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In this insightful podcast episode, we delve into the topic of valuations and end goals in dentistry. What factors should dentists consider when assessing the value of their practice, and how can they align their end goals with their financial aspirations?
In this episode of the Dentrepreneur Show, Dr. D. Todd Russell interviews John McNabb, CEO of CanaDent Corporation. John, with a proven track record in mergers and acquisitions exceeding two billion dollars across diverse industries, engages in a discussion with Todd about the importance of humility and recognizing limitations for future success. With extensive experience in management and executive roles within renowned Canadian and international banks, specializing in complex corporate financings and risk management, he has since served as a financial and operational business advisor. Most recently, he focused on dental management consulting, particularly in practice acquisitions. John's skill set encompasses strategic planning, risk management, marketing strategy, financing, exceptional negotiation skills, and effective leadership capabilities.
Furthermore, in this podcast episode, John, focusing on dentists, emphasizes the significance of setting aside ego and acknowledging the need for continuous learning and seeking mentorship. The host agrees with this perspective and expresses interest in inviting the guest back to the show. They also inquire about how listeners, particularly in Canada, can connect with the guest, especially those looking to merge or sell their dental practices. The episode underscores the value of humility and the willingness to learn from others in order to achieve success, while also shedding light on the importance of dentists broadening their perspective and acquiring business acumen for long-term financial success.
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"The smartest person is the person who knows what they don't know because it's that person who can go out and find sources of information to mentor them and to help them learn. The person who is most dangerous to themselves in terms of future success is the person who thinks they know it all." - John McNabb
You're a young entrepreneur wondering: how do I navigate the complexities of running a business? What are the most important aspects of valuing a dental practice's business, and how important is a well-thought-out plan?
In this episode of the Dentrepreneur Show, Dr. D. Todd Russell interviews Len Garza, the founder of GARZA, a highly reputable law firm specializing in safeguarding the personal and business assets of business owners and individuals. Len's expertise has earned him recognition in esteemed media outlets such as Forbes, Entrepreneur, Law Insider, CBS News Radio, and Inc. Magazine. Additionally, he has been honored as a Super Lawyer by Thomson Reuters and holds the highest rating of AV-Preeminent by Martindale-Hubbell, acknowledging his exceptional legal skills and professional achievements. Len is a sought-after lecturer, frequently sharing his insights on family business and wealth planning, preservation, and asset protection. His passion lies in educating his community and guiding business owners and their families in their journey toward building and safeguarding generational wealth.
In this episode, Len emphasizes the importance of business owners thinking beyond day-to-day operations and having a well-thought-out plan for the future. They highlight that business owners often have so much on their minds, such as what's coming up in the next week, month, quarter, or even a few years down the line. However, the host emphasizes that it is crucial for business owners to force themselves to think beyond these immediate concerns and ask themselves what they want out of their business in the long run.
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"Everything is risky. Even going out on your own is risky. Staying in the position, maybe the job that you're at seems stable, but you don't really realize the risk that may be there. So it's like everything's risky. Pick your risk." - Len Garza
Are you ready to take your dental practice to new heights and leverage the power of cutting-edge technology? Curious to explore captivating firsthand experiences and invaluable insights from a distinguished dental industry entrepreneur?
In this episode of Dentrepreneur, Dr. D. Todd Russell interviews Russ Baker, an author, a dental industry veteran with 30 years of experience and currently serving as the Vice President of Equipment, Repair, and Supplies for Dental Whale. He grew up in Cleveland, Ohio, where boating on Lake Erie and being a die-hard Cleveland sports fan instilled a sense of wonder, resilience, and loyalty. Described as trustworthy, loyal, steadfast, driven, and funny, he believes that integrity and character are vital values. For Russ, success is living a life filled with love, laughter, and purpose, and he would advise future generations to slow down, appreciate life's moments, cherish loved ones, and find meaning and joy in everyday experiences.
Todd and Russ talk about the importance of procurement of supplies in the dental industry. They will discuss the key areas that dentists should pay attention to when building their practice and emphasize the importance of scaling a dental business, owning multiple offices, and generating passive income. They stressed the need for systems and a clear exit strategy when scaling a business, as it can lead to financial success and the ability to step back from practicing dentistry. Overall, technology and scaling are crucial factors in the dental industry that can lead to success and efficiency.
