In this episode, George discusses every dental practice owner's crucial decision: Should you prioritize profit or focus on growth? He breaks down the key differences between these strategies, explains how to assess which approach fits your practice,...
A bootcamp in small business ownership and practice management for dentists, giving the new graduate a roadmap to successful practice ownership. We interview the best dentists, experts, consultants and more on our weekly show. Here's the topics we will be covering in our 8 Seasons:
1. First Years as a Dentist
2. Think Like a Business Owner
3. Money and Numbers
4. Startups, Acquisitions, and Partnerships
5. Internal Systems
6. Marketing & Growth
7. Leadership, Vision and Culture
8. Beyond Dentistry
Go to SharedPractices.com to download the 8 Season Roadmap.
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Welcome to Shared Practices 2.0. I am joined today by my co-host,
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long-time best friend, George Hariri. George, go on.
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Richard, it was really odd to watch the Shared Practices feed go from 680 some episodes to few.
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And that, I mean, what a shift. And you know, it's like, you know,
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we were put in so many episodes right there and now the feed is bare.
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So I think that SP 2.0 is definitely a new change for me.
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I was really proud of having a pivot that was big enough that it caused caused
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you to take pause. Like, I got pushback from George.
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And I'm like, okay, this is a pivot. This is, you know, usually you're on board,
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you know, like 100%. You're like two pivots ahead of me. And I caught you on this one.
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Yeah, I, you know, I thought we would like maybe trim down the feet.
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And so I was, you know, Richard and I would talk about trimming down the feet.
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And, you know, Richard trimmed the whole feet.
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And I think that was where I was, you know, like, Like, whoa,
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okay, we're really doing this.
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And, you know, honestly, now that we've done it, I'm very pleased with your idea.
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Because I think that, you know, we've iterated, like, you know,
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how many times do we say like, oh, you know, like season two,
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like we said all this stuff there that we don't really believe right now.
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And, you know, it's like, well, maybe we should just like, cut it and let's
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just start over so that every episode on this feed is we believe in and it's
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updated and there's newer content.
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Content and so you know hats off to you to not being attached to the 600 some
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odd episodes that we've recorded and just being ready to kind.
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Of iterate if anyone's interested they still exist we need to you know kind
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of state this multiple times the shared practices archives if you search for
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it should be showing up on on major feeds and platforms the episodes are all
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still out there but i really do think that one of the biggest problems right
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now is not a lack of information information,
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there is an abundance of information everywhere.
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We got to the point where even our podcast, 700 episodes, someone finds us and
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they're just instantly overwhelmed. Like, where do I even start?
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Do I go back to the beginning? Any of that? So we just want to say,
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hey, no, we're going to solve that problem for you.
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Start with us, the beginning of Shared Practices 2.0 and come along for the ride.
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And, you know, in eight years, maybe we'll burn this down. But who knows?
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In the meantime, we're going to give you way better content than what we knew eight years ago.
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And that's just the reality. and with our new co-host, Dr.
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Scott Luna, there's just information that he brings and that we bring and that
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we can synergize together and that we can bounce off of each other,
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push back on each other that we haven't had before in the same way.
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And we're going to talk a little bit about that today because there was a sense too,
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like you and I come from having taken break away and sorry to Scott,
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His previous seminars that are no longer associated with him in any way,
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shape, or form, that brand is not his brand.
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But having taken his previous courses, those were a big influence on us.
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He was the first person on the podcast.
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And we really respect his opinion. And so when he brings new information and
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it collides with our framework, there's a little bit of like,
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okay, what does this all mean?
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And I think that's what we're going to address in today's episode, if that makes sense.
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Yeah. So, you know, I think to kind of give everyone the context,
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you know, Scott, we had our launch
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week and, you know, there was several people that reached out to me.
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And I don't know, Richard, do you have people reaching out to you kind of after
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listening to episodes, hearing thoughts and kind of sending you messages?
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Just little thumbs ups or liking it.
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Laughing at it.
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But like, you know, because I'm not running anything behind the scenes in terms
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of coaching and consulting, no one's actually worried talking to me.
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Oh, no, no. I got a lot more. And, you know, I think that one of the things
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that people are really asking is, it sounds like what he's saying is different.
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So where does this fit in with what you guys have been saying for the last few years?
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And I think that, you know, that for me is kind of what we want to talk about today.
