Casey and Jarrod, the dynamic duo of dental knowledge and entertainment, reunite once again to deliver the latest and juiciest updates from the world of dental continuing education (CE) and events. With their unrivaled passion and expertise, they dive deep into the industry's hottest topics. Brace yourself for an exhilarating journey as they take you on an unforgettable adventure through the captivating world of dental CE and events.
Announcer:
Hello, everyone. Welcome to The Millionaire Dentist Podcast, brought to you by Four Quadrants Advisory. On this podcast, we break down the world of dentistry finances and business practices to help you become the millionaire dentist you deserve to be. Please be advised, we do speak with an honest tongue and may not be safe for work.
Casey Hiers:
Hello and welcome. This is Casey Hiers back at The Millionaire Dentist Podcast in studio with co-host Jarrod Bridgeman.
Jarrod Bridgeman:
Casey, how are you?
Casey Hiers:
Good, man. Got some great clients in from the upper Midwest...
Jarrod Bridgeman:
Wisconsin, I believe.
Casey Hiers:
Yeah.
Jarrod Bridgeman:
Yeah.
Casey Hiers:
What do you call? Cheese country.
Jarrod Bridgeman:
The cheese land.
Casey Hiers:
Awesome partners.
Jarrod Bridgeman:
The dairy people.
Casey Hiers:
Great folks. Yeah. Even though you can't suit to the mic, that's why we're all dressed up.
Jarrod Bridgeman:
I am dressed up and it always makes me feel a little nice. I hate doing it in the morning, putting on the full suit. But once you're in it, it's game time.
Casey Hiers:
I'm going to sound old, but people look like hell today in public. Generally speaking, pajamas apparently go for clothes.
Jarrod Bridgeman:
Yep.
Casey Hiers:
When I was younger, there was something called Dress for Success Day in third, fourth and fifth grade. And you would dress up and you would feel good about yourself because you look nice and-
Jarrod Bridgeman:
Yep. Man, I won't leave the house unless I've showered, and I've been dressed. My wife will go in pajamas down at the gas station or something like that, and I'm like, "No, no. I'm going to take a shower first." And she was aggravated with me about it.
Casey Hiers:
There was a great clip in Tina Fey and Alec Baldwin. What was that show called?
Jarrod Bridgeman:
Oh, 30 Rock.
Casey Hiers:
Yeah. He's in a tuxedo and she's like, "Aren't you a little overdressed?" And he looks at her and goes, "What am I, hillbilly?"
Jarrod Bridgeman:
Yeah, that's right.
Casey Hiers:
It's after six, of course, I'm going to wear a tuxedo. Anyway, not sure how we got there. You look great.
Jarrod Bridgeman:
Yep. Thank you. Thank you. You look fine.
Casey Hiers:
Yeah. Young kids look like hell. There's our show. Yeah. You know what, let's report some things from the dental community-
Jarrod Bridgeman:
Right.
Casey Hiers:
... that we have noticed, observed, had conversations about. Let's do one of those.
Jarrod Bridgeman:
Recently, we were a part of a state association conference, and it wasn't really as well attended as all parties involved had hoped. Right.
Casey Hiers:
Not all dental shows are created equal?
Jarrod Bridgeman:
Right. Right. And I think it's a tough feeling, it's a tough thing but one of the things that you and I had talked about at one point was, is it harder to attract people now to these shows because of things like the internet where people can hyperfocus and find the things they want without having to stand in line.
Casey Hiers:
That's a good point. Younger dentists now have more options.
Jarrod Bridgeman:
Yep.
Casey Hiers:
Right? Used to if you wanted to get a good deal on product or get CE, well, gosh, going to your state show was a really good way to do that.
Jarrod Bridgeman:
Right.
Casey Hiers:
And now, people have a lot more options, the younger dentists. They also have more headwinds, we can get into that.
Jarrod Bridgeman:
Right.
