Success Strategies for Dental Practice Owners

In this podcast episode, host Stan Kinder talks with guest Dr. John Meis. Meis, a fourth-generation dentist, has a rich background in improving dental practice performance. With over three decades of experience in the field, Meis believes that the performance of dental practices can be significantly enhanced through the guidance of external mentors, Dental Support Organizations (DSOs), and key principles. His perspective is shaped by his own journey of turning around a failing practice and expanding it to 13 locations, and his role in a large DSO where he helped grow the company from 50 to 120 locations. He emphasizes the importance of dentists wearing multiple hats, including that of a business manager and investor, and the value of working with coaches, mentors, and consultants to elevate practice performance.

Join Stan Kinder and Dr. John Meis on this episode of the Success Strategies for Dental Practice Owners podcast to learn more about how to elevate your practice to new heights.

Here is what to expect on this week’s show:

•   The importance of a clear vision and a values-based organization

•   Patient-centered care

•   External coaching and mentorship

•   The changing dynamics of practice sales

•   Patient flow optimization

Connect with Dr. John Meis:

https://www.linkedin.com/in/johnmeis/

Connect with Stan Kinder:

https://www.everythingdso.com/

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In this podcast episode, host Stan Kinder talks with guest Julian Rubinstein. Julian is a seasoned professional with a strong background in working with dentists as clients. With a firm belief that investing is not legalized gambling, Julian emphasizes the importance of investing wisely for post-sale income generation and retirement planning. His ideal client profile consists of individuals who have sold a practice and are seeking to invest their money wisely for a comfortable retirement. Julian’s approach targets an 8% return on investments while keeping volatility low. Not limited by a threshold level of investable cash or assets, Julian is dedicated to helping his clients achieve their financial goals. Additionally, his curiosity about the business development strategies of buyers in the dental industry further enhances his expertise in this field.

Julian emphasizes the importance of getting a good advisor, developing a plan, and paying attention to one’s financial situation. Julian encourages individuals to set goals early and work towards them, as they will likely attain enough income for retirement through a combination of savings, investments, and Social Security. He also challenges the traditional notion of retirement, suggesting that people should focus on enjoying life and finding ways to continue doing so as they get older, rather than retiring completely.

Join Stan Kinder and Julian Rubinstein on this episode of the Success Strategies for Dental Practice Owners podcast to learn more about Julian’s unique approach to post-sale income generation and retirement planning.

Here is what to expect on this week’s show:

•   Diversification for consistent returns

•   Permanent portfolio strategy

•   Weathering market downturns

•   Tax implications in retirement planning

•   The changing dynamics of the dental industry

Connect with Julian Rubinstein:

Julian | Founder and President | American Asset Management

Connect with Stan Kinder:

https://www.everythingdso.com/

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Creekmur Wealth Advisors is a wealth management firm whose No. 1 goal is to help people discover, build and live out ‘True Wealth,’ which we define as all the things in life that money cannot buy. Even during his teens, John wanted to be in the financial field and, as a result, he pursued his bachelor’s degree in accounting and finance from Cedarville University. In addition, John has completed a Master of Business Administration degree and holds the Certified Financial Planner™ (CFP®) designation.

In this podcast episode, John Creekmur, from Creekmur Wealth Advisors, shares his insights on financial strategies specifically tailored for dental practice owners. The episode begins with Creekmur emphasizing the importance of making well-informed decisions to secure a prosperous future. He recounts his journey, starting in 1991 in a regional brokerage firm in Chicago, then moving back to Illinois to work with a bank CEO, leading to the founding of his own firm in 1995. Creekmur’s primary goal is to assist clients in navigating financial choices, focusing on optimizing cash flow, retirement planning, estate planning, and portfolio management. He observes that clients generally fall into two categories: those who achieve their goals and those who don’t. He attributes this distinction to the ability to identify and apply core values in daily life. This realization led to the development of the ‘True Wealth’ concept at Creekmur Wealth Advisors, which goes beyond financial wealth to encompass all aspects of life that money cannot buy.

The episode further delves into the unique financial stages of a dentist’s career, from initial debts and practice establishment to mid-career wealth accumulation and eventual retirement planning. Creekmur stresses the importance of aligning financial goals with life stages while maintaining core values. He discusses the common pitfalls dentists face, such as high initial debt and delayed income start, which can impact long-term financial stability. Creekmur advocates for continuous education and growth, both personally and within his firm, to better serve clients. The firm’s approach to fees and client relationships is also discussed, emphasizing flexibility, full disclosure, and the absence of a minimum asset threshold for clients. Creekmur concludes by highlighting the importance of starting with the end in mind, aligning financial resources with life goals, and the role of his family in running a successful business.

