The Bulletproof Dental Podcast Episode 358 HOSTS: Dr. Peter Boulden and Dr. Craig Spodak GUESTS: David Ensley DESCRIPTION In this conversation, Craig and Peter interview David Ensley, an orthodontist and part of a dental service organization (DSO). They discuss various topics including the use of Twitter for networking, the differences between GP and ortho startups, the importance of location and visibility for dental practices, the use of Google Ads and CRM for marketing, and the benefits of hiring offshore employees. David shares insights on in-house financing in orthodontics and the challenges of cash flow in the beginning. He also emphasizes the value of specialized roles and better talent that can be obtained through offshore hiring. David shares insights on managing remote teams, finding the right talent, and creating a pathway to ownership for dentists.  TAKEAWAYS Orthodontic startups face challenges with cash flow in the beginning due to the longer treatment times and monthly payment plans. Location and visibility are crucial for dental practices, and retail locations with high vehicle traffic are preferred. Google Ads and CRM systems like Go High Level can be effective tools for marketing and lead management. In-house financing is more common in orthodontics due to the longer treatment times and the ability to break up payments throughout treatment. Hiring offshore employees can provide access to specialized roles and better talent at an affordable price. Remote workers can bring efficiency and specialization to a dental practice or DSO. Partnerships in a DSO can provide a pathway to ownership and increase retention and quality. Collaboration with professionals outside of dentistry can bring fresh perspectives and innovative ideas. Twitter can be a valuable platform for learning, networking, and engaging with professionals from various industries. CHAPTERS 00:00 - Introduction  04:14 - Challenges and Considerations for Ortho Startups 10:10 - The Importance of Location and Visibility 15:19 - Using Google Ads and CRM for Marketing 20:54 - Benefits of Hiring Offshore Employees 25:50 - Introduction to David Ensley and Remote Workers 27:04 - Partnerships: A Pathway to Ownership in a DSO 30:15 - Reciprocity and the Democratization of Ownership in Dentistry 35:26 - Competition and Efficiency in the Orthodontic Market 39:06 - Collaboration and Learning Beyond Dentistry 44:32 - The Power of Twitter for Networking and Knowledge Sharing 46:02 - Future Plans and Invitation to Connect REFERENCES Bulletproof Mastermind Bulletproof Summit 2025 David Ensley  

The Bulletproof Dental Podcast Episode 357 HOSTS: Dr. Peter Boulden and Dr. Craig Spodak GUESTS: Brannon Moncrief  DESCRIPTION In this episode, Craig and Peter welcome guest Brannon Moncrief as they discuss the common misconception that more dental practice locations automatically lead to higher valuations and buyer demand. They emphasize the importance of building intentionally and scaling only when the first location is successful and profitable. They also highlight the significance of EBITDA as the ultimate key performance indicator (KPI) in dental practice operations and provide insights into what private equity buyers look for in terms of EBITDA percentages. The discussion also touches on the issue of fake EBITDA and the misconception that high personal income equates to a valuable business.  TAKEAWAYS Building with intentionality and ensuring the success and profitability of each location before scaling is crucial. EBITDA is the ultimate KPI in dental practice operations and is significant in valuations and buyer demand. Private equity buyers look for EBITDA percentages in the range of 20-25% for healthy margins. The macroeconomic climate, including interest rates, influences dental practice valuations. The market for dental practice acquisitions has changed, with a shift in the mix of buyers and increased scrutiny on the quality of assets. Building a real business in dentistry requires scalability and the ability to survive without the dentist's direct involvement. High personal income does not necessarily equate to a valuable business, as fake EBITDA can inflate profits. Consolidation in the dental industry is expected to continue, with private equity playing a significant role. Dentists should focus on optimizing their practices and adapting to changes in the industry to stay competitive. Understanding the value of your business and planning for the future is crucial for long-term success. CHAPTERS 00:00 - Introduction and Scaling Misconceptions 06:33 - Building with Intentionality and EBITDA Importance 13:08 - Macroeconomic Climate and Dental Practice Valuations 18:15 - The Future of Dental Practice Acquisitions 23:16 - Building a Real Business in Dentistry 24:48 - The Pitfalls of Fake EBITDA 28:23 - Consolidation in the Dental Industry 36:30 - Adapting and Optimizing for the Future   REFERENCES Bulletproof Mastermind Bulletproof Summit 2024 McLerran and Associates  

The Bulletproof Dental Podcast Episode 356 HOSTS Dr. Peter Boulden and Dr. Craig Spodak DESCRIPTION In this conversation, Peter and Craig discuss the advice they would give to themselves as dental school students or new dentists. They emphasize the importance of taking care of oneself, including getting regular massages, maintaining core fitness, and having a concierge doctor for personalized healthcare. They also discuss the value of regular testing, such as the GRAIL test for detecting microscopic cancers and the MTHFR test for methylation issues. They touch on the importance of posture and mental fitness for dentists, the need for effective communication skills, the value of focusing on one's strengths rather than weaknesses, and the significance of leadership in dental practices. They also mention the upcoming Bulletproof Summit and the possibility of having a representative from the Ritz-Carlton speak about customer service. TAKEAWAYS Take care of yourself and prioritize self-care, including getting regular massages and maintaining core fitness. Consider having a concierge doctor for personalized healthcare and attention. Regular testing, such as the GRAIL test and the MTHFR test, can provide valuable insights into your health. Practice good ergonomics to prevent back pain and other physical issues. Be aware of the potential health risks associated with mercury exposure in dentistry.  Maintaining good posture and mental fitness is crucial for dentists. Effective communication skills, including the ability to read body language and tailor conversations to individual patients, are essential. Rather than trying to improve weaknesses, dentists should focus on their strengths and surround themselves with a team that can compensate for their weaknesses. Leadership skills are vital for dental practice success, and dentists should continually work on developing their leadership abilities. The upcoming Bulletproof Summit will provide valuable learning opportunities for dentists, including a potential session on customer service by a representative from the Ritz-Carlton. CHAPTERS 00:00 - Introduction and Background 03:11 - The Importance of Self-Care 08:55 - Taking Care of Your Physical Health 14:49 - The Value of Regular Testing 19:18 - Preventing Physical Strain and Injury 24:04 - Focusing on Strengths: The Key to Success 28:23 - Applying Ritz-Carlton's Customer Service Expertise to Dental Practices REFERENCES Bulletproof Mastermind Bulletproof Summit 2024  

