Mike Murphy, founder and managing partner of Sunstone Management Advisors, has worn the CEO, COO and CRO hats across three decades in healthcare and insurance. In this episode he recounts how he launched a cold‑start insurance division that rocketed to $435 million in revenue and $22 million in EBITDA in just four years, and now clears the $1 billion mark. He even delivered 18% revenue growth and a 40% EBITDA jump within his first year steering three merged healthcare entities.

At the heart of his success was the “greenhouse” experiment: an in‑house test market where agents sold competitor products so Murphy’s own offering had to prove itself at every turn. He explains why running as if you’re cash‑starved from day one forces ruthless discipline and how that early mindset continues to separate winners from wishful thinkers.

You’ll also hear the deceptively simple A + B = C check that Mike uses to expose false premises—if great people plus a good product still don’t hit targets, something fundamental is broken. When his leadership team argued over how much change was needed to reach a $1 billion valuation, he improvised a 1–10 “change scale” to pin down hidden disagreements and avoid collective denial.

Healthcare operators and real‑estate investors alike will gain clear, battle‑tested advice on commanding your P&L before negotiations, building feedback loops that surface inconvenient truths fast, and resisting the temptation to chalk up disasters or windfalls to one‑offs. Tune in for every unvarnished lesson on execution, data‑driven decisions, and the high‑stakes experiments that turn uncertainty into predictable wins.

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Commercial Real Estate Secrets is ranked in the top 50 podcasts on real estate

Dalton Albertson, Marketing & Business Development at LAD Dental Group, and Brad Lenos, the company’s COO, take you behind the scenes of an 11-location Indiana network that began as a single Kokomo practice in 1978 and grew into a dental powerhouse—almost derailed by one bad lease. In Wabash they under-priced a brand-new build by $200,000, a cautionary tale for anyone who thinks location costs are just another line item.

They confront the brutal truth of today’s “dollar milkshake” economy, where owning real estate feels like a hedge against global liquidity—but inflated rents can turn thriving offices into cash hemorrhages. Their battle over whether to buy or lease has become the most controversial debate in multi-site healthcare real estate, and their lessons apply equally to med-spa operators, veterinary networks, and wellness chains.

You’ll hear how converting from cash-based to accrual accounting ripped away hidden write-offs, exposed distorted KPIs, and forced every hire to carry new financial accountability. In a 4 % unemployment market where staff wages have doubled while insurance reimbursements stayed flat, they reimagined benefit packages, reconsidered seven-day schedules, and doubled down on airtight 30/60/90-day reviews.

At the heart of their success lies ruthless execution and radical candor. Free snacks did nothing to stop turnover, but a culture built on unyielding follow-through and consistent training transformed every department into a margin-savvy machine. 

If you’re scaling any service-based business, this episode hands you the real-estate playbook and leadership blueprint to dodge nine-figure mistakes and build teams that last. Stream now on YouTube or LinkedIn, and visit LADDental.com to see how a single square foot can make or break your next expansion.

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Commercial Real Estate Secrets is ranked in the top 50 podcasts on real estate

If your dental practice blends in, you’re already losing. Patients overlook you. Talent walks past you. Investors hesitate.

In this episode, I talk with Alex Sharp, CEO of Shared Practices Group – a powerhouse that’s launched 36 de novo practices across 23 states. We unpack what it really takes to build a practice that stands out in a saturated market.

We cover:
→ How to use grocery anchor data and competition overlays to find winning locations
→ The systems that drive fast cash flow and predictable growth
→ How to build playbooks that remove guesswork and create consistency across every site
→ The internal habits and team culture that actually hold it all together

If you’re building a multisite group or planning your next de novo, this conversation will give you a sharper edge – and a clearer strategy for building something no one else can replicate.

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Commercial Real Estate Secrets is ranked in the top 50 podcasts on real estate

Your financial future isn't what you've been promised. The startling revelation at the heart of our conversation with Mark Willis, owner of Lake Growth Financial Services and bestselling author, is that average investment returns are functionally meaningless. While Wall Street touts 9% returns, actual investor results hover around 3.6% according to research from Dalbar—a discrepancy that could derail healthcare professionals' retirement plans.

Mark shares a powerful explanation of how volatility destroys compound growth with a clear example: if your investment grows 100% one year and drops 50% the next, the financial industry will claim you earned 25% annually—but you've actually made nothing. This mathematical sleight-of-hand affects everyone from physicians to dentists who rely on traditional investment vehicles for retirement.

The conversation takes a fascinating turn as Mark introduces an alternative financial strategy gaining popularity among healthcare professionals: using specially-designed dividend-paying whole life insurance as a personal banking system. Through a detailed case study, Mark demonstrates how a dentist accessed $50,000 for practice equipment at just 1.92% interest while his policy continued earning approximately 5.5%—creating an arbitrage opportunity conventional banking cannot match.

