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Finding Purpose and Fulfillment in Your Dental Career

Summary:

Networking and building relationships are essential for success in the dental field.

 

In this episode, Dr. Glenn Vo, founder and CEO of Nifty Thrifty Dentists, discusses his journey in dentistry, the importance of honesty and helping others, and the value of work-life balance. Dr. Vo shares his transition from psychology to dentistry, influenced by his sister and his own realization of his potential. He highlights the significance of laying a strong career foundation, fostering a supportive environment, and not comparing oneself to others. Glenn stresses the challenges and sacrifices of starting a dental practice, underscoring hard work, determination, and the need for networking. He also touches on being resourceful, finding purpose, and the importance of giving back to one’s community. Finally, Dr. Vo emphasizes collaboration over competition and the need to adapt to different life seasons for work-life balance, and explains his unique definition of success every listener can benefit from. 

 

Tune in and learn from Dr. Vo’s remarkable journey about achieving success, building strong relationships, and finding purpose in your career and life!

Secure Dental_Dr Glenn Vo.mp3: Audio automatically transcribed by Sonix

Secure Dental_Dr Glenn Vo.mp3: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Dr. Noel Liu:
Welcome to the Secure Dental Podcast. Through conversations with the brightest minds in the dental and business communities, we'll share practical tips you can use to scale your practice and create financial freedom for yourself and your family. My name is Dr. Noel Liu, CEO and Dentist at Secure Dental, and also co-founder of DentVia. I'm your host for the Secure Dental Podcast, and I'm so glad you're joining in.

Dr. Noel Liu:
Hey. Hey everyone, welcome to another episode of our Live here. So this is Dr. Glenn Vo. So we are doing another episode of our Secure Dental podcast. This guy is such a treat. So before we get started, I just want to give a shout out to my sponsor: DentVia. DentVia is a virtual dental administration company, basically assisting our front desk in our dental offices to do all the back-end office tasks such as calls, eligibility, all the back, like lead generation calls and follow up. So definitely check them out. www.DentVia.com. That's DentVia.com. Now, without further ado, this gentleman needs no introduction. Glenn Vo, it's such an honor to have you here, man. He runs Nifty Thrifty. If most of you guys are not aware of Nifty Thrifty, I don't know where you've been living, but let's get down to it. I'll let you do the intro and let's dive right in.

Dr. Glenn Vo:
First of all, thank you so much. I've been a big fan of this podcast, a big fan of you. You're just not only just an amazing entrepreneur, but also what separates entrepreneurs is their generosity. And of course, I don't have to talk about what you've done recently in the dental community. Just so generous, willing to give back, but also not only give back from a monetary standpoint, but giving back with your knowledge and also uplifting other people and being an inspiration. So again, just want to let you know, especially as an Asian, just I always follow other Asian entrepreneurs and I'm like so amazing of what you've done. So thank you so much for having me on here. And I just want to let everyone know that essentially what I do is I'm just a connector of people, as at an early age, I've always been just like a resource, whether it's my friends, growing up, they're asking me like, Hey, what's a good place to buy these school supplies or something like that? And even in dental school, people ask me like, Hey, do you have a, hey, do you have some notes? Or you have some old test or something like that? I've always just been a resource. And literally that's just what I've done in Nifty Thrifty and speaking in podcasts. I just try to help others. I try to get as much knowledge as I can, make as many connections as I can, so I can be a resource to others. Now, how does that translate to the business world, right? If you are a dependable person, you are someone with integrity, and if you are someone who genuinely wants to help others, then people will come to you. I wish I could just share like some kind of, people always think, Do you have this secret like way to talk to people? Is there a negotiation, way to negotiate things? And I tell I don't. I truly I've read all those books. I followed the Grant Cardone's of the world, the Gary Vee's. Look, I've learned from all those guys. And all I can tell you is there's some good stuff there. But if you simply just are a good person, you're honest, and you genuinely want to help people, I promise you the opportunities will come. I wish I could give you something more complicated than that, but if you just do those three things, opportunities will come.

Dr. Noel Liu:
You said such a good point because that is exactly all these big boys have in common, right? You said Gary Vee's, the Grand Cardone's of the world. If you look at all the personal development space, there are all these guys, they all have one thing in common is to genuinely help somebody. The minute you do that, success follows, money follows, fame follows, everything follows. And you're like a proven legend right here, my man. You've taken your Nifty Thrifty such a long way. Let's get started from dental school. What, how did you get into dentistry, man? I would like to hear about that.

Dr. Glenn Vo:
So I want to share something that I think you will appreciate. There's something about growing up in an Asian household. When it comes to your siblings and sometimes your parents, they are very blunt and straight to the point and sometimes like it hurts your feelings. And I remember when I was in college, I just went through the whole college experience. My older sister was just like, she was a child prodigy. She got into dental school when she was like 20 years old. She became a dentist at 24. She didn't have any debt because she had the foresight to have the military pay for it. And so she was like the prodigy. I'm like the middle child. And they just say, just do it. Just try not to bring shame to the family. That's pretty much like my parents there. Yeah. Just don't bring shame to the family. Right? So what happened was, is that I was doing a master's program in health administration. I thought, Hey, that sounds like a good degree. Just slide by and whatnot. And I remember my sister reaching out to me. She said, Hey, come down and why don't you, my assistant is out sick. Can you come and just work for a week? I'll pay you really good. Can you assist me for a week? Little did I know that my parents and her, they had an ulterior motive. Wow. Because they were like, This guy has more potential. He's a smart guy. So I was there, and I remember assisting my sister. This was like near the end of the week. And she stopped.

Dr. Noel Liu:
How old were you?

Dr. Glenn Vo:
This was, I was, I want to say I was like early 20s. I already graduated with undergrad. I had a degree in psychology. I didn't even know what I wanted to do.

Dr. Noel Liu:
Kind of lost at that time.

Dr. Glenn Vo:
Yeah, it was a little lost. And I was doing this master's program because I thought you could probably make six figure income. That's all I cared about. So I was assisting my sister and I remember this like yesterday. I was suctioning. She was doing like, some composites. And she stopped what she was doing. And she looked at me. And she says, Glenn, do you want to be a loser the rest of your life? I was like, What? I was like offended. But only a sister can say that to her younger brother. She said that, she was like, Do you want to be a loser for the rest of your life? What's funny is that the patient that I was working on, she actually looked at me too. They all looked at me. The patient looked at me. My sister looked at me. And I was like shocked. And I said, No, I don't want to be a loser. On the spot. Even the patient looked at me because she wanted to know, do I still want to be a loser for the rest of my life? She looked at me too. And so my sister's, The reason why I brought you down here is because I wanted to see if this is something that you could do, because I feel like you have more potential than just getting some master's degree. And no offense to people who have a master's in health administration. No offense to them. But my sister saw that I had a little bit more in me, maybe the ability to be a doctor. And after that I was like, You know what? No, I don't want to be a loser. And so I actually went back to school, did a post-bacc program at UT, and started going to dental school. Now most people that get into dentistry because maybe they like to eat, maybe they like the science aspect. I actually joined and the reason why my sister brought me there is I watched her how she, I liked the business aspect and the relationship aspect. I liked the fact that as a dentist, you are a mentor not only to your team, but to your patients. You're educating them. And for me, I always had that in my heart. And so that's the reason why I wanted to become a dentist, because I wanted to be a professional that people went to for advice to learn from. And I liked the fact that you can mentor and you can uplift the team. So that's actually how I got into dentistry. Is my sister literally semi-insulting me and saying, You don't want to be a loser, but to this day I still tell her it wasn't for her, I wouldn't have been a Dentist. And honestly, that's what a good sibling is. They watch out for you. Especially the oldest sibling. You're, and I tell this to my daughter all the time. It's your job to lay the foundation, but you have the honor of being the oldest. God gifted you with that honor, so you have to live up to that honor. So that's how I got to industry.

Dr. Noel Liu:
I'm going to steal that from my daughter.

Dr. Glenn Vo:
I tell that all the time. Because like her younger brother, he's a true, my son's, I have a 14-year-old daughter, a 11-year-old son. And so my 14-year-old daughter, she's a competitive swimmer. Obviously, she's really into school as well. My son's a competitive wrestler. And so she, I tell her, You got to lay the foundation, like you going to practice two times a day. She had practice this morning. She had practice in the afternoon. Somewhere in between, she's doing some schoolwork too, and also relaxing because it is summer. And I told her I was like, You can't slack off because this guy is actually watching you. You have a. So anyways, you should put a little pressure on your daughter too.