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And I feel like the absolute best place to start is, I told Richard when we
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came on and we were doing a little pre-recording chat, I said,
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we need to tell the story of why it's called shared practices.
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Because this is something that I have been bought into to the whole time.
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And I use this as a guiding light when we think of adding people,
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changing the way we think.
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And so, Richard, you know, 2016, eight years ago now, started this podcast,
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and you called it Shared Practices. Why?
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A few layers which ironically all of them have like become true um the first being that like.
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I i didn't know everything and
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i was not in a position of authority i i i the term that was used back then
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that i i latched on to was like a leading learner of like i'm learning this
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for myself i'm open to multiple perspectives i want people on the show who say things different than
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what I assume and that disagree with the things that I say,
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because by having that information, having that dialogue,
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we're going to learn and it's going to stretch us and push us.
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And the only way you can do that is by sharing real experience.
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Everyone's got a different journey. Everyone's has a different story.
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And the, the reality of business and life is that it's messy in different ways
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every time, but we've attempted to distill what we believe our best practices and share those.
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So in the, in the process of everyone sharing their practice journeys,
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we've accumulated a lot of information, but as time has gone on,
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we also have had a harder time playing dumb and, and pretending like we don't
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have an opinion on things and bringing on people that were like, can,
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can really even challenge our philosophy or bring new light to what we're building
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because we're like, Hey, this works.
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And we've got the data and we've got the results and we've got the clients.
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And this framework is good.
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So to be able to continue to be in that frame of.
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Hey, there are still other things, there's more nuance that we can find and
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there's improvement that we can take on and we're gonna do it publicly and vulnerably
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and it might be a little bit messy.
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That's how we've always done things, but that is how you improve.
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So I don't know if that's what you're looking for, but in my mind,
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that embodies the philosophy.
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So, something you said, and I'll maybe take previous words out of your mouth
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and tell you what I've always heard you say, which is.
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We didn't call it best practices. And Richard called it shared practices because
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he wanted it to be a net sum of everyone's best practices.
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So, you know, we get the industry professionals, the smart people with different
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perspectives, and we get their best practices, and we put those all in one place,
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and together, they're all the shared practices.
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And, you know, that for me is is kind of what I've always thought the name has meant,
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is like taking the smartest and most talented minds in practice management and
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putting all their ideas on a table and organizing them so that it's very clear.
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And then that is the shared practices.
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And we have multiple partners in our business. We have Richard's thoughts and ideas.
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We have my thoughts and ideas. We have Suzanne's experience.
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We have so many people's ideas before we bring in Scott Luna that we've dumped them on the table.
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We've kind of organized them and that's our shared practices.
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And Scott comes and he dumps even more ideas onto our table.
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And now it's up to us to iterate one more time and integrate all of his ideas
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with our ideas so that we can then present again the improved shared practices.
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And that is the process we are going through.
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And so, you know, after I recorded that first episode with Suzanne,
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I picked up, or episode with Scott and Richard, I picked up the phone and called
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Suzanne and I'm like, hey, Suzanne, we're about to iterate, you know, and I saw it right away.
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And I saw that Scott is bringing some ideas here.
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That the core of our framework is going
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to stay in more or less the same but he certainly
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added elements that are going to force us to iterate one time further and like
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you know i have my drawing right here so kind of like the the the new version
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of our chart is kind of like in very early stages of development and richard
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can't see it because the camera is not really showing it but But, you know,
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we're in the process of iterating to make sure that what Scott talks about and
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what we talk about can be talked about at the same time and it to kind of be,
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you know, all singing the same song.
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And that is a really exciting process that we're going to be building courses
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with Scott and through those courses, we're going to be ironing out our shared philosophy.
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And so that's kind of like the introduction. and so maybe Richard whatever questions
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you have and then we can get down into the details.
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Yeah well I think the other part that like this
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is not new challenging information this fits within the framework because we've
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said anything you want nothing off the table and we've said they're different
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avatars there are different options and the more clear one can be in what the final destination is,
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the faster our framework of metrics and coaching will get you there.
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And what we, I think for me,
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the thing that I'm most excited about is these just tweaked and clarified versions
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of avatars and options that people have along the journey that,
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you know, because we had profitable solo and we had super solo,
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but super solo had like an asterisk on it where we're like, well,
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you might burn out on this and this is not predictable because we don't know
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if everyone can super solo.
