Join Casey and Jarrod in a festive celebration of the holiday season and financial growth. Reflect on the joy of giving, the importance of gratitude, and the exciting journey towards achieving financial goals. Get ready to be inspired and motivated to make a positive impact this holiday season and beyond.
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 the studio with Jared Bridgeman. Ho, ho, ho.
Jarrod Bridgeman:
Casey, it's almost Christmas time. It's holiday season. I'm pretty excited about it.
Casey Hiers:
Christmas miracles.
Jarrod Bridgeman:
That's right. It's a different thing when you have kids, you're used to getting gifts growing up and getting all that kind of stuff, and now you get the pleasure of getting gifts for your family and friends and kids and stuff.
Casey Hiers:
Giving to others, there's pleasure in that? It's weird, isn't it?
Jarrod Bridgeman:
It is. And I'm a really good gift giver.
Casey Hiers:
Ooh.
Jarrod Bridgeman:
So I like going out and hunting for things and I start early. I'm also a bargain bin shopper, so if I catch it on sale, even in June, I'll buy it for Christmas.
Casey Hiers:
Smart.
Jarrod Bridgeman:
Yeah. Speaking of which, my son last night, he's in pre-kindergarten, he's five years old, they had their little pre-school Christmas performance.
Casey Hiers:
Do tell.
Jarrod Bridgeman:
It was really, really cute. My son did a great job. He had a little bow tie on. He was really happy. I was just really glad that he wasn't one of the kids on the side crying.
Casey Hiers:
A natural born thespian.
Jarrod Bridgeman:
That's right, that's right. He wasn't crying like some of the other kids.
Casey Hiers:
Was he singing, dancing and acting? Was he a triple threat?
Jarrod Bridgeman:
Oh, singing and dancing at least.
Casey Hiers:
Okay.
Jarrod Bridgeman:
He's a good actor. But yeah, they sang four songs and I mean, he's gotten a good handle on lying. I'll tell you that much.
Casey Hiers:
Oh, lying, oh.
Jarrod Bridgeman:
He sneaks fruit snacks, yes.
Casey Hiers:
That's fun. Well, that's nice you got to get into the Christmas spirit watching the little one perform.
Jarrod Bridgeman:
Yeah.
Casey Hiers:
That's great.
Jarrod Bridgeman:
Yeah. Not too bad, could have been worse, worse way to spend an evening.
Casey Hiers:
Nice. What do you want to talk about today?
Jarrod Bridgeman:
Oh, man, there's just so many topics in the world, but let's stick with dentistry this time, okay?
Casey Hiers:
You don't want to go geopolitical?
Jarrod Bridgeman:
That's right. So I believe you had actually come to me the other day and we had a conversation. Do you mind reminding me what that was? I have some of the high points, but...
Casey Hiers:
Christmas.
Jarrod Bridgeman:
Yeah.
Casey Hiers:
Let's do something about Christmas and Christmas gifts.
Jarrod Bridgeman:
Right.
Casey Hiers:
If you could give somebody a million dollar check, would that be really cool? George Clooney, his tequila company hit, right?
Jarrod Bridgeman:
That's right.
Casey Hiers:
300 million bucks, 500 million, whatever it is, and he gave his eight best friends a million dollar check.
Jarrod Bridgeman:
Wow. I guess, I'm not one of his best friends, just a good buddy.
Casey Hiers:
No, but wouldn't that be fun?
Jarrod Bridgeman:
That would be fun.
Casey Hiers:
So how are we going to spin this into Millionaire Dentist Podcasts that helps practice owners?
Jarrod Bridgeman:
What's interesting is with my experience being here, is when our clients sign on with us, by the time they retire, not only is it a million dollar, it's millions more in the bank account.
Casey Hiers:
This is a hot topic. I just took my jacket off. Yeah, no, I mean, that's what I came to you and wanted to talk about, right? Christmas time, giving gifts. This might be a little bit of a self-serving podcast, but that's okay, people need to hear it.
Jarrod Bridgeman:
Yep.
Casey Hiers:
We've been talking about our complimentary assessment, and we also talked about if there's any Seinfeld fans out there, the Festivus and George Castanza and the Human Fund, and the-
Jarrod Bridgeman:
Festivals for the rest of us.
Casey Hiers:
Yeah, all these fun Christmas things. And I literally was thinking this morning for practice owners who are maybe frustrated on the business or financial side of dentistry, if somebody gave them the gift of, "Hey, there's a company out there." So specifically I'm thinking of a client who, a family member was in dentistry for decades, and they had heard of our firm at the end of their career, never worked with us, but when the younger member of the practice, he said, "Hey, you should check out this company, because in dentistry it's hard." And that was coming from decades of trying to do it on their own and doing okay. And this person is now working with us and in their mid-thirties, living a wonderful quality of life, enjoying dentistry like very few do.