Here’s what to expect this episode:

• Financial Tips for Dentists: The episode provides useful financial advice for dental professionals, covering everything from handling debt to planning for retirement.

• True Wealth’ Concept: John Creekmur talks about ‘True Wealth’, which is not just about money, but also includes the important things in life that you can’t buy.

• Real-Life Stories: Creekmur shares his own experiences in finance, making complex ideas easier to understand through personal stories.

• Balancing Work and Life Goals: The discussion includes tips on how dentists can manage their finances to support both their career and personal life goals.

• Family Business Insights: Listeners will learn about the challenges and rewards of running a family business, as Creekmur shares his experience working with his family in their firm.

Connect with John Creekmur:

https://creekmurwealth.com/advisor/john-creekmur-cfp/

Connect with Stan Kinder:

https://www.everythingdso.com/

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Recognized as a savvy leader with strengths in increasing sales revenue, exceeding growth expectations by applying effective strategies. Very skilled in building multifaceted sales plans and teams to introduce concepts and selling solutions that change client buying habits. Respected mentor, coach and executive with proven track record in hiring, training and team development. Integrity driven individual that is a self-motivated driver, a strategic thinker that is ultimately a team player utilizing and creating strategy to exceed goals.

In this episode, host Stan Kinder engages in a detailed conversation with Gretchen Adcock from Lending Club, exploring the significant impact of third-party financing on the success of dental practices. Gretchen shares her extensive experience in the dental industry, particularly in dental implant practices, and discusses her journey from working with Straumann in dental implant sales to her current role at Lending Club. She highlights Lending Club’s unique position in the market as a bank, which allows it to offer lower costs and interest rates to patients. Gretchen also explains the various financing options available through Lending Club, including no-interest products, installment loans, and a line of credit, aimed at accommodating a

wide range of patient credit profiles.

The conversation delves into practical strategies for dental practices to increase their revenue and case acceptance rates. Gretchen stresses the importance of incorporating discussions about affordable financing options into treatment planning, thereby enabling more patients to receive necessary dental care. She cites statistics indicating that a significant percentage of dental practices can achieve considerable growth with the right processes and procedures in place, emphasizing the role of financing in facilitating patient access to care. Stan and Gretchen also discuss the benefits of Lending Club’s programs, such as the multi-disbursement feature which simplifies patient payments for complex treatments involving multiple practitioners. Towards the end, Gretchen offers advice to dental practices on improving their approach to financing, underscoring the need for proactive, transparent, and patient-friendly financial solutions in today’s economic climate.

Here’s what to expect this episode:    

• The Advantage of Third-Party Financing: like that offered by Lending Club, can be a significant driver of success in dental practices, enabling more patients to afford treatments and thus potentially increasing a practice’s revenue.

• Lending Club’s Unique Position as a Bank: offers unique benefits over its competitors. It can lend funds at lower costs, which translates to lower interest rates for patients. This aspect makes their financing options more attractive and affordable.

• Diverse Financing Options to Suit Various Needs: including no-interest products, installment loans, and lines of credit. This variety ensures that a wide spectrum of patient credit profiles is accommodated, from prime to subprime borrowers.

• The Impact of Proactive Financial Conversations: the importance of dental practices proactively discussing financing options with patients. By integrating these discussions into treatment planning, practices can increase case acceptance rates and ensure patients don’t defer necessary treatments due to cost concerns.

• Streamlining Patient Payments for Complex Treatments: The multi-disbursement feature, which simplifies the payment process for treatments involving multiple dental practitioners. This feature is particularly beneficial for extensive procedures, as it allows for a single loan and payment plan that can be distributed among different practices involved in a patient’s care.

Connect with Gretchen Adcock:

https://www.linkedin.com/in/gretchen-adcock-47128b41/

Connect with Stan Kinder:

https://www.everythingdso.com/

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Eric Miller has served over 20 years in the financial industry and co-owns a national financial planning company dedicated to serving the needs of healthcare owners.  He has personally had over 20,000 conversations with practice owners at every phase of ownership.  He has published countless articles, videos, and podcasts on various financial topics and is an expert on matters concerning creating economic independence for a practice owner’s business and household.  He has recently published a book “How to Become a Financial Beast” which quickly became a bestseller on Amazon. 