Dr. Noel Liu:
So you play the psychological game. I love it.

Dr. Glenn Vo:
You got to ... And our parents did that too. Probably in a, maybe not in a, in their own way, but they played these things. But that's what good parents do.

Dr. Noel Liu:
Did your parents ever compare you to other people, like other, like your cousins or your? Man, I was sick and tired of that.

Dr. Glenn Vo:
To this day, I absolutely hate that. And actually, I refuse to do that with my own kids. But I have to say this though, and for those who are watching, who are dental professionals or health care professionals, I want you guys to think about this. And I got this from one of my mentors who I actually, I'm at this gym and these guys, these three, the three richest guys in the, in my community, they work out here. And I'm so lucky that they consider me as a friend. They always pass the advice. But what they always say is that what made you successful: don't rob your kids of that. And I say, What do you mean by that? Glenn, did you have all these things that you have right now growing up? I was like, No, I had to work two jobs. Like sometimes I remember, like, sometimes I had to walk home from school. Sometimes my parents can pick me up; all these things. And they're like, And was that a big reason for your success? I was like, Yeah, because I had to grind and stuff like that. They said, Don't rob your kids of that. I always remembered that and now it's up to us. I can't put my kids in my same situation. That might be like borderline child abuse. Like I can't put them in that same situation, but you can put them in situations that force them to dig down deep and work hard and grit. And so for me, that is putting them in athletics and putting them in like hard courses, because that's going to force them to look within themselves. And that's my way. So again, I know I've steered off a little bit, but I just feel like we.

Dr. Noel Liu:
No, man, that's a great advice because we as dental professionals, if we had a hard life, we always want to give it back to the kids in such a way that, oh yeah, you know what? Just have it easy, because I had it hard. And you know what? You're going to get it easy. But no, you're going to, like you said, you are robbing them off. And the thing is, you are taking away the glory, the glory that you get once you make it; you're taking that away. And I completely 110%, my friend, I agree with you.

Dr. Glenn Vo:
Yeah. And although there's a certain things that my parents did that, I'll be honest, to this day is still bothers me. You can't. And my sister told me this. She says, Can you complain about the results? I was like, Okay, I can't really complain about it. I don't like the means, but you can't complain about the results. And so what we've done, and I truly feel this as, and everyone who has kids can relate to this is our job is to be better versions of our parents, right? Like I want my kids to be a better version of me. And part of that is not just financial and not just scholastic and academic achievements. It's also helping them become a better person. So for me, it's I'm learning the lessons that my parents put to me. I'm just packaging it in a different way, so to speak.

Dr. Noel Liu:
I love it. So, Glenn, tell me this here. You graduated from dental school. What was the first thing you did? Did you, like, open up your own practice? Did you work? How was that journey like for you?

Dr. Glenn Vo:
Yeah. So what I did, and everyone's situation is different. For me, I wanted to help my family out as much as possible. My parents worked really hard and they never asked for anything. So this was not their idea of, Hey, come get out and so that we can retire. No. I wanted to help out. And so for me, like I was focused on, I need to get a job that can make as much money as possible. Yes, could I be an associate at a private practice and learn things and take it easy? Yes, but I need to make money right away. And so I went into corporate dentistry because I wanted that. Number one also to make as much money as possible to help out my family, but also I want to get exposed to as much dentistry as possible. So this group and the founder of this corporate group, I'm friends, he is my mentor to this day. He actually, just to let you guys know, a good way to recruit like-minded people is you share your story and if they resonate with your story, then you know you got that same guy. So he actually came from the same background. His parents owned a fast food place. He was going there after. He told me stories of actually doing his homework and going there and flipping burgers and helping his family, and he built this from the ground up. And so I resonated with that story. So I was like, I'm going to work for this guy. This guy has the same thing. And so I worked for a couple of years, and then my wife and I, we opened our practice. But something that I did, which a lot of times people, they think, Okay, they're going to quit their job and go to their office and start working. Look, guys, when you start your practice, you're not going to get your patient flow, cash flow right away.

Dr. Noel Liu:
Let's be real.

Dr. Glenn Vo:
You got to have your other job. That's what I did. And if my son was going to ask me how to do it, I would recommend this way for him. For some people might not work, but I literally was working six days a week, six days a week: three at my associate job, three at my practice. My wife, she worked a little bit more in the practice, but she was still working part time because we didn't want to take any money from the practice. We reinvested it into the practice, pay down the debt, expand, put money towards expansion. I didn't take any money while I had this other job. It wasn't until, it got to the point where he could support me, that's when I left. So that's what we did. It's I literally, when you talk about Nifty Thrifty is not a term I throw around. I lived it.

Dr. Noel Liu:
Because you lived it.

Dr. Glenn Vo:
I lived it.

Dr. Noel Liu:
Yeah. So when you were starting off, man. So I know what do you think about work? So for somebody starting off, you went through the grind. I went through the grind. Tell me, what does work life balance look like at that time?

Dr. Glenn Vo:
Yeah. So I'll tell you what, guys. I'm learning every day. And even back then I learned so much. But I truly feel that work-life balance is going to be different from everybody, again, for everybody. For me, I'm very involved with my kids. I'm very involved with my family at this season of my life. But I truly feel like work-life balance, you should look at it in the lens of seasons. Okay? Everyone has a different season in their life. In the beginning, if you don't have any kids and it's just you and your wife, or maybe you're not even married yet. You're in a certain season. If you're in a certain season where you don't have a lot of obligations to your family, then you shift your resources and your time maybe more to your business, right? If you're in a season where your kids are getting into the impressionable age, let's say their middle school, high school, you might want to shift things there because they really need you there. So when it comes to work-life balance, I tell people to look at the season you are in your life. So if you have the flexibility of you don't have kids yet and you have the ability to maybe be more, being able to plan it better, then maybe in a certain season you're like, Okay, hey, you tell your wife, Hey, you know what? Or tell your husband, Hey, let's just hold off on kids just for a little bit. Let's just get to this point and then let's get there. Now, of course, life happens. If you already have kids, then that's fine. Then you have to move things around. But work-life balance should be based on the seasons of your life. So look where you are, be, and if you're lucky enough, try to plan it so that when, because again, you can be a awesome father or mother if you're already past that grind of trying to build your practice. If your practice's a certain level, then you're going to be a better father. Now, can you juggle everything? Sure. Our parents did that, but I think we all can admit that you probably could have had your parents a little bit more in your life like they did. I know with my own family, as I've gotten older and I've become a father myself, like I'm a little bit more, have a little bit more empathy for my parents. I was like, Oh man, they did the best that they could. Maybe I complained. Can't pick me up? I gotta walk home? These guys are getting picked up or these parents are here. Maybe when I was younger I would complain. But as an adult now, I can see that. And so we understand. So just plan around the season. That's what I, that's my big advice for work-life balance.

Dr. Noel Liu:
Nice, nice, I completely agree. So when you got started, you opened up a practice. You got to settle. So how long did it take you? Because a lot of times people have this question that, Hey, if I open up my practice, what am I looking at? Two years, five years, one year? I know, again, everyone's different. But in your case, when you said to shift all the resources. And somebody goes, I opened up my practice, but I still want to play golf, I still want to enjoy life, and I'm single. And how long does it take to get that practice profitable.

Dr. Glenn Vo:
Man, so that question, it's going to be different for everyone. But I'm going to tell everybody this is that people who are successful like yourself, like other, these other amazing doctors out there, it wasn't an overnight thing. There's a lot of sacrifice involved. And when I'm talking about sacrifice, I'm not even talking about sacrificing, not buying that Benz or not buying that million dollar house. There's real sacrifices when it comes to also relationships, too. And I'm not even talking about relationships with your spouse. I'm not even talking about relationship with your family. There's relationships with your friends, right? Like you're going to have to go away for a little bit. Or maybe you realize that you only have so much time, so now you prioritize your actual relationship with some friends and whatnot. So for me, I knew that I didn't. I wanted to get rid of my debt as quickly as possible. Obviously, as I've matured now in my financial intelligence and whatnot, that's not necessarily a bad thing. But it took me a while to get that. But I came from the old school where you didn't want to owe anything. So for me, my practice was actually profitable, probably within six months. And then from there shortly thereafter, I wouldn't make sure that my wife. So my wife's a dentist as well. We met in dental school. But I wanted to make sure that she got out of that grind of corporate dentistry and into our practice. So she got into our practice full-time within that six months, and slowly I came over. But again, being Nifty Thrifty, meaning, Hey, I mean.