Jarrod Bridgeman:
Yeah.
Casey Hiers:
And it simply comes from engaging with a firm to help you. And so we were almost joking, the gift is, "Hey, make a coupon to take their complimentary assessment or talk to Four Quadrants Advisory." Value equals millions of dollars, like ha, ha, tongue in cheek. But I actually pulled some client files, which I won't name names-
Jarrod Bridgeman:
Yeah.
Casey Hiers:
But we have a lot of before and after snapshots that if people hear this, I would hope that they think, "Wow, that's better than I'm doing. Why wouldn't I engage?" Right?
Jarrod Bridgeman:
And so, as you know, our services are not free. You got to spend money to make money, but in this situation, you're spending money to make a lot more money. But the cherry on top of all this happening right now, as we are offering that complimentary financial assessment. Don't forget to go to our website, which is fourquadrantsadvisory.com/assessment. Casey, throw me some stories here.
Casey Hiers:
Yeah, it's like all the stuff we talk about, what does it mean? And so here's some profiles of husband and wife. Both are in the practice of dentistry, both own practices, different practices.
Jarrod Bridgeman:
So they both have their own practices.
Casey Hiers:
Yeah.
Jarrod Bridgeman:
Okay.
Casey Hiers:
Yeah, and this is like a before and after shot, right? But before one was making 379, after three years with us, $665,752.
Jarrod Bridgeman:
Oh, that's great.
Casey Hiers:
So 379 to 665. The spouse, $297,000 was income before us.
Jarrod Bridgeman:
Right.
Casey Hiers:
Now, $514,000.
Jarrod Bridgeman:
Okay.
Casey Hiers:
Those are big numbers.
Jarrod Bridgeman:
Yeah.
Casey Hiers:
The primary stressor for them was debt.
Jarrod Bridgeman:
I mean, together, they're now pulling in a million.
Casey Hiers:
Yeah. And if you think about so many practice owners, debt is just one of many stressors, but that was almost the boogeyman. But for them it was getting 19 things in order, having a team. And now they're just absolutely crushing it. And the-
Jarrod Bridgeman:
And the nice thing about this too, is you don't significantly change your production.
Casey Hiers:
They're not doing much different at all.
Jarrod Bridgeman:
Yeah.
Casey Hiers:
If anything, they're doing less and then their worry is dissipated. But here's somebody else, a young person bought a practice, it was a wreck. Their income was 60K, right? They were just getting in there and it was pretty low and so they had a lot of frustrations. I met this person at an event. They knew a client of ours, but everybody's different, right? Their mentality was, "Nobody does it better than me. Nobody cares more than me. I don't need any help."
Jarrod Bridgeman:
Right.
Casey Hiers:
Well, fast forward, now as clients went from that $60,000, going to get the practice fixed, now they're making 448.
Jarrod Bridgeman:
Whoa.
Casey Hiers:
And again, from what? From working with us for a couple years.
Jarrod Bridgeman:
Yeah.
Casey Hiers:
And it only gets better and better and better. And I mean, do we have examples of specialists who come to us making a million dollars already? Absolutely. One I'm looking at $1,1700,592 income, now making 2.6.
Jarrod Bridgeman:
All right.
Casey Hiers:
I mean, those are huge numbers.
Jarrod Bridgeman:
Yeah, nothing to sneeze at there.
Casey Hiers:
These are people that their criteria was, "I just don't want to be poor anymore."
Jarrod Bridgeman:
Yeah.
Casey Hiers:
Because they were in dental school and they were married, and then they were an associate and they had a practice and they were so used to being poor.
Jarrod Bridgeman:
Yep.
Casey Hiers:
But what'd they do? They didn't settle, they investigated an option, didn't know if it was for them.
Jarrod Bridgeman:
Sure.
Casey Hiers:
We never know if it's going to work. We have to engage with somebody.
Jarrod Bridgeman:
Right.
Casey Hiers:
But to go from 1 million to 2.6, 60 to 448, 297,000 to 514. I mean, I have these examples all day, that's why-
Jarrod Bridgeman:
These are just a handful of our clients.
Casey Hiers:
I just asked the team, "Hey, give me four or five."
Jarrod Bridgeman:
Yeah.
Casey Hiers:
Just these profiles, not even our highlights, just, "Hey, give me a new person, an older person, a specialist, and a couple."
Jarrod Bridgeman:
Yeah.
Casey Hiers:
So when I go present, when I go speak, I get pretty wound up. I might pound the podium, because I see this stuff, I see the stress, I hear the stress. Then fast forward to two year, three year, four, year, five, then I go to the team, "Hey, how are they doing?"
Jarrod Bridgeman:
Yeah.
Casey Hiers:
"Well, they made this and they're saving this and they're building a new house." And I'm just... It tickles me.
