Bulletproof Dental Practice

Bulletproof Dental Practice Podcast Episode 308 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guests: Dr. Trey Tippit & Dr. Dwight Peccora Key Takeaways: Business owners and leaders should set a clear vision for their teams to follow Investing in team development should not be feared, as it leads to better outcomes Differentiation strategies for dental practices - using Google Analytics, Google Tag Manager, and Google Search Console Understanding analytics and data migration is crucial for business success Personal runway and transparency in business negotiations The power of the multiple model EBITDA and its importance in dentistry Private equity's focus on cash flow and value impact Due diligence is crucial when buying a dental practice, focusing on patient numbers, tax returns, and economies of scale The significance of cash flow statements for tracking expenses and trends Leverage is a key factor in generating wealth, and financing depreciating assets should be considered carefully Reflecting on past financial mistakes is advised for better financial decisions Leverage can extend beyond debt and involves various types of balance sheets and financial analysis Arbitrage = the difference in prices for practices in different environment References: Bulletproof Mastermind Bulletproof Summit – Mighty Networks: Bulletproof Dental Practice

Bulletproof Dental Practice Podcast Episode 307 Hosts: Dr. Craig Spodak Guest: Dr. Kyle Stanley Key Takeaways: · Dr. Kyle Stanley's journey from start-up to redbook and his introduction to the show. · The significance of trust in patient-dentist relationships and the power of effective case presentations. · The challenges of full-time dentistry · The importance of finding purpose outside of the dental profession · Dentistry as an ingrained identity, not suitable for everyone · The importance of setting true expectations for mental wellness in dentistry · The concept of the 'triangle of blame" in dentistry and the need for mental resilience in dental schools · Dr. Kyle Stanley's personal growth and mental health experiences · The power of emotional response and vulnerability in helping others · Ways to get involved with Lightside Dentistry and the Bulletproof Summit, including bringing your team to the summit References: Bulletproof Mastermind Bulletproof Summit – PROMO CODE: STANLEYSUMMIT23 Mighty Networks: Bulletproof Dental Practice Tweetable: I think one of the big problems that we have as dentists is that our purpose in life is to be the best dentist in the world. Our purpose in life is to be a dentist. That is our problem. And that's why so many of us suffer. Because when you align your purpose in life with something that is bound to fail there's going to be an open contact or open margin, that your entire self-worth drops with that.- Dr. Kyle Stanley

Bulletproof Dental Practice Podcast Episode 306 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guests: Dr. Trey Tippit & Dr. Dwight Peccora Key Takeaways: Pete's biggest business failures & how he got started Reviewing and actual LOI DPO vs DDO, partnership How to get to enterprise value Common equity, rollover quality, and preferred equity Top-line revenue is the most important component Private equity vs public equity Capital gains as a side hustle Ultimate KPI for financial freedom Evaluating multiple buy-ins Problem with non-competes Real estate and lease renegotiations Understanding tax implications of cash flow vs capital gains Retail business coasting or dying? Money as an existential problem Transition between first half and second half of life Pitfalls of affiliate marketing Importance of purpose Bulletproof Summit in Las Vegas August 11-12 References: Bulletproof Mastermind Bulletproof Summit Mighty Networks: Bulletproof Dental Practice Tweetable: Bites of apples only happen when said private equity group that bought you sells to another private equity group, a different horse. - Dr. Peter Boulden

Bulletproof Dental Practice Podcast Episode 305 Hosts: Kirk Behrendt Guest: Dr. Craig Spodak Key Takeaways: Dentistry is whatever you want it to be Never forget the "why" behind your dentistry Ignore the FOMO you feel about selling your practice Identify exactly what you want in your life and your practice Don't make long-term decisions based on temporary emotions References: Bulletproof Mastermind Bulletproof Summit Mighty Networks: Bulletproof Dental Practice ACTdental Tweetable: So, dentistry is really beautiful. You get to be paid to help people. Never forget the privilege it is to be able to serve other people. And when you make it about yourself and you start over obsessing about yourself, you lose fulfillment and purpose. So, if you're in a burnout stage, focus on everything around you. If you feel less appreciated, give appreciation. Whatever you want more of in life, give it away first. – Dr. Craig Spodak