Casey Hiers:
But I can touch on that, not all shows are created equal. We-
Jarrod Bridgeman:
What's the big draw now? Would it be like the guest speaker, possibly? If maybe they locked in some C-level celebrity.
Casey Hiers:
There's a lot of layers to it, right? You can talk state meeting, you can talk regional or national, but really, it's the internal organization.
Jarrod Bridgeman:
Yep.
Casey Hiers:
I mean, I've gone to enough of these hundreds and hundreds of them where some of them, they're organized well, there's clarity, there's good planning. It's run like a well-oiled machine. Others, I joke, there's a lot of state meetings that I think my fourth-grade science fair was better organized and better attended...
Jarrod Bridgeman:
Yep.
Casey Hiers:
Than some of these state meetings. And I go to other state meetings and they are more like regional meetings, they're incredible. And I think, the internal organization and communication is really the first domino.
Jarrod Bridgeman:
Well, I think and this maybe it does not pertain as much to owners and dentists out there, but it feels like sponsors sometimes or the people exhibiting there or whatever tend can be an afterthought. They worry about the other things, and then the people who are actually helping pay for the whole event are shifting off to the side.
Casey Hiers:
Well, that's the hard part, right? Because in the good old days or the old days, you would go to shows to get a deal. Well, now, you don't have to.
Jarrod Bridgeman:
Right.
Casey Hiers:
But yet these shows rely on industry as revenue streams to make it happen, right?
Jarrod Bridgeman:
Right. Right.
Casey Hiers:
They're at really nice resorts or venues or things. But yeah, we do more speaking and presenting of CE than anything.
Jarrod Bridgeman:
Right.
Casey Hiers:
But some of the shows where maybe we'll talk to some exhibitors or maybe we'll set up shop every now and again just to get more feedback of anything. But there's some frustration because the shows need the revenue from industry, but industry seems to be more and more frustrated and discontent at traffic, whatever you want to call it, to talk to some people from maybe some of the larger companies, and they've just said, "Man, we're just doing these meetings because we've allotted for it, but we're getting very little out of it." Then I'll go to somewhere, the director is literally apologizing to people because it's poorly attended. Others, they're grateful that it's vibe, it's culture, the whole thing.
Jarrod Bridgeman:
Right. Right.
Casey Hiers:
But yeah, that's a big one is shows and why aren't they, why are they.
Jarrod Bridgeman:
Well, touching back on possibly maybe the younger crowd not feeling the need to go to shows as much, and it's an odd flip because we've noticed there's been a big drive among younger dentists comparatively for starving for that success.
Casey Hiers:
So we were talking about this before we hit record. We are seeing a lot more younger dentists. Younger, let's say in your 30s as an owner, having a real drive to want to get it right earlier. And one of our hypothesis or...
Jarrod Bridgeman:
Right.
Casey Hiers:
What's another, there's a synonym?
Jarrod Bridgeman:
Theory?
Casey Hiers:
Theory. One of our theories was, and we've heard this from industry. But a lot of younger people, maybe they'll own their practice and five of their friends said, "Eh, I am going to go work at DSO. My income's going to be solid, and I don't have to do the business side. And so now that exists, I think younger people are wanting to either prove their peers wrong, classmates wrong, or they're just being driven earlier to think about that.
Jarrod Bridgeman:
Could you compare it to almost to big box stores? How now, over the last few years there's been more of a resurgence in smaller, locally owned stores, restaurants and things like that coming back in fashion compared to a Walmart in every town. Is it kind of the same thought probably maybe some of these younger folks are wanting to buck that trend and not go with a large corporation?
Casey Hiers:
Maybe, I've not considered that.
Jarrod Bridgeman:
Yeah. I don't know. That's kind of came off the top of my head there.
Casey Hiers:
The people I've talked to, the younger ones, because I asked them, normally people wait and they're 45 or 50 before they want to master the business in the financial side-
Jarrod Bridgeman:
Right.
