True Dental Success Institute

Archive for December 2016


099: Dr. Mark Costes – Midwestern University – The High Stakes Facing New Practice Owners

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Dr. Mark CostesWelcome to another episode of the Dentalpreneur Podcast. On today’s show Dr. Mark Costes visits Midwestern University to share with students some business fundamentals he’s learned in practicing dentistry and multiple practice ownership.

Dental school students Brian Pierce and Derek Green invited Dr. Mark to come speak with the students at their school when they made their appearance on episode 093 of the Dentalpreneur. Dr. Mark begins his talk by leading with his flaws and how his background in practicing dentistry was not a path always paved in gold. He discusses with the students how embracing your flaws and struggles can prime you for more success into the future.

All of that and more on today’s episode of the Dentalpreneur.

More about this show:

Dr. Costes gives away the number one practice builder, which is to deliver painless local anesthesia. He goes in depth on what is required of a successful practice owner. Some of these topics include: management skills, self improvement routines, financial awareness, team culture, and marketing strategies.

In this episode you’ll hear:

  • What is AIPE analysis and how can it transform your business
  • What it means to marinate yourself in enriching material daily
  • Questions to ask when looking at prospective dental practices
  • The importance of leadership and public speaking skills for business owners
  • What EODP and DTP are and how they can facilitate a productive culture in your offices

Special thanks to Brian Pierce and Derek Green for inviting us to Midwestern University for today’s show, and thanks to you for joining us as well. See you next time on the Dentalpreneur.

EPISODE RESOURCES




098: Dr. Brady Frank – How to Build a Multiple Practice Empire

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Brady Frank, DDS - dentistWelcome to another episode of the Dentalpreneur Podcast. On today’s show we gain some insider knowledge on topics such as successful transition into retirement, practice acquisition and implant procedures.

Joining us today is multiple practice owner and transition specialist Dr. Brady Frank. Dr. Frank is on the forefront of the implant industry and has trained over 3,800 dentists on both novice and complex procedures. He learned at an early point in his career that only 6% of dentists were able to retire at 59 with abundance. This awareness motivated Dr. Frank to learn how to make his retirement plans work better for him. He has an interest in helping others in the industry; young dentists in particular, avoid the mistakes he learned from along the way.

All of that and more on today’s episode of the Dentalpreneur.

More about this show:

One of the key things that Dr. Frank noticed about dentists that were struggling with having a good retirement transition plan was that they didn’t understand the difference between cash flow and wealth accumulation. He also goes into detail about his top three favorite acquisition opportunities and how you can find them. He and Dr. Costes reveal some strategies on what proper compensation formulas can look like for new associates. The last topic they dive into is regarding different types of implant procedures.

In this episode you’ll hear:

  • What role your tax bracket plays in your transition options
  • How shifting from ordinary income to long term capital growth effects your tax rate
  • How to convert growth from practices into cash that can be invested in retirement plans
  • What a successful merger can do for you
  • Buy in vs. trial partner success rates

Special thanks to Dr. Brady Frank for sharing his experiences and knowledge on today’s show, and thanks to you for joining us as well. See you next time on The Dentalpreneur.

EPISODE RESOURCES

 




097: Dr. Aaron Nicholas – Fundamentals in Action

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dr-aaron-nicholasWelcome to another episode of the Dentalpreneur Podcast. On today’s show we are reviewing some helpful strategies that helped make 2016 a successful year.

Joining Dr. Mark Costes today is fellow Mastermind member, Dr. Aaron Nicholas. Dr. Nicholas will be speaking at the upcoming not-to-be-missed events Voices of Dentistry and the 2017 Dental Success Summit. He and Dr. Costes look back on 2016 as it comes to a close and compare notes on some of the strategies they implemented that produced the most positive results in their practices.

All of that and more on today’s episode of the Dentalpreneur.

