1 00:00:02,820 --> 00:00:04,680 Dr. Bruce Baird: Hi, this is Dr. Bruce Baird with the Productive 2 00:00:04,680 --> 00:00:11,310 Dentist Podcast, and this is the, uh, continuation of the What's Next series. 3 00:00:12,270 --> 00:00:16,350 And, uh, this would probably be the last one I do, but you know, 4 00:00:16,350 --> 00:00:19,740 I'm, I'm, I had a dentist ask me, he says, I'm at the top of my game. 5 00:00:20,640 --> 00:00:21,600 What's next? 6 00:00:21,990 --> 00:00:24,300 You know, what, what do I do next outta the top of my game? 7 00:00:24,300 --> 00:00:25,830 Well, I don't know what that exactly means. 8 00:00:26,850 --> 00:00:28,860 And, and how do I determine what's next? 9 00:00:29,520 --> 00:00:33,000 You know, that's kind of a personal, personal decision that people make, 10 00:00:33,030 --> 00:00:38,430 but what I would say is, um, from this question is that, you know, 11 00:00:38,430 --> 00:00:41,550 you're at the top of your game, you're productive, you're making great 12 00:00:41,550 --> 00:00:43,080 money, you're doing things at, uh. 13 00:00:44,055 --> 00:00:46,635 At the highest level, you love dentistry. 14 00:00:46,905 --> 00:00:52,935 Um, your patients love you, your team loves you, and you've got options. 15 00:00:52,965 --> 00:00:54,585 You know what's next? 16 00:00:54,915 --> 00:00:59,925 Well, uh, we've got offices and practices that are doing I. 5 million 17 00:01:00,015 --> 00:01:04,035 a year, 6 million a year, 7 million a year with a couple of associates. 18 00:01:04,485 --> 00:01:08,805 Uh, one practice that we're working with, uh, doing 11 million a year. 19 00:01:09,285 --> 00:01:12,915 Uh, they have three brothers that are the, the dentist and they 20 00:01:12,915 --> 00:01:14,265 have a couple other associates. 21 00:01:14,685 --> 00:01:18,285 Um, and these mega type practices, they're not really you. 22 00:01:18,435 --> 00:01:22,245 Some of 'em I guess could be considered a group practice, but, um, or a. 23 00:01:22,860 --> 00:01:27,030 They're not a DSO, but they're, they're together and their productivity is high. 24 00:01:27,030 --> 00:01:29,460 They've got great marketing, they're doing things that way. 25 00:01:29,790 --> 00:01:31,080 But what's next? 26 00:01:31,080 --> 00:01:35,910 Well, um, what I would tell, you know, what I would tell the doc is it 27 00:01:35,910 --> 00:01:37,260 really depends on what you want to do. 28 00:01:37,260 --> 00:01:41,430 I mean, you've got an ebitda, uh, which is a profit every year after getting 29 00:01:41,430 --> 00:01:44,190 paid of a million dollars a year. 30 00:01:45,255 --> 00:01:50,595 Well, you know, you can, uh, keep doing that for the next, however, 31 00:01:50,625 --> 00:01:54,615 you know, if you're forever how much longer you wanna work, you know, I, you 32 00:01:54,615 --> 00:01:56,025 may say, I wanna work 10 more years. 33 00:01:56,025 --> 00:01:57,015 I'm at the top of my game. 34 00:01:57,015 --> 00:01:59,115 I wanna do this 10 more years, and then I'm done. 35 00:01:59,955 --> 00:02:01,155 Okay, what's next? 36 00:02:01,185 --> 00:02:06,405 Well, that's the time actually to begin planning an exit strategy. 37 00:02:06,405 --> 00:02:08,685 That's the time to begin planning. 38 00:02:09,225 --> 00:02:13,005 Uh, the sale of your business, uh, is 10 years ahead. 39 00:02:14,055 --> 00:02:17,745 Uh, but let's say you haven't planned, but you have a million dollars in 40 00:02:17,745 --> 00:02:20,865 ebitda and you really don't really want to work another 10 years. 