Dr. Noel Liu:
I save every penny.

Dr. Glenn Vo:
I want to have that nice car. Once you're a doctor, you should have this nice car. And I still drove my like, Honda, and my wife still drove her Toyota. That was working really good. We did buy a house in a few years later, you know, but we try to resist that because we wanted to build that foundation. We wanted to get build up like that nest egg so just in case we have some slow months and whatnot. And that's how we did it. And when I say Nifty Thrifty, I'm talking about if I had to go there and had to change out the filters and do the stuff, I'd do it myself. If I had to go out there, people always talk about marketing. Okay, I want to, let me put all this money in marketing. You know what my marketing was in the beginning? I literally went to every business and met them and shook their hand and offered them like a amazing deal. Like, I'm free exam and cleaning for you? And I'll give you like the discount plan for free for your team. I asked them, I was like, Do you have health insurance, dental insurance for your team? And other small businesses, they have the same problems. No, we don't do that. I was like, How about I help you out? How about I give you this discount for you and your team to come to my practice? That's literally how I got my first patient. And to this day, this guy who owns, like, the most popular burger place in the town that my practice is in; he's still a patient today. And guess what he does? When people talk about this, Go to my dentist; he's the best. Right? And again, think about it. What better way to get patients when other businesses say, Hey, my dentist is Dr. Vo. He's the best. You got to see him. Now, of course, as I'm not in the practice as much, people only want to see me. So they're like, Dr. Vo is only here for a couple of days. You can see his associate. And so that kind of can get troublesome. But again, that's how I built my practice the old-fashioned way.

Dr. Noel Liu:
That is such a great tool. Because here's the thing, man. If we are starting off our practice, we are broke. We got all the student loans, we got all this expenses, payroll, you name it. Right? Why would somebody have this arrogance and this feeling about, No, I'm a doctor; i'm not going to do that? I don't understand that. And like you, I did the same thing. I got thrown out of the parking lots. I was putting those flyers in my, on those parking lot cars. I got thrown out, security came in. Hey, you cannot do that. You got to leave right away. So I feel like, hey, listen, man, if you have to clean up your own crap on the floor, you have to do all this stuff yourself, there's no shame in it when you're starting off. And I think as a learning lesson from you, what you just said, you shared, it really resonates with me because we have to put our ego aside at that time and just go for it.

Dr. Glenn Vo:
Yeah. No, absolutely. Again, it's, I won't, I wouldn't change anything. Obviously, there's certain investments I wish I got in early, right? Like I'm sure all of us. But as far as.

Dr. Noel Liu:
It's never too late.

Dr. Glenn Vo:
Yeah, it's never too late. But as far as just working really hard in the corporate side and doing all that, I wouldn't change anything. No, it's not for everybody. But I had to go through that because then it gave me the kind of like conditioning. Like I went through that, I worked my butt off. I can do the same thing for my office and work my butt off as well. And so again, it's just like doctors, everyone wants to look for a shortcut. And there are shortcuts. There are shortcuts, but there is no shortcut to hard work. The faster you get that through your head, and this is anybody, if you're an associate right now and you feel like there's more, something more for you, you want to open your practice, there is something more. But don't trick yourself into thinking that when you open a practice, you're doing less work. You think like the owner. We're sitting here twiddling our thumbs. We paid our dues. That's the thing. We paid our dues and we took the risks. So I'm telling all these young doctors and even like associates that moved on from my practice, I say, I wish you the best of luck and I want you to do well. I want you to actually use the things that you learned here, because then I did my job. But make no mistake, you're going to work your butt off, and you are going to wonder if you made the right decision, because we all did at one point in time when we opened our practice.

Dr. Noel Liu:
I don't know about you, but I had always had a mind where I was like, Hey, do I want to quit? Always passes your mind. So let's dive into Nifty Thrifty. When did you get this launched and how was it? Like, how long ago? What is it? What is the scenes? You know, the whole thing behind.

Dr. Glenn Vo:
Yeah. Since 2017. And I'm going to share something that I know that you feel very passionate about. And that is: Sometimes you have to be in different rooms. You have to be around people who are doing more because they show you what's possible in your life. So sometimes you happen to be in that room. Sometimes you have to pay to be in that room. But again, like if you get in these different rooms, these mentors or these people around you, they will show you what is possible. And for me, I share a story of one of the coaches that I had. She was really instrumental in helping me change the culture of my practice, just teaching that part. Like I knew the dentistry, like I knew how to work hard. I wanted to learn more about the culture of practice so I can better motivate my team because everyone has a different, let's be honest, everyone has different motivations and different levels of ambition, and you have to be able to work with people who are at different levels, whether it's intelligence or motivation or work ethic. You have to work with all these different people. That's what make up your practice. And so she was a coach who helped me deal with that. And remember when we were done, she looked at me and she says, What's next? So what do you mean what's next? I'm going to grow my practice, get it to a certain level, and either sell it and retire and drink pina coladas on the beach. That was just like my goal, everyone's goal, right? Starting out. And she says, No, no, I see that you have more potential than just this. I feel like you have more potential to impact people beyond the four walls of your dental practice. And she planted the seed. And I started thinking. And I was like, maybe there is something to it. And from there, I've always been a person who was really resourceful. I had to be resourceful because that was my upbringing. When you don't have a lot, you have to figure out a way to get more, whether it's like working an extra job, maybe doing some side hustles, figuring out a way, I grew up with four other siblings, being able, getting some attention for your parents, try to. You have to be resourceful. So I've always been a resourceful person and that's how I grew my practice. Right? I've used dental equipment, bartering with other businesses to help me, bartering with the contractor so he can help build out some extra ops for me for dental work, bartering with the local Maelor place so that, doing dental work for her kids so I can get an ad in the local mailer. Like I was always very resourceful and so I was always giving advice to other dentists about sourcing different money and stuff. And so that's literally how Nifty Thrifty got started. People were asking me questions. They were asking me questions. Another Facebook group I had, which is called Dental Garage Sale, they were asking me questions about saving money, and I was like, Let me start this other group. And slowly what happening was vendors started coming to me. They're like, Hey, how do we get some exposure? I was like, maybe we can work out a deal where you win, I win, and the group wins. And literally, I was just doing something. People were like, they get blown away about what I did in the group. But I will tell you guys very simply. Everything that anyone does in business is pretty much a time-tested technique, right? Marketing in the Facebook group is the same if you were joining a Rotary Club and you were networking. It's basically networking. So what I want people to know is that the answers to growing your business has already been established. Someone who wrote a book, Think and Grow Rich, long time ago, okay, long time ago, it still applies. What you have to understand is that you just have to change the environment. The concepts are the same, the environments are different, right? The environments that you do, being just smart in real estate, you also can bring it into cryptocurrency, right? Like the concepts are still there. And if you break the rules, doc this, if you break the rules, that's what you get in trouble. You pay the price, okay? You pay the price for being arrogant, okay? You follow the rules of business, whatever it is, and you're okay. And so literally, that's how Nifty Thrifty. And so from there, I'm a big believer of not being complacent, doing deals and discounts. Okay. Then we move up to let's get some advice in there. Let's move on. I try to level up more. Okay, let me get the message outside of my group. Let's do podcasts. Right? Let's do events. Let's do speaking. And so that's how it happened. Again, like I, one of my books that I wrote, Industry Influencer, because so many people, they asked me like, how do you do what I do? I'm like, it all boils down to figuring out what your genius ability is. So a genius ability is basically a skill that you have that no one else has; other people might have it, but you're really good at; and you just got to figure out: Does your industry need it? Can you make, and you can make money off of it? And that's your genius.

Dr. Noel Liu:
And that's in your book, right?

Dr. Glenn Vo:
That's in my book. Yeah. So for me.

Dr. Noel Liu:
What's it called again?

