Dental Entrepreneur Winter 2021

CLASS OF 2021 | WINTER ISSUE

Chithra Durgam, DDS

My Story Emmet Scott

For Those Willing to Evolve and Innovate, the Future is Bright: Don’t Let DSO Misconceptions Hold You Back Tom Snyder, DMD, MBA

Will the Pandemic Alter Your Career Plans?

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Welcome

CLASS OF 2021, WINTER ISSUE

How is 2021 going for you? Are you feeling life opening up a bit? 2020 was quite the challenge, one we faced together, and we are ready for change. Whatever state you’re in now, there are so many reasons to feel optimistic about your future in this issue of Dental Entrepreneur. I know it worked for me!

Winter 2021 VOLUME 25, ISSUE 2

Once again, we’ve gathered a who’s who of authors ready and willing to share their experiences - both personal and professional - to help guide your journey. As the venerable Dr. Hazel Glasper once noted, you are about to become a Physician of the Oral Cavity, essential workers on the frontline ready to get your due. In these times, we need you in our profession

Editor & Publisher Anne M. Duffy RDH Assistant Editor Michael Duffy JoAnn Schutte Editorial Board Dr. Dirk Fleischman Dr. Gene Heller Dr. Harold Sturner Dr. Ryan Dulde Dr. Earl Douglas Rachel Teel Wall, RDH, BS Dr. Tom Snyder Derek Champange Dr. David Rice Layout and Design Brian Rummel Cover Photography Dr. Jordan Brown Class of 2021 Contributors Dr. Kyle Bogan Dr. Chithra Durgam Dr. Rob Maguire Dr. Robert J. O’Donnell Dr. David Rice Emmet Scott Dr. Sam S. Shamardi Dr. Lucas Shapiro Dr. Tom Snyder Barb Stackhouse Dr. John A. Wilde

Editorial Office

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Dental Entrepreneur Magazine 8334 Pineville Matthews Road Ste. 103-201 Charlotte, NC 28226 When you have finished enjoying this magazine pass it along to a friend and PLEASE RECYCLE Copyright 2021 Dental Entrepreneur, Charlotte, NC Material herein may not be reproduced, copied or reprinted without prior written consent of the publisher.

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more than ever.

We open this edition of DE with our cover doc, Dr. Chithra Durgam, who offers insight into how she connects with our community around the world through social media outreach, strong branding and a forward-looking vision that includes conquering the frontier of digital voice applications.

Chithra’s path was one of many steps, all of which led her to become a leader in her field, and it’s this step-by-step philosophy that Barb Stackhouse espouses in her article, “Profit First.”

She wants you to take small bites at the apple, “one at a time,” in implementing the systems she lays out to make your next big purchase and eventually retire on your own terms.

Speaking of purchases, I’m happy to welcome back Dr. Tom Snyder at a time when we can say it’s officially a buyer’s market. Tom notes that - for the first time in a long time - you are fortunate to have the chance to take full advantage of the many practices that should be available in the coming years.

Meanwhile, we also have Emmet Scott’s advice for honing your business acumen, possibly in a DSO to start. As he says, “If you find the right fit, you will find the mentorship and education you crave” to be the owner you dreamed of becoming.

I encourage you to continue to build your life and your career. Get clear on your “why” and don’t be afraid to reach out to our authors and advertisers for help. We featured some fabulous resources in the edition. The books we highlighted along with their authors are phenomenal reads and will give you the extra dose of courage to chase your dreams, and do it the right way.

Or as I like to say, “Just DeW it!”

Good luck to all of you, and thank you for reading!

Contents PROLOGUE

6 My Story

Chithra Durgam, DDS

10 Dr. Brandon Walker Weighing In Lucas Shapiro, DDS

GETTING STARTED

12 Will the Pandemic Alter Your Career Plans?

Tom Snyder, DMD, MBA

14 For Those Willing to Evolve and Innovate, the Future is Bright: Don’t Let DSO Misconceptions Hold You Back.

Emmet Scott

18 Dental Dreaming John Wilde, DDS

BUSINESS FUNDAMENTALS

20 To Meet or Not to Meet? That Is the Question” Robert J. O’Donnell, DDS

22 Closing the Gap; Profit First for Dentists Barb Stackhouse, RDH, M. Ed

LEADERSHIP

24 Working in Reverse or Going With the Flow; Why Entrepreneurs Should Consider Both Approaches Sam S. Shamardi, DMD

26 Get Off Your High Horse: the View is Better From the Bottom Kyle Bogan, DDS

28 There’s a Person Attached to that Tooth!

Rob Maguire, DDS, MASCL

THE POWER TO SUCCEED

28 New Year’s Resolutions: How NOT to fail David Rice, DDS

Prologue

My Story Chithra Durgam, DDS

W

hen I separately told two of my entrepreneur friends about the benefit of voice skills of Amazon Alexa and Google Voice, they both responded with the same statement: “Wait, what you’re telling me sounds like insider trading secrets.” They realized I was onto something, but it almost sounded as if I was giving them an unfair advantage in the market. I have always been one to think outside of the box, but this time they realized, it was different.

As unique as this information was, my journey to this point is even more interesting. I’m a dentist who has been practicing for many years and appreciates the power of women. I’m grateful for the opportunity to tell the DeW community my story. I’m Chithra Durgam, a general dentist who grew up in Colorado and slowly inched her way east over time. I wanted to live in a competitive market that would test my skillset, so I began a dental practice in North Bergen, N.J., 16 years ago. My office, Aesthetic Dental, caters to NFL players, UFC fighters, and some of the kindest patients. I have been featured by 201 Magazine’s “Best of Bergen” issue, Good Day New York, Fox 5 News, NBC News and other media outlets. However, my biggest achievement is the genuine appreciation I receive from patients. Those gestures always stay with me and are the reason I keep going every day.

Helping the community and improving access to dental care has always been at the forefront for me. My parents always donated money and time to help worthwhile causes, which continues to be a source of strong inspiration. During the COVID-19 pandemic, I provided presents to children through the local fire department, gave tablets to foster children so they could interact with their parents and provided free COVID-19 kits to shelters. Every year, we provide mouthguards to the Snoop Dogg Special Youth Flyers League for special needs children. Acts of kindness can be so powerful and change the trajectory of a child’s life. I hope to continue to impact children in a positive way with my expertise.

From spotlighting charities on TikTok to documenting my work at Aesthetic Dental, social media has played a key role in being able to help others. My interest in connecting with my commu-

6 Winter 2021 Dental Entrepreneur

nity and personal branding paid off, as I started doing videos on Musical.ly, which then became TikTok. I eventually was featured in the No. 1 NY Times Bestseller, Crushing It, by Gary Vaynerchuk for my innovative use of social media. My social media work dramatically increased my connection with patients, helped boost team morale and increased the number of patients at our office.

I realized that many were looking to make their videos viral and increase their following, but some overlooked their community.

I felt there was a need for helping others with brand strategy in achieving specific goals. With more personal brand awareness, I received requests from other dentists to help them with their social media work.

Because brand strategy is extremely important, I have spent the past three years researching voice ever since my son decided to purchase an Echo Dot for Christmas. I still have the list he wrote with the price of the Echo Dot. As I engaged with the device, I saw the potential to save me time in my daily life. At that point, the devices were so big and bulky, even without screens. Now, they have evolved to multimodal devices showcasing audio, photo and video.