Casey Hiers:
... of dentistry because they think it's just going to all work out. Or because imposter syndrome or whatever your worldview is on mastering something you're not trained in as a practice owner. But I think, one of the big motivators is, and this could be a good thing, the DSOs out there, there's an alternative. And so the people that want to take the risk and they want to own their own practice, they want to get it right. And there's maybe more of a challenge or a desire to do so versus, well, everybody owns a practice. Nobody really talks about what's wrong. And then you wake up one day and you go, "Shoot, I'm not in position. I got to get this right."
Jarrod Bridgeman:
Right.
Casey Hiers:
Now, people go, "Screw this. I want to prove my buddy wrong who's given me the middle finger. I just took on more debt to own my own practice." That's my theory.
Jarrod Bridgeman:
And see potentially results, larger results faster. I want to be able to enjoy my money while I'm able to versus working till I'm 80 and then not having any money anyways.
Casey Hiers:
Yeah, no, that's interesting. Some other headwinds, I think a lot of younger dentists, they have a lot of, I call it too many cooks in the kitchen.
Jarrod Bridgeman:
Right.
Casey Hiers:
Again, this is coming from speaking to practice owners, young practice owners, maybe they'll have family who are successful entrepreneurs. But it's not in dentistry.
Jarrod Bridgeman:
Right.
Casey Hiers:
And so sometimes they'll just say, "Scale, scale, scale. EBITDA, EBITDA, EBITDA. Grow, grow, grow-"
Jarrod Bridgeman:
Right.
Casey Hiers:
... "Multiple, multiple multiples." And so they're hearing that influence, right? Or they have different consultants who there's good ones and bad ones. But a lot of consultants out there, they almost like to have, they almost promote codependents with some of these folks
Jarrod Bridgeman:
In terms of, you need to be codependent on the consultant themselves?
Casey Hiers:
Some of what we've seen and some of what have been shared to us is that there's practice management and consultants out there that there's fine, there's a place for it and it's good.
Jarrod Bridgeman:
Right.
Casey Hiers:
But some of those have to create almost codependence so that they keep getting paid.
Jarrod Bridgeman:
Right.
Casey Hiers:
But yet maybe the practice, the numbers, the income, the overhead, the insurance.
Jarrod Bridgeman:
It's kind of car situation here. On this podcast, if it wasn't for me, you'd be in here talking to yourself. You know what I mean? You just need me. I get it, I get it.
Casey Hiers:
But no, there's potentially a codependence. And so a lot of young people, they're getting a lot of advice from friends, from family who maybe are successful and outside of dentistry. So that's interesting.
Jarrod Bridgeman:
And they're not doing it out of any kind of spite. They really do think the advice they're giving is worth the shit.
Casey Hiers:
Maybe.
Jarrod Bridgeman:
I mean. Yeah.
Casey Hiers:
Yeah. I would hope there's no saboteurs in this.
Jarrod Bridgeman:
Right. Right.
Casey Hiers:
But again, headwinds and options and what younger people are facing, I think that corporate dentistry and DSOs have changed the landscape a little bit. And younger people want to get it right faster, which is admirable, but they also don't know how to zig or zag sometimes, right? They may have an uncle that crushes it in real estate.
Jarrod Bridgeman:
Right.
Casey Hiers:
And they might have a friend that is a Wall Street czar, and they might have a friend that's in a DSO. And so they don't actually have somebody who has a similar business scenario, but they're getting a lot of advice from different areas, which is good as long as you can, what? Distill that advice down.
Jarrod Bridgeman:
It's like getting dating advice. Here's my buddy that's been single for 20 years, when I give advice. Here's a guy that's been married for 10 years, nobody's in that same situation as you.
Casey Hiers:
Interesting.
Jarrod Bridgeman:
Yeah?
Casey Hiers:
I'm following that analogy.
Jarrod Bridgeman:
Yeah.