Dr. Glenn Vo:
I don't have it right here. I actually have my other book, my Nifty Thrifty book right here. But again, like I tell people just I literally lay out the blueprint because everyone has like a special skill. Like, Doc, you have a special skill, you have this special skill, just knowing, just being really, you're very good at all the details and whatnot. You grew this group practice and you've done these investments because you can see that those things, you have this special ability. Everyone has a special. For me, it's being able to network. Right? That's my, I do that naturally. I don't even, and that's why if you figure out what your genius ability is and you figure out a way to build your business around it, you will never feel like you're working. Doc, I'll tell you right now, I probably work more now than I ever did chairside. But it doesn't feel like work to me. It's easy. Like I'll do this all day. I have to sometimes make sure I don't do this around my kids. Like, sometimes I'll get on a call and we'll work out some deal. And my kids are in the car and I'm like, Oh my gosh. And it's so funny because now my son, he now will say, Hey dad, dad was talking about just getting equity in something, like he's using those words because he hears me bring it up so much. I have to, I need to stop. I need to stop doing that. But if you figure out what your genius ability is, you will never feel like you're working. You will feel like you're just having fun. And I'm just blessed to be in that position.

Dr. Noel Liu:
No, that's great man. I think on that note, I think that's a good thing. I personally feel it's a good thing for our kids because now they know what daddy is doing, and I think that's going to give them a really good head start on what they need to do. I feel that's a good thing.

Dr. Glenn Vo:
Yeah, absolutely. Yeah, absolutely. I, my, it's funny as we go through different seasons of life and I don't want to share this with everyone because everyone's always looking for purpose. I think if you find purpose in your life, and not to go down a spiritual path or anything, I can relate this to anything, if you find purpose in your life, then you will always have somewhere to go. And I think like a lot of times when doctors, they get the practice, they're doing good and then they're like looking around, what else? Like, I can go vacation, I can retire, I could do that. But if you have purpose in your life, and for me, purpose has shifted from the what I want to who I want to serve, right? And at the most basic way of putting this. For me, it's I want to keep pushing because I see my kids are watching. And I want them, I want to show them what's possible because I feel like they can do so much more. And so a lot of times when people are searching for purpose, maybe you should shift it from the I want to attain this, I want to achieve this, to the who, which is maybe it's your, maybe it's your kids, maybe it's your wife, maybe it's your community. If you shift it to the who, how are you going to serve these other people, you're always going to have purpose. So anyways, that's something that I'm always.

Dr. Noel Liu:
That's a great point to drive home, by the way. It's all about the why and the purpose. And here's my thing on the take on the same note. I always believe that no one is better than anyone, right? We all have different powers. We all have different skill set. And at the end of the day, man, all we got to understand is we are human social creatures. We need to collaborate. Once we collaborate with network, we can tap into the mastermind and create our own mastermind. And that's how I feel we should be going in dentistry rather than competing and beating each other up. You know how it is, right? But collaboration is the key. And that's the new net worth, in my opinion.

Dr. Glenn Vo:
Yeah. No, I 100% agree there. I feel like if you have a scarcity mindset, you are missing out so much. You are missing out so much because there's going to be someone, even if they're in the same space, even if they have a practice in their same area. Right? Maybe they're doing the exact same thing. There is so much opportunity out there. There are so many people that need help. And if you just cut yourself off from that relationship, maybe that relationship, and I'll tell you, doc, a lot of times the things that I've gotten fortune that have been really successful for me is just because I just happen to be introduced to somebody. I just happened to meet someone. Someone met again, like a really big, I was a part owner in a dental lab that we just exited, and I happened to make that, I got that introduction through a friend who, he made the introduction and he couldn't do business with this person. But I got introduced to this person. And lo and behold, we got into this business venture. Right? So again, you never know who you're going to meet. You never know. The guy that's picking you up, the Uber guy could just mention something and give you an idea. Like everyone, and that's why I believe what you just said there that everyone has, if you go through life realizing that everyone has a purpose and a value, you're going to get so much opportunity. The second that you feel like, just like what you said earlier, the second you feel like you're better than people, that's where the opportunities dry up. That's where the learning stops. Anybody, any from the guy that is bringing you your food, the person who's checking out, everyone, you can learn something from everyone. I truly believe that. In fact, I learn all the time from people; listening to them, interacting with them. You have that mindset, you're going to get so much info.

Dr. Noel Liu:
And that's what it is, because you are so aware of the opportunities, because you're aware of it. A lot of people say you got to be at the right place at the right time, but I believe that you got to be at the right place at the right time and also be aware. Because if you're not aware, you could be at the right place at the right time all day long. But you're never going to take action.

Dr. Glenn Vo:
Oh, yeah. No, I mean absolutely. Absolutely. Again like you can find lessons in everything. I'm a big sports person. So I always look at lessons when it comes to sports and how things happen. And again, yeah, being at the right place at the right time. But also sometimes you're not at the right place unless you're working hard.

Dr. Noel Liu:
Exactly.

Dr. Glenn Vo:
And sometimes people don't want to, I wouldn't say not talk to you because I think for the longest time I was I grew up with very little. So I always had a chip on my shoulder. I was like, I always had to prove things. But I think what I changed my mindset is, no, it's not because people don't see your worth, right? They just don't notice you yet. And it's up to you to try to get to another level for them to say, Oh my gosh. And so for me, for the longest time, Oh, this guy blew me off or whatever. And it's not that. They're so busy. They're so busy. There's so many things going their way. But if you're working really hard and you build something, then all of a sudden people will notice you, right? So it goes back to all those things come into play. But there's no shortcuts. Tom Brady just actually just had his retirement ceremony. And his, one thing that he kept on, that he got his jersey retired by the Patriots. And in his speech he says: No shortcuts. He kept on saying that: No shortcuts. And you got to put hard work in there. And yes, there is some shortcuts, but there's no shortcut to hard work, no matter what.

Dr. Noel Liu:
Don't you agree with all the sport greats and all like guys like Kobe, Jordan, Brady? Everybody has the same work ethic. You got to put in the reps, you got to put in the reps.

Dr. Glenn Vo:
Again, those guys are like all-time greats and amazing people. And even when they say that, right, these guys are just God-gifted. They have everything. You probably thinking like, Oh, Brady's, he's a tall guy and he has a good arm and everything, but I like using him and Kobe. In fact, I actually have, they're like, in my office here, I actually have a painting, a picture of Kobe, of Brady, and Jordan up there as well with some sayings, because yes, they're amazing people, but they had to work so hard. If you guys, again, like I already mentioned, if you're like a good person, you have an abundance mindset, you're willing to help people, you're willing to work hard, you do those three things, you do those four things, success is going to come. You don't have to, of course, it's helpful if you get more knowledge, read more books, but if you just do that, success will come.

Dr. Noel Liu:
I love it. So what's next step for you?

Dr. Glenn Vo:
Next step is something exciting about is again, I'm trying to surround myself by people who, you know, such as yourself, such as Dr. Gianni Montanucci, all these different people who are just amazing investors, who are just, who surround themselves with a great network. So for me, honestly, what started, I'm actually co-hosting a conference that actually you're going to be at, that you're going to be at; that passive investing for dentist conference. And actually, what happened, i'll tell you the story behind that. The story behind that was I reached out to Dr. Gianni. I was like, Hey, I just, can you like give me some resources? I just want to learn more. I just want to learn more. I don't want to become like a real estate professional. Like I don't have time for it right now. I just want to learn more. Can you just connect me? And he mentioned you and a few other Facebook groups, and I was like, I just want to be around good people who are like, they just want to share and they want to share in like the deals that they're doing. Like, I'm not looking for someone who just wants to sign me up for their mastermind or whatnot. I want to see if they want to share that. So he was like, Let's do a meetup. Let's get like ten people. I'll bring some people in my network and you bring some dentists, and let's just have them meet up in Dallas. That's what it started off with. Then what happened was people are like, Can I come to this meetup? Can I come? And we're like, Okay, fine, we're gonna have to do like a little event. 50 people. So then more people start to get invited. And now he was, Gianni was like, Glenn, more people want to show up.

Dr. Noel Liu:
You guys are sold out.

Dr. Glenn Vo:
Yeah, so we sold out. So then basically what we did was we, I had to scramble around, find another venue last minute.