41 00:02:21,555 --> 00:02:26,265 Um, there are options that you have, uh, as far as setting it up. 42 00:02:26,295 --> 00:02:30,734 You can sell to an independent dentist, uh, sell, sell the practice there. 43 00:02:30,975 --> 00:02:35,204 It's a lot harder to sell a practice that's $5 million because most 44 00:02:35,204 --> 00:02:36,795 individual dentists can't afford that. 45 00:02:37,260 --> 00:02:41,070 So what we do is we end up building our practices to something we can't 46 00:02:41,070 --> 00:02:42,990 even sell to an individual dentist. 47 00:02:42,990 --> 00:02:47,550 And that's where the private equity guys have really taken, uh, taken advantage 48 00:02:47,550 --> 00:02:53,490 of the situation, uh, and coming in and purchasing these, I say large practices, 49 00:02:53,880 --> 00:02:55,680 very highly productive practices. 50 00:02:55,680 --> 00:02:58,050 They don't even look at practices that are doing less than a 51 00:02:58,050 --> 00:02:59,400 million and a half dollars a year. 52 00:03:00,120 --> 00:03:01,740 So you're at the top of the game. 53 00:03:01,740 --> 00:03:02,310 What's next? 54 00:03:02,310 --> 00:03:03,810 It depends on what it is you want to do. 55 00:03:04,200 --> 00:03:04,830 Um. 56 00:03:05,160 --> 00:03:06,510 You certainly don't have to sell. 57 00:03:06,600 --> 00:03:09,870 You could, you could go for 10 years. 58 00:03:09,870 --> 00:03:13,650 You say, I wanna practice until, until I can't practice anymore. 59 00:03:13,770 --> 00:03:14,820 Well, you don't have to do anything. 60 00:03:15,180 --> 00:03:16,890 You just keep, keep going. 61 00:03:16,950 --> 00:03:19,860 Maybe bring some associates in, you can work out. 62 00:03:19,920 --> 00:03:23,070 Uh, there are different ways of working out equity associateship 63 00:03:23,070 --> 00:03:26,220 positions where you can kind of give them a piece of the action as you go. 64 00:03:26,670 --> 00:03:29,310 But if you're making a million in profit every year, first of all. 65 00:03:29,670 --> 00:03:33,060 I would say if you're gonna continue to work 10 years, let's make that 66 00:03:33,060 --> 00:03:36,900 a million and a half or 2 million in profit over the next 10 years. 67 00:03:36,990 --> 00:03:40,860 Uh, not just a million, but money doesn't become the issue. 68 00:03:41,100 --> 00:03:44,850 You know, lifestyle and time off and those types of things. 69 00:03:45,210 --> 00:03:47,100 Uh, that would be what I would say. 70 00:03:47,580 --> 00:03:48,090 Okay. 71 00:03:48,240 --> 00:03:48,825 What's next? 72 00:03:48,825 --> 00:03:50,310 Well, that, maybe that's next. 73 00:03:50,370 --> 00:03:52,080 You know, I, I just want lifestyle. 74 00:03:52,470 --> 00:03:53,790 Remember, that's what I did. 75 00:03:54,060 --> 00:03:58,410 I went to two days a week, still kept producing, uh, 2 million a year, 76 00:03:58,860 --> 00:04:01,050 but I got five days off every week. 77 00:04:02,040 --> 00:04:04,290 And, uh, that's what I did. 78 00:04:04,290 --> 00:04:05,940 That was my What's next? 79 00:04:06,270 --> 00:04:11,940 Um, as far as setting up for an exit strategy, selling your business, um, 80 00:04:12,000 --> 00:04:13,800 somebody with a million dollars in ebitda. 81 00:04:14,400 --> 00:04:21,210 In today's world, could get a check for 10 million, 12 million, and 82 00:04:21,210 --> 00:04:23,970 you're not gonna be able to walk away with a check like that because 83 00:04:23,970 --> 00:04:24,870 they're gonna want you to work. 84 00:04:25,349 --> 00:04:26,940 You know, three to five years. 