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Dentists, Puns, and Money is a podcast focused on two things: The financial topics relevant to dentists leaving clinical practice and the stories and lessons of dentists who have already done so.
1. The stories of dentists who have transitioned from full-time clinical dentistry.
2. The financial topics that are relevant for dentists making that transition.
If you’re a dentist thinking about your exit from clinical, and you’d like to learn from the experiences of other dentists who have made that transition, be sure to subscribe to your favorite podcast app.
Host Shawn Terrell also dives deep into the many financial components of exiting dentistry, including tax reduction strategies and how to live off your assets.
And, we try to keep it light by mixing in a bad joke… or two.
Please note: Dentists, Puns, and Money was previously known as The Practice Growth Podcast until March 2022.
Keywords: dentists, practice, dentistry, people, clinical dentistry, patients, transition, point, clinical, years, jeff, career, associate, investment, question, stress, bit, supplies, business, money.
Welcome to Dentists, Puns, and Money. I’m your host Shawn Terrell, and my guest on today's show is Dr. Jeff Priluck. Dr. Jeff is a semi retired dentist from the Atlanta area, and we discuss his transition from clinical dentistry after 38 years of owning a private practice some of the topics we discussed how Dr. Pre luck handled both the emotional and financial components of exiting his practice, why he still continues to practice clinically part time and how he's putting his communication skills to work in a completely different industry than dentistry plus much more. As a reminder, our affiliated firm dentist Exit Planning helps dentists like Dr. Jeff that are near or already in clinical retirement. Specifically, we help dentists not get killed in taxes and transition from clinical and owner income to instead living off of assets. If you are interested in financial guidance on your exit from clinical schedule an initial consultation with us on our website, which is dentists exit.com There is no obligation at website again, dentist exit.com And with that introduction, I hope you enjoy my conversation with Dr. Jeff Priluck. All right, Dr. Jeff pre-law Welcome to dentists, ponds and money. I am excited to hear your story and thank you for joining me. Thank you for having me. Favorite place to start is just with some background for the audience on your journey. Could you share a little bit about your career in dentistry and sort of where you are now at this current point of your life?
When dental school I was entrepreneurial, so I taught at Emory graduation, about here, residency there and then open my own practice, again, as an entrepreneur call it more custom brains but I went ahead and got my practice empty reception area for quite a while, eventually caught on, you know, just word of mouth and we make no patients happy. practiced my entire practice my career for 38 years in my private practice, practice for about 10 years was becoming disenchanted. Well, there has to be something more the better way to do this. So I took a bunch of courses management courses, ended up with a management company that was a little bit outside of the box as far as their thinking or dentistry more as a business. And we're very structured. As a result of that I acquired associates eventually became my partner and the practice became very monitored very carefully. was structured way that made business sense. So as I said for 30 years, don't start the practice. If you want to present the practice. I then hold off in increments partner until ultimately remainder the practice and then continue to practice as an independent contractor or an additional two years and my contracting to an end. That's what I started thinking about the next step.
So a couple of follow up questions there. You said you practice for 10 years and just we're really not in a happy place with how things were going and sought out some help to figure out a better way to run the business side of your dental practice. What were some of the things that you learned there? I'm interested in that because that's more common today in 2022 than maybe it was 25 years ago whenever you made that sort of decision to go that route to try to make your practice better. Really outside edge.
Tell people what we're doing for as long as the Kool Aid sort of things. We're not just flying by the seat of our pants, structuring each day to go. We scheduled very carefully we engineer the book, it made sense, like not to be intimidated or once wasn't running around in an unproductive way. Schedule makes sense. A dollars and cents standpoint. Interesting, interesting, and that made the latter stage of your career a lot more rewarding. It allowed one of the structures of it was to arrive at a point of financial independence to be part of the I don't think I would have successful not have had structured approach to investments and during the practice, it was profitable. So you transition to sound like in stages or pieces away from and out of your practice selling going from owning 51% of it to the I think you said selling off I sold I sold off sort of the practice after my associate was with me for five years. So an additional percentage, after seven years, chain 51% until the time I sold the practice entirely.