Dr. Noel Liu:
No way. You guys are actually finding another venue, like a bigger size?

Dr. Glenn Vo:
And so now, so now we're going to do 100. And I told Gianni I was like, There's no way I'm going to get anything bigger than this. So right now we have 30 seats available and that's it. Like I can't do anything about it. But what started was we were just going to meet up and I just want to learn more. And now a bunch of people want to come together and learn more, and I'm excited. You're going to be there with a panel with a few other amazing.

Dr. Noel Liu:
I'm excited, I'm excited. When is this? August 16th, right?

Dr. Glenn Vo:
August 16th. It's in Dallas. It's in the town outside of Dallas called The Colony, which is an amazing area. And again, like we literally, we had to find another venue, we found it here, to get more people. But for me, it's all about just learning more and leveling up and just getting surrounded by other people like yourself who have an abundance mindset. Because I just want to get better. I just want to learn more. And what I'm hoping is.

Dr. Noel Liu:
There's very few of us out there. I'm not joking. You know how it is. When you look around. It's hard to find like-minded people.

Dr. Glenn Vo:
And that's the thing, and that's the thing. And we're so excited about this because I want to learn more when it comes to this. Because if you look at, I'll be honest with you guys, if you look at the amazing entrepreneurs out there, even some of the athletes I just brought up. Learning never stopped for them. They were good at making money in a certain way, but they wouldn't have learned other things. And that's really the, I'm not saying that I'm going to become a real estate professional, but I do want to know what's out there because I see all these other high-level people benefiting from these things. And again, you have to work with the people that have been there, like yourself and Dr. ... and all these other guys who are willing to share that knowledge. Because look, at the end of the day, you start as a dental professional too. You are giving back to your alma mater and helping all these people out. Again, guys, for me, I'm looking at you. And I'm like, I want to get, how did he do that? But at some point, you started where I was and that's what it's all about, right?

Dr. Noel Liu:
I learned this from Tony Robbins. The secret in living is giving. And that's one thing I've noticed. Like, ever since we pledged that amount and ever since we did a lot of the other stuff that we do on the side, the business automatically just gets better. It's crazy karma. Like people just say, Hey, how are you doing it? You don't have to do it. It's just, it just happens without getting too spiritual, right?

Dr. Glenn Vo:
No, I love it. It's just. And I will tell you, as someone who has saw what you did, it's inspiring to me. It's inspiring to me because it's when you give like that and when you're willing to help others, you don't know who it touches. And for me, I was like, Wow, that's amazing. Like I, and when you give like that, it ends up helping more people.

Dr. Noel Liu:
More impact, more people. And I wish everybody did at a grassroot level. And this way then, you know what the school doesn't need to borrow money from Delta Dental.

Dr. Glenn Vo:
Yeah. Yeah. Exactly, exactly.

Dr. Noel Liu:
So yeah. Glenn, hey, it was amazing conversation. So two things here. I just want to ask you, what does success mean to you and how would you define family?

Dr. Glenn Vo:
What's funny is that defining success, I want to say, the majority of my adult life I've tried to search for that definition, right? And early in my career, I thought it was a dollar amount. I thought it was a maybe amount of material things. Maybe I thought it was also the ability to do stuff for other people in my family, what I could give them. But what I realized as I've gotten older and gotten mature and lived life a little bit more is success to me, is the ability to spend time with the people I love without restriction. And what I mean by that is that's my family, the people that I love working with, without restriction. And literally that goes to freedom. That goes to freedom. I think at the end of the day, when people are searching for the things that they think they want, like I want X amount in my bank account, I want this, I want that, what they're really asking for is the freedom of it. And so for me, it's the, but not just, freedom for me is the ability to spend time with the people I love. I've gotten there. I'm looking for deeper levels of that. I'm lucky enough to be able to pick up my kids every day from school, take them to their activities, have a schedule that's flexible enough for that, and also do good and fulfill myself as well. Spending time with the people I love without restriction. And there's different levels of that. I'm just trying to get to the deeper, that's like the Zen state to get to the deepest level of that. Again, people I love is is not just my family, but people that I like to work with, I like to mentor, that are like family to me. That's what success. And of course, family is something that's more, that's goes beyond just your blood family. I think we all can agree that sometimes our blood family probably doesn't treat us the best sometimes. So family for me is the people that touch you on a deeper emotional and spiritual level. I have people who are not my blood family, but I consider family members, mentors who I feel like consider they're my, big brothers, big sisters. And so that's what it is. So again, like family is not limited to just blood, but it is the people who affect you on a positive way, spiritually.

Dr. Noel Liu:
I love it. Great. All right, my man. I appreciate your time. Thanks for joining us here. It was great insight.

Dr. Glenn Vo:
Thank you so much for having me on. And for those who reach out to me anytime, I'm easy to find on social media, LinkedIn, Facebook's best way. Happy to talk to everyone. Again, that's how I run my business, run my life by connecting with more people. So if you have any questions or anything, let me be of service to you. Reach out to me.

Dr. Noel Liu:
I love it. This is Dr. Glenn Vo. Ladies and gentlemen, we're going to land a plane. And if you guys have any questions, we're going to put a link below. He is not hard to find. He is everywhere and definitely Nifty Thrifty. If you guys have not heard of it, I don't know where you've been living, but definitely look it up and be a member. Join. He is a great resource. So with that being said, make sure to like and subscribe. We'll see you guys on the other episode, and for now, have a good one.

Dr. Noel Liu:
Thanks for tuning in to the Secure Dental Podcast. We hope you found today's podcast inspiring and useful to your practice and financial growth. For show notes, resources, and ways to stay engaged with us, visit us at NoelLiuDDs.com. That's N O E L L I U D D S.com.

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About Dr. Glenn Vo:

Dr. Glenn Vo is a practicing dentist, best-selling author, dental entrepreneur, and karaoke enthusiast. He is the creator of Nifty Thrifty Dentists, a social media platform that reaches over 54k dental professionals on Facebook and 23k subscribers on YouTube. Additionally, he founded Dental Lifestyles Magazine, a quarterly publication for dental professionals across the US. Dr. Vo is a USA Today Best Selling Author with his debut novel “2612 Cherryhill Lane” and a Wall Street Journal Best Selling Author with his business book “Industry Influencer.”

Dr. Vo coaches professionals nationwide, helping them become thought leaders in their industry. He is also the owner of Denton Smiles Dentistry, a large group practice serving the Greater Denton Area since 2009. Through Nifty Thrifty Dentists and Dental Lifestyles Magazine, he supports dental professionals in advancing their careers and helps dental companies grow by increasing brand awareness within their networks.

Dr. Glenn Vo lectures across the country on dental overhead management and social media strategies for dental corporations. In his personal life, he continues to combat tooth decay and gingivitis in his practice while serving as an Uber driver for his kids and a trophy husband to his wife, Susan.

Things You’ll Learn:

  • Resourcefulness can help grow a successful practice and achieve financial freedom.
  • Finding purpose in life and career shifts focus from personal achievements to serving others.
  • Collaboration and an abundance mindset open up more opportunities than competition.
  • Challenging situations help develop skills and qualities necessary for professional success.
  • Giving back to one’s community and alma mater fosters personal growth and success.
  • Success goes beyond material possessions and includes spending time with loved ones and mentors.

Resources:

  • Connect with and follow Dr. Glenn on LinkedIn, Instagram, and Facebook.
  • Learn more about Nifty Thrifty on LinkedIn and their website.
  • Discover more about Dr. Glenn Vo on his personal website.
  • Buy the Nifty Thrifty Dentists book by Dr. Glenn Vo here.
  • Get a copy of Industry Influencer by Dr. Glenn Vo here.
Categories
Podcast Uncategorized

Exploring Cutting-Edge Digital Techniques in Dentistry

XCell Dental Implants

Summary:

Welcome to the Secure Dental Podcast!

This new show will bring you conversations with the brightest minds in the Dental and Business Communities. Hosted by Dr. Noel Liu, this show will dive deep into practical tips to grow your business. Many entrepreneurs wished they had a guidebook or someone to help them understand how to grow their businesses, Well you’re in luck because this show will be exactly that!

Tune in twice a month and unleash your full potential!