85 00:04:27,179 --> 00:04:28,169 Why do they want you to work? 86 00:04:28,200 --> 00:04:32,640 Well, because you're the one that's been driving the train and, um, 87 00:04:32,729 --> 00:04:34,260 they don't wanna lose the conductor. 88 00:04:34,590 --> 00:04:38,280 Uh, right off the bat they'll find ways to bring in other, other 89 00:04:38,280 --> 00:04:42,359 doctors to come in and, and take over, you know, the productivity. 90 00:04:43,010 --> 00:04:46,070 But it, it really becomes that option. 91 00:04:46,070 --> 00:04:47,600 What, what is it I want to do? 92 00:04:48,080 --> 00:04:55,280 Um, and, and, and dentistry, um, is one of those fields where you can make a 93 00:04:55,280 --> 00:04:58,580 phenomenal living, uh, at a high level. 94 00:04:59,000 --> 00:05:01,610 Um, but you get to write your own story. 95 00:05:02,175 --> 00:05:05,745 You know, uh, what I can tell you what I did next. 96 00:05:05,745 --> 00:05:08,745 I mean, I, I started other companies. 97 00:05:08,745 --> 00:05:09,675 I'm an entrepreneur. 98 00:05:09,675 --> 00:05:13,965 I started several other companies, a software company, uh, that we 99 00:05:13,965 --> 00:05:17,415 eventually sold to A-K-K-R-I coached. 100 00:05:17,445 --> 00:05:20,295 Um, I. I coached, uh, high school boys. 101 00:05:20,295 --> 00:05:23,895 I have all girls, but I coached high school boys a a u basketball, 102 00:05:24,375 --> 00:05:26,265 um, because it's something I love. 103 00:05:26,625 --> 00:05:29,445 Um, I am what's next for me. 104 00:05:29,445 --> 00:05:32,805 I, I'm gonna play Augusta National in the fall, which is something that's 105 00:05:32,805 --> 00:05:34,485 been on my bucket list forever. 106 00:05:34,544 --> 00:05:37,185 I've been working hard to try to find a way to play there. 107 00:05:37,664 --> 00:05:40,065 And, um, so. 108 00:05:41,280 --> 00:05:45,510 It's about, you know, I, I don't know, I think it's about bucket lists. 109 00:05:45,630 --> 00:05:49,200 It's about what's on my bucket list, what are things I want to do, you 110 00:05:49,200 --> 00:05:52,980 know, gonna be 70 this year and, you know, I still wanna see the world. 111 00:05:53,010 --> 00:05:56,245 I've seen a lot of it, but there's still places I want to go and, 112 00:05:56,790 --> 00:05:58,350 and people I wanna go with. 113 00:05:58,680 --> 00:06:04,260 And so that's where financially it allows you to, to do that. 114 00:06:04,260 --> 00:06:06,870 And if, if you're at the top of your game. 115 00:06:07,530 --> 00:06:09,120 You kind of understand that. 116 00:06:09,570 --> 00:06:14,010 Um, and another thing I would say is what's your stress level? 117 00:06:14,130 --> 00:06:17,640 You know, is this, is this, uh, being at the top of your game? 118 00:06:17,640 --> 00:06:18,330 Is it stressful? 119 00:06:18,330 --> 00:06:20,130 Is it stressful going to the office? 120 00:06:20,400 --> 00:06:24,690 Um, if it's not stressful going to the office, yeah, you got an option, keep 121 00:06:24,690 --> 00:06:26,340 going to the office, keep having fun. 122 00:06:26,609 --> 00:06:30,840 Enjoy your life, but make sure you get to spend time with family, friends, and, uh. 123 00:06:31,335 --> 00:06:33,465 And take good care of yourself. 124 00:06:33,675 --> 00:06:38,835 You know, health wise, I'm, I'm probably in, well, I'm in the best shape I've 125 00:06:38,835 --> 00:06:42,255 been in, in probably 20 years, 25 years. 126 00:06:42,795 --> 00:06:49,635 Um, I, you know, I'm, I'm enjoying life and I think that that's 127 00:06:49,815 --> 00:06:55,125 really one of those things that, you know, that's why we're here. 128 00:06:55,185 --> 00:06:56,625 I mean, to take care of people. 