Buletproof Dental Practice Episode 313
· Craig's interest in social media content and dental discussions
· Questioning the purchase of 7% of a dental practice for $500,000
· Examination of the math behind company valuation
· Discussion on dentists' retirement savings and early retirement
· Trey's questions about investment returns and the value of a $500,000 practice
· Comparison of fractional ownership and traditional practice buying
· Identifying risks and success markers in practice ownership
· Evaluation criteria for dental practice investments: yield, appreciation, downside protection, and tax efficiency
· Craig's 10yearold dental practice undergoing interior remodeling
· Initial low yield expectations for the investment
· Projected appreciation in the second and third years
· Value of dental practice real estate with longterm leases
· Discussion of return on capital and tax efficiency
· Benefits of investing in a new facility for organizational profitability
· Importance of a clear evaluation framework and vision
· Challenges and benefits of being social and patientoriented
· Introduction to an acquisition opportunity for discussion
· Costs associated with acquiring a dental practice
· Trey's approach to negotiating deals and profits
· Exploring the entrepreneurial profit and purchase price
· Building relationships with bankers for safe leverage and returns
· The role of EBITDA in arbitrage and economies of scale
· Sharing experiences with new and existing practices
· The evolving perspective on entrepreneurial freedom and growth
· Managing risk and expanding the business through strategic partnerships
· Success leaves clues, referencing Peter's routinesclubs.com website
· Insight into Peter's daily routine and health tips
· Information about Peter's morning routine
· Dentistry's need for successful role models and influencers
· The challenge of aligning choices with one's desired lifestyle
· Peter's creation of a custom bulletproof GPT vector database
· The podcast's purpose in gathering diverse data and insights
Bulletproof Dental Practice Podcast Episode 312
Guests: Jeff Hopeck
Introduction: How to Become Bulletproof
The OPM Hack and Sophisticated Hacking
Existing Problems and Vulnerabilities
Rise of Human Hacking and Exploitation
Social Hacking and Target Exploitation
Protecting Investments and Expanding
Practical Advice for Protection
Web Scraping and Dark Web
Taking Action and Seeking Cybersecurity
Establishing Cyber Baseline
Transparency and Cybersecurity
Cybersecurity Concerns and CEO Worries
Facing Competitive Challenges
Micro-Awareness and Key Insights
Safety Measures and Human Hacking Story
Conclusion: Creating Awareness
Bulletproof Dental Practice Podcast Episode 311
Guests: Dr. Trey Tippit
Emphasis on content that resonates with audiences over a perfectly crafted message.
Recognition that well-executed videos can achieve wider reach and engagement than ideal messages.
Insight into the key elements that contribute to impactful videos, such as choreography and meaningful content.
Discussion on the rapid onset of burnout and its underlying causes.
Identifying the significance of mentorship, challenge, and personal fulfillment in preventing burnout.
Addressing the importance of progress and setting goals for career satisfaction.
Highlighting the value of personal development and planning in achieving fulfillment.
Recognizing the value of self-awareness in finding purpose and fulfillment.
Addressing office drama and advocating for open communication and constructive criticism.
Defining the negative impact of office gossip and its role in creating problems.
Encouraging a culture of autonomous problem-solving and growth.
Emphasizing the need for dental professionals to acquire essential life skills beyond dentistry.
Prioritizing mental and physical wellness, especially in high-stress professions.
Discussing physical challenges faced by dentists and strategies for alleviating discomfort.
Stressing the importance of addressing health issues proactively.
Insight into the long-term benefits of investing in health and finances early on.
Recognizing the value of flexibility and holistic well-being.
Importance of goal-oriented profitability and cash flow management.
Empowering dental professionals to understand and analyze financial numbers for business success.
Advocating for diversifying cash flow and building autonomous business systems.
Discussing key factors in evaluating investments, including yield and downside protection.
Recognizing the fear factor in pursuing professional growth.
Advising against simplistic approaches and acknowledging the power of positive outcomes.
Emphasizing the significance of branding and patient-centric experience.
Discussing marketing strategies and patient engagement techniques.
Detailing the impact of personalized patient interactions and internal marketing.
Encouraging online presence and strategic planning for practice success.
Exploring the challenges of dental advertising and its financial implications.
Advocating for building a strong foundation before investing in marketing.
Recap of key discussion points and appreciation for guest participation.
Bulletproof Dental Practice Podcast Episode 310
Guests: Randy Smith
● Energy and Impact of Events: The episode begins by emphasizing the significance of energy in driving the world and events. The hosts share their experience at a dental conference organized by Randy, highlighting the unexpectedly engaging atmosphere and the effectiveness of Randy's event management skills.