When COVID-19 arrived in the US, the acceleration of voice assistant adoption in households increased. With more consumers looking for touchless interactions, I realized my background in branding could integrate seamlessly with voice. Voice search, similar to searching on the internet, allows personal and business brands to stand out in a crowded world, develop geotargeted marketing and develop an interactive, dynamic experience.

As a business owner, if you are the first on voice, you dramatically increase your chance of capturing your local market. Just like when the internet started, the ubiquity of voice will be dramatic.

I was hooked.

With brand strategy being my speciality, voice skills naturally lead to the development of the “Dr. Durgam Experience” on Amazon Alexa. Patients, dental students and those interested in my work can learn more about me. The experience of creating this skill allowed me to help others interested in developing their DentalEntrepreneur.com

DentalEntrepreneur.com

Dental Entrepreneur Winter 2021 7

personal and business brand. I am currently working with celebrities, dentists, real estate agents, authors and other businesses to amplify their voice brand, sell merchandise and monetize their digital products as a Co-Founder of Local Vocal, a voice branding company.

Over time, I started doing more research on the future of communication platforms and strongly believe voice skills are the future. I was recently featured as the keynote speaker at the Voice of Healthcare Summit and was a speaker at the Voice Summit and Voice of Branding Summit. I’m also going to be featured in a forthcoming book by Dr. Matt Cybulsky of The Voice of Healthcare Podcast, which profiles different entrepreneurs.

As my work increases, I realized I want to develop stronger relationships with the pre-dental and dental community. I’m continuing to develop modules within voice that will help students prepare for eventual private practice or employment. I want to use my experience to help others avoid the pitfalls I encountered.

Much of my work with voice will be centered around helping dental practices and improving education.

Many ask how did a girl from Colorado on the debate team who then studied at Northwestern University Dental School and then began her dental practice in New Jersey, end up becoming a leader

in voice, I actually reply, “I’m the sum of my experiences.” Everything I have done since studying history in college to being on television to creating TikToks has prepared me for this moment.

I’m always open-minded and curious about the world, and I don’t limit myself to my title. Eventually, I hope I’m able to use my talents and expertise to help others without access to medical and dental care through foundation work. At that point, I will feel successful. I’m excited about the possibilities of the future, because I’m just getting started.

Chithra Durgam is a dentist, keynote speaker and voice branding expert. She has been in dental private practice for 16 years in North Bergen, NJ as the founder of Aesthetic Dental. As Co-Founder of the business Local Vocal (asklocalvocal. com) she is providing voice app solutions for celebrities and businesses. Some of her favorite accomplishments include being featured in the #1 NY Times Bestseller, Crushing It by Gary Vaynerchuk and as a founder member of an upcoming app by the founder of LinkedIn. Her media appearances include Fox News and 201 Magazine Best of Bergen issue. Contact Chithra on Instagram @drdurgam

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8 Winter 2021 Dental Entrepreneur

DentalEntrepreneur.com

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Dental Entrepreneur Winter 2021 9

Prologue

Dr. Brandon Walker Weighing In Lucas Shapiro, DDS

r. Brandon Walker grew up in Astoria, Ore. – where the classic movie, The Goonies, was filmed. He had quite the career before dentistry, working as a Signals Intelligence Collector and Analyst for the U.S. Marine Corps.

D

January 2020 to teach direct anterior/posterior composite with Dr. Jihyon Kim (@discingqueen) and Dr. Esther Yi (@estuhhhhdental). The institute was founded after many people encouraged them to teach hands-on courses at the Dental Influencers Alliance Conference (@influencedentistry) in Arizona.

Throughout life, he has always asked a lot of questions and enjoyed disrupting the status quo. This is not what you’d necessarily expect from someone with a military background, but he finds value and growth in steering away from the herd. This mentality has led him to artfully question his dental school faculty, mentors, and now, all that he sees on social media.

Dr. Walker himself has a strong social media presence as @prosthabilities with over 8,000 followers. He was encouraged to start his Instagram account as a first-year student by Grad Pros resident Dr. Armand Bedrossian (@dr_bedrossian). While the platform has helped him grow as a clinician and expand his professional network, he warns that, “Some companies are using social media and young dentists to promote methods and materials with minimal scientific backing, like 5mm bulk-filled composites, where delamination of composite from the dentinal floor is common, as shown with OCT imaging by Dr. Alireza Sadr, et al. (2019).”

Dr. Walker’s motto is, “When I want to do something, I just pull the trigger and do it.” The mentality is derived from 10 years in the Marines. He built the course website in one week with Squarespace, which draws attendees from all over the USA and beyond. It is limited to six doctors per course, with the intent to keep it very close knit and intimate, allowing all three instructors to tend to everyone.

Even though Dr. Walker graduated dental school in June 2020, he has been doing CE on the weekends since his first year. He also started two study clubs in school, bringing mentors in from outside to teach what they know about varied topics. He built a lab in his garage and would fool around with matrix systems, composite and materials in an attempt to figure out their limitations and become fluent with the materials. “It goes beyond just following instructions and the recipe,” says Dr. Walker.

He says social media can be an outstanding place to learn and find out about new methods and materials, but we must hold each other to high standards and be critical of outlandish claims made without scientific backing.

Dr. Walker’s passion for dentistry and the truth is evident within the first five minutes of talking with him. This passion and excellence has kept him busy teaching at the Institute of Injection Overmolding (@institute.io). He co-founded the institute in

10 Winter 2021 Dental Entrepreneur

For his courses, his goal is to get dentists to think critically, because every patient and every tooth is different.

Courses have slowed down a bit with the pandemic, so Dr. Walker did temp work - and even worked in hygiene - before landing a lucrative associateship at the offices of Michael Korn, DDS. He recommends new dentists work part time as hygienists (if they can’t get a full-time job), which can open doors to eventually start working as an associate. It’s a great way to learn about practice management and insurance, and it’s important DentalEntrepreneur.com

we humble ourselves especially in times like this, he notes.

Right now, in Washington hygienists can potentially make $50-70/hour due to personnel shortages and industry pressures. As a new grad dentist, you can take advantage of these opportunities while adding additional value if you do dental procedures like exams, fillings and extractions when needed. Being driven to keep learning and hustling to find work is important in times like these. It is all about seeking out opportunities, getting creative and always seeking ways to improve.

He closes by offering, “The greatest thing about our country is we all have the opportunity to pave our own path to success through good choices and an open mind. Ask questions. Take risks. And be brave.”

YOUR PARTNER TO PROSPER Propel your practice with Patterson.

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Dr. Lucas Shapiro is a graduate of Washington University in St. Louis and Stony Brook University School of Dental Medicine, where he received his Doctor of Dental Surgery. He completed his postdoctoral orthodontic training at Tufts University School of Dental Medicine.

He currently practices orthodontics at Lemchen Salzer Ortho in NYC. He started the Instagram page @futuredentists, works with the educational organization @ignitedds and has an orthodontic tiktok page @drshap.

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Getting Started

Will the Pandemic Alter Your Career Plans?