Bulletproof Dental Practice Podcast Episode 304 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guest: Dr. Trey Tippit Key Takeaways: Summit Update: Chris Ronzio from Trainual speaking Current Events: Affirmative action update Student loan forgiveness proposal rejected Half-Year Audit (July): Apply the "1 in 60" rule to personal and professional and professional evaluation Identify sources of energy and drain Determine the most important focus area (ROCK) across various categories Assess the alignment of systems and habits with the main focus Identify factors or individuals impeding progress Track progress towards annual goals Introduction to Fednow Bitcoin Insights: Significance of Blackrock's filing not being coincidental Upcoming BTC halving in April 2024 Predictable strategy of buying six months before halving and selling 18 months after 4th of July message from Peter References: Bulletproof Mastermind Bulletproof Summit Mighty Networks: Bulletproof Dental Practice Tweetable: The father-son relationship, or father-daughter relationship, the mentor that you have, and a parent of any sort is nothing more than a relationship. But if you don't have it you also have friends that you can choose, you can create. Surround yourself with people that are going to give you those relationships and then foster those relationships. - Dr. Trey Tippit

Bulletproof Dental Practice Podcast Episode 303 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guests: Dr. Trey Tippit & Dr. Dwight Peccora Key Takeaways: ● Strategies to become a person of value and develop resilience ● Recognition of the top three hygienists in the country ● Learning easy tricks for dental hygienists to improve efficiency ● Resumption of student loan payments starting in September ● Dentistry's current focus on the psychological aspect of patient care ● Addressing the hygiene crisis within the dental industry ● Shift in favor of employees in the job market ● High-risk status of 7.8 million federal borrowers potentially missing loan payments ● Search results for dental hygienists ● Engagement in a vaccine debate on Twitter involving Dr. Rogan ● Cultural aspects surrounding the vaccine debate ● Raising awareness about mental health issues in society ● Importance of fostering intellectual debate and the recent decline in trust ● Recognizing the significance of understanding the middle-core perspective ● Challenging the difficulty of changing someone's beliefs ● Acknowledging Rob Dyrdek as a successful and savvy entrepreneur ● Insights shared in "The First Million" podcast ● Emphasizing the value of time management and balance ● Life optimization principles discussed by Rob Dyrdek ● Reflections on Father's Day and the importance of having visions and goals ● Exploring the entrepreneurial dimension within dentistry ● Examining societal narratives around work and finding meaning ● Strategies for increasing personal value and worth ● Reevaluation of the perception of work as cruel ● Recognizing the positive aspects of work and its role in personal fulfillment ● Addressing burnout prevention in the dental profession ● Hiring an implementer for effective practice management ● Strategies for implementing new ideas and initiatives ● Delegation as a crucial aspect of successful business operations ● Cultivating fulfillment and purpose at work ● Importance of regular and productive meetings ● Establishing accountability and fostering a responsible team ● Understanding the impact of lateral pressure in organizational dynamics ● Weekly leadership team meetings to drive progress ● Significance of goal-setting and tracking progress ● Key considerations when building the annual plan ● Embracing the evolution of the company and decision-making processes ● Creating a more resilient business by reducing personal involvement ● Applying leadership principles from "The Five Levels of Leadership" by Maxwell ● Developing successors for high-value tasks and responsibilities ● Setting a clear vision and guiding the team towards success ● Dual aspects of leadership: personal growth and empowering others ● Overcoming challenges through taking calculated risks ● Expanding the application of AI in the dental field ● Exploring joint ventures in dentistry in Texas ● Streamlining email management through the use of plugins in Gmail ● Enhancing efficiency by leveraging plugins for email copying and pasting ● Optimizing processes for improved speed and quality ● Auto-reply systems for efficient email and text communication ● Implementing process streamlining techniques ● Applying the Six Sigma approach to dentistry for enhanced quality ● Utilizing dental technology to support the Six Sigma methodology ● Delegating tasks to team members for improved productivity ● Introducing a new automation system for cost-effective ordering and inventory management ● Announcement of the upcoming mastermind or class, "Bulletproof GPT" References: Bulletproof Mastermind Bulletproof Summit Mighty Networks: Bulletproof Dental Practice Tweetable: Be a person of value, I think there's an over-obsession with an intrinsic 'look at yourself, like 'How can I be fulfilled?', 'How can I be happy?'. And when you look inside for fulfillment or happiness, you're going to ruin the possibility of achieving it. So, it is how you become more valuable like you get what you want in life by helping other people get what they want. – Dr. Craig Spodak