● Randy's Insights for Financial Independence: Randy imparts his top 20 tips for achieving financial independence, reflecting his lifelong dedication to learning. These insights garnered substantial interest and led to valuable feedback from attendees.
● Building Networks in Independent Business: The podcast underscores the challenge of operating as independent business professionals and stresses the importance of collaboration and networking within the industry.
● Mastermind Group Power: The hosts discuss the transformative power of mastermind groups, where collective thinking and shared expertise drive business success. The episode emphasizes the value of vulnerability and learning from others.
● Patient-Centric Approach: The conversation touches on the significance of patient engagement and how joining a mastermind group can enhance business strategies, as illustrated by personal anecdotes from the hosts.
● Navigating Success and Challenges: The hosts delve into the dynamics of success, cautioning against complacency during favorable market conditions and highlighting the advanced skills required to sustain growth in more challenging times.
● Unveiling Dental Business Insights: The episode explores the concept of uncovering unknown aspects of dental business, including leveraging personality testing for team optimization and drawing unconventional business education from non-dental sources.
● Effective Communication and Collaboration: The hosts share their experiences and insights into effective communication and collaboration, highlighting their ability to problem-solve and innovate within their respective fields.
● Balance of Rationality and Emotion: A contrast is drawn between the hosts' approaches to decision-making, with one emphasizing rationality and the other valuing emotional connection. The process of business valuation is discussed within this context.
● Mastermind Evolution and Alpha Dynamics: The origins of the mastermind group are detailed, along with the evolution from its initial stages to mastery. The importance of diverse perspectives and engaging with leaders in various domains is emphasized.
● Entrepreneurial Definitions and Success: The hosts debate the concept of entrepreneurship and its implications, referencing the experiences of successful figures like Elon Musk and Steve Jobs. The episode also touches on the success of female dentists and business leaders.
● Listener Interaction and Humor: The hosts engage with a listener's question and share light-hearted moments on stage. Personal anecdotes and connections between the hosts are explored, revealing past collaborations and interactions.
● Tax Planning and Financial Strategy: The importance of strategic tax planning is underscored, with a focus on how minimizing adjusted gross income can reinvest capital into business growth. The hosts stress the year-round nature of tax planning and its impact on decision-making.
● Health Industry and Patient Experience: The unique position of doctors in the healthcare industry is discussed, particularly their ability to enter the field with significant financial investment. The hosts highlight their attention to improving the patient experience within their practices.
● Online Resources and Contact Information: The episode concludes by mentioning specific online platforms and websites, including the Bulletproof Mastermind website and its resources.
"When you're a business owner and you have no idea what your numbers are, you cannot actually say you're in control of your business" -Dr. Craig Spodak
"Tax is something that people think is not negotiable" -Randy
Bulletproof Dental Practice Podcast Episode 309
Hosts: Dr. Peter Boulden
Guests: Chris Ronzio
• Profile of your Business – Mission, Vision, and Background
• People – Roles and Responsibilities
• Policies – Rules of the workplace
• Processes to deliver the product – The step-by-step place on how you do and what you do.
Bulletproof Dental Practice Podcast Episode 308
Bulletproof Dental Practice Podcast Episode 307
Hosts: Dr. Craig Spodak
Guest: Dr. Kyle Stanley
· Dr. Kyle Stanley’s journey from start-up to redbook and his introduction to the show.
· The significance of trust in patient-dentist relationships and the power of effective case presentations.
· The challenges of full-time dentistry
· The importance of finding purpose outside of the dental profession
· Dentistry as an ingrained identity, not suitable for everyone
· The importance of setting true expectations for mental wellness in dentistry
· The concept of the ‘triangle of blame” in dentistry and the need for mental resilience in dental schools
· Dr. Kyle Stanley’s personal growth and mental health experiences
· The power of emotional response and vulnerability in helping others
· Ways to get involved with Lightside Dentistry and the Bulletproof Summit, including bringing your team to the summit
Bulletproof Summit – PROMO CODE: STANLEYSUMMIT23
I think one of the big problems that we have as dentists is that our purpose in life is to be the best dentist in the world. Our purpose in life is to be a dentist. That is our problem. And that’s why so many of us suffer. Because when you align your purpose in life with something that is bound to fail there’s going to be an open contact or open margin, that your entire self-worth drops with that.- Dr. Kyle Stanley
Bulletproof Dental Practice Podcast Episode 306
Pete’s biggest business failures & how he got started
Reviewing and actual LOI
DPO vs DDO, partnership
How to get to enterprise value
Common equity, rollover quality, and preferred equity
Top-line revenue is the most important component
Private equity vs public equity
Capital gains as a side hustle
Ultimate KPI for financial freedom
Evaluating multiple buy-ins
Problem with non-competes
Real estate and lease renegotiations
Understanding tax implications of cash flow vs capital gains
Retail business coasting or dying?