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You know, it's stuff like that where can we have...
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An even clearer version of what the outcome can be.
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And I've remembered feeling even a little like gun shy about talking about how
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much money a productive solo can make, can expect to be possible on air.
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And like that clarity of here is what is possible.
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It might not be the thing that people can just hit into right away.
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It might take years of building and iterating and refining, but to say,
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okay, I can have a million-dollar take-home at all these different levels provides
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a level of clarity that our framework of here is the menu of options,
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here is the vision that you choose, and then we're using the metrics to coach
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you and drive you to that vision.
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So for me, this is all just super exciting because I think ultimately,
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no matter where someone's at on this journey
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whether they're solo multi-doctor multi-practice having
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clearer options even if
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they're different than the option slightly different than the option you
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were driving towards originally is going to get you there faster and you're
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going to be more successful and happy and so that's the mindset i'm bringing
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to this and i'm always down to like like add more information and and be like
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amenable to saying like okay here's just a slightly little a little tweak.
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Here's a better way of thinking about this one aspect.
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And I love the humility that you've had and that we've had to say,
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let's have these conversations rather than just putting ourselves out as like,
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hey, this is the philosophy.
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We're never going to improve on it. We're never going to iterate.
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So that's my last kind of spiel before we actually get into some of the meat and potatoes here.
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Yeah. So to kind of transition us, I think that we say, okay,
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well, where do we disagree?
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Or where did maybe Scott say something different than what we said?
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And I think I want want to start with, before we even get into that,
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I want to start with the clinical entrepreneur spectrum.
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Because I think you really need to understand the clinical entrepreneur spectrum
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to understand the way that we approach things versus the way that Scott approaches things.
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And maybe Richard, you and I have had disagreements on this in the past.
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You know, I think shared practices in our early days, we attracted somebody
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who wanted to listen to 400 hours of podcast content, right?
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And that just happened to be... Like imagine 400 hours of practice management content.
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Somebody consumes all of that, right?
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Like on the clinical entrepreneur spectrum, that's a very entrepreneurial person. Preston Pyshenko
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And so, you know, if you think about...
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They're taking notes on every episode, yeah.
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Yeah. And so, you know, the shared practices audience started and in its peak
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days attracted the most entrepreneurial dentists.
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And that was kind of like our slant. And we were a niche group, right?
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We weren't the broad mass appeal to all dentists.
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We really concentrated on those who were really, really, really diehard interested
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in practice management, very driven entrepreneurially.
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And so when you look at the way we've built our philosophy, it's really been
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for that person who's very driven entrepreneur, and they want fast growth.
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They want to be a multi-practice, or not multi-practice, but they want to be
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a group practice owner with multiple dentists.
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That is the person we very much cater to.
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And as the podcast has aged and the audience has evolved, it's skewed more clinical.
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And so, you know, in our early days, we had a lot of very driven entrepreneur,
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you know, audience members.
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And then as the podcast has aged, it's eight years now, you know,
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we've attracted a larger, more clinically minded audience.
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And so what I really think the big like fundamental shift that Scott,
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you know, has introduced into our fold is being more inclusive, you know, where we are,
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you know, like the avatars that we offer, there's going to be more avatars,
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right? So it's not just the ones that we've created.
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And there's an element of patience that we're going to be adding to the philosophy to,
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you know, maybe more appeal to that clinically minded person who wants to do
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clinical dentistry and wants to have a high income and doesn't necessarily want
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to take on, like, you know, When we do a solo to group transition,
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we tell them, yeah, your income is going to be cut for six to seven months, and then it'll be back.
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And that's kind of what we tell them on the front end, and we just do it quickly.
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And what Scott's saying is, well, let's maybe do that over four years instead
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of 18 months, and then you can have the high income the whole time.
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And so rather than saying, well, no, we have to do it in 18 months and cut your
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income, or say, no, we have to do it in four years and you have your income
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the whole time, we can just say, these are two different ways of doing it.
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This way you have your income, this way you're there faster.
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And it's to each their own.
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And I think that's what's always differentiated us, is that we've always taken
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the client's vision and used that vision to inform their path.
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And now it's just when a client looks at our menu, there's just more options.
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And income is a really, really major consideration. And so on our old version of the chart...
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The avatars and the flow between them, it was all based on number of hygienists.
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And in the updated version, there's going to be an income consideration so that
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somebody can see if they go down this path, what happens to my income if I go over here.
