Craig: Should I Buy This Practice?

The Bulletproof Dental Podcast Episode 353 HOSTS: Dr. Peter Boulden and Dr. Craig Spodak   DESCRIPTION On this Episode we’re re-capping our  2024 Bulletproof Summit- the energy and feedback,  importance of paying attention to one's body, and the need for educational platforms and team-building events. We also discuss the challenges of being a business owner and feeling overwhelmed, as well as the importance of team engagement and buy-in.  We’ll shift to pricing strategies and the concept of designing fees based on desired earnings and the importance of setting fees based on what you want to earn and not just following industry standards. The conversation touches on the challenges and constant learning involved in dentistry, as well as the importance of investing back into the business to create more capacity and serve the community better.   TAKEAWAYS The summit was a highly energizing and successful event, with positive feedback from attendees. Paying attention to one's body and incorporating practices like biohacking can enhance overall well-being and performance. There is a need for educational platforms and team-building events specifically designed for dental teams. Business owners often feel overwhelmed and become the bottleneck in their own progress. Engaging and empowering the team is crucial for growth. Pricing strategies should be based on desired earnings and the value provided, rather than arbitrary benchmarks. Designing fees with first principles thinking can lead to better profitability and case enrollment. Set your fees based on what you want to earn, not just industry standards Be less egoic about your fees and more realistic about your income goals Having a community of like-minded individuals is invaluable for collaboration and feedback Dentistry is a constant learning process and there is always more to learn and improve upon Investing back into your business can create more capacity and better serve the community   CHAPTERS 00:00 - The Energizing and Successful Summit Experience 03:19 - The Need for Dental Team Educational Platforms 08:59 - The Role of the Business Owner in Growth 13:44 - Designing Fees Based on Desired Earnings 15:31 - Using First Principles Thinking in Fee Design 19:50 - Dynamic Pricing in Dentistry 22:20 - Challenges and Learning in Dentistry 27:26 - The Value of Community 33:52 - Investing Back into the Business   REFERENCES Bulletproof Mastermind Enrollment for 2024-2025

The Bulletproof Dental Podcast Episode 352   HOSTS: Dr. Peter Boulden  GUESTS: Dr. Trey Tippit and Dr. Dwight Peccora   DESCRIPTION The conversation covers the challenges and considerations of hiring and onboarding dental associates, as well as the impact of construction costs on practice expansion. Join us in discussing the decision-making process, financial implications, and the importance of finding the right fit for the practice. We'll also explore the concept of progress over perfection and the need for flexibility in hiring decisions. The conversation covers a range of topics related to hiring and onboarding dental associates, including the importance of hiring for the business rather than personal preferences, the need for balance and diversity in the practice, the role of continued education and mentorship, and the value of creating leverage through hiring.    TAKEAWAYS Hiring and onboarding dental associates requires careful consideration and flexibility. Construction costs have a significant impact on practice expansion and decision-making. The concept of progress over perfection is important in the hiring process, and it's essential to be open to different candidates. Financial implications and the need for a thorough decision-making process are key factors in hiring dental associates. Hiring for the business, not personal preferences The importance of balance and diversity in the practice The role of continued education and mentorship in onboarding Creating leverage through hiring The significance of trust transfers and vulnerability in the onboarding process     CHAPTERS 00:00 Soaring with Sea Planes and Construction Costs 03:13 The Impact of Construction Costs on Practice Expansion 15:22 Automated reviews versus personalization 25:08 The Thoroughbred Associate 31:21 Interviewing associates 42:49 Blue Ocean Strategies in Dentistry 46:57 Training New Dentists during Onboarding 54:15 Bulletproof Summit          REFERENCES Bulletproof Summit 2024  

The Bulletproof Dental Podcast Episode 351   HOSTS: Dr. Peter Boulden & Dr. Craig Spodak GUESTS: Paul Vigario   DESCRIPTION Join Dr. Peter Boulden and Dr. Craig Spodak in a captivating conversation with Paul Vigario, Founder of Surf CT. Explore the trio's longstanding friendship, their journeys in dentistry, and the imperative of thinking innovatively in the field. Discover insights on the dental industry's landscape, financial hurdles, and the power of data-driven choices. Paul delves into the future of dentistry, advocating for brand-building, streamlined systems, and embracing technological advancements. Uncover strategies for designing visionary practices, fostering exceptional patient experiences, and achieving extraordinary success in dentistry. Don't miss this enlightening discussion!   TAKEAWAYS Long-standing friendships in dentistry can create deep bonds and support during challenging times. The dental industry is worth $200 billion and is controlled by corporations that prioritize shareholder interests over those of dentists. Dentists often face financial challenges and may not realize the true profitability of their practices. Data-driven decision-making is crucial for dentists to make informed choices and avoid unnecessary expenses. The future of dentistry may involve the continued growth of corporate dentistry and the need for dentists to break free from unnecessary expenses and control by corporations. Build a brand that stands for something and implement systems to power that brand. Stay up-to-date with advancements in design and technology in dental offices. Ask smarter questions and be aware of the potential for extraordinary success in dentistry. Create a positive patient experience by eliminating noise and focusing on productivity. Focus on relationships while also implementing systems that enhance the patient experience.     CHAPTERS 00:00 - Long-standing Friendships and Memorable Experiences in Dentistry 04:02 - The Size and Control of the Dental Industry 08:07 - Financial Challenges Faced by Dentists 11:44 - The Importance of Data-Driven Decision-Making 29:35 - Asking Smarter Questions and Achieving Extraordinary Success 34:41 - Creating a Positive Patient Experience 38:57 - Balancing Relationships and Systems   REFERENCES Bulletproof Summit 2024