Money as an existential problem
Transition between first half and second half of life
Pitfalls of affiliate marketing
Importance of purpose
Bulletproof Summit in Las Vegas August 11-12
Mighty Networks: Bulletproof Dental Practice
Bites of apples only happen when said private equity group that bought you sells to another private equity group, a different horse. - Dr. Peter Boulden
Guest: Dr. Craig Spodak
Dentistry is whatever you want it to be
Never forget the “why” behind your dentistry
Ignore the FOMO you feel about selling your practice
Identify exactly what you want in your life and your practice
Don't make long-term decisions based on temporary emotions
So, dentistry is really beautiful. You get to be paid to help people. Never forget the privilege it is to be able to serve other people. And when you make it about yourself and you start over obsessing about yourself, you lose fulfillment and purpose. So, if you're in a burnout stage, focus on everything around you. If you feel less appreciated, give appreciation. Whatever you want more of in life, give it away first. – Dr. Craig Spodak
Bulletproof Dental Practice Podcast Episode 304
Guest: Dr. Trey Tippit
Half-Year Audit (July):
Introduction to Fednow
4th of July message from Peter
The father-son relationship, or father-daughter relationship, the mentor that you have, and a parent of any sort is nothing more than a relationship. But if you don’t have it you also have friends that you can choose, you can create. Surround yourself with people that are going to give you those relationships and then foster those relationships. - Dr. Trey Tippit
Bulletproof Dental Practice Podcast Episode 303
● Strategies to become a person of value and develop resilience
● Recognition of the top three hygienists in the country
● Learning easy tricks for dental hygienists to improve efficiency
● Resumption of student loan payments starting in September
● Dentistry's current focus on the psychological aspect of patient care
● Addressing the hygiene crisis within the dental industry
● Shift in favor of employees in the job market
● High-risk status of 7.8 million federal borrowers potentially missing loan payments
● Search results for dental hygienists
● Engagement in a vaccine debate on Twitter involving Dr. Rogan
● Cultural aspects surrounding the vaccine debate
● Raising awareness about mental health issues in society
● Importance of fostering intellectual debate and the recent decline in trust
● Recognizing the significance of understanding the middle-core perspective
● Challenging the difficulty of changing someone's beliefs
● Acknowledging Rob Dyrdek as a successful and savvy entrepreneur
● Insights shared in "The First Million" podcast
● Emphasizing the value of time management and balance
● Life optimization principles discussed by Rob Dyrdek
● Reflections on Father's Day and the importance of having visions and goals
● Exploring the entrepreneurial dimension within dentistry
● Examining societal narratives around work and finding meaning
● Strategies for increasing personal value and worth
● Reevaluation of the perception of work as cruel
● Recognizing the positive aspects of work and its role in personal fulfillment
● Addressing burnout prevention in the dental profession
● Hiring an implementer for effective practice management
● Strategies for implementing new ideas and initiatives
● Delegation as a crucial aspect of successful business operations
● Cultivating fulfillment and purpose at work
● Importance of regular and productive meetings
● Establishing accountability and fostering a responsible team
● Understanding the impact of lateral pressure in organizational dynamics
● Weekly leadership team meetings to drive progress
● Significance of goal-setting and tracking progress
● Key considerations when building the annual plan
● Embracing the evolution of the company and decision-making processes
● Creating a more resilient business by reducing personal involvement
● Applying leadership principles from "The Five Levels of Leadership" by Maxwell
● Developing successors for high-value tasks and responsibilities
● Setting a clear vision and guiding the team towards success
● Dual aspects of leadership: personal growth and empowering others
● Overcoming challenges through taking calculated risks