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And so we're going to add income to be more front and center so that people
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can pick... Some people... I had people message me and say, I would never work
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five days a week no matter how much I made. And I want the faster group practice.
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You paid me or you took home, yeah.
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Yeah. And so it's like, you know, we have like SP diehards messaging me saying
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like, no, I kind of agree with what you were saying.
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Like, I agree that the, you know, faster growth gets to the associate.
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Like, I want to have a business underneath me.
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And then I bet there's someone else saying like, they've been saying that for,
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you know, years. And it's like, I'd rather just spend five years and make,
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you know, seven figures each year.
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And so it's like, we don't know what you want.
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And what this allows for us to do is to just provide more options.
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And so that's kind of, I think, the fundamentals of the differences and how they play together.
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I love this. The light bulb just turned on for me, George, when you were talking
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about this, is when you've got an equation, and I'm sorry, audience.
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If my brain's instantly shut off.
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Yes, I'm talking George speak here. So deal with it, folks.
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If you've got an equation, you can choose to hold a certain variable constant,
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and then the other variables have to change.
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And so one path of getting through these phases of growth is to hold income constant.
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So we ramp up to a certain income, and we try our best to hold that income constant while we grow.
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What that does is it forces the time component to possibly go longer.
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The growth is more evened and more paced.
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And there's another track. Rather than holding income constant,
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let's maximize the growth because I know what I want.
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I know what my footprint is. I know what I can grow into in this current circumstance.
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And I like it. I don't mind if I'm not making a million dollars a year along
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the way, but I do know what's on the other side of this.
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I know what this looks like when I get there and I know I want it.
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So let's maximize for growth speed and
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so the two different tracks could be we're holding
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for income or maximizing for speed of growth and
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those are two different pathways and it's not we're forcing one down you know
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you have to go down this one or that one they're just options and some of the
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stopping points on the way might be very similar but you're just taking a different
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path and that's okay so that was the light bulb moment for me just now as you were talking.
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Yeah, and so that's where Suzanne and I, like, we're, you know,
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to get real nerdy here, like, the y-axis of our new graph will be income, you know?
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And so it's like, you can go up in income, and we show what that looks like.
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And so we're building Scott's path, which we're calling the million-dollar path.
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And so, you know, if you've read Dental Moneyball, you know,
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our kind of original drawing, you know, I think the big, big avatar that just
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got totally blew up in this whole thing is Super Solo.
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So let's maybe start there.
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And, you know, because that was the episode I was on, you know,
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and I was sitting there and Richard has heard me speak.
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I've taught, you know, I've taught ABPM more times than I can count.
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And each time I do throw a lot of shade towards the Super Solo.
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I I talk about how it's not sustainable.
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I've never met anyone who's done this for a long time. Happily,
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I have really, really, really, really discouraged this avatar.
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And every time I've said it's the most predictable way to earn a highest income,
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however, I question its sustainability.
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That's been my song that I've sang about the super solo.
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And I think this is where Scott comes in and says, system, organization,
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structure, flow, low, 55 miles an hour, run your practice like a machine.
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And the smart solo is his iteration of the super solo.
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And for me, that's an instant swap, right? The second I heard that,
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I was like, yeah, we have to do what Scott's saying.
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Because we can't be telling someone.
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This sucks. You know, it's like, if they want that, we need to show them how to do that well.
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We can't just say it sucks and don't do this when there are a subset of people
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who want to be smart solos.
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So, you know, I think that's like the first iteration that you're going to see
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in the next version of our kind of framework is super solo rather than it being like this.
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Like in the current framework, it's like we have productive solo and we're like,
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go to group or if you want to like go to purgatory, you can just go be a super
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solo and then like you'll be unsustainable.
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And, you know, now what we're saying is like, we're going to teach how to transition
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from productive solo to smart solo.
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And we're going to talk about that as a profitable and simple and sustainable avatar.
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And I think that is like, for me, a very big shift in what we communicate,
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because that's appealing to a very clinically minded person who wants a very
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high income and doesn't necessarily want to go to a group practice,
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which is something that we haven't really catered to that individual.
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Well, so ironically, I actually see the swap a little differently because I
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see super solo kind of split into two.
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And Suzanne has made the point to me off air, like we're doing smart solo in certain offices.