Tom Snyder, DMD, MBA

T

he Pandemic certainly had a profound impact on everyone. Our dental profession had its ups and downs this past year, but now dental practices have leveled off and are operating at an average of 80% of their 2019 patient volume. As with any arithmetic average some practices were equal to or better than their 2019 patient volume while others struggled below this 80% average. The American Dental Association’s, Health Policy Institute has been conducting a biweekly panel of thousands of dentists across the country since March 2020, tracking their progress and compiling useful statistics regarding the impact of COVID-19 on dental practices. For many of you who were employed as associates or independent contractors some of you may have been furloughed during the lockdown and when you returned to your practice you may now only be employed on a part time basis. In fact according to the ADA’s Health Policy Institute, approximately 80% of associate dentists were fully employed as of November 2020 but another 20% were partially employed. So, if you still are impacted economically, now may be the time to do some critical thinking about your career plans. This pandemic has created new opportunities for many non-owner doctors as there may be many more opportunities to purchase a practice due to the impact of COVID-19 on many practitioners with a growing number accelerating their practice transition plans. Historically there have always been an imbalance between the number of dental graduates and retirees.

As you can see from this chart, the differences have been dramatic and until only recently have we seen this gap narrowing. It’s safe to predict that in 2021 or 2022 we will finally see a reversal in that trend with more doctors retiring than dentists graduating. This shift will be fueled primarily by dentists over the age of 65 who are considering, with increasing frequency, selling their practice or retiring in 2021 or 2022. This premise is supported by data collected by the Health Policy Institute indicating that 40% of dentists in this age bracket will make the decision to retire or sell

12 Winter 2021 Dental Entrepreneur

their practice in 2021 if their 2020 patient volume is not at the same level as it was in 2019. So it now appears that for many of these doctors, their transition time line is fast approaching! To put this in perspective, this “over 65” age group represents 33,000 practicing dentists! So you can readily understand why there will be a dramatic shift on the horizon with retirees out numbering dental graduates. Prior to COVID-19, this imbalance between an excess of dental graduates versus retirees led to the creation of a “ Sellers Market” for many years in most parts of the country, with the notable exception of practices in small towns or rural areas.

Since most young dentists now aspire to live in urban and suburban areas, quality dental practices in these markets have always been highly sought after and frankly practice values have been typically higher. This is a great example of supply and demand economics whereby there has been an excess of Buyers versus Sellers. As this shift reverses itself in the coming years, Buyers will have more choices and dental practice values may begin to decline in certain areas of the country as supply may exceed demand. For certain, the Pandemic of 2020 has accelerated this trend. Surveys of recent dental graduates still report that the majority want to be in private practice and the majority still prefer practice ownership.

To further underscore this fact, the American Dental Education Association’s Annual Survey of graduates recently reported that 65% of the class of 2020 changed their plans due to COVID-19 and intended to enter private practice. One of the best aspects of ownership is that you cannot “fire yourself ” as you are not dependent on a practice owner or corporation deciding if you are still employable! Another trend worthy of noting is the growing number of dental graduates who have no debt. The class of 2020 Survey reported that 20% of its graduates had no debt and another 20% incurred total educational debt of less than $ 200,000. Arguably dental education debt continues to be high for the majority of our graduates with an average of $305,000 for undergraduate and dental school education for the Class of 2020. Thus we will DentalEntrepreneur.com

Graduates vs Retirees

Predicted number of retirees based on trends

*Data from ADA’s Health Policy Institute

see more of our dental graduates begin their careers with no debt or with amounts considerably less than the current average. However for those graduates with debt in excess of $ 300,000 you do not have to assume that you are destined to remain a long term employee delaying your goal of practice ownership for the foreseeable future in order to reduce your student loan debt. We maintain that if you find a profitable practice to buy or join a strong practice looking for a partner, you are better off in the long run to purchase equity sooner rather than later. Various articles have been written comparing the economic benefits of practice ownership over long term employment and in the majority of cases practice ownership wins out. Every entrepreneur has heard the adage you have to spend money to make money as the economic benefits of acquiring a profitable dental practice certainly can place you on track to retire your student debt more rapidly, meet your financial obligations for a practice acquisition loan as well as live comfortably. If you are capable of producing monthly at least $40,000 to $50,000 or more, implement a plan to purchase a practice with Gross Receipts in excess of $800,000! If you do not fit this profile now, there will be an ample supply of practices in the range between $ 500,000 to $ 700,000 of Gross Receipts , for example.

You can still purchase a practice a purchase decision that suits your style. When purchasing any practice one of the key indicators for future financial success is the practice’s historical income stream.

For example if you were to purchase a $800,000 practice with a net income of 40% that equates to an annual net income for this practice of $320,000 if you consider a enjoying a 25 year career and keeping this income constant over that time your total career earning will amount to at least $8 million. The odds are in you favor that can easily exceed this number. For those doctors who may have already purchased a practice but want to significantly increase Revenue and Net Income , you may consider purchasing the patient list of a doctor in your area who plans on retiring. This type of acquisition can jumpstart revenues and income 20 to 30% in the first year! The financial terms of a record acquisition can be very manageable for you ,and this is an option you should seriously consider especially with the influx of older practitioners who will be transitioning in the coming years . For those practitioners considering another location you may find several opportunities in DentalEntrepreneur.com

your area who want to sell their practice as a going concern with equipment and technology in place. Another factor which supports your taking action now to purchase a practice is the current interest rate climate. Most dental lender lenders are funding practice acquisition and partnership buy-in loans with rates between 3 to 4% . Even if you have significant student debt all lenders are aware of the high cost of dental education and remember they are in the business to making loans! Banks are eager to finance as long as you maintain good credit, purchase a practice with good cash flow or join a partnership that is highly profitable. Additionally you need to document your clinical production as an associate and it must be commensurate with the size practice you are considering to purchase.

Although 2020 has been a challenging year for all of us and with the impact that COVID-19 had on our profession, it has opened up many new doors of opportunity for you that otherwise may not have been available thus making 2021 a potential game changer for you !!

Dr. Tom Snyder, DMD, MBA is Senior Director of Practice Transitions for Henry Schein Professional Practice Transitions. He is a nationally known speaker, author, and consultant who has been advising dentists for many years in dental practice transitions, practice valuations and strategic planning. 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. He serves as a regular columnist for Dental Economics. He is on the Editorial Board of Dental Entrepreneur Magazine. He is also a member of the Faculty at Penn Dental Medicine.

Dental Entrepreneur Winter 2021 13

Getting Started

For Those Willing to Evolve and Innovate, the Future is Bright: Don’t Let DSO Misconceptions Hold You Back.

Emmet Scott

T

his isn’t going to be one more piece warning you about challenging times ahead when it comes to the dental industry or business in general. Nor will this be an article telling you to prepare yourself if you’re a graduating dentist because things have been tough, and they could get even rockier.

Instead, I want to impress upon you that for the dental industry and you, a current or potential dental entrepreneur, things have a chance to get really, really good. Modern options and solutions to the things that have challenged practices for years are already available. I also want to tell you that the opportunities for dental practice growth and success on your own terms are not only a possibility, but they’re happening all around the country as we speak.

There’s only one caveat: you have to be willing to take a chance on doing things differently, looking forward at where the industry is headed, instead of “treading water” in the same place, stuck using outdated systems and business practices.

I’ve been known to say to people - friends, colleagues – that if you look back at yourself and who you were one, three, or five years ago and aren’t a little bit embarrassed or uneasy, you aren’t growing or evolving.

