You are the proud owner of your own thriving practice. You're not just doing well, you're excelling beyond measure. You might find yourself proudly proclaiming, "I'm absolutely dominating!" Raking in substantial profits, and enjoying a remarkable lifestyle - it's all within your grasp. However, ponder this thought: could there be an even higher level of success waiting to be unlocked?
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 cardigan wearing co-host Jarrod Bridgeman.
Jarrod Bridgeman:
Hey Casey, I like that jacket. And you've got a farmer farmer shirt on.
Casey Hiers:
A farmer shirt.
Jarrod Bridgeman:
It's kind of like a blanket you laid down to have a picnic on.
Casey Hiers:
A red and white patterned shirt, AKA a farmer shirt. Yes. What a compliment. Thanks.
Jarrod Bridgeman:
I drove by a farm once.
Casey Hiers:
Gee, thanks. Yeah, no, we've got some interviews today so I had to look the part.
Jarrod Bridgeman:
Yeah, nice. Very nice. Casey, you just got back into town shortly ago from the Florida Dental Convention. How'd that go?
Casey Hiers:
Yeah, it's Florida's state meeting. It's at the Gaylord Palms Resort down in Kissimmee. Really, really good. I've probably said this before, a lot of state meetings resemble a fourth grade science fair, sometimes. Little sleepy.
Jarrod Bridgeman:
Right.
Casey Hiers:
The Florida State Meeting, which they call the Florida Dental Convention, it's more like a regional meeting. It is very well done. Excellent. Lots of attendance, lots of energy, lots of everything. They do a really, really nice job.
Jarrod Bridgeman:
A lot of people really wanting to just learn more and get out and rub elbows and,
Casey Hiers:
Well, they have a nice pool. So there was a lot of family vacations masked as getting some CE. But no, a lot of opportunities, a lot of good, a lot of fun really. I mean that's what people go to those for. Right. They want to learn something and want to see old friends, maybe sneak in a little family vacay, have a nice meal, learn something. We had a,
Jarrod Bridgeman:
You had to speak, right?
Casey Hiers:
Yeah. We had a nice two-hour course that was well attended and it was fascinating. Our founder says the loudest cries come from the cheap seats. And there was somebody that was just very active with their opinions throughout the event and questions. And then you have a side,
Jarrod Bridgeman:
Because [inaudible 00:02:08] defensive from what you're speaking on. They think,
Casey Hiers:
I would,
Jarrod Bridgeman:
Sometimes people get that feeling like they're being attacked even though it's a general audience.
Casey Hiers:
I would agree with that speculation. Now when I have a private conversation,
Jarrod Bridgeman:
Sure.
Casey Hiers:
I get some quick numbers and I'm just like, wow, okay. And then somebody else comes up and they go, this was exact, it was like you were speaking to me. It was like I was the only one in the room. I need help,
Jarrod Bridgeman:
Those dreamy eyes of yours.
Casey Hiers:
No, no. I'm typically pretty fired up about this topic. But ultimately I got some of their quick numbers and it's like they're doing pretty good,
Jarrod Bridgeman:
Right.
Casey Hiers:
Compared to this other person, but their attitude was, oh wow, I want help. This sounds good. So anyway, a lot of good conversations. We took some clients out, got to meet a lot of good people and within industry, a lot of industry people. Love seeing the representation from a lot of the larger companies that used to have small cities at these exhibit halls or events and now they've tamped that back. Yeah. I got to see a lot of people, a lot of fun.
Jarrod Bridgeman:
So when you're out there and talking to these people at these conventions and things like that, you've got the people who come up to you and after hearing these speak or have spoken to you before, they're always like, some people who know they need help, are hurting, but you also have people that come up to you and you talk with them for a minute and they're like, well dude, I'm already killing it. I'm already crushing it. What do you say to those people, how does that even start?
Casey Hiers:
Yeah, first off, we're not a rescue firm. Right. We take people that achieved a lot of success and potentially plateaued and take them to the next level. But yeah, to your point, what does crushing it mean to you?
Jarrod Bridgeman:
Right.
Casey Hiers:
But I would almost like to take it back to a different analogy, and we've talked about this before, but you've mentioned ego earlier. Right. So PGA golf, right? These golfers, this is an individual sport on paper. Big egos right, big golf playing well, but again, they have a whole team.
Jarrod Bridgeman:
Right.
Casey Hiers:
I've had the pleasure of going to PGA events or Ryder Cups or these, I spend time at the putting green or the driving range because I like to watch them swing.
Jarrod Bridgeman:
Yeah. Because I've seen you try to swing.
Casey Hiers:
I have a beautiful swing, it just doesn't go where I want it to. But I'm amazed that they have three, four, five people with them that they're working on things for hours. Again, they're the best in the world, but yet they're working on their craft. And so this is a long answer to your question, but you take the guy at the local country club that's a two handicap and he thinks he's crushing it. He's really good at golf. Right.