● Expanding the application of AI in the dental field
● Exploring joint ventures in dentistry in Texas
● Streamlining email management through the use of plugins in Gmail
● Enhancing efficiency by leveraging plugins for email copying and pasting
● Optimizing processes for improved speed and quality
● Auto-reply systems for efficient email and text communication
● Implementing process streamlining techniques
● Applying the Six Sigma approach to dentistry for enhanced quality
● Utilizing dental technology to support the Six Sigma methodology
● Delegating tasks to team members for improved productivity
● Introducing a new automation system for cost-effective ordering and inventory management
● Announcement of the upcoming mastermind or class, "Bulletproof GPT”
Be a person of value, I think there’s an over-obsession with an intrinsic ‘look at yourself, like ‘How can I be fulfilled?’, ‘How can I be happy?’. And when you look inside for fulfillment or happiness, you’re going to ruin the possibility of achieving it. So, it is how you become more valuable like you get what you want in life by helping other people get what they want. – Dr. Craig Spodak
Bulletproof Dental Practice Podcast Episode 302
Guest: Amol Nirgudkar
Teaching AI how to understand dentistry
The problem is not marketing, it’s scheduling
How DSOs compare to private dentists
The problem with metrics
Authenticity is what we’re selling
Selling, if you’re moving the patients to better health by all means you can call me a salesperson because I’m changing somebody’s life. That’s okay! Sometimes the word sales are almost prohibited in healthcare. But we’re not selling, we really are moving the patients forward and their journey to betterhealth.-Amol Nirgudkar
Bulletproof Dental Practice Podcast Episode 301
Developing a Dental Practice
Key Considerations for Establishing a Dental Practice
Establishing an In-House Dental Lab
Investing in a Cutting-edge Dental Lab
Recruitment of Skilled Ceramists and Designers for Dental Labs
Effective Marketing Strategy
Addressing Challenges with Automated Review Processes
Optimizing Vertical Integration to Enhance Efficiency
Renowned Speakers at the Bulletproof Summit 2023
There are a lot of ways to grow, and it is not always bigger, better, faster. It’s not always revenue and it is not always profit, there are more other ways to grow. – Dr. Trey Tippit
Bulletproof Dental Practice Podcast Episode 300
Sometimes you can learn from studying other companies. -Dr. Peter Boulden
Bulletproof Dental Practice Podcast Episode 299
65% of dentist report the RISING OVERHEAD is their biggest challenge right now
90% surveyed believe that there is a "shortage of dental professionals"
70% of offices did better in 2022 than in 2021 but only 5% reported increase was better than 25%.
Increase / Focus on hygiene patients
Negotiation strategies for supplies/labs
Aspen Dental "Cyberhack"
2023 Bulletproof Summit
Pay attention to your P&L percentages. - Dr. Craig Spodak
Have a good sword and a good shield. - Dr. Craig Spodak
The money is in the chair. - Dr. Trey Tippit
The sustainability of a dental practice relies on the hygiene program. -Dr. Trey Tippit
A good reappointment feeds the pre-appointment. -Dr. Trey Tippit
If you’re that great you have to create awareness and scale to your community. -Dr. Peter Boulden
Bulletproof Dental Practice Podcast Episode 298
Most effective marketing for your practice
Branding vs Educational vs. Storytelling
Using Google Alerts for competition + reputational awareness
AI advancements to demonstrate
Macro: "Crypto is dead"
Tweet on SS running out in 2033 - NO ONE WILL SAVE YOU
People would watch a video if they’re actually fun to watch. -Dr. Trey Tippit
Different platforms speak different languages. -Dr. Dwight Pecorra
If you’re thinking of working somewhere, work in a financially stable institution. -Dr. Craig Spodak
Bulletproof Dental Practice Podcast Episode 297
Preparing for AACD
Compensation drives behavior and success
The importance of AACD and its benefits
Fine tuning the patient experience
The power of freedom of direction
The patient experience timeline
Making assumptions about your patients
The tech stack
Take good care of your team
Creating meaning, not just money
The five KPIs that move the needle in a practice
Vegas is whatever you want it to be!