Our industry is no different: It’s calling for us to evolve and change, and it’s already shown us one clear and proven way to do that: the Dental Service Organization (DSO) model. As a pas-

14 Winter 2021 Dental Entrepreneur

sionate supporter of the DSO model and current president of the ADSO (Association of Dental Support Organizations), I have a front-row seat to watch the positive impact the model is already having in practices around the country. It changes how business is done. In return, it rewards patients and dentists alike, making it possible to elevate customer-service and streamline a practice’s operations while letting dentists do what they do best, all the while feeling more supported and focused than ever before.

While the DSO model presents a bright future for dental industry entrepreneurs ready for a new kind of success at their practice, like any change in how things are done, it is accompanied by its share of misconceptions. To be sure you don’t miss out on a chance to be part of this ever-growing DSO movement within our industry, I’ll address some of the most common myths and misconceptions here.

We’re On the Same Team It’s essential to address any misconception that there is an us vs. them situation going on here, dentists vs. the DSO, when the title alone, dental support organization, says it all. DSOs were created by dentists to address their desire to make more of an impact on their patients while scaling more effectively and efficiently. Banks and private equity firms are only allowed in the space to the extent dentists need them to finance their growth and impact.

At the end of the day, dental support organizations will only be DentalEntrepreneur.com

as good as their ability to serve and support dentists. Ultimately, dentists will only be as good as their ability to help patients.

When the two sides work in alignment within a DSO model, the impact is powerful - the patients, the practice, and the community around it that it serves.

Let’s Talk Autonomy: Success on your terms, for your practice Forget what anyone has told you about losing control of your practice when you adopt a DSO model. From a DSO perspective, we know that it’s in all of our best interests for dentists to retain autonomy in terms of how they practice.

Your community, your practice, your patients - that all remains as it is because you know them - and their specific needs more than anyone!

While you do what you do best, we’re able to bring in what we know works best on the back end to support your business.

Because you remain in control, with our support, we create success on your own terms. Autonomy increases when you don’t have to juggle a thousand business issues meaning you and your associates can simply focus on patient care.

Choose your level of support: Opens Source DSO Options Just like the DSO model offers you success on your terms while retaining your practice’s autonomy, I’m also proud to share that at Community Dental Partners (CDP), we allow for complete customization when it comes to your level of support. You keep doing the things you excel at doing within your practice while leaving the more challenging parts to us.

Need call-center support? You’ve got it. Could your billing system use some streamlining? We can handle that too. Maybe your company wants help when it comes to growing and scaling - even DentalEntrepreneur.com

in this economy. We’re doing it as we speak at a rapid pace and can arm you with our own strategies. Want all of the above and more? That’s fine too.

At a genuinely Open Source DSO, of which CDP was the first, we understand that dental practices aren’t all the same, and that’s why we don’t believe in a one-size-fits-all support plan for our partner businesses.

As a partner in the peer-to-peer group, Dentist Entrepreneur Organization (DEO), we often say that everything starts with the owner’s vision. You get to create the future of dentistry within your community based on your vision of the future. Build your own platform or partner with others. Take care of the underserved pediatric Medicaid population or serve the high touch geriatric population. Provide your associates with a stable 9-5 job or give them a path to joint entrepreneurial ownership with you. The future will be limited only by our ability to innovate and our desire to take care of the customers: patients and dentists.

The chance for change and the possibility for real progress within our industry and your practice is already here, made possible by a model created for dentists and by dentists. When you’re ready, the choice - and the change - are yours!

About Emmet Scott: Emmet Scott is the current ADSO President, partners in DEO, and host of the only DSO podcast, DSO Secrets. He is also the CEO of Community Dental Partners, which allows associate dentists to partner in their DSO or helps them build their own.

Check out DEO online - https://deodentalgroup.com/ Check out ADSO online - https://www.theadso.org/ Check out DSO Secrets online - https://dsosecrets.com/7-secrets-report Check out CDP online - https://communitydentalpartners.com/ Follow Emmet on Instagram: https://www.instagram.com/emmet.scott/

Dental Entrepreneur Winter 2021 15

Business Fundamentals

To Meet or Not to Meet?

That is the Question Robert J. O’Donnell, DDS

I

don’t think any of us could have imagined how much COVID-19 was going to impact our lives or that we would still be dealing with it almost a year later. Last March, we had to cancel the 2020 Hinman Dental Meeting and then alert all 20,000+ registered attendees and exhibitors with only a week until the start of the meeting. It was a huge undertaking to undo years of work, but we are confident that it was the right decision.

Since then, we’ve all personally and professionally tried to find a “new normal,” while still providing dental care to our patients.

In the medical profession, we not only have a responsibility to serve our patients, but also to meet our continuing education requirements. Dental students face a similar dilemma. They have already invested significantly in their education and they must continue on – pandemic or not.

Over the past few months, the Hinman Dental Meeting staff and leadership (myself included) have been asking ourselves, “Do we meet or not meet this March?” It’s a tough question because we learn something new every day and there are so many factors to consider. Over the summer, we began the process of evaluating our options and asking our members and attendees what they need from us. This is what we learned: • Almost 70% of our attendees want to attend in person.

We surveyed our previous attendees, exhibitors and speakers and found that, if given the opportunity, the majority would attend an in-person meeting if COVID-19 protocols are in place. This result shouldn’t be surprising given that dentists and dental professionals have become accustomed to and are comfortable with current safety protocols. They are confident that Hinman would comply during an in-person meeting.

• If possible, a hybrid of in-person and virtual learning is optimal. A hybrid meeting will allow those who need and want hands-on learning to attend in person and those who are not comfortable traveling to complete their CE virtually.

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Given the current environment, a hybrid meeting appears to be the best option for the majority of our attendees.

• 39% say content and learning are most valuable with an event online. In a Freeman survey, respondents also want new, valuable content in digital CE. Our world-class speakers are committed to providing unique and innovative courses both in-person and virtually. Hinman is fortunate to have strong relationships with many of the industry’s foremost experts, making it possible to offer quality educational sessions you can’t get anywhere else. Many speakers already offer a mix of in-person and virtual courses, and those who don’t are now developing robust virtual CE courses in response to growing demand.

• A virtual component means more people can experience Hinman. We’ve learned a lot in our search for an online CE partner, and are looking forward to delivering a unique experience to many who may have never attended Hinman.

It also serves those who are at risk or unable to take time off and/or travel.

Sylvia Ratchford, our long-time executive director and Annette Sullivan, our incoming executive director, have worked tirelessly with the Hinman staff to select an online CE provider and have chosen Freeman, a partner that has worked with Hinman for over a decade in organizing and operating the meeting.

One of the most compelling offerings they bring to the table is “Networking Powered by Grip.” It’s an artificial-intelligence matchmaking engine that identifies relevant people, products, exhibitors and sponsors for someone to meet. It’s an intuitive tool that makes it easy to connect with others and schedule meetings, virtual or in-person. Creating meaningful connections has always been critical at meetings like Hinman. And, for students, connections are even more critical as you are determining your career path and seeking important information to begin your journey in the dental profession.

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If there is one thing we’ve learned over the past year, it’s that we have to be flexible and able to pivot when necessary. There are many factors that remain constant. People continue to need quality dental care even during a pandemic. We can’t stop practicing dentistry nor can we stop learning about new developments and expanding our skills. Continuing education meetings like Hinman will always play an important role in dentistry and we are excited to be able to offer attendees and exhibitors valuable ways to connect during these unprecedented times.

