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