control standpoint. I still was the I was the majority owner, but quite frankly in the 38 years we practiced together, never used that 1% card. I always treated it as 5050 Was this decision to be made respected me I respected him. How would you evaluate your transition on the sale of your practice was that you had to do it differently? Would you do it any differently or kind of anything that you learned doing it that way? I would certainly advise anybody selling their practice. Make sure that your contracts are airtight. Something I think people may overlook the smallest things can come back to bite you. So my advice would be get excellent dental advice. Make sure that it's fair to both parties. Make sure that in your exit, things are spelled out very clearly. There's no questions. You say the contracts which contract specifically are you talking about? I'm talking about how long are you going to stay your practice? What procedures can you do what patients can you see? The Covenant Not to Compete are important, particularly if you if you want to continue the practice as a dentist for a reasonable period of time. You made the decision that that's what you did want to do you sold off 100% Your practice and but you continue on to work in that practice as an associate for additional two years. Correct. Shawn like my patients really made no difference when patients had no idea until the practice business as usual. And everything from the you go from being the boss to the employee and you said you had a very good working relationship with your partner who you sold to. It sounds like it was pretty smooth until the two years was up that you worked as an associate, you just decided to move on at that point. Your dynamics, frankly, are different when you go from the owner who's writing the paycheck, just another employee, so it's different. It takes a transition. You don't have the same authority because you're not writing checks. You have to go into it with your eyes open. That's certainly something that if anyone is out there who's gonna make the transition smoother. What happened to my experience was you're still practicing you not associate your former practice, but you work days a week, I believe you said before we hit record with a different practice. That's correct. I work for kind of ironic, working for an associate of mine. telephony, probably eight or 10 years ago, opens on practice. Successfully. And when I when my contract was coming to an end, he called me he said, Well, what are you going to do? And I said, I'm really not sure. So let's come to practice with me a couple days a week. So that was perfect. We already know each other. Our philosophies were the same. It's worked out quite nicely. How you're interested, as strong as it has all this time and clinical dentistry. I know some people are ready to walk away when they're 50 and I'm not gonna give your age away. I don't know your exact age, but people do the math. I think they can assume that your normal retirement age of 62 or 65. So I'm curious how your clinical passionate state so strong, so long, enjoy clinical dentistry. I still do doing some of the more very involved procedures that I used to do. I believe in that to my associates. I still am very, I love practice. Management. In fact, I'm lecturing on project management, part time. And also I'm advising residents and people who are just starting their practices, hopefully to allow them to avoid some pitfalls that I experienced. Having that kind of relationship with someone who's been there, done that thing. I have all the answers, but we made as many mistakes as you can make, and hopefully I've learned from them and prevent someone else bringing those same things. circle back to that. But before I do, I want to ask and sort of close the loop on you still being able to practice a certain age. You know, we all know dentists that have physical limitations are feeling the physical effects of practicing clinical dentistry in their 30s and 40s. How is physically how have you held up and I guess you're still practicing you must still feel pretty good. Day in and day out. Yes, good genes. Now.
A lot of shortening status. Success is the stresses associated with dentistry. Even non clinical people mostly think about the depths those things be removed, allowed me to practice dentistry much more relaxed fashion, and a world of difference because I'm not I don't have to do it to be on a treadmill. I'm doing because I love it. My patients can look at it very nicely. What's the best way to approach it? I find it mentally stimulating also cases and discussing with my associates. Interesting. So if I heard you correctly, you said that a lot of the physical pain sometimes isn't necessarily a direct result all the time of being bent over inside of a patient's mouth. A lot of times it's because of thinking about overhead and payroll and supplies and everything goes into being a practice owner wants you several subgroups. And groups are the members or tenets of the practicing season. It's the same thing. It's the stresses of, as you said overhead employees regulation regulation. Inflation, of course, now, all of these things tend to shorten the clinical life of a dentist. So those things have been removed from me, allowed me to extend my clinical career and as I said, not under stress during today's week. So I'm kind of doing what I want to do what I want to do it interesting. I wanted a little bit deeper there because that's such the the balance is you know, on the one hand of the DSO model where a lot of stuff is allegedly taken care of for you. Is there a way a better way for private practice dentists to handle all those things in a way that allows the stress level to be lower. I know that's really broad, but I'm guessing you have some opinions on that. We were quite unusual, and I would say I was probably a dinosaur in terms of the fee for service practice. So we filed patients insurance, but we were not tied to insurance companies FiOS originals. That was a relationship established with patients. I still think relationships are key. Let's face it, the world we live in is different. And instead patients now calling your office and saying not to worry like my friend, your dentist you've been her dentist for such and such number years. First question is supply insurance. So it's become a financial insurance conversation. So I'm not sure how to get around that. It's more difficult. But what I will say is I think you need to set yourself aside niche, you are providing quality dentistry, you will charge a fair fee for your service you attend a long term relationship with that patient. Discovery is already in your best interest, which is a huge issue. Here's a little bit you mentioned.
I don't know I think if you point out some key things or you know, focus on a niche which you're preaching to the choir there I've done that with within my career, but I think you don't a couple of key points. They did a great job. Thank you mentioned a few questions. ago about reaching a point of financial independence from having to practice that's something I talk to my clients a lot about.