Secure Dental -Jonathan Abenaim: Audio automatically transcribed by Sonix

Secure Dental -Jonathan Abenaim: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Dr. Noel Liu:
Welcome to the Secure Dental Podcast. Through conversations with the brightest minds in the dental and business communities, we'll share practical tips you can use to scale your practice and create financial freedom for yourself and your family. My name is Dr. Noel Liu, CEO and Dentist at Secure Dental, and also co-founder of DentVia. I'm your host for the Secure Dental podcast, and I'm so glad you're joining in.

Dr. Noel Liu:
Hello, everyone! Welcome to another episode of our Secure Dental podcast, where we bring in many bright talents from our dental industry. Today, we have a very, very special treat. I got this gentleman here, this guy has been like my lifesaver in full-arch so, but before we get started, I would like to shout out to our sponsor. DentVia is a dental virtual administration company that helps our front desk staff supercharge them with back-end calls and back-end tasks, so definitely visit them at DentVia.com again. That's D E N T V I A .com. Now without further ado, I got Dr. Jonathan here. He's a world-renowned double-board certified implantologist and has revolutionized the dental implant experience with the XCell Implant Process. With over a decade of experience in full mouth rehab, Dr. Jonathan has harnessed the latest digital dental technology to offer faster, more predictable, and superior quality service. From his state-of-the-art office, Dr. Jonathan, the brains behind the XCell Implant Process. Welcome.

Dr. Jonathan Abenaim:
Thank you so much. Thanks for having me.

Dr. Noel Liu:
So, doc, how did you get started with dentistry? Let's go back in dental school.

Dr. Jonathan Abenaim:
So it's actually quite interesting. You know, a lot of people, they go into these fields because they have some sort of experience when they were young, you know, say, they say maybe you go to the army, you go to the police, you become a police officer, maybe because you were bullied or something. I would think maybe you become an MD because, you know, you had somebody in your family maybe was sick, or you had some experience at the doctor that decided that you wanted to do something about medicine. And if you were a dentist, maybe you got hit by a car, or you had some crazy dental experience that made you love it. But to be honest with you, I've never had a cavity in my life. I went to pediatric dentist my whole life and just had cleanings. Never really had the only. My biggest dental experience was at the oral surgeon to have my wisdom teeth taken out like every other 17 to 18-year-old kid. And I decided I'm going to go to do dentistry because I like people. But before dentistry, I thought I was going to be a computer science major. And then I realized, I really like people. I like technology, but I really like people also. And there was nothing in technology 20 years ago when I became a dentist. I mean, the biggest thing was a ... Dent, you know, like that was like, wow, that was huge. And maybe Dentrix had come out and we can actually not have to write our full charts, like you said, like hybrid charts, right? But I said, I'm going to be a pediatric dentist because that's what I know about dentistry and an externship of pediatric dentistry in dental school. And I swore to myself that I don't want to sing the wheels on the bus go round and round for the rest of my life every single day. So, I really looked into more things in dentistry, and I couldn't find anything that I loved more than the other because I just loved everything, and that led me to where I am. And people ask me, like, how did you do this? And I said, you know, I went back 20 years ago. We had this class in dental school that said to us, write down your mission statement. Write your mission statement about why you want to become a dentist and what is your business going to look like, and what's your practice going to look like. And I read it till today, I found it, and I read it till today, and the major topic was, or the major theme was change the brand of dentistry. Because I was so tired of hearing, no offense doc, we really don't like you. And that's like the most offensive thing because if you're a dentist, right? And you really care about your profession? You know how much we think about it, how much we dedicate our life to make the patient experience the best? I mean, listen, I'm not the one that makes the Septocaine taste really bad. I just buy it. I mean, I'm sorry, anesthesia tastes bad, and I wish somebody I'm not smart enough to make it taste good. So, like I really said, you know what? When I started doing full arches, I said, there is no way I'm going to be taking these Oprah tray impressions, cutting up these Invisalign trays, ordering a custom tray, hoping that I find those holes before the PVS or the Polyether sets, and do this again. And then when I take it out and send it to the lab, the lab either loses my impression or they mess up on the pour, and then I got to redo the whole thing again. And I was so tired of apologizing to my patients for things I didn't do, and that drove me nuts. On the other side, I felt kind of a hypocrite when I put in a beautiful restoration and I didn't make it. It was only my lab technician, and I'm like, yeah, I'm great, take a look. It's like when doctors show their case, and they show the before and the after. I'm like the before, your staff probably took the picture, and the after, your lab technician did. So what did you really do? You cut the tooth a bit. You took an impression. I mean, it's kind of hypocritical, and I was like, wow. And I don't have a problem with those before and afters, but like, if you didn't do it, tag your lab. The guy or the gal worked really, really hard, tag them. You know, give them the give them the credit. Don't take it off.

Dr. Noel Liu:
I love the statement.

Dr. Jonathan Abenaim:
It's like, it's crazy. So, as you guys know, like I'm the surgeon, I'm the restorative dentist, and I'm the lab technician. I'm the guy that runs the mill. I'm the guy that centers it. I'm the guy that does a lot of it, and if not all of it, and I don't know, I guess I sleep better at night.

Dr. Noel Liu:
Oh, that's an excellent statement because, you know, a lot of these before and after, and I think you're the only person who called out that shot. So I love it, man, I love it. So after graduation, did you guys go right to, you know, your own practice? Did you work in an associate? What was the process like for you?

Dr. Jonathan Abenaim:
So, like I told you, I had nothing that I wanted to only do. So, my dream was always be to be a periodontist and a prosthodontist. And I applied to Perio Pros at Penn, where I went to undergrad, and they accepted two people, and I was one of them that they accepted. And they had changed the dean, and I was the year that all graduate funding was gone. So I went to Penn, I wouldn't have a scholarship, I paid for four years of dental school and Perio Pros is another four years. And I said to myself, oh my God, if I go for another four years of Perio Pros, even though I was recruited from the day that I started to do this, I said, My God, I'm going to finish with half-a-million dollars in debt then, which is almost a million today, probably.

Dr. Noel Liu:
Easy.

Dr. Jonathan Abenaim:
And I said, I can't do that. I tried to speak to the dean. It was a new dean from Harvard. She said to me, oh, you want a scholarship? No problem. Just dedicate seven more years of your life after school here. I'm like four years of dental school, four years a Perio Pros, and seven years of academic teaching. I'm not going to do this. So I started looking for other programs, and Florida was the first and only Pros program in the country that allowed Prosthodontists to place implants. Now, they have to place implants, all pros residencies, to be able to graduate, but it was the first one, and they offered me a full scholarship. I got to school, and the implant director was fired. The director was fired, and my scholarship vanished. So I said, well, I'm not gonna leave Penn to come to this school. I'm going to say, what? Not even. And I stayed there for six months. I was married, I had a kid, and I said, I'm out of here. I went, and I did a part-time implant residency with Dr. Miller at the Atlantic Coast Dental Research Clinic. I did that for about a year, and that was really like it was so little. You know, people think they take maxi courses, and they're going to be implantologists. I mean, you got to practice. So, once I left there, I was working in Florida. I worked for 7 or 8, what you guys call DSOs today or DMOs. And I got fired seven times, and I got fired seven times because my dentistry was bad, was because I didn't want to do bad dentistry. And I'll never forget, on the last day of my job, the head of the DSO said to me, Jonathan, just shut the f up and do what I tell you to do. And I said to him, I'm really sorry, but I worked really hard for my license, and I'm not going to use some lab technician who does this in his garage, and I don't know what the hell they're doing or how they're coming. And it's, I'm not proud to put this in people's mouth. And a high-end lab for a DSO, then was Glidewell like, they're like, you cannot use Glidewell, it's too expensive. And that was $99 then. And I said, this is enough. And it was two years after dental school. I probably had like $30 to my name, maybe, plus my dental school debt and everything. And I was like, I told my wife, I said, I don't understand. I went to the best school in the world, I have nothing, I have all of this skill that I learned and I can't do it. And we decided to one day I decided to open The New York Times, which is that's how you found a job. And I found a practice in New York, New Jersey, actually, and I said, let's go. I bought it sight unseen. I lost 40% of the practice within the first three months.

Dr. Noel Liu:
Why was that?

