Dentrepreneur Podcast

• Advice for Future Success: Embracing a Growth Mindset with John McNabb

  In this insightful podcast episode, we delve into the topic of valuations and end goals in dentistry. What factors should dentists consider when assessing the value of their practice, and how can they align their end goals with their financial aspirations?In this episode of the Dentrepreneur Show, Dr. D. Todd Russell interviews John McNabb, CEO of CanaDent Corporation. John, with a proven track record in mergers and acquisitions exceeding two billion dollars across diverse industries, engages in a discussion with Todd about the importance of humility and recognizing limitations for future success. With extensive experience in management and executive roles within renowned Canadian and international banks, specializing in complex corporate financings and risk management, he has since served as a financial and operational business advisor. Most recently, he focused on dental management consulting, particularly in practice acquisitions. John's skill set encompasses strategic planning, risk management, marketing strategy, financing, exceptional negotiation skills, and effective leadership capabilities.Furthermore, in this podcast episode, John, focusing on dentists, emphasizes the significance of setting aside ego and acknowledging the need for continuous learning and seeking mentorship. The host agrees with this perspective and expresses interest in inviting the guest back to the show. They also inquire about how listeners, particularly in Canada, can connect with the guest, especially those looking to merge or sell their dental practices. The episode underscores the value of humility and the willingness to learn from others in order to achieve success, while also shedding light on the importance of dentists broadening their perspective and acquiring business acumen for long-term financial success.They will touch on such topics as:Leveraging relationships for business growth and the significance of humility and recognizing limitations for future success.The importance of dentists setting aside egos and embracing continuous learning, Toronto's growth and multiculturalism, and venture capital and private equity.The focus on clinical skills rather than business management in dental education, the importance of rising interest rates and valuations, and the rolling disaster series: “I would rather keep my cash safe and have it available to use when I need it, rather than taking a shot at something.”Lack of transparency in acquisitions and business acumen among dentists and the challenges of buying and selling practices: "On day one of being an owner, you should start thinking about the last day of being an owner."Standardizing the acquisition process, DSOs and dental practice value, how staff turnover affects practice cohesion: "Unfortunately we human beings learn fastest and most effectively from pain rather than pleasure."Broadening perspectives beyond clinical aspects for a successful dental practice, the importance of building a larger practice for long-term financial success, prioritizing skill development and revenue generation strategies.P.S. Follow, Rate, and Review HereConnect with John McNabb:Phone: Office: 416-551-5660 / Cell: 647-991-7219LinkedIn: https://www.linkedin.com/in/john-mcnabb/Website: http://www.canadent.ca/Email:

  --------  

  52:53
• Building the Right Platform for Your Business Goals with Len Garza

  You're a young entrepreneur wondering: how do I navigate the complexities of running a business? What are the most important aspects of valuing a dental practice's business, and how important is a well-thought-out plan?In this episode of the Dentrepreneur Show, Dr. D. Todd Russell interviews Len Garza, the founder of GARZA, a highly reputable law firm specializing in safeguarding the personal and business assets of business owners and individuals. Len's expertise has earned him recognition in esteemed media outlets such as Forbes, Entrepreneur, Law Insider, CBS News Radio, and Inc. Magazine. Additionally, he has been honored as a Super Lawyer by Thomson Reuters and holds the highest rating of AV-Preeminent by Martindale-Hubbell, acknowledging his exceptional legal skills and professional achievements. Len is a sought-after lecturer, frequently sharing his insights on family business and wealth planning, preservation, and asset protection. His passion lies in educating his community and guiding business owners and their families in their journey toward building and safeguarding generational wealth.In this episode, Len emphasizes the importance of business owners thinking beyond day-to-day operations and having a well-thought-out plan for the future. They highlight that business owners often have so much on their minds, such as what's coming up in the next week, month, quarter, or even a few years down the line. However, the host emphasizes that it is crucial for business owners to force themselves to think beyond these immediate concerns and ask themselves what they want out of their business in the long run.They will touch on such topics as:Guest Len Garza discusses his background, being humbled by the experience, and the concepts of entitlement and empowerment of being an expert.The significance of being in the weeds of dentistry and being in charge: "Dentists are the head of maintenance and the chief of security."When is the right time to consider an exit strategy, the value of a well-thought-out plan.The key components of valuing a dental practice's business, the importance of having systems in place, and the things to know before selling: "Planning is a system, not a mindset."The legal profession has done well in terms of bringing in associates, how this has kept young dentists out of debt, and how success breeds success.The significance of surrounding yourself with experienced experts and the benefit of drawing on the experience of others, as well as the first phase of due diligence and what it entails for both a seller and a buyer.Who inspired Len to build his empire, how his first business was a nightmare, and the importance of being prepared for the unexpected: "Don't count your chickens before they're hatched."P.S. Follow, Rate, and Review HereConnect with Len:Website: https://lgarzalaw.com/Connect with Dr. D. Todd Russell, DDS:Website: https://dentrepreneurllc.com/ YouTube: @DentrepreneurShowLinkedIn: Dr. D Todd Russell, DDSTwitter:...