What makes this approach particularly valuable for healthcare practice owners is the guaranteed access to capital regardless of economic conditions. Unlike HELOCs or business loans that can be reduced or called during downturns, these policies provide contractually guaranteed liquidity under your control. Mark explains how practitioners can use this strategy to finance equipment, real estate, or practice acquisitions while building a growing pool of capital that ultimately converts to guaranteed lifetime income.

Ready to explore how these strategies might work in your healthcare practice? Download a free chapter of Mark's new book "The Business Fortress" at newbankingsolution.com and discover how to reclaim control of your financial future without relying on Wall Street's mathematical fictions.

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Commercial Real Estate Secrets is ranked in the top 50 podcasts on real estate

Keith Miller, president of Partnerships for Dental (P4D), returns to the podcast to share how his organization has grown from two to 40 locations since 2017 —now 41— while many competitors have faltered under challenging market conditions. With refreshing candor, Miller reveals the financial discipline that has kept P4D profitable despite rising interest rates and inflated practice valuations across the dental industry.

At the heart of P4D's success lies a disciplined approach to acquisitions and operations. While competitors chased growth by paying 8-9x multiples for practices, Miller's team maintained strict financial criteria, focusing on practices generating at least $1.5 million with multiple providers. More impressively, they consistently deliver 35-40% EBITDA increases within the first year post-acquisition through supply chain optimization and operational improvements without disrupting clinical staffing.

The conversation takes a fascinating turn when Miller describes how the dental acquisition landscape has fundamentally changed. What was once a robust arbitrage opportunity—buying practices at 3-4x multiples and selling consolidated groups at 10-15x—has compressed dramatically. Today's buyers pay 6-7x while consolidated entities might only command 9-10x, leaving razor-thin margins after corporate overhead. This shift has created significant challenges for highly leveraged groups, especially with interest rates soaring from 3-5% to 11%+.

Miller also shares innovative approaches to post-COVID staffing challenges, including technology partnerships that have cut insurance collection times from 30 to 15 days. The episode concludes with personal insights on wellness routines, including daily ice baths and sauna sessions, providing a glimpse into the discipline that carries through both his business and personal life.

For practice owners considering partnerships or entrepreneurs building dental groups, this episode delivers essential perspective on creating sustainable growth in today's challenging dental marketplace. Visit p4dentists.com to learn more about their partnership approach.

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Commercial Real Estate Secrets is ranked in the top 50 podcasts on real estate

Ever been told that real estate is truly passive income? Think again. In this eye-opening discussion with David Phelps, founder of Freedom Founders, we pull back the curtain on the myths surrounding "passive" investing and explore why traditional approaches like the 60-40 portfolio may no longer serve investors in today's economic landscape.

David shares why business owners and entrepreneurs who build successful companies should apply that same hands-on approach to their investments. We explore how real estate provides stability that public markets can't match, thanks to its inefficient marketplace that doesn't swing wildly based on algorithms and sentiment. While public equities offer greater liquidity, solid real estate backed by proven tenants in strong demographics rarely plummets to zero or fails to generate income, even during recessions.

The conversation takes a fascinating turn as we discuss the spectrum of investment activity - from truly passive vehicles like ETFs to more involved approaches that require due diligence but potentially offer greater returns and control. David shares a remarkable story of purchasing an elementary school for just $16,000 and selling it three years later for approximately $350,000, illustrating how building the right network can lead to extraordinary off-market opportunities.

We also tackle current economic realities, including concerns about government spending and money printing potentially leading to corrections. However, rather than advocating sitting on the sidelines out of fear, we discuss the importance of mitigating downside risk while maintaining some dry powder for future opportunities. David reveals his approach to helping investors through Freedom Founders - not by "feeding them fish" but by "teaching them how to fish" through education, community, and collaborative due diligence.

Whether you're an experienced investor looking to diversify or someone just beginning to explore alternatives to traditional investments, this conversation provides valuable insights on finding your personal balance between active and passive strategies. Discover how to protect what you've built while positioning yourself for continued growth in changing economic times.

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Commercial Real Estate Secrets is ranked in the top 50 podcasts on real estate

The intersection of geopolitics and real estate creates both challenges and opportunities for savvy investors. Canadian investor and real estate coach Terrie Schauer joins us to dissect the potential impact of proposed US-Canada tariffs on real estate investments across North America.

Terrie provides fascinating contrasts between the US and Canadian economies that challenge common stereotypes. While Americans are often portrayed as debt-happy consumers, Canadians actually carry significantly more debt—$1.74 for every dollar earned compared to America's $0.82. This disparity stems largely from Canada's sky-high housing costs, as the country never experienced the 2008 housing market correction that reset US prices.

We dive deep into the critical process of vetting real estate operators when considering passive investments. Terrie emphasizes looking beyond simple return metrics to understand the macroeconomic context of past performance. A 100% IRR during the frothy markets of late 2021 might be less impressive than breaking even on a deal sold during today's challenging interest rate environment. The conversation reveals practical strategies for evaluating potential partners, including speaking with their previous investors and asking pointed questions about deals that didn't perform as expected.