Dr. Jonathan Abenaim:
Nobody likes to do nice dentistry. They like when you buy a practice from a dentist who just patched everything or just watched everything, and then you come in and do digital X-rays, redo the office, redo everything, and start telling, diagnosing novice dentistry people that just want you to diagnose what their insurance covers, they don't like it. And when you don't have the communication skills, especially when you come out as a dentist, you think that you're talking to teeth. You need to talk to people.

Dr. Noel Liu:
Wow, that's huge, man. That's huge. This thing, what you just said, I think that's going to help so many people.

Dr. Jonathan Abenaim:
Yeah, like when you come out, you're trained by people that can't do most of the time most of the dental professors, unless they're passing through or doing this for fun because they're already been successful. Most of them are just there because they're stuck there, and they don't teach you how to talk to people, or you're just so busy in dental school, you don't learn how to talk to people, and you talk to teeth, and you start saying, well, you know, the occlusion and the curve of Spee and the curve of Wilson and the non-balancing occlusion and the non-balancing contacts and the protrusive movement. And patients are saying, well, what do you even say? And you know my big thing is when I talk to other people and other professions they start to talk to me about this. And I say, listen, man, I'm a dentist. I don't know anything else. Explain it to me again, because if you want my money, I better understand it. And if I don't understand it, you're not getting it. And they get very frustrated. People get very frustrated in other industries because, like, what do you mean you're so difficult? I'm like, you tell me, why does my HVAC need to be replaced? If it's working, tell me why, and I'm having my HVAC replaced right now in my office. Why? And people think that, you know, they start saying heat transducer and the blower and the and I'm like, I don't know what any of that means. Like, explain it to me. And we do this same thing every single day. Like, you do not have to read your consent form to the patient. You need to talk to them as if they were your brother, they or your sister. They were your mother; they were your father. And talk to them like a human being, that's all people want. It's the most vulnerable thing to sit in a chair. You know, they're not sitting in a chair like this. They're sitting in a chair like this, and it's so vulnerable, and you're just like you expect them to say yes to you. And getting back to I lost 30% to 40% of my practice that I purchased, and the history was from there. Like they say, you know, before something great happens, everything has to fall apart.

Dr. Noel Liu:
Would you say that was like your bottom part of your life? Like, you know, you lost everything you married?

Dr. Jonathan Abenaim:
Not the part I didn't care about the patients. Really, the biggest thing of my life was my dream was to be a Florida dentist. I came from Canada. It was freezing. I want to live in the sun, right? And that was my dream to do cosmetic dentistry in Miami, Florida. And I had all of this skill and I worked so hard to be the best at what I thought I was, and nobody gave me the opportunity. I was just another associate. What was nice about being associate is that I used to come in with my coffee, my newspaper, and my bag, and everybody was happy to see me as opposed to today, not my staff, but I'm assuming a lot of people, they come in, everybody runs away, oh shit, the boss is here. It's a different mindset, and associates, they don't get it. You know, when you're an associate, you're living by today, and that's one of the problems that associates have. They say like, well, how much am I going to make today? And dentistry is not a sprint; it's a marathon. And there's going to be days where you're not going to make any money, and there's going to be days that you're going to lose money. You may have to write a refund check. You may have to redo something at your own cost. That's just the business that you're in. But if you understand that you build relationships with people, it's like, you know, when I first started, I wrote a book. It's called The Trust Factor about building trust with people. And I used to teach about all of these ways to talk to people in the hygiene room, how to build trust with your treatment plan. And, you know, today, like almost 20 years into this, I really don't have to do that as much because my patients know me. I did that 15 years ago. So, if you're a young dentist and you're an associate, use that opportunity not to make as much money as possible. Use that opportunity to hone your skills. And when I talk about hone your skills is not only your skills, just like communication-wise, try what works, learn about what works. Learn about nonverbal communication with people. But more importantly, like how do you become a full-arch dentist? If that's what you want to do, take out a shit ton of teeth. Give out bone grafts for really cheap, so you'll learn how to pack bone. You learn how to manipulate flaps. You learn how to do multiple different types of sutures. Because I can tell you when you see full-arch dentists and they show you their flap wide open and they have all of those implants put in, that is the easiest part of the procedure. The hardest part is how are you going to put it back together so that it looks good and it stays good. And I always tell my team, I'm like, this is the most important part, how we put everything back together. It's doing a screw, dude. Anybody could do that. It's it's a bit like one of the guys I used to go to dental school said, it's a post and core. It's a huge post and core; it's not that hard. But to put everything back together, to manipulate the tissue so that it has tension in certain areas and no tension in other areas, and it stays where you want it to stay, and it thickens where you want it to thicken, that is everything about full-arch dentistry. Because you can see people that are doing full-arch dentistry, you look at their cases, the tissue is gone, completely gone like six months, eight years. And that's why when I show my post-ops, I don't care about the X-ray. The X-ray is for dentists that treat teeth when I post ..., like look at my tissue. That is everything. If the tissues stay, that means I designed my prosthesis correctly. I educated my patient correctly on hygiene. I maintained them correctly. My occlusion is correct. All of this stuff that everything comes into it. And really, I would say that probably like real implant dentistry. And when I say, by real implant dentistry is not oral surgery, implant dentistry, periodontics, implant dentistry, general dentistry, implant dentistry, but a real implantologist, implant dentistry that involves surgery, restorative dentistry, and lab, that is probably the hardest thing in all of dentistry. So yes, the money is fun. Like I want to do what you do. Hell yeah. I also want to go to the marathon, to the Ironman and wait at the finish line and cross with you, but that's not the way it works, man. You got to really, really study your craft. And if you don't study your craft, you're never going to be great. You're going to get burned. And that's what happens, people get burned. And it's not fair because there's a lot of money involved.

Dr. Noel Liu:
You know, you're so true about the money involved because people actually putting their house, they like taking out like HELOCs from their houses, right, and their homes where they live, and they're trying to get this procedure done. If you are like one of those weekend warriors, I mean, you got to understand there are limitations. And I love the fact that you are like, hone onto your skills.

Dr. Jonathan Abenaim:
Yeah, you know, we talk so poorly about our dentist friends that go and take a course on the weekend. I mean, when else do you want them to take it? The weekend is when they're not treating their patients. It's when they're able to like, breathe. But I think we can worry, or is probably, we're referring to somebody who went Friday and Saturday and then decided he's an expert.

Dr. Noel Liu:
No, that's exactly what I meant, you know?

Dr. Jonathan Abenaim:
And it's important for us to say that because, like, what else do you want me to take a course? MDs also take courses on weekends, you know.

Dr. Noel Liu:
Hey, I did all the weekends. You know, I did, like, several weekends, right? And nothing wrong with that, but I never called myself an expert till I did not put in the hours and the years.

Dr. Jonathan Abenaim:
Amen.

Dr. Noel Liu:
I love into getting that craft like, you know, like perfected. So you went from your office. So, let's dive into your XCell process, man. I mean, I love this stuff here. Yeah, I've been using it for about a year. I'm sold. I mean, I try so many different systems out there. I mean, this is, like, no joke. I even had, like, my lab guy coming out do photogrammetry for me. But ever since I started using your product, photogrammetry is out of the window. So let's talk a little bit about that. So, how did you get started with this?