  --------  

  43:48
• Embracing Change in Dentistry: A Conversation with Russ Baker

  Are you ready to take your dental practice to new heights and leverage the power of cutting-edge technology? Curious to explore captivating firsthand experiences and invaluable insights from a distinguished dental industry entrepreneur?In this episode of Dentrepreneur, Dr. D. Todd Russell interviews Russ Baker, an author, a dental industry veteran with 30 years of experience and currently serving as the Vice President of Equipment, Repair, and Supplies for Dental Whale. He grew up in Cleveland, Ohio, where boating on Lake Erie and being a die-hard Cleveland sports fan instilled a sense of wonder, resilience, and loyalty. Described as trustworthy, loyal, steadfast, driven, and funny, he believes that integrity and character are vital values. For Russ, success is living a life filled with love, laughter, and purpose, and he would advise future generations to slow down, appreciate life's moments, cherish loved ones, and find meaning and joy in everyday experiences.Todd and Russ talk about the importance of procurement of supplies in the dental industry. They will discuss the key areas that dentists should pay attention to when building their practice and emphasize the importance of scaling a dental business, owning multiple offices, and generating passive income. They stressed the need for systems and a clear exit strategy when scaling a business, as it can lead to financial success and the ability to step back from practicing dentistry. Overall, technology and scaling are crucial factors in the dental industry that can lead to success and efficiency.They will touch on such topics as:Learning the business side of dentistry, the cost of goods and services, and what you do at the dental fix. Group purchasing organization, EBITDA, and net operating income, and how important consistency is over time, not just a month or a quarter.Russ' startup advice, how to plan an exit strategy, and the five-step process for business mastery and procurement: "The best systems are the ones that are copycat and repeated."The sweet spots for bringing on an associate, an emerging, and private equity investment, as well as how Covid-19 and staffing costs affect dental practices: "Dentists are highly resistant to macro-economics."What the ideal dental practice is for him, as well as the importance of education in dentistry and how technology helps reduce costs but can be used to spread fake news.Who influenced Russ the most, how he progressed from working part-time to full-time work, and how he scaled his business to have a passive income are all discussed.P.S. Follow, Rate, and Review HereConnect with Russ:Email: [email protected]: https://www.dentalwhale.com/Phone: 704-776-2533Connect with Dr. D. Todd Russell, DDS:Website: https://dentrepreneurllc.com/ YouTube: @DentrepreneurShowLinkedIn: Dr. D Todd Russell, DDSTwitter:...

  --------  

  34:22
• The Importance of Being Present and Having A Boots-on-the-Ground Approach in Dental Management with Naimish Patel