Having to practice that's something I talk to my clients a lot about, as well. And getting to the point where you're continuing to practice clinically because you want to not because you feel like you have to financially in order to continue to meet cash flow obligations of the business or meet cashflow obligations, your personal lifestyle as much as you're willing to share. At what point did you sort of feel or know that you were financially independent from practicing clinically, because obviously, you've continued to practice well beyond that point. Question. I'll tell you a funny story. My our financial advisors, my wife and I tend to be relatively groomed to live below our means. I think it's important. I agree and we, from an early time, it was stressed to us how important it is to maximize 401 K's IRAs are the prudent and observant of what we're doing with our money and the last few decades with our good stock market, so we've benefited from that. Sorry, I was gonna say, I used to come here to say just if you can't kill it and eat it, you don't need it. I used to go to the New Zealand and newsstands. With my magazine and read it. Put it back. I knew I reached the point, I guess like actually dependents, with my advisers to just take the magazine home with you.
Having to practice that's something I talk to my clients a lot about, as well. And getting to the point where you're continuing to practice clinically because you want to not because you feel like you have to financially in order to continue to meet cash flow obligations of the business or meet cashflow obligations, your personal lifestyle as much as you're willing to share. At what point did you sort of feel or know that you were financially independent from practicing clinically, because obviously, you've continued to practice well beyond that point. Question. I'll tell you a funny story. My, our financial advisors, my wife and I tend to be relatively groomed to live below our means. I think it's important. I agree. And we, from an early time, it was stressed to us how important it is to maximize 401 K's IRAs to be prudent, and I was referring to what we're doing with our money. And you know what, let's face it last decades with our good stock market, so we've benefited from that. Sorry, I was gonna say, I used to come here to say just if you can't kill it and eat it, you don't need it. I used to go to the New Zealand and newsstands with my magazine and read it. Put it back. I knew I reached the point. I guess I can show independence when my advisor suggested take the magazine home with you.
But at that point, I thought I probably have arrived.
If it doesn't, you had a light bulb moment and I'm serious about that too, because there are people on your end of the spectrum that I meet with and deal with as well or sometimes I want to tell them you can take Friday afternoons off at this point you're doing okay. Do you have any regrets that you worked and kept your foot on the pedal a little too hard too long? I don't really I think life is balance, balance. And I think at the time appropriate my kids were in school and I think it was okay. What I'm doing now
No, I think it was okay. Now as I'm enjoying myself, I pulled back a couple of years earlier. I didn't have to work. But quite frankly, I enjoyed being in the game. Interesting. So you still practice as an associate two days a week you do so on your terms. You also mentioned a little bit ago that you mentor dental students and young dentists as well. What do you find rewarding about that? And also what you tried to teach them? What do you what are some lessons that you share with them that you think are most powerful for young dentists? I love teaching. I love coaching, so to speak, especially for kids who are in their residency. I do some volunteer work. I've got a contact with residents who are about to go on into their careers. The questions they ask one very common questions about what they should do with their lives. Or in fact, I wrote an article for the Georgia Dental Association, the landscape changed, what avenues are available. I said, I took the entrepreneurial route. I think there may be better ways to do it, more efficient ways of doing it. So I enjoy coaching students and giving them what I hope is the benefit of my experience. Even dentists who are in practice, relatively young dentists, there are ways of practicing more efficiently, more economically, but a lot of money on PR, get you nowhere. And so you have to allocate your spending in ways that are gonna give you a good return on your investment. I kind of look in those areas. What are the feedback that you get or what is the feedback that you get from some of those young dentists about those lawyers you just mentioned? Why not consider that or what would you do? Do you handle this employee issues? Just having a good sense of your expenses in the office? Are you monitoring them? You'd be amazed if you if you ask some younger dentists, what their representatives are being charged for supplies can't give you an accurate answer. Maybe that's things you got to look at. Probably didn't look at them even if you don't monitor the percentage that you're paying for supplies. Just one example. A difference of one or 2% savings. Be the difference between able to contribute 401k are not very good point. stuff. What have been the emotional implications of your way? I guess I would call it from full time clinical dentistry and doing it more on your terms and also mentoring and just having some interests that are a little bit outside of dentistry as well. What has that transition been like for you? It's could be more general for people that are retiring or slowing down or going part time in whatever it is that they've applied their trade doing over the last 30 or 40 years.