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"Embrace change, because things will change. And that's a good thing. Put your arms around it and figure out the economics of what that is going to be. Change your business model, and be open to new technology."- Russ Baker
You’re fresh out of Dental School, wondering, how do I become a successful practice owner? What does it take to have a hands-on approach to dental management, and what advice should you be looking for as a dental professional considering doing so?
In this episode of Dentrepreneur, Dr. D. Todd Russell interviews Naimish Patel, the co-founder, and CEO of Tru Family Dental, a dental support organization that helps 30 successful community dental practices provide lifetime quality care in private practice settings. Naimish established an exceptional management team and scalable operating infrastructure, as well as led a disciplined execution strategy that produced exceptional results for shareholders, team members, and patients. Naimish served on the board of directors of UMA Enterprises and Cumming Corporation as a Senior Advisor to Long Point Capital, a middle-market leveraged buyout firm. Naimish was previously the Managing Director of CITG Capital, a private equity firm he founded that focused on capital investment on behalf of an entrepreneurial family office.
Todd and Naimish also delve into Naimish's hands-on approach to management, which involves working on the front desk in his practices, and the importance of being present in business operations. Overall, this episode offers valuable insights into the dental and private equity industries from a successful and experienced entrepreneur.
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"You always have to continue to adapt and evolve to the environment that's changing. You don't need to be different for the sake of being different. It's fine to bend that curve, and do a small part to help more people get into the dental office and take care of their oral health so that they can live a better life on this planet.” - Naimish Patel
Are you a dentist looking to increase the value of your practice and attract new patients? Do you want to learn how to reduce stress while increasing revenue in your dental practice?
In this episode of the Dentrepreneur Show, Dr. D. Todd Russell interviews Elliott Feldman, the President & Founder of Empower DDS. Empower DDS was born when Elliott’s passion for small business met his love of the dental market. Elliott’s dental career has included directly working with offices and running a team for one of the country’s largest dental suppliers. After visiting hundreds of offices, he saw dentistry was in trouble. There was a common theme in every dental office. The reimbursements were falling as the production went up. Feeling that more of an impact could be made, Elliott took the step to create the Empower platform. Elliott’s ultimate reward is watching doctors regain practice control from insurance, creating a future for independent dental offices. Elliot discusses the challenges that dentists face in growing their businesses, sharing his experience in the dental business world. He shares tips for dentists on building a solid online presence and increasing revenue by offering a membership plan.
Todd and Elliott will also explore the benefits of in-house plans for dental practices and they also discuss the importance of marketing, building a solid online presence, and offering a membership plan. By offering a membership plan, patients are more likely to schedule regular check-ups and procedures, which can boost the practice's income. Moreover, in-house plans can reduce stress for the dentist and the patient by eliminating the need to deal with insurance companies. This can lead to a better patient experience and a more efficient practice. Overall, in-house plans can be a valuable tool for dental practices seeking to improve their financial performance and overall operations.
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"In the dental world, we can make some changes and make some progress. Because we're not up against tech giants, we can do things that are in the best interest of people. So you'll never hear me say too many bad things about the dental world because there's an opportunity for everyone.” - Elliot Feldman
Are you ready to dive into a thought-provoking conversation about mental health and its profound impact on organizations? Are you eager to unlock the secrets of effective leadership, motivation, systems, and culture?
In this episode of the Dentrepreneur Show, Dr. D. Todd Russell is joined by Babe Kwasniak, a leadership coach and motivational speaker for Diligent Plans. He is a graduate of West Point, a decorated military veteran, and the Civilian Aide to the Secretary of the Army in the State of Ohio. He is also the head basketball coach at Cornerstone Christian Academy in Willoughby, Ohio, and is a passionate advocate and keynote speaker for veterans tackling challenges such as post-traumatic stress, transition difficulties, and suicidal ideations. He and his wife Dr. Laura Kwasniak have three sons and reside in Chesterland, Ohio.
Dr. Russell and Babe discuss the valuation of dental practices, determining when and how to exit, and the importance of having courage in making these decisions. While Babe's background is not in the dental space, he shares insights from his military experience that are applicable to business and life in general. Overall, the episode is an uplifting conversation between two friends with different backgrounds, highlighting the importance of relationships and personal values in achieving success.
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"People who try to make a point rarely make a difference, but people whose purpose is to make a difference rarely need to make a point. There's a difference between confidence and cockiness."- Babe Kwasniak
Are you struggling to take your company to the next level? Looking for new ideas and processes to help you leverage and develop your company's organic content marketing strategy?