“With improved therapeutics and the distribution of vaccines, we are optimistic about small in-person groups and gatherings. Regardless if the meeting is virtual and/ or in-person, our goal is to provide the best continuing education for the dental profession.” – Annette Sullivan, Executive Director, Hinman Dental Meeting

As dental professionals who need continuing education, I encourage you to take advantage of meetings like Hinman, whether they are offered virtually, in-person or both. They will provide you valuable opportunities, such as: • Innovative content and trailblazing topics provided by the foremost dental experts in the world.

• Hands-on learning opportunities offered in small group settings.

• Powerful networking events that help propel your career forward.

• A community of professionals who are always willing to share information, mentor and provide advice to future dentists.

• A reliable avenue for future learning with countless opportunities for growth and discovery.

While we can’t predict how 2021 will unfold, we know that we will need to be creative in our approach. A lot has changed since the COVID-19 pandemic began, but our commitment to bringing you world-class CE and exhibits is the same.

Dr. Robert J. O’Donnell is General Chair of the 2021 Hinman Dental Meeting, March 12-13, and has practiced dentistry in Alpharetta, Georgia for more than 30 years.

Business Fundamentals

Closing the Gap; Profit First for Dentists Barb Stackhouse, RDH, M.Ed

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here comes the day as a dentist when you realize just how much cash flows through your business. The challenge becomes too much flowing through and not to your business. You know how to make money by producing and collecting. Sales seems to be growing from all your hard work. But how much are you keeping? Do you even know where all the money goes?

Maybe it feels like a big leak or a drain sucking money from your account. The worst part is, you’re not sure how to plug the leak or even where to begin. Here’s the formula you are likely operating with.

SALES – EXPENSES = PROFIT Profit comes at the end after you pay all the bills – and only if there’s some money left over. Honestly, when was the last time you took a true Profit distribution? What is Profit? Is it your compensation? Is it what you pay taxes on at the end of the year?

How do you define Profit?

According to Merriam Webster Profit means 1. A valuable return; gain 2. The excess of returns over expenditure in a transaction or series of transactions, especially the excess of the selling price of goods over their cost 3. Net income usually for a given period of time. This defines the formula I gave you above.

But I’m not OK waiting for the leftovers. I’m not OK with Profit being last. I’m not OK working harder and taking home the same amount of money. I believe no dentist should ever have to worry about paying their team, their bills or themselves ever again!

I offer to define Profit as additional money you keep above and beyond paying yourself or your taxes. It is true cash reserves your business produces and you save. Profit is money you keep. Profit

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is money that grows. Profit gives you freedom.

The big secret to this kind of Profit is to take it first.

SALES – PROFIT = EXPENSES Flip the equation for a simple strategy of cash-flow management.

This is the Profit First System. There are four core principles to the system. I’m going to share all four here and how they are customized for dentistry.

Before I tell you about these principles, however, I want you to dig deep and find your own personal why. What motivates you to own a business? This is not what motivates you to be a dentist, but rather what motivates you to own a business. You can be a dentist and work for someone else. If you work for yourself, I want you to get in touch with your why. What about owning a business makes you happy? If you were living your best life as a dental practice owner, what does that look like? How would you design your ideal day? What would that look like? Why does that motivate you?

Seriously, do this exercise. It’s important. Do it now, or at least block some time in your schedule to do it sometime very soon. I think business owners get lost in the day-to-day grind and forget why they went into business in the first place. This is true for you as a dentist owning your practice.

Your why is what motivates you to continue on. Your why will be the motivation for any kind of change you seek. If you want to do Profit First, knowing your why is very important so you’ll push on when it seems hard. I want you to go into it with commitment and follow-through.

To understand Profit First and how it can transform your business and your life, you need to grasp these four core principles.

SMALL PLATES A trick for people who want to lose weight is to use a smaller DentalEntrepreneur.com

plate. The small plate holds less food, and therefore they will eat less and still feel satisfied they ate everything on their plate. Of course, it’s important what type of food is on the plate, but more on that in a minute.

Transfer this principle to your bank account. Having one bank account where all the money flows in and out is like eating from one big plate. The more money in the account, the more you spend. Imagine having four other accounts, each holding smaller amounts of money designated for a specific purpose. It’s been proven when there’s less money in an account, less is spent.

SEQUENCE MATTERS When people who want to lose weight eat their veggies first.

They satisfy their hunger and have less room to eat junk food.

What comes first matters!

Now imagine your bank account and the money that flows into it. If you want to make sure you have Profit, you take it first.

You transfer money out of your main bank account to a savings account and you do it first. Just like eating the veggies first, if you take your Profit first, you won’t even miss it when it comes time to pay the bills. Your business will be forced to be healthier when you get serious about taking your Profit first.

REMOVE TEMPTATION If someone is trying to lose weight, it would be important to NOT have junk food in the house. Take the temptation away.

The same is true of your Profit First money. Once you move money to your Profit account, it’s important to put it in a place (another bank across town) where it’s harder to access, so you won’t be tempted to use it. You remove the temptation to spend it.

ESTABLISH A RHYTHM One of the best things to do when losing weight is to eat smaller meals more frequently. This keeps your metabolism higher and burns more calories.

When establishing Profit First in your business, it’s important to set a schedule for making allocations or transfers from your main bank account into the additional accounts. By establishing a set schedule, you are more likely to follow through.

Here’s how the Profit First system works in a dental practice: All the money flows into one big income account. This account is used only to hold the money as it accumulates each week. We do not pay the bills from this account. At the end of each week, after all deposits have posted in this bank account, we allocate by percentage to four other bank accounts (small plates). These four other accounts are for Profit, Owner’s Compensation, Taxes and Operating Expenses. Allocations are made in this exact order.

Remember to take your Profit First. Once an allocation and transfer is made, it can only be used for that specific purpose.

One of the biggest challenges is determining the exact DentalEntrepreneur.com

percentage to allocate for each account. To figure it out, use the prior 12 months of financial data and divide all your expenses into the four categories of Profit, Owners Compensation, Taxes and Operating Expenses. Calculate the percentage. This is a starting point.

If this is too complicated or you’re just not ready to go all-in with Profit First, start by opening one additional account and name it Profit. Begin to allocate and transfer 1 percent of all collections each week into this account. That’s it! Super Simple! Set aside your Profit First. Develop the habit.

This one step alone will move you from making money to keeping money!

If you want to learn more, please reach out to me at barb@ moretolife.dental. I’m currently co-writing the Profit First for Dentists book with Drew Hinrichs, CPA, and pre-orders will be available soon prior to our publishing date of February 1, 2021.

If you’d like the link to order a copy, please email me and request it. Again, my email is barb@moretolife.dental.

Barbara Stackhouse RDH, M.Ed. founded ‘More to Life’ coaching and created the Premier program ‘Profit First for Dentists,’ the only comprehensive program of its kind in the country. Barb is an educator, leader, consultant and coach exclusively for dentists. Her specialty is helping dentists get control of the financial side of the practice and ultimately find the freedom they desire so they can enjoy ‘More to Life.’ Her extensive background in the dental industry gives her an advantage and deep understanding about the ins and outs of running a profitable, highly successful dental practice. Barb lives in Nashville, TN with her husband and 2 dogs. They enjoy time with their 2 sons, both married to lovely redheads, and 3 grandsons who all reside in Nashville.