In this episode, Eric Miller, a financial expert with extensive experience in assisting dental practice owners, shares valuable insights on how to navigate the financial aspects of dental practices successfully. Eric emphasizes the need for strategic financial planning from the very start, urging practice owners to consider both their business and personal financial goals. He stresses the importance of setting up a compensation system that covers their practitioner, executive, and owner roles effectively, allowing them to strike a balance between maintaining their desired lifestyle and investing wisely.

Eric also highlights the significance of having a clear exit strategy, presenting various options such as selling to a competitor, an associate, or a dental service organization (DSO). He cautions against waiting too long to plan for the practice’s transition, as procrastination can lead to decreased practice value and missed opportunities for financial growth. This episode provides practice owners with practical advice on how to manage their finances, optimize profitability, and secure a prosperous financial future in the dental industry.

Here’s what to expect this episode:     

• Financial Strategies for Dental Practice Owners: Eric Miller, a seasoned financial expert, shares actionable strategies tailored specifically for dental practice owners to effectively manage their finances and build wealth.

• Balancing Lifestyle and Investment: Listeners will gain insights into creating a financial plan that not only sustains their desired lifestyle but also allows for substantial investments to secure a prosperous future.

• The Importance of Exit Planning: Eric discusses the critical need for dental practice owners to have a well-thought-out exit strategy, outlining different options and potential pitfalls in the transition process.

• Recognizing Financial Barriers: Listeners will learn about common financial obstacles faced by practice owners and how to overcome self-sabotage, procrastination, and compensation issues.

• Real-Life Success Stories: Eric shares real-world examples and success stories of dental practice owners who have effectively implemented financial strategies to achieve significant net worth, providing inspiration and actionable takeaways for listeners.

Connect with Eric Miller:

https://econologicsfinancialadvisors.com/

Connect with Stan Kinder:

https://www.everythingdso.com/

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Dr. Tom Snyder is a former Department Chair at the University of Maryland School of Dentistry, Dr. Snyder is currently a member of the faculty of the University of Pennsylvania School of Dental Medicine. He also serves on the editorial boards of several national publications and is a regular contributor to Dental Economics. He is a nationally recognized speaker, author, and consultant who has been advising dentists for over 30 years in dental practice strategic planning, practice valuations, and dental partnership formation. Dr. Snyder received his DMD from the University of Pennsylvania’s School of Dental Medicine and his MBA from The Wharton School, Graduate Division, at the University of Pennsylvania.

In this episode, host Stan Kinder welcomes Dr. Tom Snyder, a seasoned figure in dentistry with a diverse career. Dr. Snyder, currently overseeing valuation analysis for Henry Schein, discusses key aspects of dental practice transitions. The conversation explores trends in practice valuation, emphasizing the impact of location, cash flow, and physical plant on value. Dr. Snyder highlights the three approaches (market, income, and asset) used in their valuation protocol and addresses the intricacies of valuing goodwill. The episode stresses the importance of early planning for transitions, ideally three to five years in advance, covering aspects like financial planning and practice improvement. The speakers also delve into the average timeline of six to nine months for selling a dental practice, discussing challenges related to due diligence, financing, and lease transfers.

Dr. Tom Snyder emphasizes the significance of securing financing for dental practice acquisitions. He discusses major players in the lending space, such as Bank of America, TD Bank, and Huntington Bank, highlighting the favorable track record of dentists in loan repayment compared to other businesses. Dr. Snyder notes the importance of cash flow in obtaining financing and encourages potential buyers to act promptly, considering uncertainties like interest rate fluctuations and inflation. The conversation delves into the potential for revenue growth post-acquisition, especially when younger, more energetic dentists introduce new procedures not previously offered by the selling practitioner. The hosts stress the value of seeking professional advice during practice transitions, emphasizing the expertise of consultants and coaches. Dr. Snyder also provides valuable advice for solo practitioners over the age of 50, urging them to assess the value of their practices and prepare a letter of instruction in case of unforeseen events.

Here’s what to expect this episode:

• Dental Financing Landscape: Dr. Tom Snyder outlines the major players in dental practice financing, emphasizing how smaller banks may engage due to the sector’s low default rates.

• Cash Flow is Key: The crucial role of cash flow in obtaining financing for dental practice acquisitions is underscored, contingent on a buyer’s clean credit history and qualification.

• Post-Acquisition Growth Strategies: The podcast explores the potential for revenue growth after practice acquisition, emphasizing the positive impact of new practitioners with diverse skill sets.

• Professional Guidance Matters: Stressing the importance of professional advice, hosts highlight the role of consultants and coaches in ensuring a smooth and successful dental practice transition.