In this episode of the Dentrepreneur Show, Dr. D. Todd Russell interviews Erick De La Fuente, a business consultant who now runs his own consultancy business, primarily working with dental clients. Erick is the founder of EDLF Business Coaching & Consulting, a business focused on helping healthcare private practice owners unlock their full potential to create a successful, thriving, and stress-free business that runs on autopilot allowing practitioners to focus on patient care. In the last decade, he has worked for large consulting firms such as Deloitte and Embark, and he is an expert in marketing, sales, operations, systems, and team management.
Erick will address the challenges of working with clients who are resistant to change and those who are open to new ideas. He also discusses the importance of adaptability in the consulting industry. The discussion then shifts to identifying foundational level items that must occur in the business in order to strike a balance between personal and professional goals.
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“On having a business coach, it's never easy to ask for help, but having the help when you need it is always good.”- Erick De La Fuente
What makes dental partnerships successful? Want to learn more about what main factors will allow your business to grow and expand profitably?
In this episode of the Dentrepreneur Show, Dr. D. Todd Russell is joined by Gabe Shahwan, Senior Managing Partner for MB2 Dental, a dental partnership company with over 500 practices nationwide. Dr. Gabe Shahwan is a general dentist with 16 years of experience acquiring and establishing dental practices as an MB2 Dental partner. He joined Dr. Steve Villanueva's practice after graduating from UTHealth Houston School of Dentistry in 2007, first as an advocate and then as a partner, opening the group's fifth practice. Through two recapitalization events, he has witnessed the company transition from 100% privately owned by dentists to a partnership with private equity.
They discuss Gabe's background in dentistry, the elusive mesial buccal 2 of a dental root canal, and the fact that MB2 Dental is a true dental partnership company where dentists have equity. Gabe also talks about the challenges and opportunities of running a dental practice and the importance of building a strong team. Today, MB2 Dental has over 500 dentists across 38 states and has become the leader in partnering with dentists in their practices.
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“Less is more. Owning pieces of practices could diversify the risks. Know your lane, know where your strengths are. Hire the right person for the right role.”- Dr. Gabe Shahwan
What are some things you wish you knew as you found success during your career as a dental hygienist? Have you ever had any difficulties establishing and growing your own dental practice?
In this episode of the Dentrepreneur Show, Dr. D Todd Russell interviews Aziza Abed, a former practicing hygienist and DSO expert. Aziza shares her experience of starting in the field of dentistry as a teenager and her journey toward advising dentists and buying and selling practices in the DSO space. The two discuss Abed's development in the industry and her experience working for Midwestern Dental, a large DSO in Michigan.
Throughout the conversation, Aziza shares valuable insights she's gained about the industry and her work in guiding dentists through the process of selling their practices. Aziza emphasizes the importance of education, relationships, and integrity in building a successful DSO.
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“I feel like you can only grow your practice as much as you're growing the team around you, and how you treat the team.” - Aziza Abed
Have you ever thought about how successful people like Aprio’s Steven Au and Justin Schafer assist dentists in transitioning their practices? Have you thought about what it takes to value your practice in the near future?
On this episode of the Dentrepreneur Show, Dr. D. Todd Russell welcomes two guests from Aprio, LLP, Justin Schafer, and Steven Au. With over 13 years of experience, Justin Schafer is the Director of Practice Transitions at Aprio, LLP. Justin is a recognized dental industry leader who guides clients through practice transitions, mergers, real estate purchases, banking, debt restructuring, and practice financing. Steven Au is the Senior Manager of Dental Transitions Regional Sales at Aprio, LLP. He specializes in providing custom solutions for every stage of the dental practice lifecycle, working with single practitioners, multi-location practices, and larger dental service organizations. Together, they work closely with all parties involved in the transition of ownership of dental practices to ensure successful closing and smooth transitions.
They will discuss their prior involvement in the dental industry and how their understanding of the clinical side has helped them assist dentists in transitioning their practices. The episode covers topics such as the importance of planning for retirement and dental practice valuation, as well as the benefits of working with a company like Aprio.
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“Retirement should not come as a surprise, dentists should spend an enormous amount of time preparing and earning the right to have the degree to be able to set themselves up for success in the future. Exit when they want to on their own terms.” - Justin Schafer
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