Barb’s website: https://www.moretolife.dental Dental Entrepreneur Winter 2021 19

Leadership

Working in Reverse or Going with the Flow; Why Entrepreneurs Should Consider both Approaches Sam S. Shamardi, DMD

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e are all creatures of habit, and like most, I like structure and routine. What time we wake up, what to eat for lunch and even our dog walking routes follow some form of organized structure.

and lifestyle be five years from now? What about 10 and 20?

Do you want to travel the world often or build a practice? Do you want to pay back loans aggressively or invest that money differently?

When it comes to our dental careers, we also strive to organize things around a structured routine we can control. However, when attempting to plan our future, many of us oftentimes feel our lives are dependent on other people and outside factors. Our boss, our company, our family and other variables all work together to determine our future and push us in a specific direction whether we want it to or not.

Ask yourself important questions and make a plan, no matter how outrageous some of your ideas may seem. Then break each idea down into parts, calculate the relative costs, brainstorm how you could make the timing work and see what steps are necessary to make it happen. The results may surprise you.

Though that can be true on some level, the reality is that we have far greater control over our own careers and future than we think, depending on how we decide to approach things. There are two primary approaches we can consider. We can either set our goals from the start and work in reverse, or go with the flow and move forward in increments. Each approach has its pros and cons, but the best avenue for dental entrepreneurs might involve a combination of both.

The concept behind the first option is to plan your life in reverse, to have an idea of what you want your future to be from the beginning and work towards that goal from the start. This approach allows you freedom to think about the big picture and to script your ideal world. What would your ideal work schedule, salary,

20 Winter 2021 Dental Entrepreneur

If your goal is to work four days per week and travel consistently, then buying a large practice shortly after graduating and falling into massive debt makes that a difficult task. But having that same goal for 10-15 years from now is attainable if you put in the hard work on the front end. It just depends on your individual plan and endgame. The best part is that there are no wrong answers and you can dream as bold or conservatively as you want.

Not every decision has to be a life-changer either. For example, I noticed early in my career that some of my days at work would be slammed, while others were far lighter, creating an inconsistent and inefficient schedule. I thus set a goal of maximizing my efficiency across the multiple practices I worked at over the next five years.

Through this process, I found I could reduce my availability at DentalEntrepreneur.com

multiple practices, therefore increasing my demand, and increase my overall daily and monthly production. As a secondary result, that opened up valuable extra days I could use working on other projects or in additional practices, or just having extra time off!

The point is, once I set the goal, I was able to take concrete steps to make it happen. Thus, working in reverse can be a great approach to take for many situations.

The alternative option to consider is “going with the flow” and taking things as they come incrementally. It’s certainly the easier and less stressful approach on the front end, and it goes against everything option one preaches. Option one proponents may see option two as another form of laziness; it’s easier to “go with the flow” and see what happens than to be proactive. However, there are also benefits with this approach, many of them illustrated in David Epstein’s book Range: Why Generalists Triumph in a Specialized World.

One aspect he shows is that long-term planning can actually hinder your overall progress, as it sets us on a linear and rigid path that we then feel we can no longer stray away from. Our priorities and opinions will change with time, therefore by being more flexible and testing ideas often through trial and error, over the short term, we can actually learn valuable lessons that help shape our path and improve our long-term outcome. Put differently, we are so goal-oriented and focused on a final product that we may miss a lot of great opportunities and experiences along the way by not keeping our eyes open to what’s in our periphery. Don’t forget to smell the roses!

This is why entrepreneurs often stress the need for multiple “iterations” for any idea. Test often in the short term, learn, adjust your strategy and build on it as you go. To prescribers of this approach, there is no “wasted” opportunity. You will learn something from each experience, and by testing often you will adapt quickly. Of course, our definition of short-term as dental professionals will vary from freelancing entrepreneurs, but the concept and process should be similar.

Going back to my prior example with my work schedule, the same process can be seen in action. I started my schedule change with one office, cut back a day as my test, confirmed/denied its effectiveness, and then did the same with another practice, each time making adjustments and moving forward. The opportunity cost was minimal. If I found the approach wasn’t working, I could easily add the day back. I didn’t go for the big change up front, but rather in gradual iterations, so my risk was also minimized.

Food for thought.

Another insight the Epstein found worth mentioning is our own natural bias in decision making. He explained how compared to someone in the exact same hypothetical situation as us, we believe we will have a better outcome. This is not because we are arrogant, but rather because we have familiarity with our own situations.

a dental office from scratch, but because of the familiarity of the details in your case, you will believe your office build-out will be completed quicker, at a lower cost, and look better overall. We simply have a natural bias and give ourselves too much credit!

This could lend itself to arguing for more experiences at smaller increments. It may be too late to reverse course with the first option if you realize things aren’t going to plan.

So what is the best way to go? Should we work solely in reverse, or go with the flow? Like everything else in life, I tend to see things in shades of grey. Having the end goal in mind from the beginning is paramount. It gives us direction, purpose and a fixed reference point. However, being overly fixated on that singular path without being open to straying off course, ideally in short bursts, will also result in missing out on valuable experiences and opportunities which will surely help shape your thinking. After all, entrepreneurs are characterized as risk takers and dreamers who set a final goal and work towards it from every possible angle. So take the best from both worlds and make it your own!

Dr. Sam Shamardi earned his DMD at Tufts University and his Periodontal certificate at the University of Pennsylvania. He is a Diplomate of the American Board of Periodontology and Implant Surgery and practices full-time while teaching part-time at the Harvard Dental Division of Periodontics, and is a member of the Catapult Education Speakers Bureau.

Dr. Shamardi is the founder of Dental Innovations LLC, a company aimed at providing novel solutions to unaddressed issues within dentistry. He lectures nationally and internationally in topics within periodontics and hearing loss in dentistry, having published multiple articles while being recognized as a dental entrepreneur for his revolutionary EarAid product. His latest project is the publication of his first book, The Financial Survival Guide for Dentists.

Email: sshamardi@gmail.com Website: www.fsg4dentists.com

For example, you may know three other colleagues trying to build DentalEntrepreneur.com

Dental Entrepreneur Winter 2021 21

Leadership

Get Off Your High Horse: The View is Better From the Bottom Kyle Bogan, DDS

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hen I first began my journey in building an engaged dental team that I wanted to lead, I learned an extremely important lesson early on.

At first, I started with what I knew – what I had seen so many times before. Having worked in many dental offices prior to owning my own, I saw owners leading from the top.

Through the implementation of reactionary policies, these leaders pushed from the top to guide the behaviors of their employees. As a result of seeing this in action, I thought leading from above was the answer. I assumed it was just “how it was done.” Never have I been so wrong. What I learned, almost immediately, was that we were all in the trenches together. People want to be led, not managed. They want to feel valued and appreciated. The success or failure of the office and the team results from our collective efforts.

Only through working together to intentionally build a focused and engaged team were we able to succeed. The first thing I had to do was to get off of my high horse and jump into the trenches with my team. The view, as I would find out, is much clearer from the bottom of the ladder.

As I mentioned before, I was indoctrinated into the business side of dentistry through observing owners at the multiple practices where I was an associate dentist throughout the first five years of my career. While styles varied, they all had one thing in common.

