In Part One of this episode, we dive deep into the complexities of partnerships in the dental industry, featuring a special guest, Richard Low, the founder of the Shared Practices Podcast. Richard shares his unique journey of navigating partnerships while serving in the military and the eventual decision to part ways with his partners, Hunter and Will from Guided Practice Solutions (GPS).

We kick off the episode with a light-hearted introduction, where we discuss Richard's impressive background, including his military service and the connections we discovered between him and our hosts. Richard's story begins with his time in the Army, where he managed to start a podcast while completing his Advanced Education in General Dentistry (AEGD). He shares how he sought approval from the military to pursue his podcasting and business interests, emphasizing the importance of understanding the risks involved in seeking permission versus simply moving forward.

As the conversation unfolds, Richard recounts how he partnered with Hunter and Will to acquire multiple dental practices while still in a non-clinical military role. He candidly discusses the challenges of managing multiple offices, especially during the tumultuous times of COVID-19, and the complexities that arise when dealing with various team members and doctors.

The heart of the episode focuses on Richard's realization that the partnership was no longer aligned with his vision. He describes the moment he decided to "break up" with Hunter and Will, highlighting the emotional and logistical challenges of untangling their business relationship. Richard emphasizes the importance of having a clear agreement in place for partnerships, akin to a prenup, to avoid complications during a breakup.

Throughout the episode, we explore the dynamics of their partnership, the discussions that led to their amicable separation, and the lessons learned from the experience. Richard shares how they managed to navigate the breakup without resorting to legal battles, maintaining open communication and mutual respect throughout the process.

In closing, Richard reflects on the value of good partnerships and the importance of recognizing when a partnership is no longer serving your goals. He leaves listeners with valuable insights on managing partnerships in the dental field and the significance of having a clear plan for potential separations.

Join us for this engaging and informative episode as we unpack the realities of dental partnerships, the challenges of managing multiple practices, and the importance of clear communication in business relationships.

In this episode of "Just a Couple of Dentists," Eric and Alex dive deep into the intricacies of delegation within their dental practices and personal lives. Reflecting on their experiences since selling their practices, they discuss the challenges and lessons learned about effectively delegating tasks to team members.

The episode begins with a candid acknowledgment of a past mistake: failing to set clear expectations for a newly appointed regional manager. Eric shares how they brought in a consultant to implement the Entrepreneurial Operating System (EOS) to help organize their growing practices. However, they quickly realized that while they had the framework in place, they had not adequately defined the role or provided the necessary support for their regional manager to succeed. This lack of clarity led to stress and ultimately contributed to her departure from the role.

As the conversation unfolds, Eric and Alex emphasize the importance of mastering a role before delegating it. They reflect on their early days in practice, where they learned every aspect of their operations to create a comprehensive "how-to" manual. This foundational knowledge allowed them to effectively train their team and ensure consistency in patient care and office management.

The hosts also discuss the significance of feedback loops in delegation. They stress that clear communication is essential for success, as team members need to understand the nuances of their tasks. Eric highlights the importance of writing down processes to prevent the dilution of quality over time, using the example of patient experience protocols that can become less effective if not documented.

Transitioning to personal life, Alex shares how they have delegated household tasks, such as cleaning and meal preparation, to free up time for family and business growth. By outsourcing these responsibilities, they can focus on what truly matters—spending quality time with their children and expanding their business ventures.

Throughout the episode, Eric and Alex provide valuable insights into the balance of delegation, emphasizing that while it's essential to trust your team, it's equally important to maintain oversight and clarity. They conclude by discussing the need for a base level of knowledge in areas like marketing and finance to make informed decisions when hiring experts.

Join us for this engaging discussion filled with practical advice and personal anecdotes that will resonate with anyone looking to improve their delegation skills, whether in a professional or personal context.

Our guest, Dr. Spencer Greer, is a successful dentist with two thriving practices in Washington, and shares his unique journey and insights that have propelled him to impressive heights in the dental industry.

