49. How to build a business that spans generations, with Dr. Joseph Legg II, DMD

Most entrepreneurs begin their ownership journey with a business plan. The effectiveness and specificity of that plan can vary greatly, frequently reflecting a lack of clarity or insight. Common pitfalls include attempting to cater to a broad audience, harboring excessive optimism, or failing to thoroughly research the target market.  Ultimately, a well-defined business plan is critical to establish the trajectory of your future, including influencing your financing options. In this episode, we'll help you craft an effective business plan alongside Sean Simon, head of credit, Provide and small business. He has over a decade of experience in small business financing, both for startups and established healthcare practices, including acquisitions, additional locations, and more traditional small business financing. We'll discuss: What purposes a business plan should serve How often you should be checking and adjusting your business plan What sort of market research you should conduct What tools and resources can help you draft a business plan Why it's crucial to identify a unique value proposition, and how to do it Are you ready to take control of your future and start building your legacy? Visit getprovide.com. Provide is a division of Fifth Third Bank, National Association. All opinions expressed by the participant are solely their current opinions and do not reflect the opinions of Provide, its affiliates, or Fifth Third Bank. The participant’s opinions are based on information they consider reliable, but neither Provide, its affiliates nor Fifth Third Bank warrant its completeness or accuracy and should not be relied upon as such. This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by Provide or any of its affiliates. Please consult with appropriate professionals related to your individual circumstances. All lending is subject to review and approval.

Practicing dentistry can be a challenging pursuit under any circumstances. Practicing dentistry for the U.S. Army in Iraq, however, is another level of challenging. Dr. Benjamin Taylor shares how his experience as a combat dentist forged him into the professional servant-leader he is today and prepared him for the daily demands small business owners can face. Dr. Taylor is a general dentist and has owned Dunwoody Dental Care in Dunwoody, Georgia, for nearly three years. In this episode, we're going to explore some of the lessons he’s learned throughout his unique experience like: How the military influences his approach to problem-solving Strategies and frameworks that shape his approach to running a business Key lessons other entrepreneurs can incorporate from the world of military service Where small business owners can look for peer support How small business owners can learn from their mistakes Are you ready to take control of your future and start building your legacy? Visit getprovide.com. Provide is a division of Fifth Third Bank, National Association. All opinions expressed by the participant are solely their current opinions and do not reflect the opinions of Provide, its affiliates, or Fifth Third Bank. The participant’s opinions are based on information they consider reliable, but neither Provide, its affiliates nor Fifth Third Bank warrant its completeness or accuracy and should not be relied upon as such. This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by Provide or any of its affiliates. Please consult with appropriate professionals related to your individual circumstances. All lending is subject to review and approval.

By now, we've all seen videos about artificial intelligence (AI) writing poems, musing about philosophy, or even hosting podcasts. This made us wonder, what are the possible implications for small business owners? Are these AI chatbots just a new trend, or are there some capabilities that can be leveraged to make small businesses more productive? In this episode, we're hearing from Joseph Ours, leader of the AI Strategy Practice at Centric Consulting. He is a technology futurist, passionate about driving innovation and digital transformation to his clients with speed and scale.  He's going to explain what small business owners need to know about AI and answer questions that we’ve received from customers like: What considerations should small business owners have when deciding whether they should implement AI tools in their businesses? What are some concrete examples of AI increasing business productivity? How should business owners weigh the potential cost versus benefit of AI tools? What resources are available to help train employees to use AI tools? What are some common challenges small business owners face when integrating AI tools? Are you ready to take control of your future and start building your legacy? Visit getprovide.com. Provide is a division of Fifth Third Bank, National Association. All opinions expressed by the participant are solely their current opinions and do not reflect the opinions of Provide, its affiliates, or Fifth Third Bank. The participant’s opinions are based on information they consider reliable, but neither Provide, its affiliates nor Fifth Third Bank warrant its completeness or accuracy and should not be relied upon as such. This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by Provide or any of its affiliates. Please consult with appropriate professionals related to your individual circumstances. All lending is subject to review and approval.