Just kudos to Laura Brenner for lobbies. I found her on the internet and really didn't have any structure as to how I was going to move forward. And I knew I passions, hobbies, and I'd like to do so I really have to investigate and wanted to do in terms of answering what that would look like I mentioned enjoy the mentoring, or coaching or writing about dentistry, management among my hobbies. A little bit about this before I start recording, I'm a car guy, love girls classics. It's what I'm gonna put vibes out there. You leave yourself open to what may be available cosmic energy kind of sounds corny, but all of a sudden, these opportunities are to present themselves. One of them being the opportunity to go to work for Porsche dealer in their customer relations department. And I said I don't want change tires. Change oil. No, no. Do public relations every day, your practice. Want to avail ourselves, your public relations, knowledge from doing so. It allows me to practice my profession demonstrate my passion. Ours is so interesting. It's something I never thought of that how you speak and communicate sort of the quote unquote soft skills that you have to develop to be a successful dentist to be as good a clinical dentistry as you want to be but you can't communicate that and effective way to a patient. It's gonna hit your bottom line. In a big way. Very transferable skill to dealing with people and creating a great client experience in something completely different ie working in customer relations with Porsche.
Realize that their hobby, passion can translate into a extension of their life's work. Great point, and I read a quote this morning it was something to the effect of an all it took was reading or talking about something we would all be if information enough was alone, we would all be billionaires, six pack abs, right? So it takes it takes action have to dip your toe in the water but take the first step start to explore things a little bit. And just in talking with you a little bit before we recorded the episode, you said that that was something that held you back for a period of time before you could start to explore it in a way that made sense for you. I think sometimes we're afraid to take that step. I was kind of a type A personality, but you just have to sit back and take time to see what's there. And I think we sometimes shortchange ourselves, not ourselves a chance to see what else is out there. And maybe that leads to the question, I'm about to ask next. If you could change anything about how you sort of build your practice and transition to the next stage of your life. What would you change? What would you try to impart on people who are considering a similar path in the next five to 10 years? Great question. I think it's never too soon. Start thinking about it.
Have a wonderful day I walk out of the office doing that Monday morning.
About I should have been more relaxed about the process and not be as hung up on verifying something on Monday. Sometimes take some time. It was Henry Winkler. Were talking about what happened to him after Happy Days and kind of did nothing for five years, until something found him was reading children's books. So sometimes you have to leave the door open and let something find you find it a children's book author. I did not know that. Yes. Interesting. I know he became a director eventually, but when he was dyslexic or not, and he wrote his books with a doctor was dyslexic. He took his disability and turned it into a lemonade out of lemons. That's awesome. I had never heard that story. Really untrue.
conversation as we start to wind down a little bit and bring this to a landing is there nothing we haven't hit on about your story about your journey that you think would be important to communicate to the audience? We talked about before, I'm sure. We're going through these machinations. Anyone who's been in a career for, what, two years, three years, four years, I grew up all of these things going to our heads. Some people are contingent on their boat and sail into the sunset. That wasn't me. And I think there are a lot of people who know what's next. What's the next step? And I don't have all the answers. I would certainly love to share my experiences, my feelings, my emotions, my experiences, other people, not necessarily dentists, but I think anyone who's in any profession or is done the same thing for a good number of years. Once we explore what else is out there, I think there's a good support group out there for people to exchange ideas and think about what do you think about this or should I pursue this or what's been your journey? I think there are a lot of other possibilities. I think it's fertile territory for further discussion. Interesting. Yeah, I think you're onto something there. The name of the podcast is dentists. pawns in money. Do you have a dental joke that you'd like to share? The old joke? It's kind of funny.
Cute. Hunters are out in the woods. One of them collapses, not breathing. Eyes are glazed. Okay, whips out his cell phone calls. 911 says My friend is dead. He yells can I do? The operator says I'm down.
Let's make sure he's dead. Silence got a shot on the phone. The guy says, Okay, now let
me know I know that military was cracking up that much with a joke. Before well done.
Dr. Jeff Well, for people that would like to get in touch with you and maybe to start a conversation with you. You said you're interested in helping people what's the best way to get in touch? By email? Dr. Pre luck, Dr. p r i L U C k aol.com@aol.com. Awesome. That is Dr. Jeff Priluck - dentists mentor and Porsche authority. Dr. Jeff, thank you so much for the opportunity to do this. I think it's great what you're doing, and I think you're onto something. Thank you, Dr. Jeff. I appreciate you being a guest on dentists puns and money. Thanks for listening and following along. Are you a dentist nearing your retirement from clinical or have you already open up your handpiece would you like to learn more about ways to reduce your taxes and generate income from your assets in retirement? Our affiliated firm dentists Exit Planning might be able to help you with those two things. Schedule an initial consultation with us on our website. Our web address is dentist exit.com There's no obligation for your initial consultation again schedule that initial consultation at the dentist exit.com. As for our disclosure, Dentist Exit Planning and feral advisors is a registered investment advisor. The information presented should not be interpreted or construed as investment, legal tax financial planning or wealth management advice. It does not substitute for personalized investment or financial planning from dentist Exit Planning or Carol advisors. This podcast conveys the views and opinions of Sean Carroll and his guests and the information herein should not be considered a solicitation to engage in a particular investment or financial pl