The Bulletproof Dental Podcast Episode 350   HOSTS: Dr. Peter Boulden & Dr. Craig Spodak     DESCRIPTION Deciding on Practice Ownership: Risk or Reward? Join Dr. Peter Boulden and Dr. Craig Spodak as they tackle a critical decision: buying a dental practice. With a net profit of $188,000 and a 40% associate earnings, is it a smart move? Explore the nuances of practice ownership, from analyzing historical data to navigating projections. Dive into the risks, rewards, and personal impacts of this pivotal choice. Plus, gain invaluable insights on financial literacy, learning from mistakes, and the future of dentistry. Don't miss this enlightening discussion!    TAKEAWAYS Buying a dental practice should be carefully considered, weighing the risks and rewards. Analyzing historical data is crucial in evaluating the true value and potential of a practice. Relying solely on projections can be misleading and may not reflect the actual performance of the practice. Consider the key man risk and the impact on personal cash flow and lifestyle before making a decision. Owning a practice may not be the best option for everyone, and alternative investments should be explored. Learning from mistakes is crucial for personal and professional growth. Dental schools should provide more education on business and entrepreneurship. AI can be used as a tool for financial analysis and contract review in dentistry. Investing in real estate can be a game-changer for dentists. Financial literacy is essential for long-term success in the dental profession.   CHAPTERS 00:00 - The Temptation of Practice Ownership 02:02 - Analyzing Historical Data vs. Projections 07:56 - The Downside Risk of Buying a Practice 18:14 - Lack of Business Education in Dental Schools 19:13 - AI in Dentistry 20:09 - Investing in Real Estate 23:23 - The Changing Landscape of AI 25:37 - The Importance of Financial Literacy 28:10 - The Potential of Real Estate Investment 29:27 - Sharing Personal Stories 30:49 - The Value of Dental Summits 31:27 - The Power of Execution     REFERENCES Bulletproof Summit Bulletproof Dental Practice

The Bulletproof Dental Podcast Episode 349   HOSTS: Dr. Peter Boulden & Dr. Craig Spodak GUESTS:  Dr. Dwight Peccora & Dr. Trey Tippit     DESCRIPTION Our Fearsome Four explores the advancements in AI, specifically focusing on the launch of GPT-4 and its potential impact on various industries. We discuss examples of how AI can disrupt education, customer service, and language translation. The conversation highlights AI technology's exponential growth and improvement and its potential to transform various aspects of our lives.  Additionally, we tackle the need for regulations and consent in implementing AI in dental practices.   TAKEAWAYS AI technology, particularly GPT-4, is advancing rapidly and has the potential to disrupt various industries. Examples of AI applications include AI tutoring, customer service, and language translation. AI has the potential to revolutionize dentistry and improve patient experiences. The exponential growth and improvement of AI technology suggest that it will continue to transform various aspects of our lives. AI technology is advancing rapidly and has the potential to greatly impact the field of dentistry. AI can be used for call analytics, note summarization, and financial analysis, among other applications. Implementing AI in dental practices can improve productivity and efficiency, allowing professionals to focus on providing a better patient experience. AI should be seen as a tool that augments human capabilities rather than replaces them. Regulations and consent are important considerations when implementing AI in dental practices.   CHAPTERS 00:00 - Introduction 03:11 - AI Disrupting Education 05:30 - AI Revolutionizing Dentistry 07:15 - AI in Customer Service 09:06 - AI Handling Calls in Dental Practices 13:32 - AI's Impact on Travel 16:09 - The Future of AI 20:40 - Advancements in AI Technology 25:40 - Addressing the Pain Point of Writing Notes 30:06 - Using AI to Analyze Financial Documents 32:16 - Tips for Prompting AI Correctly 36:08 - The Potential Impact of AI on Dentistry 43:02 - Closing Remarks     REFERENCES Bulletproof Summit Bulletproof Dental Practice