Finding a mentor to offer expert advice is key to successfully establishing a successful healthcare practice, but it can be a challenging and daunting step. That's why we're launching the Provide Advisory Network, a program that brings together healthcare practice owners and offers them a platform to share their experiences, perspectives, and expertise with other aspiring and established owners. This curated group of expert healthcare providers was selected based on their successes in the healthcare industry and entrepreneurship, as well as their ambition, creativity, and commitment to improving the industry's standard of care. They will serve as strategic content partners, contributing writers, and brand ambassadors for Provide. In this episode, we're meeting the inaugural class of seven Provide Advisory Network members to ask them the questions that our listeners most want answered, including: Tips for developing a business plan Critical steps to open a second location The biggest life lessons learned since opening How aspiring practice owners can prepare for upcoming trends Strategies for marketing a startup To learn more about the program, visit the Resources section at getprovide.com. Provide is a division of Fifth Third Bank, National Association. All opinions expressed by the participant are solely their current opinions and do not reflect the opinions of Provide, its affiliates, or Fifth Third Bank. The participant’s opinions are based on information they consider reliable, but neither Provide, its affiliates nor Fifth Third Bank warrant its completeness or accuracy and should not be relied upon as such. This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by Provide or any of its affiliates. Please consult with appropriate professionals related to your individual circumstances. All lending is subject to review and approval.

We've all met them: The leader who throws out a thousand ideas a minute The big personality who can't be trusted to follow up on anything The boss who wants to be everyone's friend but can't make hard decisions The business owner who suffers from "paralysis by analysis" These stereotypes can be a drain on any business's productivity. However, when properly channeled and balanced, they can be high-achieving employers who lead their teams to greatness. In this episode, we're joined by Dr. Gerilyn Alfe, owner at Get Ahead Coaching and Consulting, and a former practicing dentist and dental practice owner of 25 years.  In addition to her private practice, she’s worked as a speaker, hands-on instructor, and mentor to thousands of business owners throughout the country.  She'll explain the four main personality types, provide insight into the strengths and weaknesses of each type, and offer advice on how to leverage these traits in business.  Are you ready to take control of your future and start building your legacy? Visit getprovide.com. Provide is a division of Fifth Third Bank, National Association. All opinions expressed by the participant are solely their current opinions and do not reflect the opinions of Provide, its affiliates, or Fifth Third Bank. The participant’s opinions are based on information they consider reliable, but neither Provide, its affiliates nor Fifth Third Bank warrant its completeness or accuracy and should not be relied upon as such. This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by Provide or any of its affiliates. Please consult with appropriate professionals related to your individual circumstances. All lending is subject to review and approval.

In a profession as deeply personal as small business ownership, it's no wonder that so many small businesses are passed from parent to child. However, we all know family dynamics can be complex. If you haven't clearly defined and agreed upon your roles, hierarchy, and succession plan, a business that spans generations may quickly reach its expiration date. In this episode, we're hearing from the son of a father-son duo of endodontists about what he’s learned from being in business with his father and his tips for successfully establishing a multi-generational business. Our guest, Dr. Joseph Legg II, bought MicroSurgical Endodontics of NEPA from his father, Dr. Joseph Legg, who has practiced endodontics for over three decades in Northeastern Pennsylvania. And together, we'll discuss: What inspires a son to purchase his father's business What it means to build a legacy in small town USA How to ensure a smooth transition of ownership Why it's important to seek external advice from industry experts The benefits and challenges of operating a multi-generational business Are you ready to take control of your future and start building your legacy? Visit getprovide.com. Provide is a division of Fifth Third Bank, National Association. All opinions expressed by the participant are solely their current opinions and do not reflect the opinions of Provide, its affiliates, or Fifth Third Bank. The participant’s opinions are based on information they consider reliable, but neither Provide, its affiliates nor Fifth Third Bank warrant its completeness or accuracy and should not be relied upon as such. This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by Provide or any of its affiliates. Please consult with appropriate professionals related to your individual circumstances. All lending is subject to review and approval.

Adopted in 1990, the Americans with Disabilities Act (ADA) is a civil rights law that prohibits discrimination based on disability. The ADA also creates the framework for accessibility standards to which certain public facilities must adhere, including dental offices. The standards are complex, and the manner in which they're enforced is dependent on a number of factors. If you're building or expanding your practice, understanding these standards is crucial. In this episode, we're talking to a pair of experts from the Nashville area. Dustin Walker works in professional design and planning services at Nashville Dental Inc. across a wide range of specialties in the dental industry. Also joining us is Jim Nickle, principal at Nickle Architects, PLLC, with over 25 years of experience as a practicing architect. Together, we'll cover: Approaching your buildout with ADA compliance in mind to ensure seamless integration Familiarizing yourself with important ADA standards, when they apply, and why  Learning the advantages of building from the ground up versus renovating Are you ready to take control of your future and start building your legacy? Visit getprovide.com. Provide is a division of Fifth Third Bank, National Association. All opinions expressed by the participant are solely their current opinions and do not reflect the opinions of Provide, its affiliates, or Fifth Third Bank. The participant’s opinions are based on information they consider reliable, but neither Provide, its affiliates nor Fifth Third Bank warrant its completeness or accuracy and should not be relied upon as such. This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by Provide or any of its affiliates. Please consult with appropriate professionals related to your individual circumstances. All lending is subject to review and approval.