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It's a productive solo where rather than put the potential into growth,
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we've put that potential into cutting back, maximizing profit and we didn't
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have that like metric endpoint for people to push towards but we're doing that
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anyways so I actually see smart solo as a,
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more the same as productive solo and i see
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super solo as the pseudo specialist group more
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because it is more the super part of
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it in my brain was the specialty type
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procedures and the like higher level clinical mix that is less predictable i
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can't like force people to be good at aligners and implants and and molar endo
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and like be all in on the clinical aspect so in my mind half of it is just kind
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of like a little tweak to productive solo.
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And the other half of it kind of shifts over into this million dollar take home
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with multiple doctors being a part time pseudo specialist.
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And so I see it like kind of in both, but it pulls out into these two different directions.
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Yeah, so it's interesting. And our current like kind of draft iteration,
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which we're going to be discussing with Scott.
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So like we're in the process of building a draft, we're going to work on it
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with Scott, and then we're going to kind of iterate.
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And so, you know, in that version, we have it go from productive solo to smart
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solo, which is essentially a productive solo is somebody who does less than 1.6, right?
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And a smart solo does more than 1.6 by themselves.
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So that's kind of like the terminology we're using. And then from smart solo,
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I think that pseudo specialist is kind of what we're calling that, right?
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Like the pseudo specialist group is like that, you You know,
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because in our current iteration, transition to group is like this no man's land.
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And right above that, the pseudo specialist group is like that,
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what Richard's describing,
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that super dentist who is able to like transition to group smoothly because
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they're using specialty procedures to maintain their income along the way,
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which I think is a really clever,
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you know, path from Scott's perspective.
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And so we're implementing that as kind of... It's the productive per patient path.
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I mean...
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Yeah.
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We actually kind of already had this on the track.
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It's like you take super solo and the productive per patient bump and combine
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that into a full group path rather than a little path between these two.
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But we were pretty much there.
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And I did think this is, George, this is a perfect time for another ridiculous
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acronym. acronym so we've got
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the part-time pseudo specialist pts no ptps ptps there we go that's the.
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I don't think we want that one no we
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don't so and that's where like this
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is really fun because to your point richard like i think i listened
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to that and really what i heard out of like
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the first few episodes is like high
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output solo dentistry can be
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sustainable right and i think that like that we haven't said that right because
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we've appealed to a more entrepreneurial person scott appeals to maybe a more
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clinically minded dentist and so i think that like to maybe there are more of
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those out there and that's yeah that's been my point all along.
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Was that like.
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Well, and that's something Richard and I have argued about all the time.
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I say, yeah, everyone needs to go to group.
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And Richard's like, that's actually not true. Like, most people should stay solo.
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And we've disagreed on that for years. And I will say that I tip my cap to Richard now.
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I'm more on his perspective, because I think for every one SP,
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you know, original, really entrepreneurial listener,
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there might be three or four people who maybe have a flavor of that in them,
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but they don't have the full or like, you know, they don't want to increase
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their professional risk to that degree, right?
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And I think that is maybe where I'm kind of like a little bit biased by my own perspective.
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And I think Richard, you know, may be more mindful of what the average dentist
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and kind of what the, you know, what just what the population as a whole maybe is more like.
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And so I think that that was an area that I'll just very honestly say.
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You know, was a bias I have. And, you know, we now want to be inclusive, right?
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And I think that that is kind of an iteration that we're going to make.
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So I think, like, that's like the fundamental thing that I think,
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like, the key differences are built on top of is that idea that you can sustain
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high output solo dentistry.
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And you can, and it's like, what did we prioritize? We prioritized speed.
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And so we optimized for speed of practice growth.
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And Scott optimized for constant income, right?
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And it's like, you know, that's it. So like Richard's like the productive per patient track.
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Actually, if you think about it on our new diagram, the pseudo group is the
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highest on the income, the productive per patient track is underneath it,
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and the patient flow track is underneath that, right?
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And so, we've now kind of created three different paths to group instead of
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two different paths to group and kind of the new version.
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And so, that's where I'm excited because it's like, no, I mean,
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we're really detailed analytics-based practice management people.
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Like, we know how to categorize things, we know how to present them,
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and I think that the end result of this is just way more options.
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And I think that that is us evolving towards the mean.
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We're evolving towards just the dentist who's listening.
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And I think the dentist who's listening today is different than the dentist
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who was listening in 2018 and 19, and kind of in our days of being very involved
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and pushing with a very entrepreneurial audience.