• Strategic Exit Planning: Dr. Snyder advises solo practitioners over 50 to assess their practice value and prepare a letter of instruction, emphasizing the need for a proactive exit plan in unforeseen circumstances.

Connect with Thomas Snyder:

https://dentalpracticetransitions.henryschein.com/leadership/dr-tom-snyder/

Connect with Stan Kinder:

https://www.everythingdso.com/

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Kentucky Morrow is a seasoned investment professional with experience in the healthcare, technology, consumer, and industrials sectors. He was previously a Vice President of Investment Banking at England & Company, a middle-market investment bank focused on the healthcare, technology, and industrial sectors. While at England & Company, he advised boards of directors and executive teams of leading middle market companies on mergers and acquisitions, raising growth capital, and strategic initiatives. He is a Co-Founder of Ralli, a CPG company focused on alcohol health and wellness. Morrow holds a M.S. degree in Healthcare Management from Johns Hopkins University and a B.A. degree in Economics with a concentration in Finance and Political Science from Emory University. Morrow is a board member of Milk & Bull, a design agency focused on branding for CPG companies. He is on the advisory board of The Alliance for Benzodiazepine Best Practices, a nonprofit focused on evidence-based improvements to prescribing practices.

In this episode, Stan and Kentucky talk about the challenges and opportunities for dentists considering joining a Dental Support Organization (DSO). The speakers delve into the importance of due diligence, understanding the DSO’s culture, and evaluating the impact on patient care. They emphasize the need for a balanced approach, considering both financial aspects and the quality of patient care. The conversation explores the evolving landscape of dental practices, the role of technology, and the potential benefits and drawbacks of partnering with a DSO.

The Interview focuses on the dynamics of equity rollovers in dental practices, particularly for those nearing retirement. They discuss the value of equity at different career stages and its potential for compounding over time. The conversation delves into the considerations for dentists joining DSOs, highlighting the importance of understanding the DSO’s growth trajectory and the timeline to the next liquidity event. The speakers also touch on the factors influencing the success or failure of deals, emphasizing the need for mutual alignment and clear communication.

Here’s what to expect this episode:

• DSO Considerations for dentists contemplating joining a DSO. They emphasize the importance of due diligence, understanding the DSO’s culture, and evaluating the impact on patient care.

• Balancing Financials and Patient Care between financial aspects and the quality of patient care when deciding to partner with a DSO. The speakers stress the need for dentists to ensure that their values align with the DSO’s approach.

• Evolving Landscape of dental practices, driven by factors such as technology, and how these changes impact the way dentists approach their profession and business.

• Equity Rollovers: considering individual circumstances such as career stage and retirement plans. The value of equity is explored in the context of compounding over time and its relevance to different phases of a dentist’s career.

• DSO Growth Trajectory: highlighting the potential for capturing value through equity ownership as the DSO expands.

Connect with Kentucky Morrow

https://www.linkedin.com/in/kentuckymorrow/

Connect with Stan Kinder:

https://www.everythingdso.com/

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Bill Mulcahy is the President of Sales and Marketing for Dental Revenue/Ads Next. He joined the team in 2010 and has been instrumental in the company’s growth in the dental industry. Working hands-on with dental clients and consultants, Bill guided the launch of the Performance Program and development of Dental Revenue, the agency devoted exclusively to dental marketing.

Bill brings dynamic professional experience to the team working for companies such as GE Capital, Encompass Corporation, and Dominion Enterprises. He is also an experienced business consultant specializing in marketing small businesses and new revenue generation. His passion, knowledge, and ability to generate revenue are big reasons his clients value his input and expertise.

In this episode, Stan Kinder and Bill Mulcahy engage in a comprehensive discussion about dental marketing strategies. They emphasize the need for a balanced approach between direct response and brand building, tailoring marketing efforts to the specific goals of a dental practice. Stan Kinder underscores the significance of measuring outcomes, emphasizing return on investment and the lifetime value of patients. The dialogue explores the challenges faced by dental practices in adapting to changing patient acquisition dynamics and the importance of embracing modern marketing practices.

Bill Mulcahy contributes insights on how dentists can strategically approach marketing to achieve growth. He highlights the critical role of a systematic marketing plan, advising practitioners to execute strategies in stages to avoid overwhelm. They discuss the evolving landscape of dental marketing, touching on aspects such as online presence, patient testimonials, and showcasing real cases to build credibility. Overall, the conversation offers valuable advice for dental practitioners, encouraging a proactive and goal-oriented approach to marketing in order to enhance practice visibility and success.

