The Best (and Worst) Practices in Practice Transitions with Rob Montgomery

with Rob Montgomery

Buying a practice is a transaction that many Dentists will experience in their careers. This is one transaction when you want to get it right the first time!

Running time: 58:01

In this Thriving Dentist Show, Gary invited his friend Rob Montgomery as a Guest to share what he has learned in over 23 years of experience successfully guiding Dentists in Practice Transitions.

In this Show, Gary and Rob discuss;

  • How the transitions market has radically changed over the past 20 years,
  • the most common mistakes Dentists make when buying a practice,
  • why every buyer should be more interested in a ‘cash flow analysis’ rather than the purchase price,
  • how to correctly conduct due diligence (and bad or wrong due diligence),
  • the most important things to get right when buying a practice,
  • your ‘Go To’ Team of advisors when buying a practice,
  • how to avoid the most common Office Lease mistakes
  • and why a bad Lease can be a deal breaker.

Throughout this interview, Rob shares great advice to make buying a practice a positive experience!

Links for ‘Top Clinical Tips; with Dr. Lee Ann Brady:

Lee’s website:
http://www.leeannbrady.com

Restorative Nation Website:
http://www.restorativenation.com

Rob’s website:
http://www.yourdentallawyer.com

Link to The Dental Amigos website:
https://thedentalamigos.com/ce-seminars/

NOTE: A digital version of the September 21-22 Course presented by Dr. Pasquale Venuti in available on the dental amigos website. Pasquale Venuti is AMAZING!

The $10,000 A Day Dentist

with Dr. Bill Williams

Rising practice overhead is severely impacting many dental practices today. While there are many reasons why overhead continues to escalate out of control for many Dentists, one important reason why overhead is so high is that many Dentists are not producing enough to offset their fixed expenses.

Running time:  55:49

In this Thriving Dentist Show, Gary interviews his long-time friend Dr. Bill Willams to discuss how to become a highly productive Dentist.

In this Show, Gary and Bill discuss;

  • The hopeful message of; ‘If it’s been done before, it must be possible’,
  • how Bill has produced an average of over $10,000 per day for every work day in the past 15 years,
  • the five different types of Dentists,
  • the concept of the ‘Servant Dentist’,
  • how to finish well in your career as a Dentist,
  • ‘The Big Five’ categories that will lead you to produce $10,000 per day,
  • how to achieve a great work/life balance and produce $10,000 per day
  • and throughout the interview Bill emphasizes the importance of being highly productive while maintaining an attitude of servitude for your patients!

Links for the ‘Let’s Ask David’ segment with Dr. David Hornbrook:

www.davidhornbrook.com

www.utahvalleydentallab.com

Bill’s website: www.solsticedentaladvisors.com

Link to receive a FREE copy of Bill’s Book; The $10,000 A Day Dentist: www.solsticedentaladvisors.com/thriving

Link to Bill’s Facebook Group: https://www.facebook.com/groups/10Kadaydentists/

How to Collect Everything You Produce and Do So In a Patient-Friendly Manner

with Andy Cleveland

Developing a successful payment system in your practice is very important in a Thriving dental practice.

Running time: 58:50
It can be extremely frustrating to do dentistry and not get paid! In this Show Gary invited his friend Andy Cleveland to discuss how to master payment success in your practice.

In this interview Gary and Andy discuss;

  • How to create a positive payment culture in your practice,
  • some very specific benchmarking to define your payment goals including Gary’s four Key Performance Indicators (KPI’s) to measure your practice payment success,
  • how to retrain your patients to expect to pay at or before time of service,
  • how to get paid yet remain patient friendly in the process,
  • payment tools that every dental practice needs,
  • the concept of outsourcing insurance billing and patient billing and how to determine if your practice could benefit from outsourcing
  • and the interview concludes with a discussion of best billing practices.

Links from ‘Top Clinical Tips’ with Dr. Lee Ann Brady:

Lee’s website: www.leeannbrady.com

Restorative Nation website: www.restorativenation.com

Link to Andy’s website: www.andycleveland.com

Living the Dream of Practice Ownership

with Dr. David Stern

If you know anything about Gary, you know that he is passionate about entrepreneurship in dentistry and it is his strong belief that owning your own practice is the best possible career path!

Running time: 53:43
To share a success story about one young Dentist’s path to practice ownership, Gary invited Dr. David Stern as a guest on this Thriving Dentist Show. In this Show Gary and David discuss; David’s path from dental school graduation to becoming a practice owner, what David learned from his experience as an Associate prior to becoming a practice owner, how he found the practice he ended up purchasing, why the fact that this practice was in decline was actually a good thing, how he made a successful transition from the previous owner to David’s ownership of the practice, why he did NOT send a letter to all patients announcing the new ownership, the benefits of practicing in a small town, how David created his in-office patient membership plan and how David has successfully created his own in-office patient financing plan to grow his practice (with a default rate of a fraction of 1%). You will enjoy David’s story of how he became a practice owner and how he is making his practice his own!