Diversity, equity, and inclusion (DEI) are huge topics at today's largest companies. But, what about at your practice, especially when you're a small business owner? How should we go about fostering a culture of inclusion when we only have a team of several people? Answering these questions is key to building a practice in which the best candidates will want to work, and does the most good for the community at large. In this episode, we're speaking with Kala Gibson, the Executive Vice President and Chief Corporate Responsibility Officer at Fifth Third Bank, about why it's imperative to create an inclusive workplace and the impact that it can have on an organization. We'll discuss: How to define inclusivity in the modern context Why it's important to foster an inclusive workplace at your practice What lessons we can learn from larger organizations that have built successful DEI programs What is the business imperative for inclusivity How the notion of inclusivity is evolving and will continue to evolve in the future Are you ready to take control of your future and start building your legacy? Visit getprovide.com. Provide is a division of Fifth Third Bank, National Association. All opinions expressed by the participant are solely their current opinions and do not reflect the opinions of Provide, its affiliates, or Fifth Third Bank. The participant’s opinions are based on information they consider reliable, but neither Provide, its affiliates nor Fifth Third Bank warrant its completeness or accuracy and should not be relied upon as such. This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by Provide or any of its affiliates. Please consult with appropriate professionals related to your individual circumstances. All lending is subject to review and approval.

Aspiring and established business owners often share a common goal to make a difference in their community beyond their place of business.  Many successful business owners are actively involved in community service, donating their time, skills, and resources to give back. However, starting a philanthropic effort from scratch takes inspiration. So, in this episode, we're introducing you to two providers who have discovered their own unique approaches to philanthropy. Dr. Chriska Mustafa, DDS, is co-owner at Root Modern Dentistry in Ashland, Virginia, where they have incorporated a partnership with One Tree Planted to improve the environment. Dr. Kevin Kenny, DDS, is associate clinical professor at University of California-San Diego in their Department of Family Medicine. What he founded as a simple study club has grown to include a massive philanthropic giving effort and an international service mission. Together, we'll discuss: How business owners can identify ways to give back to their respective communities What challenges entrepreneurs may face when establishing a philanthropic effort Why philanthropy is good for business What common mistakes business owners may make when they're launching a philanthropic effort How to sustain and grow your philanthropy over time Are you ready to take control of your future and start building your legacy? Visit getprovide.com. Provide is a division of Fifth Third Bank, National Association. All opinions expressed by the participant are solely their current opinions and do not reflect the opinions of Provide, its affiliates, or Fifth Third Bank. The participant’s opinions are based on information they consider reliable, but neither Provide, its affiliates nor Fifth Third Bank warrant its completeness or accuracy and should not be relied upon as such. This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by Provide or any of its affiliates. Please consult with appropriate professionals related to your individual circumstances. All lending is subject to review and approval.

In a field where helping others is one’s daily routine, the irony is that so many healthcare providers don't seek help themselves when they need it. May is Mental Health Awareness Month; and in this episode, we're attempting to remove the stigma around discussing one's mental health, because in the healthcare industry, the need is seemingly greater than in others. The statistics are shocking: Healthcare providers rank at No. 11 on the Center for Disease Control’s list of the top 30 occupations likely to die by suicide. Another 2019 CDC study shows veterinarians are between two and four times more likely to die by suicide than the general population. Our guest in this episode is Laura Magnuson, the vice president of clinical engagement and a licensed associate marriage and family therapist at Talkspace. As a Mental Health First Aid instructor, she is passionate about mental health education and how that translates into an effective and healthy workspace.  Together, we'll discuss: How stress can manifest in your physical health How to break the stigma surrounding discussions of mental health What simple strategies can help you cope with stress on a daily basis How practice owners can facilitate a healthy practice What to do if you or someone you know is in crisis What crisis and non-crisis services are available by dialing 988, the Suicide and Crisis Lifeline Provide is a division of Fifth Third Bank, National Association. All opinions expressed by the participant are solely their current opinions and do not reflect the opinions of Provide, its affiliates, or Fifth Third Bank. The participant’s opinions are based on information they consider reliable, but neither Provide, its affiliates nor Fifth Third Bank warrant its completeness or accuracy and should not be relied upon as such. This content is for informational purposes and does not constitute the rendering of legal, accounting, tax, or investment advice, or other professional services by Provide or any of its affiliates. Please consult with appropriate professionals related to your individual circumstances. All lending is subject to review and approval.