Don’t make excuses for your evolution
Compensation drives behavior. - Dr. Craig Spodak
Don’t make yourself the hero; we’re the guide. - Dr. Craig Spodak
Choose to see what’s coming or choose to be irrelevant. - Dr. Craig Spodak
Take care of your team and they will take care of your business. - Dr. Craig Spodak
If you don’t care about them they’re not going to care about you or the business. - Dr. Craig Spodak
Don’t feel inauthentic if you evolve. - Dr. Craig Spodak
Our evolution makes people feel uncomfortable. - Dr. Craig Spodak
Bulletproof Dental Practice Podcast Episode 296
Guests: Dr. Mark Costes
Advice For Varied Audiences
Planning And Strategies For A Group
Challenges In Scaling A Small Group
Outlook Of Dentistry
Reason Behind Consolidation
We spend a decade trying to fix something that was never really wrong in the first place. -Dr. Craig Spodak
We are problem-solvers. - Dr. Mark Costes
Traveling upstream requires work. -Dr. Craig Spodak
In life, what we need are micro-corrections. -Dr. Craig Spodak
Failure and success could be a couple of microns. -Dr. Craig Spodak
We make more each year but we spend more. -Dr. Craig Spodak
Everybody that has an audience has a responsibility to do. - Dr. Mark Costes
Bulletproof Dental Practice Podcast Episode 295
Takeaway From Marcus
Independent Dentist Versus Consolidation Status
Sell Or Not To Sell
Not Being Paralyzed By Interest Rates
Acquisition: Look At Production Not Collection
Marketing And Phone Conversion
Teaser For Next Podcast
Invest In Your Team
There is very few business training out there. Dr. Craig Spodak
Diversify to maintain growth. Dr. Dwight Peccora
Banks love to give you money when you don’t need it. Dr. Craig Spodak
People are looking for care NOW! Dr. Dwight Peccora
You have to be the person who steps ahead. Dr. Craig Spodak
Bulletproof Dental Practice Podcast Episode 294
Guest: Randy Smith
Thoughts On Regional Banks
Actionable Item To Move Out Of Regional Banks
Take Time Aside
Low Cost Way To Stop Attrition
Mighty Networks: Bulletproof Dental Practice
To Sell or NOT to Sell PLUS Mastermind Ski Retreat Recap
What Got You Here Won't Get You There: How Successful People Become Even More Successful
People, in the face of uncertainty, need a process. -Dr. Craig Spodak
Recessions happen when people stop spending money. - Randy Smith
Don’t look at anything with your face on the paper. - Randy Smith
Look at everything from a macro view. - Randy Smith
There comes a time when it’s the right time. -Randy Smith
It doesn’t help that you’re really on people. -Dr. Craig Spodak
Most deals don’t close. -Randy Smith
So many people operate by gut. -Dr. Peter Boulden
Bulletproof Dental Practice Podcast Episode 293
Guest: Dr. Derek Giddon
Origin Of Airpay
Benefits And Pricing Of Airpay
I didn’t leave practice until I saw what I was doing was working. Dr. Derek Giddon
Human capital is the worst possible use of time. Dr. Craig Spodak
Bulletproof Dental Practice Podcast Episode 292
Guest: Dr. Paul Goodman
Bullet Proof Summit
Revenue And EBITDA
Bullet Proof Pathway
10x Money Back Guarantee
Advice To Dentists
Knowledge isn't power, it’s the execution that’s power. Dr. Craig Spodak
People don’t live inside your head. Dr. Paul Goodman
It’s really important to get away from your practice to work on your practice. Dr. Paul Goodman
Dentistry can be whatever you want it to be. Dr. Craig Spodak
Life’s ultimate bottom line is your happiness. Dr. Craig Spodak
There’s power in proximity. Dr. Peter Boulden
Bulletproof Dental Practice Podcast Episode 291
Guest: Dr. Trey Tippit
Economic Status And Predictions
Revenue Per Employee Or EBITDA Per Employee
Lean And Mean With Your Dental Practice
What’s Your Percentage?
Banking is just a confidence game. Dr. Peter Boulden
I would rather be clunky than lost. Dr. Peter Boulden
Look at assets instead of just cash. Dr. Craig Spodak
Stick with what you know works. Dr. Trey Tippit
Look for the sustainable number. Dr. Peter Boulden
Refine your system or tap out. Dr. Craig Spodak
In this time of uncertainty always use data as a point of reference. Dr. Peter Boulden
Be self-aware and know what you are heading out to. Dr. Craig Spodak
If your business has holes in it, take inventory. Dr. Craig Spodak
Culture is small little interactions among people. Dr. Trey Tippit
It’s hard to fake culture. Dr. Craig Spodak
Bulletproof Dental Practice Podcast Episode 290
Host: Dr. Peter Boulden
Guest: Randy Smith
Updating Financial Statement
Habit of Saving
CPA Vs. Tax Advisors
Educate Yourself On Your Taxes
Some people don’t take time to educate themselves. -Randy Smith
Relationships matter. -Randy Smith
Bulletproof Dental Practice Podcast Episode 289
Feedback On To Sell Or Not To Sell Podcast
Maximizing Your Time And Practice
Growing Your Business Beyond Your Practice
Fee For Service Block
Google Trends (Trending Searches)
Freedom Of Direction
Mighty Networks: Bulletproof Dental Practice
Dentistry is so neat, in that whatever you want to do, you can drive towards that. Dr. Peter Boulden
If you’re not great you’ll never be able to grow your own practice to support yourself. Dr. Craig Spodak
PPO practices are like weeds; they grow without any fertilizer. Dr. Craig Spodak