Bulletproof Dental Practice

Text ‘bulletproof’ to 345345 to stay in the know about all things Bulletproof, and buy the book HERE!   Bulletproof Dental Practice Podcast Episode 94 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guest: Brannon Moncrief   Watch full video of the interview by clicking here!    Key Takeaways:   Starting Dentappraisal Background of Brannon When did the 75% - 85% of topline revenue become the practice valuation? Easy metrics Specialty Practices Buy-ins and margins are substantial High profitability Level of vulnerability What portion of sales are from people wanting to sell their practices vs those looking to onboard a partner Reviving management burden Moving locations EBITDA or subjective valuations 7 key factors for valuation Revenue level and trends Profitability level and trends Type and size of patient base Hygiene production and service mix Facilities and equipment Location Opportunities for growth Average profitability of practices of 1.5 million and above Definition of EBITDA What is the average payment the DSO is taking after you sell? How private equity more often that not doesn’t help industries The average days on the market for a practice Options available on the marketplace Advice to the industry Know your revenue Monitor your practice Manage it appropriately What is missing from the market         References:   Dentappraisal

Text ‘bulletproof’ to 345345 to stay in the know about all things Bulletproof, and buy the book HERE!   Bulletproof Dental Practice Podcast Episode 90 Hosts: Chuck Blakeman Guest: Dr. Peter Boulden   Key Takeaways: Introduction To Chuck’s Podcast Introduction to Peter Boulden Peter’s background The business side of dentistry Systems & processes Start with the result Defining success Goal setting       Planning future success Without action, it’s just an act of futility Accountability Forming habits Perspectives on culture   References: Checklist Manifesto

Text ‘bulletproof’ to 345345 to stay in the know about all things Bulletproof, and buy the book HERE!   Bulletproof Dental Practice Podcast Episode 90 Hosts: Chuck Blakeman Guest: Dr. Craig Spodak   Key Takeaways: Introduction to Craig Spodak Craig’s background Value of knowing where we end up and when Freedom doctor and hostage doctor Major lessons that Dr Spodak has learned during his career Keep pursuing Living to work, not working to live Know yourself, know what you want 3 modes that human beings operate in The importance of vision Fulfilment vs achievement Dr Spodak’s non-profit Dr Spodak's next goals    References: Chuck Blakeman All-Star Smiles

Text ‘bulletproof’ to 345345 to stay in the know about all things Bulletproof, and buy the book HERE!   Bulletproof Dental Practice Podcast Episode 89 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guest: Steven Clausnitzer, CEO/Co-Founder of Forever Labs   Watch full video of the interview by clicking here!   Key Takeaways: Dentistry accelerates the aging process Introduction to Steven / Forever Labs Using young stem cells The best age to harvest stem cells The younger the better 8 opportunities to grow cells Multi-potent Using sourced stem cells throughout the rest of your life Cryogenically frozen Growing more cells outside the body than inside it Growing specific to an application What’s the difference in cord blood banking? Can I use my children’s blood / stems? 50% rejection rate hoa match Need your own cells What type of investment is this? Moving from disease treatment society > health maintenance society Longevity escape velocity - 12 years - time x money $2500 procedure, $250 per year for storage, lifetime plan $7000 upfront Differences in dental vs health care, preventative medicine - longevity Free giveaway lifetime procedure Giving Away 1 FREE Lifetime Procedure: go.foreverlabs.com/giveaway/boulden, use code: Boulden   References: Forever Labs Giveaway for 1 FREE Lifetime Procedure Dr. Aubrey de Grey “Ending Aging” video Peter Diamandis