More about this show:

Dr. Nicholas and Dr. Costes share some of the challenges and some of the wins they experienced while practicing as a coach to other dentists. Dr. Nicholas elaborates on some main factors that allowed some clients to be more successful than others. They both also go into detail about what specific actions they took in their practices over the year. They reveal what kind of results they showed as well as where you should be looking to see results and how often.

In this episode you’ll hear:

  • What does constant improvement look like in action
  • Why is having a weekly meeting in your practice important
  • How often should you be reviewing your numbers
  • Where to look for loopholes in your monthly statements
  • How rotating management responsibilities can improve team work ethic

Special thanks to Dr. Aaron Nicholas for sharing his experiences and knowledge on today’s show, and thanks to you for joining us as well. See you next time on Dentalpreneur.

EPISODE RESOURCES




096: Jake Conway and Ashlee Evans – Tackling the Biggest Overhead and Systematic Issues in Your Practice

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conwayWelcome to another episode of the Dentalpreneur Podcast. On today’s show we discuss some of the best tips and strategies for practice owners to utilize in the coming new year.

Joining us in this episode are two key members of Dr. Costes’ team, Ashlee Evans and Jake Conway. They hijack the podcast while their boss, Dr. Mark Costes is away and share some of the knowledge they have gained over the past year as it comes to a close.

All of that and more on today’s episode of Dentalpreneur.

More about this show:

Ashlee Evans is the Chief Operations Officer for the Dental Success Institute and she takes us through some of the challenges she has learned from in her experiences throughout the year. Jake Conway is a numbers guy who provides custom business analytics and solutions. Through analyzing the data from hundreds of different practices throughout the year he has recognized some trends that practice owners can focus on to make the year ahead a more lucrative one.

In this episode you’ll hear:

  • What are the biggest areas of opportunity for financial improvement for practice owners
  • Why it is important to take an honest look at your expenses and be able to justify them
  • In terms of numbers, what a successful marketing campaign looks like
  • How to find out if a practice is worth purchasing
  • How to maintain closeness with your staff without being at the center of all operations

Special thanks to Ashlee Evans and Jake Conway for sharing their experiences and knowledge on today’s show, and thanks to you for joining us as well. See you next time on The Dentalpreneur.

EPISODE RESOURCES




095: Dr. Peter Boulden – Principles of Building a Dental and Real Estate Empire

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Dr. Peter BouldenWelcome to another episode of the Dentalpreneur Podcast. On today’s show Dr. Mark Costes talks business with a fellow multiple practice owner and podcaster, Peter Boulden.

Georgia native and industry leader Peter Boulden has been practicing dentistry for 15 years. He shares a little bit about how his journey in dentistry began. He also divulges some key tips, tactics and strategies that he has learned along the way and has implemented in his own practices.

All of that and more on today’s episode of Dentalpreneur.

More about this show:

Peter was told what he would make as a practicing dentist while he was in school, but he quickly realized there was no ceiling in the profession and you can keep growing and expanding. He now has a multimillion dollar operation and has received offers for millions to buy just portions of it. Peter currently does not intend to sell. He feels he has many more years to utilize the experience and knowledge he has already gained and looks forward to building on that strong foundation even more. Mark and Peter discuss some of the key points that help to start out right when beginning your career as a practice owner and how to keep that momentum going.

In this episode you’ll hear:

  • How to maintain a healthy work/life balance
  • When is the right time to look at expanding your practices
  • How to know when owning multiple practices is not right for you
  • Owning versus leasing real estate
  • What is the definition of cap rate
  • What are the best depreciation strategies

Special thanks to Dr. Peter Boulden for sharing his knowledge and background on today’s show, and thanks to you for joining us as well. See you next time on the Dentalpreneur.

EPISODE RESOURCES




094: Cheryl Janis – Your Practice Aesthetic and Your Bottom Line

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image002Welcome to another episode of the Dentalpreneur Podcast. On today’s show we are getting to know about what wellness design is all about and how it effects your bottom line.