Jarrod Bridgeman:
Right.
Casey Hiers:
Okay. Well these professionals are much better than them and yet they have a full team to help them get even better.
Jarrod Bridgeman:
Right. So because talent only get you so far.
Casey Hiers:
Yeah, I think that's a good point.
Jarrod Bridgeman:
Yeah.
Casey Hiers:
But to answer the rest of your question, what if I'm already crushing it? There's a lot of people out there that they're making a good amount of money. They haven't sold or sold insurance. They're saving a good amount. They feel good about retirement. A lot of times they live in a low cost area as well. And so they look at the full picture and,
Jarrod Bridgeman:
Comparatively they're,
Casey Hiers:
Compared, there it is, compared to who and what. Compared to their friends,
Jarrod Bridgeman:
Right.
Casey Hiers:
Or their classmates or study club, they are crushing it. What if I'm already crushing it? That's the question. And here's the short answer. It's typical here, well, it's not abnormal for client's incomes to, on many occasions double.
Jarrod Bridgeman:
Okay.
Casey Hiers:
That's kind of commonplace. So okay, you're crushing it, you're making 550 and you've got one practice and maybe you're saving $80,000. We look at a lot of numbers. That's better than most.
Jarrod Bridgeman:
Right.
Casey Hiers:
What if you can make 960,
Jarrod Bridgeman:
Without really, without working any harder.
Casey Hiers:
And save triple?
Jarrod Bridgeman:
Yeah.
Casey Hiers:
Because those are real statistics from people that we've had that they've come here one place and left another so.
Jarrod Bridgeman:
So what would be really crushing it then.
Casey Hiers:
Well yeah, it comes down to, hey, I'm already crushing it. Absolutely. Is there better? Could there be better? What's that look like? And the ego not getting in the way. The example of the top talents. Indianapolis 500, a racing team. Right.
Jarrod Bridgeman:
Yes.
Casey Hiers:
The drivers on stage, the dentists, but they know that they can't do it without a team,
Jarrod Bridgeman:
Right.
Casey Hiers:
Internal team, external team. So the real thing that I learned talking to a lot of these,
Jarrod Bridgeman:
Well, and their team mates or whatever you want to call them, their team are specialists in their one particular thing they do.
Casey Hiers:
That's right.
Jarrod Bridgeman:
Right.
Casey Hiers:
Yeah. They'll have a swing coach, they'll have a putting coach, they'll have a lot of different niche coaches.
Jarrod Bridgeman:
What happens if an alligator comes up and bites your hand off?
Casey Hiers:
You're thinking about happy game.
Jarrod Bridgeman:
I was for a minute. But you're right. So in dentist practice, office acts the same way. Hopefully you are getting people who are the best at their particular role.
Casey Hiers:
Yeah, no, I've said this many times. The most successful people delegate what they're not trained in or good at. And they find really good people that are, and again, you just come back to MVPs, top performers in any of these industries, they have a team. They have people that help them. And so that whole, what if I'm already crushing it? Okay, is there room for more?
Jarrod Bridgeman:
Right.
Casey Hiers:
Right. Again, the golfer who,
Jarrod Bridgeman:
Are you happy being complacent?
Casey Hiers:
Shoots a 72. That's pretty darn good.
Jarrod Bridgeman:
Right.
Casey Hiers:
But there's people out there can shoot a 65 as well. And then also by crushing it, well what does that mean? Right. So often we make assumptions. How's your work life balance? How is your team or staff in the practice?
Jarrod Bridgeman:
What's the point of having lots of money if you don't have time to use it?
Casey Hiers:
Well, yeah, there you go. No, I've talked to so many people that they say, I am making 600. I feel like I'm living month to month and I'm so busy trying to do this. Hopefully my kids at least enjoy it because I'm not, so.
Jarrod Bridgeman:
Well, it's like a buddy of mine who after he got out of law school, got a really great job money wise, but they made him work 80 hours a week.
Casey Hiers:
80 hours. Yeah.
Jarrod Bridgeman:
Yeah. So what's the, I yeah.
Casey Hiers:
And so that's, to drive that point home, crushing it looks like what? Well, work life balance is good. Your staff or team are happy. You've got some good leadership, you've got proactive advice helping you in all these areas. You feel comfortable. You can take a deep breath, go for a long weekend to a Florida Dental Convention and know that everything's right, income, retirement savings and what you're trending for net worth. Yeah, that's important. But that's just a part of the picture to quote, unquote crushing it.