Text ‘bulletproof’ to 345345 to stay in the know about all things Bulletproof, and buy the book HERE!   Bulletproof Dental Practice Podcast Episode 88 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guest: Dr. Marc Cooper, President of DEO Dental Group   Watch full video of the interview by clicking here!   Key Takeaways: Artificial Intelligence Machine to machine learning will eliminate the human interface Dental practice in 10 years given AI and Blockchain No waiting rooms Electronic patient records Extensive vitals The tipping point The dental future is past the tipping point Futurist Looking towards something but also from something which gives a different perspective of what is going on Dentistry will go where medicine goes Healthcare never goes down in cost Dentistry 2032:The Future Report Overview Large DSO’s will dominate the market Robotics will place nearly all dental implants Shift from technician to team leader Always have a human interface Quality care Quality means that it lasts Quality assurance will be pervasive throughout dentistry Patients will get better treatment Insurance reimbursement will shift to AI and blockchain Successful Entrepreneurship Move forward Think in action Hear the future differently Integrate   References: DEO Dental Group The Tipping Point Dentistry 2032:The Future Report   Tweetables: Be willing to be wrong without making yourself wrong – Dr. Marc Cooper There needs to be a fundamental change in the mindset of a dentist about what it means to be a dentist. – Dr. Marc Cooper

Text ‘bulletproof’ to 345345 to stay in the know about all things Bulletproof, and buy the book HERE!   Bulletproof Dental Practice Podcast Episode 87 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guest: Jairek Robbins   Watch full video of the interview by clicking here!   Key Takeaways: Everyone loves the idea of following your passion, but very few people can or will follow through What’s the purpose of business? 1 – Add value to the community around you 2 – Generate revenue and profit to feed the families of you and your team 3 – Create a place where the humans who are going to work there are going to become the best version they can be 50% of business fail in 5 years, 96% fail in 10 years Out of the 4% that survive, only 39% are profitable Good to Great is about companies who focus on meaning vs. making money In 10 years, the S&P 500 grew 122%, Good to Great companies grow 331%, Firm of Endearment companies grew 1,026% over same period of time Firm of Endearment companies focus on culture, people care about who you are and why you do it These firms do something beyond themselves for the world They take care of their people and they take care of their community Dentists have the unique opportunity to shape people in an area where people tend to have a lot of fear 10 tenets of a firm of endearment: 1 – Culture of learning 2 – Culture of trust You want your people to know the parameters in which they can operate autonomously and you can trust their decisions Authenticity, say what you mean and mean what you say, transparency 3 – Culture of respect 4 – Culture of caring 5 – Culture of interdependency 6 – Culture of integrity 7 – Culture of fun (be childlike, not childish) 8 – Culture of transparency 9 – Culture of belonging & oneness 10 – Culture of loyalty Values of companies have changed How you treat your team affects the profitability of the company Is your practice a firm of endearment? Click HERE for a free assessment!   References: Good to Great by Jim Collins Firms of Endearment by Rajendra Sisodia, David Wolfe, & Jagdish N. Sheth

Text ‘bulletproof’ to 345345 to stay in the know about all things Bulletproof, and buy the book HERE!   Bulletproof Dental Practice Podcast Episode 86 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guest: Vicki McManus Peterson, Co-Founder & CEO of Productive Dentist Academy   Watch full video of the interview by clicking here!   Key Takeaways: Dentists tend to get caught up in the sizzle of marketing, instead your plan should be predictable Suggestion is to budget 8% for marketing Average dentist spends less than 1% but sign up for every PPO out there If you’re at 0-1% make sure you have world-class customer service first, BEFORE turning on the marketing funnel, spend the money to get your team trained Marketing is EVERYTHING Once trained, shift those training dollars to marketing Track true ROI for your marketing dollars Track the relative value of your marketing PPC is the least expensive, most effective way to reach a broad audience Word of mouth and patient referrals is still the best marketing plan Make sure you have at least 10% of your patient base is referring at any one time, then work up to 20% You’re getting new patients who are already warmed up It holds your team accountable for systems and customer service One doctor needs a minimum of 35 new patients a month, depending a wide number of variables 9 times out of 10 in order to grow a practice you have to slow it down Insurance companies train dentists to be lazy about marketing There’s an offense and a defense in marketing Video content is most often consumed when people can’t actually listen Make sure you’re auditing the metadata Google is adding to your content Tie labor and marketing funds together Vicki says EBITDA stands for “Everybody In Town Drinks A lot” The best marketing plan is to CARE   References: Richard Evangelista   Tweetables: Marketing is patience. – Vicki McManus Peterson