Links from ‘Top Clinical Tips’ with Dr. Lee Ann Brady:

Lee’s website: www.leeannbrady.com

Restorative Nation website:
www.restorativenation.com

One Dentist’s Story of Adversity and How he Overcame these Challenges

with Dr. Brian Toorani

The truth is that we are all likely to face many challenges in our lives. Dr. Brian Toorani is a long-time friend of Gary’s and he has experienced many challenges in his personal and professional life.

Running time: 60:08

Gary invited Brian to be a Guest on the Thriving Dentist Show to share his experiences with the hope that it will help others. In this important interview Gary and Brian discuss; a candid discussion of the challenges that Brian has experienced, how Brian found himself deeply in debt in Southern California in the middle the brutal economic downturn of 2008 and 2009, the experience of practicing dentistry with a 92% overhead, how Brian made radical changes to get his practice overhead around 60%, why bigger wasn’t better for Brian, the toughest decision that Brian had to make as a practice owner and why it still haunts him today, Brian’s experience with Clinical Depression and the fact that Depression is not uncommon in the dental profession, Brian’s recent physical challenges of a severely broken right wrist (Brian is right handed), the role of Emotional Intelligence on overcoming challenges and the interview concludes with a fun discussion of Brian’s Guided Implant Surgery Courses and how he has ben able to Triumph over adversity. Special thanks to Brian for having the courage to discuss such sensitive subjects in the hopes of helping others!

Links for ‘Let’s Ask David’ segment with Dr. David Hornbrook:
http://www.davidhornbrook.com

http://www.utahvalleydentallab.com

Brian’s Practice Website:
http://www.dentaloasisofOC.com

News Flash! Make a Monthly Payment for Big Cases look more like a Car Payment than a House Payment and You’ll do more Big Cases

with Dave Roehr

Let’s face reality. After you have presented your treatment plan to your patient, often the first words that come out of their mouth are ‘How Much?” We all wished that patients asked you brilliant clinical questions or had a deep interest in the materials that you will use, but often their biggest concern is how much the treatment is going to cost.

Running time: 69:00

If you can figure out how to realistically fit your big cases into the patient’s budget you will experience greater case acceptance. To share some great information about how to make big cases affordable in a way that works for you as well as the patient, Gary invited his friend Dave Roehr as this week’s guest on the Thriving Dentist Show. Gary and Dave discuss; Biggest trends today in patient financing, what Dave learned from creating the Cabela’s credit card, common misconceptions and blind spots for Dentists in regards to patient financing, data on consumer disposable income (Spoiler alert; 60% of consumers do not have $1,000 available to pay for an unexpected expense [ie: dentistry]), why it’s important to be able to offer a monthly payment that looks more like a car payment rather than a house payment, lessons from the auto industry and key components of a quality patient financing product.

Busting Loose from Insurance Dependency
http://ThrivingDentist.com/free

Links from ‘Top Clinical Tips’ with Dr. Lee Ann Brady:

Lee’s website:
http://www.leeannbrady.com

Restorative Nation website:
http://www.restorativenation.com

C Shape It Links:
https://leeannbrady.com/dental-materials/condensing-composite

https://restorativenation.com/pearls-part-i/

Dave Roehr’s website:
http://www.proceedfinance.com

Dave’s email address:
dave@proceedfinance.com

Dave’s Cell Phone Number:
402-405-7252

Busting Loose from Insurance Dependency
http://ThrivingDentist.com/free

The Benefits of Creating Your Own In-Office Membership Plan

with Jordon Comstock

If you are a regular listener to the Thriving Dentist Show you know that Gary is an advocate of reducing insurance dependency in your practice.

Running time:51:40

For this Thriving Dentist Show, Gary invited his friend Jordon Comstock as a guest to discuss how an in-office membership plan can help you develop a thriving practice. In this Show, Gary and Jordon discuss; the definition of an on-office membership plan, how an in-office membership plan is like Amazon Prime for your dental practice, the magic of recurring revenue in your practice, regulations and legal details related to your in-office membership plan, why you should use a ‘Medical Retainer Agreement’, how to name your in-office membership plan, the Direct Primary Care Law and why you need to know about it, how to automate the payment process, how to successfully market your in-office membership plan in your community and throughout the interview Jordon shares how to use your in-office membership plan to roll the red carpet out to welcome patients who do not have dental insurance.