The Bulletproof Dental Podcast Episode 355 HOSTS: Dr. Peter Boulden and Dr. Craig Spodak     DESCRIPTION The conversation explores the advantages and disadvantages of DSOs (Dental Service Organizations) compared to solo dental practices. We’ll discuss the operational efficiencies of DSOs, including better lab fees, insurance negotiations, procurement of supplies, technology, and data utilization as well as highlight the importance of the patient experience and the potential for solo practices to excel in this area. The conversation delves into the challenges faced by solo practitioners, such as high team salaries and the pressure to compete with DSOs.  Peter and Craig emphasize the need for private practice owners to adapt and innovate in order to stay competitive. They also discuss the impact of student debt on private practice ownership and the role of technology in improving dental practices.    TAKEAWAYS DSOs have operational advantages in terms of lab fees, insurance negotiations, procurement, technology, and data utilization. Solo practices can excel in providing a superior patient experience. Solo practitioners should focus on improving operational efficiencies and reducing expenses to level the playing field. Mergers between solo practices can provide economies of scale and enhance competitiveness. The DSO model may face challenges due to the pressure for short-term returns and the potential fallout from a changing economic landscape. Private practice owners need to be aware of the changing landscape of dentistry and the rise of dental service organizations (DSOs). The high amount of student debt limits options for private practice ownership and partnerships. The Bulletproof Summit and Bulletproof Mastermind offer valuable opportunities for learning and growth in the dental industry.     CHAPTERS 00:00 - Reuniting and Discussing the Rise of DSOs 04:10 - The Advantages of DSOs: Operational Efficiencies and Technology 14:12 - The Importance of the Patient Experience in Solo Practices 17:09 - Challenges Faced by Solo Practitioners: Team Salaries and Competition 22:26 - Potential Solutions: Mergers and Long-Term Strategies 27:38 - The Future of DSOs: Challenges and Opportunities 30:45 - Adapting to the Changing Landscape of Dentistry 32:13 - The Impact of Student Debt on Private Practice Ownership 33:34 - The Role of Technology in Improving Dental Practices 35:23 - The Value of the Bulletproof Summit and Mastermind   REFERENCES Bulletproof Mastermind Patient Prism Bulletproof Summit 2025

The Bulletproof Dental Podcast Episode 354   When Should I Expand?   HOSTS: Dr. Peter Boulden GUESTS:  Dr. Dwight Peccora and Dr. Trey Tippit   DESCRIPTION Pete, Dwight, and Trey discuss the importance of understanding when it's the right time to expand and how to determine the right metrics to make that decision. We emphasize the need to consider factors like utilization rate, infrastructure, and cash flow when deciding to expand. We also explore the challenges of balancing work and personal life during the expansion process.    TAKEAWAYS Understanding when to expand a dental practice is crucial for growth and success. Metrics like utilization rate, infrastructure, and cash flow can help determine the right time to expand. Balancing work and personal life during the expansion process is a challenge that requires open communication and support from family and team members. Having a clear vision and goals for the expansion can help guide decision-making and prioritize resources. Regularly tracking and analyzing key metrics can provide valuable insights and inform expansion decisions. Consider utilization rate, capacity, and future growth when deciding to expand a dental practice. Cannibalization can be a strategic move in expanding a practice. Continuous learning and skill development are essential for success in dentistry. Building strong relationships and team bonding can contribute to practice success. CHAPTERS 00:00 - Introduction and Setting the Context 11:59 - Understanding the Craftsman Mentality in Dentistry 21:50 - Determining Utilization Capacity and Expansion Readiness 27:43 - Defining Utilization Capacity and Tracking Metrics 31:36 - Considering Utilization Rate and Capacity 33:01 - The Inspiring Example of Innovative Dental 34:23 - The Importance of Continuous Learning and Skill Development 37:33 - Factors to Consider in Expansion Decisions 43:07 - Utilization Rate and Multi-Location Practices 44:40 - Leveraging Existing Practices for Patient Count Growth 46:15 - The Strategy of Cannibalization in Market Domination 50:14 - Building Strong Relationships and Team Bonding   REFERENCES 2024-2025 Bulletproof Mastermind

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

Experienced dentists Dr. Trey Tippit and Dr. Dwight Peccora discuss the challenges of hiring and onboarding dental associates while Dr. Peter Boulden moderates. They highlight the importance of progress over perfection in hiring decisions, financial implications, and the need for the right fit in the practice. The conversation also covers hiring for business needs, balancing diversity, continued education, and mentorship for success.

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

AI experts Dr. Dwight Peccora and dentist Dr. Trey Tippit discuss the rapid advancements in AI technology, particularly GPT-4, and its potential to disrupt various industries including dentistry. They explore examples of AI applications in education, customer service, and language translation, emphasizing the need for regulations and consent in implementing AI in dental practices. The conversation highlights the exponential growth and improvement of AI technology, showcasing its transformative potential in enhancing patient experiences and improving efficiency in dental practices.