Text ‘bulletproof’ to 345345 to stay in the know about all things Bulletproof, and buy the book HERE!   Bulletproof Dental Practice Podcast Episode 85 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guest: Dr. David Eshom, David Eshom DDS   Watch full video of the interview by clicking here!    Key Takeaways: Dr. Eshom runs a very successful FFS practice in San Diego and is an Invisalign superstar! Invisalign is not a commodity, although there is a lot more competition in the field than before A lot of people underestimate what Invisalign can do Compliment your patients and make them feel good about their smile The piece of equipment that you shouldn’t live without and has the highest ROI: digital camera People will say yes to treatment much more when they see what can be changed with their smile Take a big leap with Invisalign, you can’t just dabble Entrust your team to learn and perfect the Invisalign practice so you aren’t responsible for all aspects Don’t leave practices angry and make sure you know what you’re getting into when joining a practice Private practices provide great value when you can make patients happy, take time to listen to patients, and do the work right You have to have a good website, it has to serve what patients are looking for Have a contact form where people can request a free estimate Surround yourself with a great team and get out of their way   Tweetables: Pictures sell dentistry. – Dr. Peter Boulden

Design Your Graphics and Your Life with Russ Perry   Text ‘bulletproof’ to 345345 to stay in the know about all things Bulletproof, buy the book HERE, and come to the Bulletproof Summit on October 12-13th 2018 in Atlanta!   Watch full video of the interview by clicking here!   Bulletproof Dental Practice Podcast Episode 83 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guest: Russ Perry, Founder and CEO of Design Pickle   Key Takeaways: Secret to the success of Design Pickle Hire designers full time, treat them well, let them work directly with customers Cultivate relationships Key elements of great content Simple is always better Emotional, different, disruptive graphic Do not over communicate Provide visual inspiration about design needs Design Advice Deploy, just roll with it Warrior Week (Wakeup Warriors) Training program for men Reprogram men: health, wellness, relationships Not a masculine program, but a man program There is equality but there is a difference in man, woman, age Men and women have different challenges when approaching situations Eliminates the sedation that entrepreneurs experience Get 25% off your first month of Design Pickle HERE   References: Russ Perry In My “Fillings” Challenge Warrior Week The Blackout Experience   Tweetables: Simple is always better. – Russ Perry If you borrow from one, it’s plagiarism. If you borrow from many, it’s research. – Dr. Craig Spodak Something is better than nothing. – Russ Perry Do what you’re good at and hire out the rest. – Russ Perry

Text ‘bulletproof’ to 345345 to stay in the know about our upcoming book release and the Bulletproof Summit on October 12-13th 2018 in Atlanta!   Bulletproof Dental Practice Podcast Episode 82 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guest: Reese Harper, CEO DentistAdvisors.com   Watch full video of the interview by clicking here!   Key Takeaways: Average retirement age for dentists is 69 Most dentists retire when they think they can, they don’t wait longer When to retire Calculate total net worth, retirement accounts, cash, investment to determine Make 30-35 times what is spent in 1 year at any age younger than 70 Example: $200,000 spent in a year, net worth should be $6-7 million TT Score: Net worth divided by annual spending Wealth should grow at 3.3% or more at a TT score of 30 to never run out of money and maintain principle A lot of people don’t have a clear picture of how their net worth is growing, so they don’t make any changes Track personal net worth statement and progress report quarterly Spending 30% of your total gross rate is ideal This will allow a 20+% savings rate Average savings % is 21 Focus on net worth not savings People often pursue accumulating assets in the wrong order Focus on practice equity, then liquidity, then qualified assets, then real estate More practice equity leads to higher investment returns   References: Explore the Elements   Tweetables: If you’re not getting a roadmap, how do you know where the roads are? – Dr. Peter Boulden