Jarrod Bridgeman:
There's a reason why our clients stick around. We've got what, a 98% retention rate?
Casey Hiers:
95.
Jarrod Bridgeman:
95. Okay.
Casey Hiers:
Death and divorce are the leading reasons why it's not higher.
Jarrod Bridgeman:
Sure.
Casey Hiers:
I tell people, I say, "We're not cheap." Our clients write a large check every year, and guess what most of them think?
Jarrod Bridgeman:
What's that?
Casey Hiers:
"I'm getting a deal. I'm writing a huge check, and they are doing more for me than I am paying to them."
Jarrod Bridgeman:
Yeah.
Casey Hiers:
Income, retirement, stress, certainty, decision-making.
Jarrod Bridgeman:
It's also nice that it's one check to one place. You're not piecemealing together five different advisors and other people.
Casey Hiers:
And we are accountable and proactive. And I want our listeners to hear this. So often when I talk to practice owners, they are constantly underwhelmed with their accounting. It's late, it's extended, there's tax surprises. Their investment person, they don't understand it. Their financial planner, they don't really know. So often there's uncertainty and the practice owner is the hub of the wheel that has to do everything. Beyond these numbers we are the concierge at the Ritz Carlton.
Jarrod Bridgeman:
Right.
Casey Hiers:
We reach out, "Hey, we saw this didn't reconcile last month? Is somebody embezzling from you? Did you forget to send an invoice or other?" And so then nothing slips through the cracks.
Jarrod Bridgeman:
I mean, another complaint I've heard about, having their own personal CPAs or accountants would be, they find out they have a shareholder loan, which they never approved of or were given any information on.
Casey Hiers:
A lot of times there's so much to clean up. Shareholder loans, yeah, QuickBooks, the financials, taxes, previous years taxes, so much to clean up. To us, that's a chip shot, that's small ball. That's just standard of care.
Jarrod Bridgeman:
Yeah.
Casey Hiers:
And people aren't even getting that, yet they're tolerating it. And so again, Christmas, give somebody a potential multimillion-dollar gift. If they're a dentist, "Hey, I've heard of this firm." If you're a dentist, tell another dentist, be funny with it, "Hey, I'm just giving you this gift. It's a value is a million dollars."
Jarrod Bridgeman:
And think about it, if you're doing much, much better next year, the year after that, you could always reward your hard-working team with a little bit of a Christmas situation.
Casey Hiers:
Well, when cash flows better, everybody's happier.
Jarrod Bridgeman:
Right.
Casey Hiers:
So we have a team that reaches out to practices from time to time on different topics, so if it's CE or we're in a certain city. And so often they can tell the practices that are overwhelmed, stressed so the staff isn't great, because of just of the phone skills.
Jarrod Bridgeman:
Yeah.
Casey Hiers:
And the thought is, if your practice owner could improve these things when practice owners are hitting numbers like this, practice owner are happy, staff or team is happy, it's a ripple effect that is incredible. But everybody's too busy to look up and take a comprehensive view. Now, this time of year, people like to do what? Reflect.
Jarrod Bridgeman:
Right. And plan for parties.
Casey Hiers:
How many parties do you have coming up?
Jarrod Bridgeman:
One, because I'm a cool guy, I'm a cool guy. Listen, if you want to get in on this information, don't forget we have that complimentary financial assessment. Visit fourquadrantsadvisory.com/assessment. Casey, this week. You're going to be in Charlotte as of tomorrow, but after that, because of the holidays, we'll be taking a break. But we will be back on tour in January. We will be in St. Louis, Chesterfield area and Tucson, which will be great.
Casey Hiers:
It's not East St. Louis is it? Doesn't Nelly rap about some East St. Louis?
Jarrod Bridgeman:
It was West Philadelphia.
Casey Hiers:
Well, that's the Fresh Prince, right?
Jarrod Bridgeman:
[inaudible 00:11:14], that's right, yeah, yeah.
Casey Hiers:
So it's a western suburb of St. Louis, right?
Jarrod Bridgeman:
Sure.
Casey Hiers:
And in Tucson and January, that sounds nice.
Jarrod Bridgeman:
Yeah, it'll be a little warmer than here in Indiana, I can tell you that much.
Casey Hiers:
Yeah, fantastic.
Jarrod Bridgeman:
All right.
Casey Hiers:
Jared, this was a little bit tongue in cheek, but again, for our listeners, this is deadly serious. We can't help everybody, we're not for everybody. But why wouldn't you want to engage or tell your practice-owning friends to talk to a firm who may be able to change your situation, improve your cash flow, reduce your stress, and provide some certainty in an uncertain world?
Jarrod Bridgeman:
I mean, there's no negative about doing your research or looking into us.
Casey Hiers:
Well, you got to talk to me for a little bit.
Jarrod Bridgeman:
Well yeah, that sucks. Thanks, Casey.
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.