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Yeah, well, and I feel like I don't know if you've ever had a major multi year
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disagreement with a spouse.
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And there's just like, there's no seeing eye to eye. It's like,
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we just have a different opinion.
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And you just very graciously said, you know what, you've been right all along.
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And that happens so little in like a marriage or a partnership.
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And so I just I just want to thank you on air for saying that in the first episode
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and saying that in this one. And it means a lot to me.
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And and So thanks, man. And then the other part of that is.
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We've also stayed shy of, and I will continue to champion this,
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of the other far end of the spectrum of the entrepreneurial dentist,
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of multi-practice because we did not have reps in helping other people go multi-practice.
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And I will continue to say, throw on the brakes and maybe this might not be
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for you as the person who's walked
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away from multi-practice multiple times because I couldn't stomach it.
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I literally, you know, walked away twice from running multi-practice because
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the impact for me psychologically and stress-wise, it just was not the right
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fit. And I've kind of known that about myself.
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So, but I'm super excited to be able to talk in depth and have options and have
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pathways and have more conversation in a non-taboo, a non like, oh, dismissive way.
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It's like, no, if you want to go this direction, here's pathways,
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here's options, here's metrics, here's data.
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And that's really exciting for me, even though I have no appetite for it.
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It's really exciting for me to be able to talk about it on air.
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And I'm assuming it's the same for you.
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So it's interesting, Richard, you and I are so different. And I think we both
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kind of very inherently know this about one another.
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We both have done multi-practice, and your experience of it each time is the
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problems get too hairy, and it creates a level of stress that I don't want to
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deal with. And it's not worth it.
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And I think that it's something that is-
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Go ahead. Sorry.
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To be clear, I know one of the things that I need to work on,
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that if I was better at this, I'd probably be better at multi-practice,
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which is my tendency to take on other people's stress and emotions and over-empathize
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and not be the business owner,
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not be the, hey, I need to hold you accountable.
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You're an employee. You're a team member. I care about you. But ultimately,
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I can't solve all your problems.
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I can't take your emotions. and so yeah so there are there are elements of myself
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that i know are my limitations but anyways go on.
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Well and i think it's like you know richard you are the type of dentist who
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you know was better fit for the million dollar path right or you know some type
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of like slower more sustainable,
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income a constant just like get there a little bit at a time every step is sustainable
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like Like, that was your path.
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And I think that's why you saw very quickly that we were slanting too far towards
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the entrepreneur in what we were discussing for everyone.
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And I'm the opposite. I love the messiness and the problems,
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and they're really fun for me.
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And so I think it goes to show that even between us, we sit on different ends
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of the clinical entrepreneur spectrum.
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Spectrum and like we always say pick your problems and like i like my problems that i have every day,
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richard doesn't want these problems and so i agree we need to pump the brakes
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on multi-practice and we need to continue to pump the brakes on multi-practice
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because it takes a very particular type of person to succeed in that type of
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problem right the problems get really stressful they cause lack of sleep.
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They are very financial.
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It's not for everyone. And I think once you start going down that road,
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it's hard to kind of walk back.
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And so I agree with you.
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Even though I am a very entrepreneurial person who really enjoys the challenges
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of multi-practice, I will go without saying that it is not clean.
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This isn't something that is very predictable.
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It is something that is very chaotic, and it requires the right type of person to pursue that path.
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And so I say that, and then I want to transition to what you said.
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You were like, oh, we had a multi-year disagreement, and you just came out and said I was wrong.
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And I feel like we have this whole thing of strong opinions loosely held.
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And like, we're going to come out with our strong opinions and we're going to
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come from the bottom of our belly and tell you what we think.
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But then when new information comes and changes, like if you're not changing
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your mind, then you're just not looking at it and thinking about it, you know?
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And that's just, that's never been who we are and it never will be because what
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we're most interested in is the shared practices.
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And so like for me.
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Like, yeah, I mean, Scott's coming and saying a very compelling reason why I'm
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wrong. And I'm not just going to sit there and listen to it and be like, no, I'm still right.
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And we're just going to have these two polarizing opinions that won't agree.
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It's like, no, what he's saying is totally accurate. And we need to adjust our
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framework to accommodate what he's saying and what we've been saying so that
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we can be saying the whole thing.
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And I really think who wins in that is the client.