For healthcare professionals balancing demanding careers with wealth-building, Terrie challenges the notion of "passive income" in real estate. While property investments can be "passive-er" than running a practice, truly hands-off returns only come through carefully selected partnerships. We explore the opportunity costs of capital allocation decisions and why emotional reasoning about taxes often leads investors astray.

Whether you're considering your first real estate investment or looking to diversify across borders, this episode provides crucial perspective on navigating economic uncertainty while building wealth through property. Subscribe now for more insights on leveraging real estate to scale your healthcare organization.

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Commercial Real Estate Secrets is ranked in the top 50 podcasts on real estate

The path to scaling a successful dental group isn't always smooth, as Dr. Bradley Dykstra candidly reveals in our raw conversation about overcoming critical staffing challenges. When unexpected provider departures left his practices struggling, he turned to temporary dentists—a decision that spiraled into financial strain and team burnout.

"They just want to come and collect their paycheck," Dr. Dykstra shares about the locum tenens experience that cost his practice dearly. Through this painful journey, he learned crucial lessons about vetting providers, setting clear expectations, and maintaining accountability. His honest reflection offers invaluable guidance for any healthcare organization facing similar staffing dilemmas.

Beyond staffing solutions, we explore the counterintuitive strategy of consolidation. By reducing from seven locations to six, MI Smile Dental Group strengthened their bottom line and optimized resources. "It's not number of locations, it's the bottom line that really counts," emphasizes Dr. Dykstra, challenging the growth-at-all-costs mentality common in healthcare.

Looking ahead to 2025, Dr. Dykstra reveals his innovative approach to hygienist compensation—treating them as true providers with production incentives rather than fixed salaries. This forward-thinking strategy aims to attract motivated clinicians while controlling labor costs in an environment where insurance reimbursements remain stagnant despite rising expenses.

Whether you're managing temporary staffing challenges, considering practice consolidation, or reimagining compensation structures, this episode delivers actionable insights from someone who's navigated these waters. Visit www.mismilesdentalgroup.com to learn more about their approach to dental practice management.

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Commercial Real Estate Secrets is ranked in the top 50 podcasts on real estate

Dr. Kevin Kremer reveals his powerful "Three C's" framework—Customer, Culture, and Company—that drives success in healthcare practices. As the visionary behind Kremer Dental Care, New Smile Now, and the Kremer Leadership Institute, and author of "Quantum Accountability," Dr. Kremer shares proven strategies that have turned struggling practices into thriving businesses.

The customer experience hinges on seemingly small but crucial details – like the 10-foot rule of acknowledgment, proper handoffs between team members, and ensuring patients are never left unattended during their visit. These service elements create the foundation for practice loyalty and growth.

Building a thriving culture means creating an environment where change is embraced rather than feared. Dr. Kremer details his systematic approach to team management through weekly check-ins between leads and team members, establishing regular feedback loops that prevent burnout and enhance performance. This democratic approach ensures team members feel heard while maintaining clear direction.

Perhaps most revealing is Dr. Kremer's discussion of financial health through comprehensive KPI tracking. He shares the remarkable story of a burned-out dentist making under $70,000 despite working four days weekly, whose income tripled after implementing proper business systems while simultaneously improving patient care.

Beyond practice management, Dr. Kremer introduces the concept of "mental obesity" – how our minds are becoming overwhelmed by digital stimulation just as our bodies struggle with processed foods. The constant dopamine hits from smartphones and social media create addiction patterns that directly impact our productivity and happiness. His practical approach to implementing technology "guardrails" offers a path to reclaiming mental wellness.

Ready to transform your practice through accountability and strategic implementation? Connect with Dr. Kremer at [email protected] or through his social media channels to discover how these principles can create sustainable success in your healthcare business.

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Commercial Real Estate Secrets is ranked in the top 50 podcasts on real estate

A Guest Episode from Break of Day Capital | Dive into the transformative world of healthcare real estate with Austin Hair as we explore how data analysis can elevate your investment strategies. From understanding patient demographics to leveraging grocery anchor data, this episode is packed with insights that promise to change your approach to site selection in healthcare. 

Austin, a seasoned investor with a fascinating background, shares how he transitioned from professional wakeboarding to investing in healthcare properties. Learn about tiering systems that align specific healthcare services with the right locations and why this strategic positioning can lead to increased success. 

We also tackle the pressing issues of competition and inflation within the market. With insightful discussions on multi-tenant developments, discover how diversifying your portfolio can not only mitigate risk but also provide more stable returns. This is a must-listen for anyone looking to navigate the medical retail landscape effectively.

Curious to learn more and engage with our community? Be sure to subscribe to our podcast for future episodes, share your thoughts, and leave a review to help others discover this valuable content.

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Commercial Real Estate Secrets is ranked in the top 50 podcasts on real estate