You've been a successful practice owner for years but you've reached a point where you've plateaued financially. Maybe it's time to get some expert advice. Casey and Jarrod discuss how after nearly 20 years in business, Four Quadrants Advisory has launched a free Complimentary Practice Assessment.
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 Dennis Podcast in studio with co-host Jared Bridgeman. Hey,
Jarrod Bridgeman:
How are you?
Casey Hiers:
Doing well, doing well. Good to be here. Wanted to, uh, talk to you. Really reverse. Is it
Jarrod Bridgeman:
Because you're leaving soon? You're going on a vacation, aren't you? For a
Casey Hiers:
Little bit. Yeah.
Jarrod Bridgeman:
Where are you going?
Casey Hiers:
Little fall break. Um, going to south, well, going to Florida initially, um, southwest Florida. So looking forward to to, Yeah. Spending. That'd
Jarrod Bridgeman:
Be nice to get a, a little break in there and spend some time with the family. And Yeah. Looking forward, I mean, you're taking your family, right?
Casey Hiers:
The family's coming. Okay. Uh, my seven and four-year-old girls are excited going with another family. Uh, their kids are same age and get along well, so should be fun. So let's knock out a couple of, uh, couple of topics here. You've been working on something as a corporate initiative with our founder and CEO, but it actually is going to affect practice owners potentially around the country. Casey,
Jarrod Bridgeman:
Jason and I, Jason Smith, our founder, he came up with this really fantastic idea, uh, to basically give out advice, right? Normally it's, we, you know, we get you as a client, you pay us this money, and we transform people's lives. So finally, after 20 years, we've decided to, let's start handing some advice out to people.
Casey Hiers:
So this is actually gonna be a multipart series, kind of getting into this Jared. Um, but certainly a course, a corporate initiative. And like you said, yes, we are going to help practice owners out there, but, uh, we're not completely Mother Theresa here, right? This helps us cast a wider net to have more people for us to determine who we wanna work with. I mean, that, that's, that's being very honest. But also,
Jarrod Bridgeman:
It's like when you go to the food court at the mall and they have samples. You try their little smoothie, you try a little piece of, uh, Chinese food, and you're like, Oh, I want that.
Casey Hiers:
That's a good, that's a good analogy, you know, But, but ultimately, we know a lot of practice owners struggle in different areas that they weren't trained in. And so this, the whole idea is our clients get unlimited access and, and, and millions of dollars more because of what we do. This is a taste to your analogy, uh, of the, at the food court, but we're gonna let people choose from how many, how many different, We
Jarrod Bridgeman:
Have eight, uh, topics to choose from, right?
Casey Hiers:
So as a practice owner, you can look at this and go, Okay, probably six of these eight I'm curious about, but I can pick one. And they're going to do at no charge, a discovery call with me to learn a little bit about my practice and why I've chosen. If you've
Jarrod Bridgeman:
Ever wanted to talk to Casey personally, <laugh> this is your chance.
Casey Hiers:
Um, you're gonna pick one, and we'll go through what those are, and we'll talk about each of them subsequently, uh, in, in other shorter podcasts. But right. You're gonna get a, pick a topic that's on the business or financial side of your practice, probably something you're unaware of, not mastering. We're gonna learn about you get some data and give some complimentary free advice. And that is genuinely something that we're gonna look at and go, Hey, here's what we see.
Jarrod Bridgeman:
And what's nice about that, and obviously as you said, this is benefit to both parties involved, but it shows you that, hey, look at what a difference we can make in just one of these. Now, multiply that times everything else we do. So,
Casey Hiers:
Yeah. Uh, hit, So what financial planning, That's one. We got debt management, investment strategies, Uh, what else do we have?
Jarrod Bridgeman:
We've got mergers and acquisitions. That's just one, right? We've got transition planning, cash flow strategies, tax planning and accounting, and business consulting.
Casey Hiers:
So when I talk to, to practice owners, I mean, a lot of these resonate, not that we're ranking them, but I know we've already had some people talking about transition planning that that scares practice owners a lot is, are people gonna buy my practice? And we talk about this all the time. If you have your overhead in the seventies, that's gonna be a harder practice to sell for less money than if you have your overhead sub 60, which is where it should be. Mm-hmm. <affirmative>. And you can show a practice owner certain success, but cash flow strategies,
Jarrod Bridgeman:
That's a big one. And debt, Oh, go ahead.
Casey Hiers:
Sorry. Absolutely a debt. Talk about an emotional one. If you're in your, you know, if you're in your thirties as a practice owner, you're, you're emotionally frustrated with the debt. That's something here we don't get too wound up about, because there's so many areas, uh, to improve in that the debt strategies take care of themselves. But we will look into that for somebody sweet.