129 00:06:56,625 --> 00:06:59,475 I've been able to, to, uh, I've been able to be. 130 00:06:59,565 --> 00:07:04,065 Um, you know, donate revenue, donate money to charities. 131 00:07:04,425 --> 00:07:08,955 Uh, we have a rabbit farm in Zimbabwe that, uh, we, we've been a part of. 132 00:07:08,955 --> 00:07:14,955 And, um, um, the New Hope Girls down in the Dominican, which is, uh, a 133 00:07:14,955 --> 00:07:19,935 home for, uh, for kids that have been abused and, uh, trafficked. 134 00:07:20,789 --> 00:07:25,229 Uh, so, and, and even right here in our local town, we've, we've donated 135 00:07:25,229 --> 00:07:28,380 to, uh, the Children's Advocacy Center. 136 00:07:28,380 --> 00:07:32,130 So it's, it's, you get to do the things that are important to you. 137 00:07:32,430 --> 00:07:39,390 And, uh, I, I said in the last, uh, podcast or couple before, was that 138 00:07:39,719 --> 00:07:44,520 Jeff Buskey, my, my, my partner for years has a great course on. 139 00:07:45,170 --> 00:07:48,590 Really, I don't know, identifying what it is you want to do for the future. 140 00:07:48,860 --> 00:07:53,780 You know, what, you know, my family, my friends, my uh, my fitness, 141 00:07:53,780 --> 00:07:56,180 my finances, all of those things. 142 00:07:56,180 --> 00:07:59,840 And so that can be something that really takes you to a new level. 143 00:07:59,840 --> 00:08:05,600 I've watched guys really just blow up in their, uh, in their decision 144 00:08:05,600 --> 00:08:09,140 making on what's next in, in their, in their practice and in their life. 145 00:08:09,440 --> 00:08:11,840 You know, the other thing about that question is, you know. 146 00:08:12,990 --> 00:08:16,290 You know how to determine, you say, how do I determine what's next? 147 00:08:16,290 --> 00:08:22,320 Again, I think I said a few months ago, I said, that's where you sit out on a back 148 00:08:22,320 --> 00:08:24,060 porch with a glass of wine and you decide. 149 00:08:25,125 --> 00:08:29,745 You know, if, if your, your significant other, you say, what is it we want to do? 150 00:08:29,925 --> 00:08:33,735 You know, talk and, and, uh, have dentists that you can talk to. 151 00:08:33,765 --> 00:08:37,485 That's where Productive Dentist Academy has, you know, study clubs. 152 00:08:37,485 --> 00:08:42,645 We have doctors that, uh, are part of a tribe that, you know, 153 00:08:42,645 --> 00:08:44,415 you'll be able to ask questions to. 154 00:08:44,775 --> 00:08:48,765 Um, but you're at a point in your life when you're at the top of your game. 155 00:08:48,855 --> 00:08:54,285 You can either keep doing it for as long as you want, you can. 156 00:08:55,425 --> 00:08:56,235 Stop doing it. 157 00:08:56,805 --> 00:08:59,445 You know, if you, if you've invested property and you've done the 158 00:08:59,445 --> 00:09:00,615 things, you could stop doing it. 159 00:09:00,885 --> 00:09:04,965 So those are the kind of decisions that I love to make. 160 00:09:05,145 --> 00:09:09,345 You're, you're coming to a decision, you're coming to that crossroads, you're 161 00:09:09,345 --> 00:09:15,225 coming to that, do I take a left or do I take a right, based on abundance, 162 00:09:15,285 --> 00:09:17,085 based on an abundant mentality. 163 00:09:17,715 --> 00:09:20,235 And what Productive Dentist Academy has been doing for 20 164 00:09:20,235 --> 00:09:22,635 years is helping doctors get to. 165 00:09:23,175 --> 00:09:27,315 That abundance so that they can have an abundant mentality. 