The owner sat at the top of the organizational hierarchy pushing the staff from the top. This leadership is prevalent throughout the dental profession, and – unfortunately – throughout the general business community as well. Employees are meant to feel subordinate in every way to those in the leadership positions above them so they “know their place,” and all that matters is that the employees “get the job done.” When an owner sits at the top of the business ladder screaming below to their team, “Climb! Climb faster!,” I argue that not only do they not see the results that they

22 Winter 2021 Dental Entrepreneur

want, but they see diminishing returns for their misguided efforts.

Now, I am not advocating that organizations be run without a hierarchy of leadership. A leadership hierarchy is essential in building and scaling a business. Rather, I have experienced that success is achieved when leaders intentionally craft a team-first culture. Everyone must work together, side-by-side, if an organization is going to fulfill its potential. There are several steps that you can take to start moving your team in this transformational direction: 1. Keep communication flowing in both directions: Implementing a constant cadence of communication will ensure that all members of the team have an active role in the operations of the business. While we will never get 100 percent of our teams to agree on any decision that is made, buy-in to the final decision is increased when everyone feels seen and heard.

2. Identify the individual communication styles of your team members: Members of your team communicate differently and prefer to be communicated to in different ways. When leaders and team members alike are aware of the makeup of the communication preferences in their team, efficiency and ease of communication increases. This is essential to growing and scaling your team and your practice.

3. Keep an open-door policy that welcomes everyone: If you make it clear in word and deed that anyone can come talk to you – about anything – because you’re all in this together, they will. This level of vulnerability based trust is essential in building teams.

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4. Hire thoughtfully: It’s easy to make a hiring error, but the good news is that once your team culture is established and flourishing, the team will either bring the person around to your ways of doing things, or the person will realize they are not a good fit and will leave on their own.

5. Be open with your team about the health of the business: Many of us aren’t entirely comfortable with sharing this kind of information with team members, but I encourage leaders to keep their teams updated on the overall financial picture of the office. I always strive to be open with my team, because it increases their sense of ownership, and it’s key in helping them understand the role they play in the success of the business.

6. Set shared and individual goals and empower your team: Do not fall into the trap of becoming a cog culture that values scripted robots over human performance. Free up your team members to find solutions and solve problems. Empowered employees who are permitted to own their position will be the fuel that grows your practice.

7. Encourage people to grow in their roles: When people are engaged and excited about what they are doing, they’re likely to want to take on more responsibilities. In order to experience true growth, you need to be willing to give people not only the opportunity, but also the time it takes to be successful.

8. Listen to the team and be willing to try out their suggestions: If you’re a top-down kind of leader stuck in the idea that your way of doing things is always going to be the best way, this won’t come naturally – but if you want to build a collaborative culture in which every person can bring their best to the shared goal of growth, you’ve got to be open to letting them offer up ideas and acting on them.

Ultimately, leaders need to take intentional steps to craft and create a culture of teamwork and collaboration in order to grow and scale their practices. I challenge you to take meaningful steps to start this process today.

More details on the transformational power of culture that I experienced in my practice can be found in my newly released book, Lead from the Bottom: Successfully Scaling Your Business as an Owner by Cultivating a Team-First Culture. In this book, I am excited to take you on my journey through the ups and downs of using a team-first approach to creating an organizational culture that not only transformed my business and my team, but also translated into happy patients that led to over 50 percent growth year over year. This growth allowed me to move from my “start-up space” to a 5600-square-foot office of my dreams in an astonishing five-year time frame. Join me as I take you on a journey to lead from the bottom and create an engaged team that will climb the ladder of success with you. You can purchase the book at store. drkylebogan.com, and you can receive 15 percent off with the coupon code TEAMFIRST. DentalEntrepreneur.com

LEAD FROM THE BOTTOM – CONCEPT B

After completing his dental training, Dr. Kyle Bogan entered the profession ready to light a fire and change the way patients experienced oral healthcare. While he wanted financial success, he also wanted to measure success by the culture that exists for the team members that join him to serve their patients. He believed that financial success naturally flows when a thriving practice culture exists. Dr. Bogan’s presentations share the principles and strategies that transformed his practice culture while generating happy patients and practice growth. Dr. Bogan is a life-long learner that is passionate about sharing his knowledge with other dental professionals through his speaking and coaching programs. He has earned a Fellowship from the International College of Dentists (FICD) and a Fellowship from the Academy of General Dentistry (FAGD). He serves as the General Chair, Ohio Dental Association Annual Session (2020), the President of Columbus Dental Society (2020), and represents District 7 in the ADA Council on Membership (2019-2022). Dr. Bogan graduated Magma Cum Laude from Ohio State University. He was inducted into the Omicron Kappa Upsilon (national dental honor society).

During his schooling at OSU, he was involved in dental research involving the release of fluoride from “smart” polymeric hydrogels. He also played sousaphone in the marching band, dotting the “I” three times. email: kyle@NorthOrangeFamilyDentistry.com website: drkylebogan.com

Dental Entrepreneur Winter 2021 23

Leadership

There’s a Person Attached to that Tooth!

Rob Maguire, DDS, MASCL

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resident Theodore Roosevelt said, “People don’t care how much you know until they know how much you care.” There’s a lot of truth to this statement. It’s a quote I cherish to this day, and one I embraced early in my dental career. For me, it meant that before I could share dental information with my patients, two things needed to happen. One, I needed to have a trusting relationship with them, and two, my patients needed to have a trusting relationship with me. The way I earned my patients’ trust was with good communication! It was something I never learned in dental school; It was something I had to learn and study on my own.

After spending four years at Georgetown University School of Dentistry and three years as a Navy dentist, I had developed some decent clinical skills. My first “real job” was as an associate for a dentist who, at that time, was in his mid 50s. He had a thriving practice and did mostly quadrant dentistry. His schedule was “eloquently engineered,” with his longer appointments scheduled in the morning. He practiced in the same location for over 25 years and had an excellent reputation in his community. His equipment was modern, and his office building and office décor was updated and beautiful. As a dentist, he was technically excellent, and his patients loved him. I would describe him as a beautiful, caring and charismatic person. He was a masterful communicator, and I was always amazed how his patients predictably said “yes” to his treatment recommendations. I was fortunate to have had the opportunity to work with someone as talented and gifted as him.

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So, here I was working in this awesome practice with this great dentist. On the upside, I had good technical skills thanks to my dental school education and my Navy training. On the downside, after just a few months of working, it became clear to others that I had no clue how to talk with patients. The reason for this problem was two-fold. One, I had received no formal training in communication, and two, at that time, I had an overinflated ego. I was very good at telling others what they needed to do, and all my conversations were one-way. I rarely asked patients for their input. And to make matters worse, I embraced the Nike motto: “Just do it.” If you asked others, they would probably say that I talked way too much and was a poor listener. As a result, patients continually rejected my treatment recommendations. In my blind state, and despite the constant rejection, I still couldn’t see the error of my ways. I assumed that the reason patients said “no” to me was due to my younger age. I assumed the reason they said “yes” to the senior dentist was because he was older and had more experience than me. In actuality, the patients did like him better, but not because of his age or experience. They liked him better because they knew that he cared both about their teeth and about them as individuals.

How did things turn around for me? The senior dentist, at the end of a workday, called me into his office and told me point blank, “Rob, you are a ‘turn-off’ to your patients. You never ask them any questions, you’re conceited, you come at them like a speeding bullet and you have no clue how to connect.” He went on to say, “Frankly, I’m fed up with your self-righteous attitude DentalEntrepreneur.com

and if things don’t change, I’m going to have to let you go.” Not only did his words get my attention, they caught me by surprise.