Jarrod Bridgeman:
The deal is this. Nobody's perfect, and you can't be perfect at everything at all times. You know, you're a successful practice owner, uh, then dentist, you work your tail off and sometimes things slide, and yeah, you need someone else to come in emotion free and just look at the hard numbers.
Casey Hiers:
Well, it's interesting. We, um, there are some people out there, uh, practice assessment, and it's almost like they'll get defensive. Like, Yeah, we don't, We're, we're fine. We're doing fine. We're doing fine. And, and this comes back to some psychology.
Jarrod Bridgeman:
So like, when you talk to your wife and she's like, No, I'm fine. And you're like, No, I know you're not now <laugh>,
Casey Hiers:
Uh, hey, it's nothing but rainbows and lollipops over at the Hiers household. Um, but no, you know, this is one of those things that sometimes people can go, Oh, you know, we're doing fine. And, and for those folks who get the defensive, this might, this offer might not be for you, right? This offers for somebody that goes, Man, I'm doing pretty good, but well shoot, I could, if somebody wants to gimme some, some complimentary advice after learning a little bit about me and me giving them a little bit of data, and obviously a privacy principal's document would be signed, right? But we can help look at, these are just eight areas, right? Mm-hmm. <affirmative>, there's dozens that we help with. But the point is, these
Jarrod Bridgeman:
Are kind of the hot button
Casey Hiers:
Giving practice owners an opportunity to pick one, get some information and knowledge. Um, from our perspective, again, we only have two or three spots a month, honestly, that we're doing deep dives and, and full consultations for people to determine if we wanna work with them and vice versa. But this cast a wider net. If we talk to a practice owner and they hit a lot of our criteria as we learn about them, and we look in their practice and, and we see a lot of opportunity, it's a chance for a practice owner to get good information, but it's a chance for them to also go, Wow, these folks have seen a little bit of information and have told me as much or more than my current external team who I've worked with for years or decades. Yeah. And for us, it's gonna help introduce us to more good people to, again, cast a wider net for us to, to find the best people that we want to help.
Jarrod Bridgeman:
And honestly, we really do just want people to be successful.
Casey Hiers:
I mean, that's why we travel to present CE. Um, this is an underserved multimillion-dollar topic, and this is just another way for us to help people get out of their own way. That's a huge problem for practice owners. They've achieved success already. Their, their, their worldview is they're the problem solvers, which they are for the most part. But if practice owners can get out of their own way and treat the business side with the same expertise as the clinical, it's just worth so much money. But it's hard to get people there. So this is just another way that, yeah, we, we are giving back. We want to help people. And then from a what do we get out of it? We get to meet more practice owners who are achievers who maybe we can help. And it just simply casts a wider net. What have you learned going through this? I know you and, and our, our CEO and founder kind of, uh, put a lot of work into this. What, what, Walk me through that a little bit. Why did you pick these eight?
Jarrod Bridgeman:
A big part of what I ended up learning was more into the psychology of business owners and dentist, obviously, specifically, Jason and I sat down, um, and we picked some really hot topics, um, that we felt people normally struggle with. And again, you know, cash flow is always a big one.
Casey Hiers:
That's probably the most all-encompassing one. I mean, for e for each one, we would need a, a few pieces of data, right? Um, to analyze. But boy, that, that's a nice one because it's gonna give a pretty broad view of some different areas. And I've been using this analogy, but, uh, most practice owners know, yeah, there's probably a few leaks in the boat. Um, you know, a few leaks in the practice where I'm not capturing everything. We typically find many more leaks they're not even aware of, right? But for cash flow, um, to get a look, in a feel for that. Um, so, so many areas that can hinder a practice owner from being a multimillionaire. This is just a chance to look at one and potentially get better at it. And again, we know that most of the time, uh, it's gonna be kind of a, a one and done, right? Yep. And, and, and we're happy to help people. But we also know there's gonna be a handful of people every year that look at this and go, All right, these, these guys know what they're talking about, right? They just showed me this for free. What are you guys about? What else can you do? And, and that's, those are the conversations we want. But we know this is, like you said, we are gonna be giving back. Yep. But we want practice owners to look at this and take advantage of it. It's all over social media, right? We've gotta, We're we're doing different. We'll just call 'em various activities to get the word out. Yes, yes. But we certainly want practice owners to take advantage of this. I mean, who wouldn't want their tax situation looked at from maybe another set of eyes? It's incredible. When people go through our process, their tax situation, it's a, they're receiving basic tax services, right? Incredibly basic. Yeah. Um, it's reactive.