The Bulletproof Dental Podcast Episode 348   HOSTS: Dr. Peter Boulden & Dr. Craig Spodak     DESCRIPTION Join Craig and Peter as they discuss rural practices in rural versus urban area and the challenges and advantages of practicing in rural markets. Also, a concerning trend in dentistry: the rise of non-dentist veneer technicians, or 'near-techs.' These individuals, with minimal training, are illegally placing veneers on patients using nail supplies and acrylic. Craig and Peter express their frustration with the lack of protection for the dental profession and the potential harm caused by these unqualified practitioners.   TAKEAWAYS Rural dentists are three times busier than dentists in urban areas, highlighting the demand for dental services in rural markets. The rise of non-dentist veneer technicians, or 'near-techs,' is a concerning trend in dentistry, as these individuals are illegally placing veneers on patients with minimal training. The dental profession needs better protection and advocacy to prevent the proliferation of unqualified practitioners and ensure patient safety. The commoditization of dental services and the race to the bottom on pricing can undermine the quality of care and patient outcomes. Dentists should be aware of these trends and actively advocate for the profession to maintain high standards and protect patient well-being.   CHAPTERS 00:00 - Introduction and Reflection on Progress 03:02 - The Busy Rural Dentist 13:25 - The Rise of Non-Dentist Veneer Technicians     REFERENCES Bulletproof Summit Bulletproof Dental Practice

The Bulletproof Dental Podcast Episode 347   HOSTS: Dr. Peter Boulden & Dr. Craig Spodak GUESTS:  Dr. Sulman Ahmed   DESCRIPTION This week's episode of the Bulletproof Dental Practice podcast welcomes Dr. Sulman Ahmed, Founder, Chairman, and CEO of DECA Dental Group. Discover Dr. Ahmed's expertise in building a patient-centered organization with around 200 locations across nine states. Learn from his leadership insights and personal career achievements, including prestigious awards like EY Entrepreneur of the Year and Glassdoor's Top CEOs. Don't miss this opportunity to gain valuable insights from a trailblazer in the dental industry.   TAKEAWAYS Hard work, perseverance, and vulnerability are key to achieving success. Success is a journey, and it takes time and continuous growth to reach new levels. Giving back and helping others is a fulfilling way to create a legacy. Fatherhood can take different forms and evolve over time, with each individual having their own parenting style and experiences. The dental investment market is facing challenges due to high interest rates and the need for a proven track record of success. Consolidation in the dental industry is increasing, with more dentists joining group practices and DSOs. The future of dentistry looks promising for those who are passionate about providing quality care and are aligned with the values of the profession. It is important for dentists to focus on their core competency in dentistry and seek partnerships that align with their values and goals. Business training should be incorporated into dental school curricula to better prepare dentists for the realities of running a practice. Dentists should embrace their strengths and seek support from others to fill in the gaps in their knowledge and skills. The joint venture model can be a beneficial approach for dentists looking to partner with others and expand their practices. The dental industry is experiencing a shift towards valuing quality of care and differentiation, rather than just focusing on revenue and valuations. The future of dentistry will be shaped by factors such as competition, costs, negotiation with payers, and the ability to differentiate and provide value to patients.   CHAPTERS 00:00 - Introduction and Background 03:10 - The Journey to Success 08:36 - The Importance of Hard Work and Vulnerability 13:37 - Balancing Work and Life 23:30 - The Impact of Family and Fatherhood 31:57 - The Increasing Trend of Consolidation in Dentistry 36:07 - Focusing on Core Competency and Partnerships 40:02 - The Importance of Business Training in Dental Education 41:34 - Embracing Strengths and Seeking Support 46:10 - The Benefits of the Joint Venture Model 49:33 - Valuing Quality of Care and Differentiation 52:57 - Factors Shaping the Future of Dentistry     REFERENCES Bulletproof Summit Bulletproof Dental Practice Make Them Smile, Dr. Sulman Ahmed

The Bulletproof Dental Podcast: Bonus Episode! HOSTS: Dr. Peter Boulden & Dr. Craig Spodak GUESTS:  Chase Howard   DESCRIPTION BREAKING NEWS! Join us as we welcome Chase Howard for an impromptu bonus episode to discuss the recent news surrounding the FTC and non-compete agreements.    TAKEAWAYS The FTC is attempting to ban non-compete agreements, which could have a significant impact on the dentistry industry. Existing non-compete agreements will still be enforceable until the employee leaves the practice. Non-solicitation agreements may become more important for protecting patient and staff retention. The ban does not apply to the sale of practices or certain high-level executives. Dentists should consider revisiting their associate agreements and focusing on other protections such as training costs, non-disclosure agreements, and protecting intellectual property.   CHAPTERS 00:00 - The FTC's Attempt to Ban Non-Compete Agreements 06:54 - Exceptions to the Non-Compete Ban: Sale of Practices and High-Level Executives     REFERENCES Bulletproof Summit Bulletproof Dental Practice Chase Howard