In a flash, my ego was deflated, and the last thing I wanted to do was to leave his practice. I respected him, opened my ears, and in my state of shock, carefully listened to what he had to say.

During our conversation, he lovingly gave me many examples of my poor communication skills. He talked about how I never asked questions, how I never made eye contact with the patients, and that in some instances, I’d walk out of the treatment room while a patient was talking. All of his examples were vivid and specific, and I knew he spoke the truth. How could I have been so foolish thinking that I was a good communicator? How could I have been so blind to the fact that I was a poor listener and lacked compassion. In my mind, I thought that just being a “good technical dentist” was all I needed to do to be successful. I was ignorant about the importance of communication and connecting with other people. Hearing those words from the senior dentist, as difficult as they were, changed my life. I was grateful he didn’t fire me on the spot.

Instead, he helped me by sending me to The Dale Carnegie Course to get some “people skills” training. The course was 14-weeks long and was life-changing. By the end of it, I was able to see the importance of putting the needs of others before my own. I learned about the importance of listening and asking great questions as a way to get to know someone and establish trust. This course was the initial reason I became a lifelong student of communication.

With regards to treating patients, I came to realize that before I could tell a patient about their dental needs, I first needed to earn their trust. With new patients, I did that by first speaking with them in a consultation room. During this initial meeting, I’d ask them questions to discover their needs and fears, and to talk about their previous dental experiences. I’d ask them about their desires and then carefully listen to their answers. Our initial meeting was always a dialogue, one where the patient did most of the talking and I did most of the listening. Next, I examined their mouth. During the examination of their teeth, gums, jaws and bite, I involved them by explaining each step. I talked with them using patient-friendly terms, took photos with the intra-oral camera, and frequently checked in, asking them if they had any questions. At a separate “summary of findings” visit, I’d present the treatment recommendations to them in a way they understood, in a way that addressed their needs and their concerns.

Once I started to do things this way, my patient acceptance skyrocketed, my production increased and so did my happiness.

After spending three years as an associate, I decided to move on

and bought an existing solo private practice. I spent the next 28 years loving dentistry, working with great patients and a great team, and grateful that I had learned the importance of good communication early in my career.

As a newly practicing dentist or one who will soon be entering private or corporate practice, I’d like to leave you with a few pearls for a successful career. First, commit to excellence in both your technical skills and communication skills. As far as learning how to be a better communicator, start by reading books like The Seven Habits of Highly Effective People by Stephen Covey or How to Win Friends and Influence People by Dale Carnegie.

To learn more about yourself and how to better connect with people, I recommend you look into the DISC Personality Assessment system. Another suggestion is to consider joining your local Toastmasters club. Toastmasters is a non-profit organization that can help you improve your presentation and leadership skills. It’s affordable, fun, and they have a great mentoring program. Lastly, consider hiring an outside coach or consultant as a way to help you perfect your “people” skills, build your team and improve your practice.

Remember that first and foremost, dentistry is a people business. Remember, there is a person attached to that tooth, each one unique, each one with their own set of fears, desires and goals for their mouth. Always strive for excellence in both your technical skills and your communication skills. Remember that dental school taught you your “hand skills” and that it’s up to you to develop your “heart skills.” Don’t wait for a wake-up call like I did. Seek additional training early and always remember that people don’t care how much you know until they know how much you care. When you do, you’ll have a career that is both spiritually and financially rewarding.

Dr. Robert Maguire DDS, MASCL is a dental speaker, coach, practice consultant, and DISC trainer, passionate about leadership and communication. If you’d like more information about Dr. Maguire and how he can help you and your team communicate better, visit https://www.thefulfillment.coach/ or email him at: contact@thefulfillment. coach.

Power to Succeed

New Year’s Resolutions: How NOT to Fail David Rice, DDS

D

o you make New Year’s resolutions? Do you keep them?

If you don’t, don’t worry. You’re not alone. Over 50 percent of what people resolve for 2021 will fail before the end of January. Is that crazy? Maybe sad?

It doesn’t have to be you. Turns out, just like learning to prep a crown, we can learn how to make and keep our resolutions. In fact, I’m betting you’ve already heard how … the whole S.M.A.R.T. goals thing. It’s just no one ever really spelled it out for you. Let’s do it here.

Strategic When it comes to resolutions - or let’s just be honest, goals we set for the new year - bring strategic has more meaning than ever. As we eat, sleep and breathe in a digital world, it’s incredibly easy to want what we perceive everyone else wants. It’s easy to choose a resolution because we believe it’s popular. What I want you to do is make sure your resolution passes the mirror test. Literally, get yourself in front of a mirror. Heck, put your iPhone in selfie mode and do it now. Ask yourself. Is this resolution what you want? Is it what you need? Will it strategically help you grow in 2021.

If the answer is yes, keep it. If you feel a rumble in your stomach as you ask, ditch it.

Measurable Set a daily reminder for this in your phone. What gets measured, gets done.

If 27 years in dentistry has taught me anything, that’s one of the biggest lessons. We have to track our progress. It’s true on the clinical side and when you’re learning new skills. It’s true on the efficiency side, as we want to get faster without compromising quality. It’s true on the business side, as we want to earn more money or have more time to relax.

Achievable Is it?

I want you to stretch. If you knock out every resolution by the end of the month and coast for the rest of the year, your resolution wasn’t big enough. However, I don’t want you to bite off more than you can handle. One of the biggest reasons resolutions fail is people don’t see the finish line. If the goal is too big, it’s not tangible.

Relevant Does your resolution really matter to you? Are you passionate about it? What are you willing to sacrifice to make it happen?

Before you commit, be honest. If you’re all in, go for it. If you’re not sure, focus your time and energy on goals that will make you committed to completing.

Time-Bound Give yourself a deadline. If it’s a life change, when do you want to see yourself consistently living that way?

If it’s a major life change, what mini-milestones can you set along the way? This is a great way to create change if you really want to challenge the achievable piece. Rather than trying to look at the final win, set smaller wins on the way to the big win.

I’ll end with this: Over 50 percent of New Year’s resolutions fail before the end of January. Make your resolutions smart resolutions, and I promise that statistic won’t be you.

David Rice, DDS, is on a mission to improve our profession by leading the next generation of dentists to grow successful lives and practices. The founder of igniteDDS, Dr. Rice speaks to over 35 dental schools and residency programs a year on practice building, team building and wealth building. Dr. Rice is a private practitioner, educator, author and mentor who connects students, young dentists and professionals from diverse dental-related businesses - “fueling passion beyond the classroom.” https://ignitedds.com/user/david_rice/

26 Winter 2021 Dental Entrepreneur

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Winter 2021

The Resolution of a Lifetime

Jordan Brown, DDS

Grace Rizza

My Story

Saying “YES”

Laura Schwindt, DDS

Erinne Kennedy, DMD

We Learn From Many Masters Kathryn Gilliam, BA, RDH, FAAOSH

Addressing Chronic Pain With the Power of Passion for Life, Family and Work Adele Reische

Grief is Love Holly Anne Mitchell

How to Attract and Retain Your Ideal Patient on a Budget Uche Odiatu, DMD

Wellness: A Value-Added Advantage

Ending the Sellout Economy Victoria Peterson, SsD

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