Links from ‘Top Clinical Tips’ with Dr. Lee Ann Brady:

Lee’s website:
http://www.leeannbrady.com

Restorative Nation website:
http://www.restorativenation.com

Blog post by Lee ‘Air Abrasion Made Easy’
https://leeannbrady.com/dental-materials/air-abrasion-made-easy

Discussion thread on Restorative Nation about air abrasion
https://restorativenation.com/forum/inside-the-operatory/air-abrading-preps-and-i-actually-like-it/

Website for the Etchmaster:
http://www.gromandental.com/

Jordon Comstock’s website:
http://www.boomcloudapps.com

Free Ebook about Membership Programs
http://www.boomcloudapps.com/book

DPC law and how to Bypass insurance regulation:
http://boomcloudapps.com/2018/01/25/how-to-bypass-insurance-regulation-for-your-dental-membership-program-i-am-really-excited-about-this/

Jordon’s email address:
jordon@boomcloudapps.com

Everything Dentists Need to Know about the Latest Tax Reform Bill

with Robby Apple CPA - Episode 311

In December 2017 Congress released the latest Tax Reform Bill providing the most sweeping changes in the tax code in over 30 years. Gary invited his friend Robby Apple CPA to discuss the details in the latest tax reform bill and specifically how these changes will affect you.

Running Time: 63:19 minutes

Gary deliberately chose Robby for this interview because he is an authority on the topic and he has a great way of making this information both educational and interesting! In this Thriving Dentist Show Gary and Robby discuss; The Academy of Dental CPA’s (ADCPA) and how they serve their Dentist clients, Robby’s perspective that there is considerable good news for Dentists in the tax reform bill, how the bill may stimulate the economy and positively impact dental practices, the 7 specific changes that might affect most Dentists, why you might want to change your business structure because of the new tax bill, changes or elimination of deductions in the tax bill, details that did not change and common misperceptions about the tax reform bill. As a service to listeners of the Thriving Dentist Show, Robby has provided a set of detailed notes covering our interview available as a pdf document. To receive these valuable notes click Here.

Website for the Academy of Dental CPA’s

Robby’s website

Click here to receive a free copy of Robby’s notes detailing the changes in the new tax reform bill

Financial Freedom is Achievable for Dentists but you Must Know the Rules of the Game!

with Josh Robbins and Tom Zgainer - Episode 310

Gary defines Financial Freedom as the day when you can go to work because you want to, not because you have to. Despite having a very attractive annual income, most Dentists struggle with achieving Financial Freedom. A recent study reported that only 3% of the Dentists in the US could retire at age 65 without reducing their lifestyle. Gary Invited his friends Josh Robbins and Tom Zgainer to provide great tips on how Dentists can achieve Financial Freedom.

Running Time: 61:23 minutes

In this Show, Gary, Josh and Tom discuss; The retirement tools that Dentists can use at every stage of their career to achieve Financial Freedom, how to determine an appropriate savings rate at various stages of your career, how most Dentists are being adversely effected by high investment-related fees that are eroding your Net Worth, how to discover if you are over paying investment-related fees, how a properly designed 401K plan can be a powerful tool for you to achieve Financial Freedom and throughout the interview Josh and Tom share great, actionable information from Tony Robbins book titled Unshakeable. This powerful book is a #1 New York Times Best Seller filled with information that will help you achieve Financial Freedom.

To receive a FREE copy of the book; Unshakeable written by Tony Robbins:
uncovermyfees.com

Don’t Miss An Episode: Subscribe Free in iTunes | Google Play | Subscribe on Android

The Specific Reasons Why Dentists Retire 5 years Later Than the Average American

with Reese Harper - Episode 305

The American Dental Association recently released a study on the financial success of Dentists. Among other findings, this study concluded that the average retirement age for a dentist is 67, which seems reasonable until you compare it with the retirement age of the average American, which according to Gallup is 62. This seems especially perplexing given that the typical Dentist’s income is much higher than the average American.

Running Time: 69:59 minutes

In this Thriving Dentist Show, Gary interviewed his friend Reese Harper on how Dentists can achieve Financial Independence. In this Show, Gary and Reese discuss; How behavior and personality traits play a big role in how Dentists make decisions about money, an in-depth discussion about the 9 specific financial archetypes and the relationship between personality traits and financial behavior, how to avoid the common mistakes that each of the personality types tend to make, how to determine an appropriate savings rate, how to fund your children’s education and how to develop the specific habits that will allow you to achieve financial independence. The goal of this interview is to help you practice dentistry because you want to, not because you have to!

Reese’ website:
http://www.dentistadvisors.com

Reese’ Podcast:
The Dentist Money Show
http://dentistadvisors.com/series/dentistmoney/

Reese Phone Number
833-DDS Plan (833-337-7526)