Jarrod Bridgeman:
Well, Casey, let's take you for example. I think people look at you and say that you're crushing it, you're successful, you've got a great gig, you've got a nice family and a nice home and all that. What about you personally or professionally? Do you have your own coaches? Do you have your own team to help you where you're at now?
Casey Hiers:
Yeah, it's interesting, utilizing resources and team and different trainings even when you think you know a lot.
Jarrod Bridgeman:
Right.
Casey Hiers:
Yeah. To your point, I'd say in the last couple years there has been some help with training and resources and additional things that if my ego got in the way, I would've just kept doing things the same way,
Jarrod Bridgeman:
Right.
Casey Hiers:
Versus learning better ways and then going, wow, okay, that makes sense. And so yeah, no that,
Jarrod Bridgeman:
Keeping up with the times and keeping up with the trends and,
Casey Hiers:
Yeah, no, I think that's important. I mean, for us it's how can we be more effective to have sensitive and personal conversations offline with practice owners that are effective?
Jarrod Bridgeman:
And goes, this whole topic I feel like works on every level for everybody professionally or personally. I mean if marriage counseling, or a therapist, or a personal financial planner for people not in dentistry. There are all kinds of things that, again, as you said, delegating or finding someone to help you through that with their expertise.
Casey Hiers:
Well, I've used this one before. If you want to lose weight, move more, eat less. But yet sometimes if you have a trainer,
Jarrod Bridgeman:
Yep.
Casey Hiers:
It actually happens.
Jarrod Bridgeman:
I mean, people think Chris Hemsworth is killing it, but he pays for a dietician and an exercise guy and all that stuff to take his shirt off for five minutes.
Casey Hiers:
Is that a Hollywood,
Jarrod Bridgeman:
Chris Hemsworth. He was Thor.
Casey Hiers:
Ah, there it is. No,
Jarrod Bridgeman:
Remember you had that picture of him in your office?
Casey Hiers:
Yeah. No, I know what, but that's the point. There's knowing it and there's doing it and there's unfortunately a lot of practice owners for decades, they talk the talk and it sounds like they know what they're talking about. But again, what are they losing and what cost, what's crushing it look like? We have people that say, working no more than three days a week with this income. Here's what crushing it looks like to me. Okay, let's get that roadmap.
Jarrod Bridgeman:
So anybody that's told you prior to working with us that they think that they're crushing it, we're already killing it, what has been one of the biggest slap in the faces you've done to them to wake them up? Have you given them a number to be like,
Casey Hiers:
Yeah, it's just data. Right. And so employee wages, true overhead. I mean really it's numbers that's when they actually see and have a little explanation they're a little bit shocked at or it's, Hey, congratulations, you've been saving this, you should be saving triple that. Let us show you the roadmap. Let us show you the way. Hey, that's great that you have achieved a level of success. Again, maybe making 400, you should be making seven, 750. And that specialist goes, yeah, I kind of felt that too, but nobody's ever kind of called me on it and it's just missed messaging, mixed messaging.
Jarrod Bridgeman:
Missed and mixed.
Casey Hiers:
Yeah.
Jarrod Bridgeman:
Yeah. So I think I have a little homework assignment for our listeners today. I want you to sit down and write down your goals. You got to start somewhere. You can't go and talk to a professional or an expert and,
Casey Hiers:
That sounds cheesy. How about what's crushing it look like to me?
Jarrod Bridgeman:
All right. That works too. Asshole. Write down what's crushing it look like to you. You need to have a starting point and a goal to go to, even if you don't know the roadmap yet.
Casey Hiers:
Yeah, no, I think that's a good, works for everything,
Jarrod Bridgeman:
Right.
Casey Hiers:
Works for dating, works for anything you want goals at. But what does good look like? And actually write it down. Boy, that's a heck of an exercise. What do you want your practice to look like?
Jarrod Bridgeman:
Right.
Casey Hiers:
A lot of times you don't want all the insurances, but you're not sure how to change or you like to fire 20% of your patients. Well, is that possible?
Jarrod Bridgeman:
Yep.
Casey Hiers:
Sometimes it is.
Jarrod Bridgeman:
Listen, once you get done with that homework and you really think, oh, I'm not really where I would like to be, I hadn't really thought about it in a while, feel free to reach out to us here. Fill out a form on our website at fourquadrantsadvisory.com or you can come and check us out. We've got a couple events coming up. We're going to be in St. Louis early August, so go to our website and check that out. We're going to be doing a, I think a bourbon taste or a cocktail or bourbon tasting one night, and then we're going to be at Top Golf the next day. It's going to be pretty fun.
Casey Hiers:
Teach people about the Kentucky Chew.
Jarrod Bridgeman:
Yes, and the Kentucky Chew, which I just learned about. Casey, thanks so much for gracing me with your presence and showing up today. That's very nice. And we'll talk soon.
Casey Hiers:
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 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.