The Bulletproof Dental Podcast Episode 345   HOSTS: Dr. Peter Boulden and Dr. Craig Spodak GUESTS: Dr. Trey Tippit and Dr. Dwight Peccora   DESCRIPTION In this episode, our Fearsome Four is back in full force as we discuss the state of dentistry in 2024 based on data from Dental Intel. We explore topics such as the stability of practices, the impact of inflation on the industry, and the increase in cancellations and no-shows. We emphasize the importance of tracking key performance indicators (KPIs) and implementing strategies to improve patient engagement and reduce no-shows. We also highlight the need for dentists to focus on their mental and emotional well-being to navigate the challenges of running a dental practice.   TAKEAWAYS The state of dentistry in 2024 shows a stratification, with top performers doing better than ever and bottom performers struggling. The average practice is experiencing more cancellations and no-shows than ever before, which can be attributed to factors such as lack of patient engagement strategies and deprioritized hygiene programs. Hygiene reappointment percentage is a crucial metric that indicates the stability of a practice and its future success. Mitigating no-shows can be challenging, but implementing systems such as confirmations, scheduling goals, and charging fees for missed appointments can help reduce their impact. Dentists should focus on their mental and emotional well-being to navigate the challenges of running a dental practice and maintain stability in their business. Accountability is crucial in dental practices to ensure that protocols are followed consistently. Creating scarcity in appointment scheduling can increase patient compliance and reduce no-shows. AI technology has the potential to streamline dental workflows and improve diagnostic capabilities. The upcoming summit is an opportunity to learn about the latest advancements in dentistry.     CHAPTERS 00:00 - Introduction and Reunion 09:03 - Hygiene Reappointment Percentage 15:03 - Mitigating No-Shows and Improving Patient Engagement 35:49 - The Value of Scarcity in Scheduling 42:28 - The Role of AI in Dentistry   REFERENCES Bulletproof Summit 2024 Dental Intel

The Bulletproof Dental Podcast Episode 344 HOSTS: Dr. Peter Boulden  GUESTS: Dr. Trey Tippit and Dr. Dwight Peccora   Join us as we break down the well know Harvard Business Review: "Who's got the Monkey" and apply it to the world of delegation, boundaries, and time management in the dental practice. We explore the concept of 'monkeys' - those pesky tasks or problems we delegate to others - and provide invaluable insights on effective delegation strategies and problem-solving techniques. From setting clear expectations to fostering open communication, we'll uncover the keys to preventing monkeys from taking over your work life. Get ready to empower yourself and your team to tackle challenges head-on while maintaining a healthy work-life balance.   TAKEAWAYS Delegation is essential for effective management and growth in any organization. Setting boundaries and managing expectations are crucial for preventing tasks and problems from becoming overwhelming. Clear communication and time management are key to successful delegation.  Taking ownership of one's responsibilities and empowering others to take ownership of theirs leads to a more efficient and productive workplace. Set a structured time to address problems and have conversations with the team. Avoid discussing important matters over email or text messages. Assign a specific time and level of responsibility for each task or problem. Leaders should empower their team and encourage independent thinking. Maintaining a healthy work-life balance is crucial for personal and professional growth. Building and selling small dental practices can be a successful business model. There are different approaches to scaling dental practices, with some dentists opting for a decentralized network and others choosing centralization and consolidation. Outsourcing certain aspects of dental practice operations, such as revenue cycle management, can help streamline processes and improve efficiency. The future of AI in dentistry holds promise, but the technology is still evolving and its full potential has yet to be realized. The dental industry may experience a Renaissance in the coming years, with increased investment and consolidation. Collaboration and learning from others in the industry, even those with different approaches, can lead to valuable insights and growth opportunities.     CHAPTERS 00:00 - Introduction and Nostalgia 01:31 - Fitness and the Importance of Taking Care of Your Body 06:17 - The Story of 'Whose Monkey Is It?' 09:10 - The Rules of Managing Monkeys 16:25 - Limiting Time and Setting Boundaries 24:01 - Structured Time and Problem-Solving 28:30 - Effective Communication: Face-to-Face vs. Email 30:11 - Assigning Time and Responsibility for Tasks 32:38 - Empowering the Team and Encouraging Independent Thinking 34:22 - Maintaining a Healthy Work-Life Balance 41:11 - Building and Selling Small Dental Practices 47:58 - Introduction and Different Approaches to Scaling Dental Practices 48:30 - The Role of Outsourcing in Dental Practice Operations 52:02 - The Potential for a Dental Industry Renaissance 01:06:23 - Collaboration and Learning from Diverse Perspectives in Dentistry   REFERENCES Bulletproof Summit 2024 Dental Students use code: BPSTUDENT for your discount!