CEO, JasonSmith, and he was sort of doing
some reflecting and he said, asI look out at our clients, some
of them are able to retire early. Um, those that find us young
(02:44):
are able to retire at fifty.And I found that interesting. And we
just had somebody in from what NewYork right right right? He uh,
he's retiring early, isn't he fiveyears early? Okay, four and a
half if we want to get real. I also know he just took an
amazing river cruise out in a gamsterdamnand up in that area. Well,
(03:05):
this is one of those things thatI was that the Yankee Dental Congress meeting
presented to a sold out room.You know, somebody approaches and has some
questions and wants to talk. That'sgreat, right, right, We provide
ce, but ultimately people realize yourexpertise comes from that you have done this
for a couple of decades as afirm, actual experience. We just didn't
make it up. And he waseverybody has a different situation, right,
(03:28):
And he was just in a placewhere one partner's retiring, another partner disabled,
and so boom, all of asudden, he's in a different situation.
Long story short, he took thatleap of faith, and for his
personality profile, that was hard,Jared, It was really hard for him
to take that leap. He looksback and goes, the hell would I
have done without finding you? Guys, He's retiring four and a half years
early. He's retiring early. Henow has someone else who's bought in,
(03:52):
right, correct, And I meanwho's now and we help we'll help handle
that kind of handoff, right,and millions more than he would have had,
right. So for him, itwas retiring early because he found us
later. But we work with peoplewho they find us in their mid thirties,
Jared. They can be out ofdentistry by the time they're fifty.
(04:13):
He retired right, like retired withlike lots of money. Oh yeah,
retirement. I retire at fifty andbe homeless eight eight digits right, eight
digits. Yeah, And so that'sa big deal. And that's why we
we better our bread sometimes on thispodcast because this is what we do all
the time. We help people.We want to help more people, but
we can't help everybody, you know. Jason, our founder again also had
(04:36):
mentioned something I found very interesting,which is he's finding today that dentists in
their mid thirties seem to have moreof a stride than even like ten years
ago. Like there's been a shiftin more of a drive for what like
like to success and to own theirown practice and really not just own own
at top quiz. Why do youthink that is because millennials are better than
(04:58):
jen x? I love it.No, I No. I think part
of it could just be a lotof people that age or just a few
year, few years younger than us, have seen the struggles that maybe they're
their parents or their grandpather they ifthey're in that in that bitline of business.
I'm going to give the answer tomy own pop quiz. Yes,
(05:18):
from my conversations with practice owners.It's twofold that age. They've seen some
older folks and maybe a study clubor in the community that they were respected
and they did not retire or goout the way they wanted to, or
they had the practice longer. Sothey have seen it may be not done
the right way, and that's alittle can cause trepidation. The other side
(05:40):
of it is a lot of theirfriends are going into corporate dentistry to avoid
the downfalls and pitfalls of that ownershipcan have because they're almost too scared to
do it. So they say,I'm going to take that out of the
equation. I'm going to do corporatedentistry. It's not necessarily what they want
to do, but it's a path. And so some of the younger owners
are looking at this going so Iwant to be old and still practicing,
(06:01):
or do I want to get stuckin a grinding the achievers go screw it.
I'm want to prove everybody wrong.Yep. I'm want to prove my
friends wrong who are too scared toown a practice. And I don't want
to be old man River at thestudy club who can't retire right in your
seventies raties, and so what we'refinding are some really the mindset because twenty
(06:21):
years ago, fifteen years ago,some of these the younger people might not
have been ready for a firm likeours, quite frankly, but now they're
looking up, going, I don'twe don't have time to waste. I
want to get this right. I'mgood at dentistry. I'm not good at
all the stuff you guys do.Let's have a chat, let's work together.
But yeah, that's that pop quizis that they want to prove their
corporate dentistry friends wrong, and theydon't want to be the old person who
(06:44):
can't retire. So they want toget it right, and they don't want
to wait. They don't want todo it themselves for ten years and fall
short. So find us in yourthirties, retire by fifty or you know,
five to eight years earlier than expected. That all sounds great. Does
that mean we're you know, you'reworking yourself to the bond. No,
that's that's the in dentistry. Youhere, if you want to make more,
produce more. We've said it before, that's what people here. It's
(07:06):
not necessarily true. Our firm isreally really good at driving results, but
increased production like one point seven percent, right, you know, over a
couple of year periods. So it'sit's what we're all about, is our
clients working the same or less hours, but they're more efficient. That looks
different for different practices. Sometimes that'san insurance situation we've got to get figured
(07:28):
out. Sometimes that's fees, caseacceptance, patients per day, production per
day. There's a lot of benchmarksthat drive that would that kind of tie
into more of a work life balancefor these for these owners. Yeah,
it's incredible the folks again can takethe leap of faith and have the opportunity
to work with a firm like ours. You know, work life balance gets
(07:49):
better when these areas are mastered.I mean they're not at home working on
the books either. No, asmuch as they were. No, I
mean they can actually do things thatthey enjoy. But it was interesting.