166 00:09:27,825 --> 00:09:31,635 Uh, it's really hard to have an abundant mentality and to do things you want 167 00:09:31,635 --> 00:09:34,845 and to take care of people the way you want to take care of 'em when 168 00:09:34,845 --> 00:09:36,525 you haven't taken care of yourself. 169 00:09:37,290 --> 00:09:41,790 And so when I, when I hear somebody say I'm at the top of my game, I 170 00:09:41,790 --> 00:09:43,140 would say I'm at the top of my game. 171 00:09:43,140 --> 00:09:43,860 Physically. 172 00:09:44,070 --> 00:09:47,430 I'm at the top of my game from a productivity and finance. 173 00:09:47,700 --> 00:09:51,210 Um, and, you know, I'm at the top of my game of, of the things 174 00:09:51,210 --> 00:09:52,440 that I want to do in my life. 175 00:09:52,440 --> 00:10:00,420 So, um, that's the kinda stuff that, um, to me makes dentistry fun. 176 00:10:00,870 --> 00:10:04,380 And we have the greatest occupation, I think, in the world. 177 00:10:04,380 --> 00:10:06,450 I think it's the greatest time to be a dentist. 178 00:10:07,035 --> 00:10:10,665 Uh, I think, uh, you know, I've got so many great friends. 179 00:10:10,665 --> 00:10:13,275 It's, it's afforded me the opportunity to see the world. 180 00:10:13,545 --> 00:10:15,405 It's afforded me the opportunity to. 181 00:10:15,840 --> 00:10:20,640 Just have some real, serious, serious relationships, uh, with 182 00:10:20,640 --> 00:10:22,980 people that I, I may never have met. 183 00:10:23,250 --> 00:10:28,620 Um, you know, it's kind of neat when, you know, dentists we're all kind of engineers 184 00:10:28,620 --> 00:10:34,380 in the head, so we relate to each other and so, you know, that, that, that's fun. 185 00:10:34,770 --> 00:10:37,620 We've got the new Clinical Calibration Institute now with 186 00:10:37,620 --> 00:10:39,030 Productive Dentist Academy, which. 187 00:10:39,660 --> 00:10:41,190 You can get involved in. 188 00:10:41,190 --> 00:10:44,820 It's, it's maybe not a what's next decision for somebody who's at the top 189 00:10:44,820 --> 00:10:46,530 of their game, although it could be. 190 00:10:46,860 --> 00:10:48,660 Um, but what's next? 191 00:10:48,840 --> 00:10:52,380 I would recommend getting in, uh, involved with the Clinical Calibration Institute. 192 00:10:52,650 --> 00:10:55,980 It's like 695 to 9 95 a month. 193 00:10:56,460 --> 00:10:59,160 Uh, not per person, but for the whole team. 194 00:10:59,430 --> 00:11:01,230 And we helped train the whole team. 195 00:11:02,400 --> 00:11:05,640 To live a life of abundance, to get to a place where stress 196 00:11:05,640 --> 00:11:08,010 is low, enjoyment is high. 197 00:11:08,400 --> 00:11:13,950 Um, and you know, I think I, you know, I think that's where I wanna be. 198 00:11:13,950 --> 00:11:14,939 That's where I am. 199 00:11:15,210 --> 00:11:16,530 Uh, I'm enjoying life. 200 00:11:17,685 --> 00:11:20,745 Um, let's get you there too if you're not there. 201 00:11:20,985 --> 00:11:23,145 And if you are there, congratulations, man. 202 00:11:23,145 --> 00:11:23,895 I love it. 203 00:11:24,015 --> 00:11:28,035 And I would love for you to become a mentor and help, help our docs 204 00:11:28,185 --> 00:11:29,535 because that's what we're looking for. 205 00:11:29,535 --> 00:11:32,835 We're looking for docs who, in all different areas of their life, 206 00:11:33,225 --> 00:11:34,635 uh, that we can help other docs. 207 00:11:34,635 --> 00:11:37,275 So, uh, productive dentists.com. 208 00:11:37,395 --> 00:11:42,435 Get involved with any of our programs and, uh, I super, I super 209 00:11:42,435 --> 00:11:45,225 look forward to seeing you at one of our, uh, one of our programs.