As we introduce Dr. Spencer, we reflect on our long-standing virtual friendship, having connected through Facebook groups dedicated to sharing best practices in dentistry. With over six million in revenue across his two offices, Dr. Spencer's achievements are nothing short of inspiring. However, we also take a light-hearted look at the challenges of managing online reviews, including a particularly scathing one that Dr. Spencer received. His humorous and candid response to negative feedback highlights the importance of authenticity and personality in patient communication.

The conversation shifts to the topic of sales and how Dr. Spencer's background in door-to-door sales has shaped his approach to dentistry. He shares valuable lessons learned from his time selling home security systems, emphasizing the need for immediate commitment from clients and the importance of building value in the services offered. This segues into a discussion about the common pitfalls dentists face when diagnosing treatment options and the need to confidently present the best course of action to patients.

We also touch on the dynamics of team management and the challenges of implementing changes within a practice. Dr. Spencer offers practical advice on how to navigate team buy-in during transitions, stressing the importance of clear communication and setting the right tone. He candidly shares his own experiences with team dynamics, including the emotional toll of feeling disliked when making tough decisions.

Throughout the episode, we explore the concept of patient psychology, particularly how to capitalize on the motivation of patients who are ready to commit to their dental health. Dr. Spencer encourages us to celebrate these moments and to be proactive in presenting comprehensive treatment options, much like a salesperson would in a retail environment.

In conclusion, this episode is packed with actionable insights for dental professionals looking to enhance their practice, improve patient relationships, and foster a positive team culture. Dr. Spencer's journey serves as a reminder that confidence, authenticity, and a focus on value can lead to remarkable success in dentistry. Join us for this engaging and informative discussion that promises to inspire and motivate!

In Part 2, we dive deep into the intricate process of selling a dental practice and partnering with a Dental Service Organization (DSO). Our conversation is candid and insightful, as we share our personal experiences and the lessons learned throughout this journey.

We begin by discussing the chaotic initial months after signing the contract, highlighting the numerous logistical challenges that arise, such as transferring bank accounts and changing EIN numbers. The transition can feel overwhelming, but we emphasize the importance of being prepared and not settling for unfavorable contract terms.

As we recount our experience, we reflect on the process of narrowing down potential DSOs. Initially, we had a list of about 20 options, which we whittled down to six, and ultimately two that aligned with our goals. We explain how we leveraged our collective practices with friends to negotiate better terms, including a higher valuation for our practices.

The episode delves into the critical phase of the Letter of Intent (LOI), where we agreed on general terms and entered an exclusive relationship with the chosen DSO. We share the excitement and challenges of evaluating our practices' worth, emphasizing the significance of identifying and adding back personal and one-time expenses to enhance profitability.

We also stress the importance of having a dedicated attorney throughout this process. We discuss the necessity of understanding the legal documents and ensuring that all terms are in our favor, especially when it comes to potential pitfalls like clawbacks—an issue that many in the dental community face.

A significant portion of our discussion revolves around the timing of informing our staff about the sale. We share the anxiety that comes with this decision, balancing the DSO's desire for transparency with our concerns about staff retention. Ultimately, we reveal how we navigated this delicate situation and the relief we felt once the deal was finalized.

As we reflect on the first year post-sale, we acknowledge the ongoing partnership with the DSO and the importance of maintaining operational efficiency. We discuss the realistic expectations we had going into this partnership and the need for continued involvement in the practice's success.

Throughout the episode, we provide practical advice for anyone considering a similar path, emphasizing the importance of thorough preparation, clear communication, and understanding the intricacies of the deal. We conclude by expressing our enthusiasm for sharing future updates on our journey and the evolving landscape of dentistry and DSOs.

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In Part 1 of this episode of "Just a Couple Dentists," we dive deep into our journey of selling our dental practices, a process that has been years in the making. As we reflect on our experiences, we share the challenges, decisions, and strategies that led us to this pivotal moment in our careers.

We start by discussing the initial emotional turmoil surrounding the decision to sell. With one of us feeling burnt out from managing the practices and the other focused on developing a new software venture, we realized that our passion for dentistry was waning. Despite our practices generating around $3 million a year in production, the stress of daily operations was taking its toll. We emphasize the importance of ensuring that any decision to sell was not purely emotional but based on solid financial reasoning.