We were just is it okay topivot? Yeah, we were just at
um. We were just at astate meeting and one of our clients is
the president of the state Association andwe had the the privilege of hosting the
(08:13):
presidential suite and just it was itwas fun, right, like, of
course everybody likes that. Feel.Sure, we got to talk to a
lot of people we don't work with, but they're big hitters and the AGD
and the ADA and they do allkinds of things in the dentistry and well,
and they were older and they heardabout our firm. They haven't worked
with us, but even hearing fromthem, like why I hear really good
(08:33):
things or you know, younger peopleneed to at least take a look or
or what does it take to havesuccess? Because again, most of these
folks are older and they're they're stillworking. Some don't mind it because they're
not in the mouth as much.Yeah, um, and they actually enjoy
it. But it was it wasa lot of fun to go to that
meeting. Um, and again justhave those conversations. But I was asking
(08:54):
some of them, when you goto these sorts of meetings, what do
you what do you want to getout of it? Yeah, I feel
like, you know, off thetop of my head, some of it
really is just um, the celike the in the chairs. There's certainly
some opportunities to learn something. Yeah. Um, I mean honestly that if
they're at a nice resort and theyget a little family time or a little
(09:16):
time away see some old friends.Yeah you know, yeah, that's right.
Um. But they had said that, you know, sometimes they still
go through the exhibit hall, butit can be awkward. Um and and
it's not necessarily helpful. Um.But what I told them, I go,
well, we were actually are inthe exhibit hall as well. And
I go, oh, really webecause I was just kind of skipping through.
(09:39):
We didn't know that you that youwere. And one of them said,
you know again, I don't workwith you, but you know,
wow, that's a good way foryounger dentists to potentially find you guys,
because he goes, it's you know, I didn't know about you guys until
later in my career. It wasan interesting conversation. You know what's nice
about that too, is, uhit makes me think of when you're walking
through the mall because we don't dothis, but you know, the guys
with the bottles of lotion are constantlytrying to sport stuff in your hands and
(10:01):
try out their their lotion. Ifyou've ever walked the streets of law sidewalks
of Las Vegas, like the niceareas, uh yeah, yeah, they
snap a match in you're just like, leave me alone. That's how the
hawk can feel sometimes. Um.Ultimately, we we we don't necessarily do
that. We like to meet.We like to meet new people to see
if we can help. But we'veactually got some people we're at this weekend.
(10:24):
Oh, we've got the American Associationof a Pediatric Dentistry and they are
in Orlando. Yeah right, yeah, the Gay Lord Palm's great, great
hotel, great resort. You've beenthere to that, to that hotel,
right, yeah, yeah, yeah, that that Florida State meeting. That's
right. That participating, but ultimatelytalking to to our team that's down there.
You know. Again, we're um, what we do doesn't really lend
to exhibiting as much. Right,we don't have a shiny thing, and
(10:48):
people don't want to talk about becauseyou guys won't let me go the thing.
But you know, people don't wantto talk about overhead and taxes an
income in retirement because it doesn't makethem feel good at those meetings. They
typically want to just have fun becausewe only address we really just address the
negative things and make you better andwe have positives that come out of it.
We're addressing the most the things thatcost practice a right the most.
It's greet them wrong. It's gonnacost you it. It's not a product
(11:11):
that we're like this, we'll dothis and like how cool this pin came
right upside down and it's kind offunny. But we do a little raffle.
Right, we'll have a nice bottleof a class AA zul tequila,
maybe a bottle of red wine camus Right, it catches their eye.
People are really excited to potentially winabout one hundred bottle or two hundred dollars
bottle of an adult beverage. That'sgreat. What we do in the conversations
we have are worth so much.Yet from a mindset, it's just hard
(11:33):
for people. It puts them ina mind pretzel sometimes and they're more comfortable
talking about a nice bottle of redwine. But I like to win things
there you get well, don't haveyou get me into the chats keys.
But yeah, it's nice Pediatric Nationalmeeting we're participating in. And again for
us it's we don't have the shinything. But you know, if we
(11:54):
meet twenty or thirty people, theremight be one that we end up chatting
with and helping a lot of thepeople that we to or that align with
our firm. They like nice thingsand they have expensive hobbies. You know
what, I know a couple ofclients have some expensive hobbies. We're not
saying names. We we our clientsget things right, and they have the
ability to have a private jet,that is true, have a McLaren,
(12:18):
have a race car. But butthey didn't go broke. Well here's the
difference. I've heard some really sadstories about centists and specialists who had really
expensive hobbies and they were going tofill that need, regardless if they should
or not, at the expense ofretirement savings, the future cash flow and
the practice cash flow at home,and those are sad stories. Is a
(12:39):
McLaren nice to sleep and if youlose your home? No? No,
I mean what about four or fivehundred thousand bucks for a McLaren. Those
are beautiful, Oh yeah, notreally roomy to sleep in? Right?
No, right, So you've gotto do it right. Our clients get
things right. And after you dothat for a couple of years minimum,
all of a sudden you look upand you go, hey, I kind
of want this thing, and youfeel guilty about it. And then when
(13:01):
your team goes, You're in aposition where if that's something you want to
do over the next nine months,here's the path to make that happen.