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Because now there's more options on the menu.
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There's more clarity on the different options, and you can self-identify the best path for you.
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If you're more like Richard, then the million-dollar path, smart,
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solo, pseudo-specialist, to your entrepreneurial path, like multiple years of stable income.
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If you're more like me, then you're like, all right, let's just take a little
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bit of rip the bandaid off, let's go.
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And I think that that's just to each their own.
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And I think that there's so many different ways to skin this cat.
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That and you know i think what we have to
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do is provide the options and the
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information and the like objective you
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know information to each dentist and
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what each dentist needs to do is look within themselves and say what's right
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for me and you know what scott really brings in my mind is he brings a patient
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pace that provides a higher income and takes longer but you know for the right
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person can be the more compelling path.
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And so, you know, that's what I really like if I had to summarize kind of the differences,
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how we're going to integrate them, it would kind of really be in that strong
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opinions loosely held, client now has more options than they did before,
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because we're introducing more nuance and expertise to our framework.
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I love it. And, you know, so the audience knows, I've recorded the episode with
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Scott of part four of that first series about multi practice,
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and George hasn't heard it quite yet.
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And Scott outlines a path that pushes back on our take that,
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hey, this has to be stressful.
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So I'm excited for you to hear it. But I also think that like,
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we're not going to sugarcoat and sure, maybe it could have been done differently.
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Differently but anyone that i've ever talked to who's doing
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multi-practice is more stressed than the
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average single site owner and i'm still gonna stick to
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that even if they enjoy it even if they love it it is
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messier and it is hairier so i i really appreciate
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george that we've that we're working on air that we're that we're sharing the
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creation of the next version of of us and that That we're showing that process
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because there is a tendency to like disappear into a cave and never appear like
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there's things that we don't know and then emerge with this new beautiful thing.
Host Track: :
But the reality is like growth is messy. This is the growth of a framework.
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It's messy. And it's going to include, you know, updates and differences and changes.
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But I also love that our listeners have reached out to you and have said,
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no, I actually like this path better.
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I wouldn't do that path.
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I wouldn't work five days a week. I wouldn't solve for a constant million dollar take home.
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I would solve for growth because I know where I'm going. I know what's possible in my location.
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I know what I want and I'm okay not having the income along the way because
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I know what's on the other side of it. So it's just really fun.
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Thanks for being very vulnerable in this process.
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And we're going to continue to try and do that on air. So this is the first
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of these types of episodes and it'll evolve as time goes on.
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Totally. Yeah, I couldn't agree more. And Richard, while we're closing off here,
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do you have anything else from those initial episodes to kind of touch on before
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we wrap up our episode today?
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In particular, I don't. I think today talking about this on air was actually
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really good for me to process it.
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And that light bulb of like solving for these different variables and having
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options of tracks and different stop points along the way is what has come out of this. And I love that.
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Because my favorite moment in our building of our framework was seeing the path and that slide.
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And I have a feeling that my new favorite moment is going to be seeing the updated
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version of the paths and the avatars and how it all fits together.
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So this is just, it's just plain exciting to me.
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Yeah. And like, you know, I think, you know, again, I think it's the whole goal
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of a dentist looking at the new version of the chart.
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We're going to have income be like the height of each avatar on this chart will
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be reflected by their income.
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So rather than sitting there thinking, how much does that person make?
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It's like, no, no, no, it's just going to be right there on the side.
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Like you're going to see their income on average, and you're going to see the
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income relativity between the different avatars.
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And I think that will open up a new perspective for people because they're going
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to, you know, some people, like, if you ask me, like Richard knows this about me, I always say,
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de-risk my personal life so that I can put all of my risk on the entrepreneurial
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side in my professional life.
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And so like, if I said like, a million dollar income, like, I don't really like
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at this point in my career, I may not want that.
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And that that would be how I would look at that chart. But then you have someone
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else and be like, you know, I got the house, I have the boat,
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you know, I've got like my, you know, like, I got my stuff, I've been doing
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well, I've been working for six to eight years, like, I'm making good money.
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Like, you know, shared practice is saying I can have a group practice,
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great, I want a group practice.
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But like, do I want it bad enough to have like a six month period where I'm
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not making the kind of money I'm making right now?
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Maybe not. Or maybe, you know, someone younger, like we typically get somebody
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who is, they just bought their practice, right? So they're coming off of an associateship.