As we outline our approach, we detail the steps we took to prepare for the sale. This included analyzing our practices' financials, exploring different selling options—such as selling to a private dentist versus a Dental Service Organization (DSO)—and understanding what DSOs look for in a practice. We highlight the significance of having a clear plan for our next steps post-sale, as well as the importance of maintaining profitability during the transition.

Throughout the episode, we share insights on how we optimized our practices for sale, including managing costs, scaling down hours, and ensuring our practices were attractive to potential buyers. We discuss the factors that make a practice appealing to DSOs, such as growth potential, payer mix, location, and the number of doctors at each location.

We also recount our initial attempts to sell the practices ourselves, which led to some humorous and eye-opening moments. Realizing the complexities of the process, we decided to enlist the help of a broker who had a proven track record in the industry. We discuss the criteria we used to select the right broker and the importance of finding someone who aligned with our goals and values.

We then outline our specific goals for the sale, including the option for a quick exit, favorable financial terms, and the ability to maintain autonomy in our practices post-sale. We emphasize the need for transparency and a strong reputation in the DSO we chose to partner with.

This episode is packed with valuable lessons for anyone considering selling their dental practice or navigating the complexities of the dental industry. Join us as we share our journey, the ups and downs, and the insights we've gained along the way. Whether you're a fellow dentist or simply interested in the business side of dentistry, there's something here for everyone.

In this episode of "Just a Couple of Dentists," we dive into some hot topics that have been stirring up discussions in various dental Facebook groups. 

We kick off the conversation by addressing a controversial question: Should dentists pay for their hygienists' license renewals? I share my perspective that it’s not the dentist's responsibility to cover these costs, as the license belongs to the hygienist and is essential for their employment. Eric agrees, emphasizing that this practice could lead to complications if the hygienist decides to leave shortly after the renewal.

Next, we tackle the contentious issue of working interviews for dentists. I express my strong opposition to this practice, arguing that it undermines the respect and trust that should exist in the dentist-patient relationship. Eric shares his experiences with working interviews, noting that while they can provide insight into a candidate's interpersonal skills, they often create an awkward environment that doesn't accurately reflect a dentist's capabilities. We discuss the potential pitfalls, including billing complications and malpractice concerns, ultimately concluding that better interviewing techniques could replace the need for working interviews.

The conversation then shifts to the ongoing debate about 1099 versus W-2 classifications for dentists. We break down the IRS criteria for determining employment status and highlight the risks associated with misclassifying employees to save on payroll taxes. Eric and I agree that many practices are skirting the issue, which could lead to significant penalties if audited.

We also touch on a recent ADA resolution allowing foreign-trained dentists and dental students to perform hygiene without a license, which has sparked concern among hygienists about job security. While I express skepticism about whether this will effectively address the workforce shortage, we both agree that the dental profession must adapt to changing circumstances.

Finally, we discuss the policies surrounding team members clocking in for various scenarios, such as office lunches, personal dental work, and cleaning family members' teeth. We emphasize the importance of clear expectations and written policies to avoid misunderstandings and ensure fairness in the workplace.

Join us for this engaging discussion as we navigate the complexities of dental practice management and share our insights on how to foster a positive and productive work environment. Whether you're a dentist, hygienist, or part of the dental team, there's something in this episode for everyone!

In this episode of our podcast, we dive deep into the evolving landscape of payment processing in dental practices, particularly focusing on the surcharging and dual pricing models.

We explore the historical context of credit card surcharges, tracing back to the 1950s and the regulatory changes that have shaped how businesses handle credit card fees. I share insights from my own experience, revealing how our office is currently implementing these practices and the challenges we've faced along the way. We break down the differences between surcharging and dual pricing, discussing the psychological implications of each approach and how they can impact patient interactions.

As we navigate through the complexities of these payment models, we also touch on the practicalities of integrating them into our existing systems, such as Open Dental and Flex. I recount the feedback from my office managers regarding the implementation process and the importance of clear communication with patients about their payment options.