Casey Hiers:
I was awe for two, I didn't want to say anything.
Jarrod Bridgeman:
Thank you. Thank you. Thank you.
Casey Hiers:
I wouldn't tracking with some of the other ones, my goodness.
Jarrod Bridgeman:
Sure.
Casey Hiers:
But no, that one makes sense. I used to ask older men all the time advice on a whole bunch of things, but women in relationships and I would love getting all those opinions. But I knew that I had to take all their good, bad and head trash and distill it down for the good.
Jarrod Bridgeman:
Yep.
Casey Hiers:
So you get an old divorce guy, you get an old married guy, you get a middle-aged guy, you get a single guy, you get all the advice you can. That was helpful for me, but you have to distill it down for what's best for you.
Jarrod Bridgeman:
Right. And you never came to me, which is a shame. I'm a love guru, not the Mike Myers movie.
Casey Hiers:
Well, and another thing we ask young dentist is, what's your vision for your practice? And a lot of times they don't get asked that. And it's really important. Again, what is your vision for your practice? Where do you want to go?
Jarrod Bridgeman:
That's huge. And I think that's something that people just need to do in every business and personal situation. You've got what you think a practice should be and what you should be doing. What does that mean? That's fulfilling your vision of what you're seeing, your end goal of being.
Casey Hiers:
Well, and then we get into an insurance conversation of...
Jarrod Bridgeman:
Right.
Casey Hiers:
You want an insurance shop? Well, if it's a startup, it's a good way to market, but then you have to pull back. Some have a fee for service. There's a lot that goes into that but take the time. I mean-
Jarrod Bridgeman:
[inaudible].
Casey Hiers:
Oh, geez. We ask that a lot, though. What do you want? And they go, "Huh? Nobody's ever asked me that."
Jarrod Bridgeman:
Yep.
Casey Hiers:
And I was like, "You've own your practice for four years and you're not sure what your vision is of your practice." And instead, people are trying to make decisions that lower overhead and help their income, but then they find themselves just busier.
Jarrod Bridgeman:
They're busier, and it is just constant reactions. Reacting to, "Oh, shoot. My overhead's too high. Let's hyperfocus on that." And then letting other things fall to the sides. It's like when I used to play a lot of chess, I would play with my uncle who was a state champion in college. And I played him, and he's like, "You play too reactionary. You're playing too defensively."
Casey Hiers:
Ooh.
Jarrod Bridgeman:
Yeah. I would always react to what he was doing and not doing my own moves.
Casey Hiers:
Ooh.
Jarrod Bridgeman:
Yep. I was really smart. I never did figure it out, but I learned that phrase.
Casey Hiers:
Yeah. No, I like that. I guess, this is called the kitchen sink talk today.
Jarrod Bridgeman:
Yeah.
Casey Hiers:
We hit on a few things, but every now and again, it's nice to just report back from the dental industry. And again, not all shows are created equal. Younger people want to get it right. Man, they've got a lot of influences and sometimes it's hard to know. But...
Jarrod Bridgeman:
Listen, if you want to hear more from Casey or some of our other speakers, make sure to go to fourquadrantsadvisory.com/events. We're going to be in probably your area pretty soon. I know we're coming to Houston and Charlotte and the Chicago land area, all very quickly. We've got blogs, we've got older podcasts you can go through and think about how great I am, especially.
Casey Hiers:
There's a lot of dental resources [inaudible].
Jarrod Bridgeman:
There's all kinds of stuff out there. All right, Casey. I appreciate it.
Casey Hiers:
Yep.
Announcer:
That's all the time we have today. Thank you to our guests for their insight and for sharing some really great information. And thank you to you, the listener for tuning in. The Millionaire Dentist Podcast is brought to you by Four Quadrants Advisory to see if they might be a good fit for you and your practice. Go on over to fourquadrantsadvisory.com and see why year after year they retain over 95% of their clients. Thank you again for joining us, and we'll see you next time.