Jarrod Bridgeman:
It's,
Casey Hiers:
It's just not good enough. And so that's one of those, tax planning and accounting.
Jarrod Bridgeman:
Casey, when you first heard that this was in the works, what did you think? How'd you feel?
Casey Hiers:
My, my biggest reaction is I hope that practice owners respond to it, right? Um, because there, I mean, this, there's, this is marketing. Mm-hmm. <affirmative>, this is a type of marketing, but it's giving back, giving content, giving services. But my biggest, my biggest thought was, this is amazing. This is solid, this is great. Are we sure we want to give away free information, right? <laugh>, we have a little, the intellectual property around here, right? But then it went to, I, I hope people see this for what it is and jump on it. Yep. Um, ultimately it just helps us have more conversations with good people, and
Jarrod Bridgeman:
Hopefully sooner than later, because we have limited time. It's not a limited-time offer, but we only have so many spots open each week for these calls.
Casey Hiers:
Yeah. Yeah. No, I mean, I, I've opened up the schedule. I mean, ultimately, if somebody clicks on this, they have an opportunity to schedule that discovery call. We wanna learn things. How, how old are you? How big's your practice? Um, get some good basic information. Why did you pick this one?
Casey Hiers:
What's going, what's going on? Um, and then discuss what data points we would want in our team to look at, to then ultimately come back within the month or a week or two later and say, Here, here are our findings. And what would you
Jarrod Bridgeman:
Say to somebody who's, uh, on the fence about this, about, you know, they're on, they're on our page, they're filling out a form, and they just can't hit some quite yet.
Casey Hiers:
Well, for everybody, it's a leap of faith, right? For, for those that look at this, I mean, some people just can't get out of their own way. Some people or know it all. Some people are do-it-yourselfers. And, and, and, and so this is just gonna be just one more thing that they brush to the side.
Jarrod Bridgeman:
What's the worst outcome if they go through this? How much time are we talking here? How much time are they to give up? I mean, what could they, what can they lose? You know what I mean? I just wanted let, let them know there's really nothing negative.
Casey Hiers:
No. I mean, we're our team's gonna be taking time to, to come up with the answers. I mean, uh, probably less than 90 minutes all in for them. Yeah. I mean, that would be on the high end. I mean, what's there to lose? I mean, really nothing either going to confirm you're doing something right, or well, or you're going to go, Holy smokes, I've been missing this for all these years. Right? And they get that fixed. And then again, to be very straightforward, some people are gonna go, Hey, I wanna go through your formal vetting process and see if a consultation makes sense, and see if you guys can help me on a larger scale. Because you just found out that there's $38,000 that my tax team didn't, uh, get for me over the last two years that they should have. Right? So, I mean, in terms of a bad outcome, you know, the bad outcome is everybody just stay on the sidelines and keeps on the hamster wheel, kicking the can down the, the, you know, whatever you want, analogy, you wanna plug in there.
Jarrod Bridgeman:
They'll spend what, 10, 15 minutes with you on an initial call,
Casey Hiers:
15-minute discovery call, uh, from there a couple pieces of data that we'll want. And so, you know, that might take them, uh, 30 minutes to find. For others, it'll take 10 minutes. Miss Summit might take 30, right? Uh, depending on what they choose and what information we're looking at. And, and then really probably a 30-minute phone call, uh, of our findings. If
Jarrod Bridgeman:
You're, uh, if you're interested in learning more, depending on where you're listening to this, take a look at our, uh, at the description for this episode. I will have a link on there to go straight to, uh, a page that can learn more information. And
Casey Hiers:
We'll probably what do two or three of these for the next couple podcasts to get into what that looks like. What, like,
Jarrod Bridgeman:
What, what does business consulting mean? Yeah.
Casey Hiers:
Us. Yeah. Well, we'll, we'll do a little bit of a deep dive on this, and then we'll go back to the world of dentistry. But I think that this initiative is important enough that we wanted to spend some time on the podcast and to our, to our listeners. I mean, again, share this with other friends. Hey, somebody might, another set of eyes will look at your taxes. And again, we are dental-specific, CPAs, MBAs, CFPs, I mean, all these very smart people that all we do is this all day, every day for our clients, right? Are willing to take a peak under your hood. If
Jarrod Bridgeman:
You're listening to this on the day it drops and you're at smile con, stop by and say hello. We are there. We are here. Come see us. All right, Casey, I appreciate you coming in and chatting with me and, uh, coaching me on. I speak fast, everybody. You, you miss most of it cuz I edited it out. But, uh, yeah. Thanks, Casey. Thanks.
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 Dennis podcast is brought to you by for Quadrants Advisory to see if they might be a good fit for you and your practice. Going over to four quadrants advisory.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.