The episode also highlights innovative ways to increase revenue in dental practices without overwhelming staff or patients. We discuss the potential of charging for AI-assisted x-ray interpretations, the merits of offering desensitizing treatments, and the idea of tiered membership packages that provide added value to patients.

Towards the end, we brainstorm creative ideas for enhancing patient experience, such as post-treatment care packages and VIP membership tiers that offer exclusive benefits. We emphasize the importance of transparency and patient comfort in these transactions, ultimately aiming to improve practice profitability while maintaining a positive patient experience.

Join us as we unpack these topics, share our experiences, and explore how dental practices can adapt to the changing financial landscape while providing exceptional care to their patients.

In this episode of our podcast, we dive deep into the fascinating world of influence and the power of persuasion, particularly in the context of dentistry. We kick off the discussion by reflecting on a recent episode of the podcast "My First Million," which sparked our curiosity about the origins of the common dental practice of brushing twice a day. To our surprise, we learn that this habit was not rooted in scientific studies or recommendations from dental associations, but rather the clever marketing strategies of Claude Hopkins, a prominent advertiser in the 1920s who worked with Pepsodent toothpaste. His innovative approach to marketing transformed dental hygiene practices across the country.

As we explore the power of marketing and influence, we draw connections to our own experiences in dental practices. We reminisce about a course we took years ago on the principles of influence, based on Robert Cialdini's work, and how these principles can be applied to improve patient acceptance of treatment. We discuss the six original principles of influence—reciprocity, commitment, social proof, authority, liking, and scarcity—and introduce a new seventh principle: unity.

Throughout the episode, we share practical examples of how we've implemented these principles in our practices. For instance, we discuss the effectiveness of giving patients goodie bags at the beginning of their appointments to create a sense of obligation to accept treatment. We also highlight the importance of getting patients to verbally commit to their treatment plans, as this can significantly increase their likelihood of following through.

We delve into the concept of social proof, discussing how we can leverage patient testimonials and reviews to build trust and encourage new patients to choose our services. The principle of authority is examined as we consider how to present ourselves as experts in our field, while the principle of liking emphasizes the importance of building rapport with patients quickly.

As we wrap up our discussion, we touch on the principle of scarcity, emphasizing the need to create a sense of urgency in scheduling appointments and accepting treatment. Finally, we explore the idea of unity, discussing how fostering a sense of community within our practices can enhance patient loyalty and engagement.

This episode is packed with insights and actionable strategies for dental professionals looking to improve their practice through the power of influence and marketing. Whether you're a seasoned dentist or just starting out, there's something valuable for everyone in this conversation. Join us as we unpack these principles and share our experiences in the ever-evolving world of dentistry.

In this inaugural episode of "Just a Couple of Dentists," hosts Eric and Alex dive deep into their personal journeys in the dental field, sharing the highs and lows of practice ownership, and the lessons learned along the way.

Eric and Alex reflect on their decision to start a podcast after years of navigating the complexities of dental practice ownership. They express their desire to cut through the noise and fluff often found in dental advice, aiming to provide real, actionable strategies based on their experiences.

The hosts share their backstory, detailing their paths from dental school to practice ownership. Eric discusses his military experience and the transition to civilian practice, while Alex recounts her journey of acquiring a practice in Newport Beach, California. They candidly address the mistakes made during this acquisition, including the challenges posed by a difficult retiring dentist who undermined their efforts and created a toxic work environment.

Throughout the episode, they emphasize the importance of due diligence when purchasing a practice, sharing insights on what to look for and what red flags to avoid. They discuss the significance of location, visibility, and the demographics of the area, as well as the impact of inherited staff dynamics on practice culture.

The hosts also touch on the importance of marketing and patient acquisition, reflecting on their experiences with low new patient counts and the need for effective branding. They highlight the lessons learned from their first practice, which ultimately paved the way for their successful startups.

In closing, Eric and Alex encourage listeners to embrace the challenges of practice ownership, reminding them that every experience—good or bad—contributes to their growth as dentists and business owners. They invite listeners to join them on this journey, promising to share more insights, strategies, and stories in future episodes.

Tune in to discover the realities of dental practice ownership and gain valuable knowledge that can help you navigate your own path in the dental world.