How much better do you feel buyingsomething when your team's going that's okay.
Now you also might hear a oooh, yeah, we we have got to
get you fee for service before we'regoing to do that. But if that's
your goal, we will help youwork towards that. What's what's the path?
(13:22):
Yeah? Yeah, it doesn't necessarilyto be yes or no, But
what we hear is it's so muchbetter to do those things. We don't
feel guilty about it. Where's agood place for someone to start if they
want to discuss anything about their practicein terms of on the financial business side,
is just going to the website andfill out a form. They're giving
(13:43):
you a call. What can thesefolks do? Yeah? Actually, I
received a call this week from somebodywho has known about our firm, has
met a client who sang our praisesthat's standard. There were two or three
other things that had occurred where theysaid, gosh, I don't I just
need to call literally just reached outof you know, y'all are smart.
(14:03):
If you want to reach out,you can figure it out. Website still
out of form, placed a phonecall. I think some of them are
directed to my cell phone. That'sfun. No, I want to hear
that number on everything. No,but but ultimately somebody that goes I don't
know. I just I feel likeI need to talk. And after twenty
minutes it was like, okay,this is this is great. You're actually
(14:24):
vetting me because you don't take everybodyI said that is correct. Well,
and then the great thing is isif you know you need help, or
if you think your practice as goodas is or perfect, getting a second
pair of eyes can either you know, help you be like, oh damn,
I'm fantastic, or here are someareas of improvement. It doesn't hurt
to initiate the conversation. We've hadthree people recently that went through our process
(14:48):
and learned that previous tax returns werenot done in a dental specific, mastered
way right, And there were thirtythirty eight thousand and sixty thousand dollars that
with our help amending these returns,that's what they were getting. And we
did not charge them more to workwith us because we found it right that's
(15:09):
just our standard of care that whatthey were receiving, and they thought they
were doing pretty good. Two outof the three thought they were doing pretty
good. But again, is thereroom for more? I don't know.
Again, it's all about a conversationand if you're if you're not, you
know, if you're if you're alittle too insecure, or you're a you're
not an extrovert like I am orCasey is, and you kind of want
to hear some more of this firstbefore you start a conversation. Again,
(15:31):
We're going to be at all kindsof places all year long. We've got
our own events that we are hostingat various top golfs who are also implementing
a tasting and ce event like maybesome bourbon or maybe some wine. Again,
those are on four quadrants advisor dotcom, slash events. Just check
out where we're going to be,you know. And it's interesting some people
will come to us out of thisum paralysis from all the debt. We
(15:54):
have people with five hundred thousand dollarsin debt when they come here. We've
had people with over two million dollarsin debt when they came. That hurts.
It's emotional, and we've talked aboutthis before. That's not really an
issue. When you get everything elseright, Jared, you can stroke a
check and pay off the debt wheneveryou want. We have example after example
of that. But here's the orderof concern. And if people listen to
this and are finishing their jog ormowing their lawn, you know that this
(16:17):
is actually pretty interesting. Most peopleput debt number one and they want to
get rid of it, and thenthey go down from there. It's it's
it's it's just the inverse. Itshould be practice cash flow, get the
practice right right, insurance if that'sa situation, get your arms around that
personal cash flow, tax management,and the interest. When you get those
things in order, the debt isthen better addressed. When those things are
(16:38):
it's harder to pay down debt.People will reach out because of their their
debt. And there's such thing aslike good debt too, Oh of course,
right, yeah, yeah, that'sthat's emotional. But you know some
people don't have any debt and they'relike, I'm good, I'm I'm just
doing great. And you know what'sanother thing we've heard recently. It's not
uncommon for our clients incomes to whatgo up or double? Yeah, twenty
(17:03):
the average is twenty five percent,but I mean recently. Yeah. Again,
we keep getting better and better.You know, people that have made
less mistakes because they're coming to usearlier, which means the opportunity is bigger.
A lot of incomes are doubling.Yeah, you know that happening in
the first month, but the firsttwo and a half years. Yeah,
incomes are doubling and stuff goes quick. I just really example a bottle of
chemist to get started to have theconversation. That's right. Well, Casey,
(17:26):
I wanted to thank you for thiskind of a kitchen sink version of
our show. Again. Check usout at four quadrons dot com if you
want to see the events we're goingto be at, like the events tab,
if you want to see some ofour client testimonials or a space for
that. We've got blogs. Man, We're just full of knowledge and if
you get it all figured out,keep on keeping on, yeah, and
just listen to us. Thanks,Casey, that's all the time we have
(17:51):
today. Thank you to our guestsfor their insight and for sharing some really
great information. And thank you toyou the listener for tuning in. The
Millionaire Dennis podcast has brought to youby four Quadrants Advisory to see if they
might be a good fit for youand your practice. Going over to four
Quadrants Advisory dot com and see whyyear after year they retain over ninety five
percent of their clients. Thank youagain for joining us and we'll see you
(18:11):
next time.
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