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And so, you know, they're like, for them, it's just like maintain associate
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income throughout the whole time. And then it pops into their group practice with a larger income.
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That's kind of who we've catered to. And they They work with us,
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you know, they work with us on buyer's representation services,
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and then they usually are buying a practice with the idea in mind of going from
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a solo to a group and doing that transition, or they're usually,
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like, trying to buy a practice and hit the ground running.
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And that's kind of who we've catered to, right?
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But if you've been a dentist for a while, and you've been making a,
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you know, a significant income for a while, it's a totally different proposition
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for you if you're like, no, like, Like, you know, this might sound weird,
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but like, no, no, no, like half a million dollars a year is like what I need.
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And, you know, it's like...
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Okay, well, like, you know, then we need to have options for you too.
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And, you know, I think that like the next ask, George, that we're going to be
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talking about is really going through the fundamentals of hygiene-led growth.
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And like that, I think, can apply in any situation.
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And I think the real variable that each client or dentist needs to solve for, say, where am I going?
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That was we always started with where are you right select
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your current location and where are you going and
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now we're adding a next question which is how long do you want
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to take to get there and how important is your income along the way right and
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so it's like we used to just ask two questions and now we can ask four and that
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i think is like what scott has added to our mix is you know we don't go from
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you know point a to point b it's point a to point b how fast and how much money
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do you want to make along the way?
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And I think that that is really what we've added.
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And that is like, if you've been listening, like, what have they been saying?
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Like, this is so confusing. Like, they've been saying one thing,
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he's saying another thing. How do these two things kind of fit together?
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Like, it really is, it's just helping you have more options and helping you
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answer more questions that can then point us in the right direction for you
CoHost Track::
to go down the right path.
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And, you know, that's kind of like the net summary of, you know,
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how the two pieces of information collide.
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And, you know, when you watch our courses, and when you come to our courses,
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which you should definitely come to our courses, like, we're going to be building
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on that, and you'll see it in a more completed way.
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And then you'll see kind of all the content around that kind of general framework and idea.
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That's what I was going to ask next and say next, which which is the most exciting
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place to see all of this is in person as it all comes together and as it evolves,
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whether you've taken our courses before or you haven't,
Host Track: :
that's where the magic happens is the complete version of these options,
Host Track: :
these avatars, the framework.
Host Track: :
So wherever you are, come to our next course because it's going to be updated.
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It's going to be significantly different. It's going to be better.
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And we can't avoid doing that. Every time we update it, every time we make it
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better, this is this is like a a step and a major iteration so i'm i'm super
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excited for what's to come.
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Yeah i couldn't agree more and you
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know if you've been listening to the shared practices podcast for a number
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of years you know we we really appreciate you being part of the community it's
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been really fun for us to have scott come on and it's kind of been like a celebration
CoHost Track::
of shared practices in a way because like he was so core to our story and in
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very many different Like he was an early guest.
CoHost Track::
He was very inspirational to us as entrepreneurs.
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And he, you know, his courses are something that we've modeled ourselves after.
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And so it's just, I think for us, it's been really cool and full circle.
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And, you know, it...
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It's worth it, right? It's worth it to bring on somebody of his caliber and
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iterate in a major way because the end result is something that I think we're all really excited for.
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And so, you know, I just appreciate, you know, those who have continued to come
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back and continue to want to learn from us because it's created a really cool
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community that we're all a part of.
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So, you know, that's something that's one of my favorite parts about kind of
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podcasting is podcasting turns into community.
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And that's something that I didn't expect on the way in, but I've definitely
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seen very, very obviously kind of through like, I got people who have been listening
CoHost Track::
for years that are reaching out to me, messaging me debating about things that we say on the show.
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And it's like, yeah, that's a community aspect. And like, bring those questions
CoHost Track::
and comments to the Facebook group. Because that's where Scott's there,
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Richard's there, I'm there sometimes.
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And like, we can kind of like very directly discuss these things openly with
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other people who are listening and having their own opinions.
CoHost Track::
So Richard, do you have anything to decide to close us off?
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No, I'll just say I'm excited for this next Ask George because it's like I said,
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we're being very vulnerable on air and we want to address the stuff that's coming up for people.
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So let's get back to it. But George, thanks for being on with me again.
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Absolutely, Richard. Can't wait for the next one.
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Hey, we'll talk to you next time on Shared Practices 2.0.