Here’s what to expect this episode:

• Balancing Strategies: Discover the delicate balance between direct response and brand building tailored to dental practices’ unique goals and lifecycle stages.

• Effective Measurement: Gain insights into measuring marketing success through ROI, understanding patient lifetime value, and utilizing key performance indicators.

• Adapting to Dynamics: Understand the evolving landscape of patient acquisition, incorporating online presence, patient testimonials, and real cases for credibility.

• Strategic Implementation: Learn practical steps for systematic marketing execution, avoiding overwhelm and achieving success in manageable stages.

• Trends and Best Practices: Get insights into current dental marketing trends, including the role of technology, leveraging patient testimonials, and optimizing online platforms for enhanced visibility.

Connect with Bill Mulcahy

https://www.linkedin.com/in/bill-mulcahy-3b952b6/

Connect with Stan Kinder:

https://www.everythingdso.com/

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In this episode, Stan Kinder interviews Dr Michael Reimels, D.D.S. a seasoned dentist and entrepreneur. Michael traces his path from dental school, where he initially considered medical school but was inspired by a dentist who loved his work. After dental school, he joined the Air Force for valuable experience and mentorship. His career took off when he entered private practice under the guidance of Dr. Yagi in Charlotte.

Dr. Reimels stresses the importance of having a clear vision for one’s career and financial goals. He introduces the concept of “what’s your number,” which involves determining the financial target needed for a comfortable retirement. Dr. Reimels believes that ownership offers more control over one’s career and discusses various ownership structures and partnerships, which can be pathways to success in dentistry.

They delve into the centralization of functions within dental groups. Dr. Reimels explains that while some administrative tasks like finance and accounts receivable can be centralized, patient care and local management should remain personalized to provide an exceptional experience. A key theme throughout the conversation is the significance of the patient experience. Dr. Reimels emphasizes that personalized care, empathy, and remembering details about patients and their families set individual dental practices apart from larger dental service organizations (DSOs).

Partnerships and relationships are highlighted as crucial in the dental business, with an emphasis on offering a pathway to ownership for associates. Mike expresses contentment with the current state of his dental group, leaving the future plans to the discretion of the partners. The transcript touches on private equity interest in dentistry, citing its recession-resistant nature and potential for high returns.

Here’s what to expect this episode:

• The importance of clear vision and financial goals

• The power of offering a personalized patient experience

• Continuous Improvement in clinical skills for the long-term success

• Navigating partnerships and talent acquisition

• The Impact of DSOs and private equity in the dental market.

Connect with Dr. Michael Reimels, D.D.S.

https://www.reimelsdentistry.com/

Connect with Stan Kinder:

https://www.everythingdso.com/

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Today on Success Strategies for Dental Practice Owners, host Stan Kinder talks with guest Mark Murphy. Mark Murphy is a highly experienced professional in the field of dental practice management and the role of dental service organizations. With a career spanning over three decades, he has been involved with Fortune Management and currently serves on their board. As the CEO of Sequoia Private Client Group, a boutique wealth management firm, Mark has successfully implemented Fortune Management strategies in dental practices, leading to significant growth in their bottom lines. He has also co-founded OraCare, a company that provides a mouthwash used by numerous dental practices. Mark’s expertise in business strategy, critical thinking, and financial advising has made him a trusted advisor to dentists and doctors, helping them create multigenerational wealth and achieve financial abundance.

The podcast episode discusses the significance of culture and the influence of Dental Service Organizations (DSOs) in dental practice management. It emphasizes the importance of fostering a positive workplace culture to attract and retain talent. Additionally, it highlights how DSOs have changed the industry by requiring dentists to become business-savvy CEOs. The rise of DSOs has also impacted practice valuations and created new opportunities. Small DSOs and private practitioners can compete with larger ones by leveraging services like negotiating higher fees and securing buying deals.

Join Stan Kinder and Mark Murphy on this episode of the Success Strategies for Dental Practice Owners podcast to learn more about how to evaluate a DSO partnership.

Here is what to expect on this week’s show:

•  Culture and people investment

•  DSO’s entrepreneurial impact

•  Disruption in practice transition

•  Leveling the playing field

•  Strategic partnership with DSOs

•  Long-term business planning

Connect with Mark Murphy:

https://www.northeastprivate.com/team/mark-b-murphy-clu-chfc

https://www.linkedin.com/in/mark-b-murphy-813b105

Connect with Stan Kinder:

https://www.everythingdso.com/

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