Bulletproof Dental Practice Podcast Episode 302 Host: Dr. Peter Boulden & Dr. Craig Spodak Guest: Amol Nirgudkar Key Takeaways: Teaching AI how to understand dentistry The problem is not marketing, it's scheduling Leveraging micrometrics How DSOs compare to private dentists The problem with metrics Authenticity is what we're selling References: Bulletproof Mastermind Bulletproof Summit Mighty Networks: Bulletproof Dental Practice Patient Prism Tweetable: Selling, if you're moving the patients to better health by all means you can call me a salesperson because I'm changing somebody's life. That's okay! Sometimes the word sales are almost prohibited in healthcare. But we're not selling, we really are moving the patients forward and their journey to betterhealth.-Amol Nirgudkar

Bulletproof Dental Practice Podcast Episode 301 Host: Dr. Peter Boulden & Dr. Craig Spodak Guests: Dr. Trey Tippit & Dr. Dwight Peccora Key Takeaways: Developing a Dental Practice Key Considerations for Establishing a Dental Practice Establishing an In-House Dental Lab Investing in a Cutting-edge Dental Lab Recruitment of Skilled Ceramists and Designers for Dental Labs Effective Marketing Strategy Addressing Challenges with Automated Review Processes Optimizing Vertical Integration to Enhance Efficiency Renowned Speakers at the Bulletproof Summit 2023 References: Bulletproof Mastermind Bulletproof Summit Mighty Networks: Bulletproof Dental Practice Tweetables: There are a lot of ways to grow, and it is not always bigger, better, faster. It's not always revenue and it is not always profit, there are more other ways to grow. – Dr. Trey Tippit

Bulletproof Dental Practice Podcast Episode 300 Host: Dr. Peter Boulden & Dr. Craig Spodak Guests: Dr. Trey Tippit & Dr. Dwight Peccora Key Takeaways: Dental Economics The importance of NOT selling Total dental spending in the United States and the vulnerability of the dental profession Achieving total dental freedom and navigating rising costs and economic downturns Importance of patient experience and leveling the playing field in dentistry Structured and scaled methods of DSOs (Dental Service Organizations) Competition and alignment between personal and business horizons Solutions for the back end of the dental business The importance of autonomy, taking action, and embracing risks Challenging the status quo and consolidation in the healthcare industry Learning from other companies, such as Delta Airlines, and dentistry as a tech-based industry Importance of reception and being on time in dental practices Advice for new building owners and the need to think about the future Importance of space in dental offices and the perspective on solo practitioners Stoic view of asking for help and the significance of doubling down Building dental offices with adequate size and being entrepreneurial Exciting developments in dentistry Technological advancements in dental labs and the impact of AI Advice for healthcare professionals and using AI in basic examples Notable marketing strategies and the importance of investigation Reactions to the idea of same-day dentistry and its relevance References: bpPatientPrism.com Bulletproof Mastermind Bulletproof Summit Mighty Networks: Bulletproof Dental Practice Tweetables: Sometimes you can learn from studying other companies. -Dr. Peter Boulden

Bulletproof Dental Practice Podcast Episode 299 Host: Dr. Peter Boulden & Dr. Craig Spodak Guests: Dr. Trey Tippit & Dr. Dwight Peccora Key Takeaways: Dental Economics 65% of dentist report the RISING OVERHEAD is their biggest challenge right now 90% surveyed believe that there is a "shortage of dental professionals" 70% of offices did better in 2022 than in 2021 but only 5% reported increase was better than 25%. Recessionary Strategy Increase / Focus on hygiene patients Negotiation strategies for supplies/labs Aspen Dental "Cyberhack" 2023 Bulletproof Summit References: Bulletproof Mastermind Bulletproof Summit Mighty Networks: Bulletproof Dental Practice Bullet Proof ERC Airpay Dental Economics Article From Strength to Strength: Finding Success, Happiness, and Deep Purpose in the Second Half of Life Tweetables: Pay attention to your P&L percentages. - Dr. Craig Spodak Have a good sword and a good shield. - Dr. Craig Spodak The money is in the chair. - Dr. Trey Tippit The sustainability of a dental practice relies on the hygiene program. -Dr. Trey Tippit A good reappointment feeds the pre-appointment. -Dr. Trey Tippit If you're that great you have to create awareness and scale to your community. -Dr. Peter Boulden