  You’re fresh out of Dental School, wondering, how do I become a successful practice owner? What does it take to have a hands-on approach to dental management, and what advice should you be looking for as a dental professional considering doing so?In this episode of Dentrepreneur, Dr. D. Todd Russell interviews Naimish Patel, the co-founder, and CEO of Tru Family Dental, a dental support organization that helps 30 successful community dental practices provide lifetime quality care in private practice settings. Naimish established an exceptional management team and scalable operating infrastructure, as well as led a disciplined execution strategy that produced exceptional results for shareholders, team members, and patients. Naimish served on the board of directors of UMA Enterprises and Cumming Corporation as a Senior Advisor to Long Point Capital, a middle-market leveraged buyout firm. Naimish was previously the Managing Director of CITG Capital, a private equity firm he founded that focused on capital investment on behalf of an entrepreneurial family office.Todd and Naimish also delve into Naimish's hands-on approach to management, which involves working on the front desk in his practices, and the importance of being present in business operations. Overall, this episode offers valuable insights into the dental and private equity industries from a successful and experienced entrepreneur.They will touch on such topics as:Naimish’s background in dental roll-ups, his career in private equity, and how he was received in the early stages of his business.Aligning and surrounding yourself with the right people on board and creating the culture of the business is the best timeline for selling a practice.How people don’t realize how physically demanding dentistry is, and they also discussed dentists who enjoy the thrill of small business ownership and entrepreneurship.Networking with those who have done it before and thus looking for consultants with real-world experience is key to a successful start-up.How culture and core values are near and dear to Naimish’s heart, creating a great dental experience, and the ethos of having happy patients and happy team members.The practitioner's quality and the importance of doing good quality work, which includes staying on top of changes in your business and keeping everything in order.Personal questions were asked at the end, such as what is most important to Naimish, how he prepared for the transition, and how the Bhagavad Gita and Vince Lombardi inspired him.P.S. Follow, Rate, and Review HereConnect with Naimish:LinkedIn: Naimish PatelEmail: [email protected] with Dr. D. Todd Russell, DDS:Website: https://dentrepreneurllc.com/Youtube: @DentrepreneurShowLinkedIn: Dr. D Todd Russell, DDSTwitter: @drtoddrussellQuote:...

  --------  

  36:26
• The Benefits of Having In-House Plans to Maximize the Success of Your Dental Practice with Elliot Feldman

  Are you a dentist looking to increase the value of your practice and attract new patients? Do you want to learn how to reduce stress while increasing revenue in your dental practice? In this episode of the Dentrepreneur Show, Dr. D. Todd Russell interviews Elliott Feldman, the President & Founder of Empower DDS. Empower DDS was born when Elliott’s passion for small business met his love of the dental market. Elliott’s dental career has included directly working with offices and running a team for one of the country’s largest dental suppliers. After visiting hundreds of offices, he saw dentistry was in trouble. There was a common theme in every dental office. The reimbursements were falling as the production went up. Feeling that more of an impact could be made, Elliott took the step to create the Empower platform. Elliott’s ultimate reward is watching doctors regain practice control from insurance, creating a future for independent dental offices. Elliot discusses the challenges that dentists face in growing their businesses, sharing his experience in the dental business world. He shares tips for dentists on building a solid online presence and increasing revenue by offering a membership plan. Todd and Elliott will also explore the benefits of in-house plans for dental practices and they also discuss the importance of marketing, building a solid online presence, and offering a membership plan. By offering a membership plan, patients are more likely to schedule regular check-ups and procedures, which can boost the practice's income. Moreover, in-house plans can reduce stress for the dentist and the patient by eliminating the need to deal with insurance companies. This can lead to a better patient experience and a more efficient practice. Overall, in-house plans can be a valuable tool for dental practices seeking to improve their financial performance and overall operations. They will touch on topics such as:The evolution of the dental industry, the advantages of employer-based insurance, and how to increase the value of a dental practice.The goal of raising revenue starts with identifying costs, coaching/consulting, and hiring another hygienist: “You always have to remember, it doesn't matter what you charge, what matters is what you receive."Fees for service type practices versus Medicaid-based practices, how restorative cash helps lower patient attrition, and creates a transparent plan for customers: “The biggest misconception in dentistry is that the cost is what keeps people away.”Corporate dentistry and its effect on the profession, consolidation in the dental industry, and why we need insurance: “Insurance is meant to build trust.”What type of insurance category a new owner should consider, the cost of dealing with insurance claims, and the lag in insurance collections at dental offices.Patient-facing vs. clinical-facing concepts, leveraging experts to educate patients, and empowering patients with in-house plans are all discussed.Personal questions for Elliot include who influenced him to be the man he is today, his thoughts on putting things in perspective and finding them during difficult times, and how to grow a podcast audience.P.S. Follow, Rate, and Review HereConnect with Elliot:Website: https://empowerdds.comPhone: (844) 747-3337LinkedIn: @empowerddsInstagram:

  --------  

  46:47

More Business podcasts

Trending Business podcasts

About Dentrepreneur Podcast