Joining us to share her knowledge on this topic is Cheryl Janis. Cheryl is the founder of Cheryl Janis Designs, a wellness design studio in the San Francisco Bay area dedicated to helping health professionals and business owners achieve the very best healing environment possible. Unlike conventional Interior Designers, Cheryl uses a holistic and evidence based approach to wellness design. She has practiced interior design for 14 years and has a history with medical care that began as a result of unfortunate accidents which led her down a path of working with doctors in transforming their clinics and operatories.

All of that and more on today’s episode of Dentalpreneur.

More about this show:

Cheryl began to organize case studies based on the results she was seeing after transforming the design aspects of the offices that first hired her. She quickly noticed an increase in incoming patient flow as well as an increase in bottom line due to the more welcoming atmosphere she was able to create. She noted that the color and lighting choices directly correlated to a change in the patients’ mood, lower anxiety, and an increased sense of optimism.

In this episode you’ll hear:

  • What are the best types of lighting
  • What colors should be avoided
  • What are the best colors to use and how to balance warms tones with cool tones
  • Tips on how to best transform the ceiling of an operatory
  • What is environmental aromatherapy

Special thanks to Cheryl Janis for sharing her knowledge and insights on today’s show, and thanks to you for joining us as well. See you next time on the the Dentalpreneur.

EPISODE RESOURCES




093: Preparing for a Successful Career in Entrepreneurial Dentistry with Brian Pierce and Derek Green

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blog-logoWelcome to another episode of the Dentalpreneur Podcast. On today’s show we are getting a glimpse of what it takes to be a positive focused 4th year dental student on the brink of graduation.

Joining us to share their experiences and insights are 4th year dental students Brian Pierce and Derek Green. Brian and Derek are classmates at Midwestern University and they are gearing up for graduation in a few short months. Today Dr. Mark Costes discusses some key elements that they have found beneficial to making their long term career goals more of a reality while also gaining as much as possible out of the school experience.

All of that and more on today’s episode of Dentalpreneur.

More about this show:

Derek knew he wanted to be a dentist when he was 16. He knew he liked working with his hands when he began jewelry making and became fascinated with watches. From there he started dental assisting and knew at that point he wanted to own his own practice some day. Brian did his undergrad degree in general business then got into schooling for dentistry. Similar to Dr. Costes’ experiences, he found that schooling in general business focused more on larger corporations and not small business so he later took classes specific to small business ownership.

In this episode you’ll hear:

  • What to do as a student to improve the possibility of success in attaining future practice ownership goals
  • What makes a club successful in dental school
  • Tips on handling large debt load after graduation
  • How networking while in school can transform your experience post graduation
  • The definition of incentive days in dental school

Special thanks to Derek Green and Brian Pierce for sharing their knowledge and experience on today’s show, and thanks to you for joining us as well. See you next time on the Dentalpreneur.

EPISODE RESOURCES




092: Q&A – Associate Pay, Employee Transitions and Choosing a Specialty

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mark-costesWelcome to another episode of the Dentalpreneur Podcast. On today’s show we are answering listener questions.

Joining us on today’s show is Dr. Mark Costes’ COO, Ashlee Evans who will be reading the listeners questions as well as sharing some insights on the topics discussed. The subjects covered today will resonate with dentists and team members in various stages of their dental careers.

All of that and more on today’s episode of Dentalpreneur.

More about this show:

Some of the topics that are covered in today’s Q&A show include finding and retaining productive associates and how to pay them. Also discussed are the concerns and questions that come along with being a student on the brink of graduating and knowing how and when to choose a specialty. Dr. Costes goes into detail as well about his methods of operation with the current staff of newly acquired practices.

In this episode you’ll hear:

  • How combining daily minimums with production based pay can motivate associates
  • How to choose your dental specialty
  • When to choose a specialty
  • How to transition current employees of a newly purchased office

Special thanks to Ashlee Evans for aiding in the question and answer process on today’s show and thanks to you for joining us as well. See you next time on the Dentalpreneur.

EPISODE RESOURCES