The Bulletproof Dental Podcast Episode 358
HOSTS: Dr. Peter Boulden and Dr. Craig Spodak
GUESTS: David Ensley
DESCRIPTION
In this conversation, Craig and Peter interview David Ensley, an orthodontist and part of a dental service organization (DSO). They discuss various topics including the use of Twitter for networking, the differences between GP and ortho startups, the importance of location and visibility for dental practices, the use of Google Ads and CRM for marketing, and the benefits of hiring offshore employees. David shares insights on in-house financing in orthodontics and the challenges of cash flow in the beginning. He also emphasizes the value of specialized roles and better talent that can be obtained through offshore hiring. David shares insights on managing remote teams, finding the right talent, and creating a pathway to ownership for dentists.
TAKEAWAYS
CHAPTERS
00:00 - Introduction
04:14 - Challenges and Considerations for Ortho Startups
10:10 - The Importance of Location and Visibility
15:19 - Using Google Ads and CRM for Marketing
20:54 - Benefits of Hiring Offshore Employees
25:50 - Introduction to David Ensley and Remote Workers
27:04 - Partnerships: A Pathway to Ownership in a DSO
30:15 - Reciprocity and the Democratization of Ownership in Dentistry
35:26 - Competition and Efficiency in the Orthodontic Market
39:06 - Collaboration and Learning Beyond Dentistry
44:32 - The Power of Twitter for Networking and Knowledge Sharing
46:02 - Future Plans and Invitation to Connect
REFERENCES
The Bulletproof Dental Podcast Episode 357
HOSTS: Dr. Peter Boulden and Dr. Craig Spodak
GUESTS: Brannon Moncrief
DESCRIPTION
In this episode, Craig and Peter welcome guest Brannon Moncrief as they discuss the common misconception that more dental practice locations automatically lead to higher valuations and buyer demand. They emphasize the importance of building intentionally and scaling only when the first location is successful and profitable. They also highlight the significance of EBITDA as the ultimate key performance indicator (KPI) in dental practice operations and provide insights into what private equity buyers look for in terms of EBITDA percentages. The discussion also touches on the issue of fake EBITDA and the misconception that high personal income equates to a valuable business.
TAKEAWAYS
Building with intentionality and ensuring the success and profitability of each location before scaling is crucial.
EBITDA is the ultimate KPI in dental practice operations and is significant in valuations and buyer demand.
Private equity buyers look for EBITDA percentages in the range of 20-25% for healthy margins.
The macroeconomic climate, including interest rates, influences dental practice valuations.
The market for dental practice acquisitions has changed, with a shift in the mix of buyers and increased scrutiny on the quality of assets. Building a real business in dentistry requires scalability and the ability to survive without the dentist's direct involvement.
High personal income does not necessarily equate to a valuable business, as fake EBITDA can inflate profits.
Consolidation in the dental industry is expected to continue, with private equity playing a significant role.
Dentists should focus on optimizing their practices and adapting to changes in the industry to stay competitive.
Understanding the value of your business and planning for the future is crucial for long-term success.
CHAPTERS
00:00 - Introduction and Scaling Misconceptions
06:33 - Building with Intentionality and EBITDA Importance
13:08 - Macroeconomic Climate and Dental Practice Valuations
18:15 - The Future of Dental Practice Acquisitions
23:16 - Building a Real Business in Dentistry
24:48 - The Pitfalls of Fake EBITDA
28:23 - Consolidation in the Dental Industry
36:30 - Adapting and Optimizing for the Future
REFERENCES
The Bulletproof Dental Podcast Episode 356
HOSTS Dr. Peter Boulden and Dr. Craig Spodak
DESCRIPTION
In this conversation, Peter and Craig discuss the advice they would give to themselves as dental school students or new dentists. They emphasize the importance of taking care of oneself, including getting regular massages, maintaining core fitness, and having a concierge doctor for personalized healthcare. They also discuss the value of regular testing, such as the GRAIL test for detecting microscopic cancers and the MTHFR test for methylation issues. They touch on the importance of posture and mental fitness for dentists, the need for effective communication skills, the value of focusing on one's strengths rather than weaknesses, and the significance of leadership in dental practices. They also mention the upcoming Bulletproof Summit and the possibility of having a representative from the Ritz-Carlton speak about customer service.
TAKEAWAYS
Take care of yourself and prioritize self-care, including getting regular massages and maintaining core fitness.
Consider having a concierge doctor for personalized healthcare and attention.
Regular testing, such as the GRAIL test and the MTHFR test, can provide valuable insights into your health.
Practice good ergonomics to prevent back pain and other physical issues.
Be aware of the potential health risks associated with mercury exposure in dentistry.
Maintaining good posture and mental fitness is crucial for dentists.
Effective communication skills, including the ability to read body language and tailor conversations to individual patients, are essential.
Rather than trying to improve weaknesses, dentists should focus on their strengths and surround themselves with a team that can compensate for their weaknesses.
Leadership skills are vital for dental practice success, and dentists should continually work on developing their leadership abilities.
The upcoming Bulletproof Summit will provide valuable learning opportunities for dentists, including a potential session on customer service by a representative from the Ritz-Carlton.
CHAPTERS
00:00 - Introduction and Background
03:11 - The Importance of Self-Care
08:55 - Taking Care of Your Physical Health
14:49 - The Value of Regular Testing
19:18 - Preventing Physical Strain and Injury
24:04 - Focusing on Strengths: The Key to Success
28:23 - Applying Ritz-Carlton's Customer Service Expertise to Dental Practices
REFERENCES