Dr. Jonathan Abenaim:
Oh, man, like I mentioned before, when I was doing full-arch dentistry, I was doing it like everybody else. Take the teeth out, place the implants, do a denture conversion, grind the shit out of the denture, trying to make it fit. Patient always ended up like this, then patient goes home. After that grueling 16-hour surgery, comes back, you got to take everything off. Hopefully, it didn't fail and then start all over again. Start taking all the records and the bite rims and the wax and the this. And I said to myself, If I'm going to scale this, this process is not scalable. It's impossible. Like imagine I did I, you know, I, 20, 30 arches a month like that, like okay, the surgery you can do, but how are you going to restore it? You know, and I think that implant dentistry hasn't changed. Before I started pushing this whole digital thing, which I believe I was really the first one that ever did this. And I'll tell you about this in a second, but implant dentistry didn't change because it was controlled by surgeons, and surgeons just placed the implants, gave them the immediate denture, and it was someone else's problem. All of the funds were usually eaten up by the surgery, and the restorative dentist, which was usually the general dentist or the prosthodontist, had to, like, deal with whatever money small money was left for the patient to restore them, and it was a loss leader. The lab bills were good. Hybrid was anywhere between $7500 to $12,000. That's what it cost. And I would say 2008, 2009, that's what you had to pay. The components were crazy. Gold was crazy, zirconia wasn't as nice, and if you did use zirconia, you had to use it as a substructure. And then the guy had to layer the whole thing. And then everything broke two years later, and it was just like, this is not fun. Like, I'm just going to do scaling and root planing a single crown with my CEREC, and I'm going to call it a day. I don't need the stress in my life, but I loved it. I loved doing it. So I said to myself, enough; I need to figure this out. And I literally deep-dove into digital dentistry. And I think that when the trios came out, trios three, and when the Roland machine started to become actually affordable, not 50, but Roland 51 became available, it was actually financially feasible for us to actually do something like this. The problem is in 2015, 2016, when I started inquiring about this stuff, everybody said to me, no, it doesn't work. And I said to myself, we do full arch of teeth with a scanner. Why doesn't it work with implants? And the literature continuously, even to today, or even the people that have photogrammetry, will say it is not possible. And I just take out the thousands of X-rays that I have, and I show it to them, and I show them the post-ops, and it is possible. And in 2024, like, I don't need to do that anymore. But in 2016, 2015, when I started to teach this, everybody said, I've doctored my X-rays. I lied about the cases. It wasn't true, and it was just like as I started amassing the cases, people started saying, whoa. So the first thing I started doing was, how am I going to acquire the data correctly? It wasn't even about manufacturing or designing yet, so I needed to master how do I acquire it, and I started studying what was wrong with the internal scanner and to today, what's wrong with the neuro scanner? So I solve that problem. Then I went into the manufacturing because I wasn't really interested in design, and design was like just I felt like it was root canals. If you don't do it every single day, you don't spend the time. And it was too cheap to outsource even to today. It's just so cheap to outsource it. So, I started doing manufacturing because manufacturing was the bottleneck that stopped me. When you send it to the lab, they used to say to you, it's going to be ready in two weeks. And when I started visiting labs, I'd never been inside a lab. And what you realize that happens in the lab is they have these little bins and they're stacked up one next to each other and say one, today is Friday, and the due date is Sunday. It's been sitting there for about 12 days, and they work on it on the last two days. And I said, well, why are you making me wait two weeks? Why can't I just schedule it correctly? Because it really only takes you two days to do it, because I used to think that they worked on my case for two weeks straight and I'm like, how are they making any money? Two weeks of charging me $100 a crown doesn't make any sense. And then I started realizing how labs are. They don't have a good management system. That's why it takes them two weeks to do it, especially smaller labs. So, I started looking into manufacturing. I said, well, if I can buy a mill, because when I started, the mills used to cost half $1 million, and they were massive, probably the size of this office that I'm sitting in today. Most dental offices don't have room. Most dental offices, I would assume, are I haven't been in a lot of dental offices, but probably 1000 to 1200 square feet. I would say an average dental office, right? If you're like in middle of nowhere, real estate is free. You can have a million. You know, if you're in Manhattan, you like you work like this, right, right? Anyhow, so I started getting into manufacturing. That was pretty eye opening because I thought I had a CEREC and I knew how to manufacture, which is not true. So, I really started studying this. And manufacturing and milling is really something that it's a craft. It's an art. Just last night, we figured something else out to make the workflow even easier for people. And this is, like I told you before, we got on air yesterday was like massive eye-opening, like so many breakthroughs that came through in milling, design, acquisition, like crazy stuff that I'm going to be showing in August at Full Arch Raw, that it was like, wow, I can't believe I'm doing it the other way this whole time. And I know if I didn't figure out, nobody's figuring it out because I work with people all the time and they have no idea to this day, everybody's just like taking little pieces, and they're not weekend warriors. You know what? They are social media warriors. They look on the internet, they see a picture, they see a video, and they think they know it. I told somebody, you need to come to my course in August. He said, oh, I'm really busy. I have this, I have that, and meantime does not a mill does not acquire, does nothing. He goes, well, in the meantime, I'll just be looking at the stuff you pump out on social media. I'm like, dude, this stuff I show on social media is not even less than 1% of what I'm doing, and it's done for a reason. Why would I show you everything? It's bad for business anyhow. So I started doing manufacturing, and we cracked that code, and just lately, I started doing designing to crack that code. And when I say when I crack that code, it's not about learning how to do it. It's learning about how to do it efficiently. Because, you know, at the end of the day, I'd rather be doing podcasts with you. I'd rather be on Google. I'd rather be on playing basketball with my son. I'd rather be swimming. I'd rather be doing something else other than standing in front of a computer doing this. But if I can do it really, really quickly and really, really efficiently and really, really well, why wouldn't I take that on?

Dr. Noel Liu:
Exactly. So your manufacturing, what made you start with that, man? I mean, like a lot of dentists, they'll be like, hey, I can just give it to my lab, or I can just order it from here. What was the thought process behind you with saying, hey, I want to manufacture this thing here, and I don't want a third party doing it?

Dr. Jonathan Abenaim:
I would say that I don't know if the word paranoid is, but I always I have this fear that one day everything's going to be taken away. And I feel that if I'm not prepared for disaster, disaster will eat me alive. In my career, I've had a lot of disasters to the point where I almost lost my whole career, when I injured my arm, where I defied all odds, and I wasn't supposed to operate for six months to a year. I was operating in three weeks because I took my health and my own hands. And in terms of manufacturing, specifically, when COVID hit, and I had 90 days where I could not produce a dollar in my practice, yet I had all of these full arches that I had started that were time to be restored. Now, okay, if I have 20 arches that need to be restored, okay, 20 arches that say $5,000 an arch, do the math. It's 100K, right? Yeah, it's 100K, and that's each month. That's $300,000 that I would have had to come up with out of my operating account when the practice is not making any money to restore these patients. And if I hadn't set up myself to be able to manufacture this on my own with my own time, which all I had was time during COVID, who knows if I would still be open? Who knows if I would have the savings that I have? Who knows if I would have had what I had? Who knows? Because dentistry is almost like a restaurant business. If you don't plan correctly, you could be done in a month if you don't have the reserves to be able to be there. And in full-arch dentistry, it's not like general dentistry where you okay, you'll just keep cranking the single crowns. You could have a CEREC; you could outsource the crown to China for like, I don't know, 20 bucks, 10 bucks and still survive. But when you're in full-arch game, there's no laboratory that's not going to do this for like less than $3,000 that you would be proud of putting this in the mouth, right? An average $5000, a good one, $10,000. Like that's just what it costs now, you have no income, and you owe these people these restorations, and that money is gone. What are you doing? So I felt that that was the first thing. And the other thing is that I really enjoy it. Like I told you in the beginning, I was like, I felt like a hypocrite when I put it into people's mouths, and it wasn't me that did it, because the patients don't know that there's a lab technician behind it. They're like when they think the lab, they think it's a room in your office. They don't, they think it's all you. And when they said, oh my God, Dr. John, you did such a good job. They never say that when they look at the X-rays of my implants, where they look at the margins of my crowns, because that's really what means we did a good job. Our impression was right, our placement was correct, but then we'll look at the thickness of our tissue. They don't look at the occlusion. They don't know any of this stuff. They just look at the aesthetics of the teeth. And I never did that; it's hypocritical on a daily basis. So again, my dream was always to work with the lab technician in my office, but we just don't speak the same language. Dentists and lab technicians don't speak the same language on a general basis. They just don't. There's like this massive animosity, the technicians taking too much from the dentist. The dentist is making too much compared to the lab. And it's this constant battle. And I tried, man. I tried for years to get people to work. I've had in-house lab technicians. I've had conversations with labs. They're not bad people. We just speak two completely different languages, and we're doing the exact same thing. So, for me, I just felt like it wasn't going to be successful. So I needed to figure out to do that. And I'm also very impatient. Like if I put in a prototype on Monday, I want to finish the case on Thursday. I don't want to think about it anymore. I finish the case. On to the next one, on to the next one, on to the next one. And that's the freedom that this gives me. I like, I love freedom, I hate owing anybody money. I hate having to rely on somebody else. And there's so many things we have to rely on as it is in a dental office. The less I have to rely, the better it is for me. That's awesome.

Dr. Noel Liu:
So what's next for you and your XCell products? I'm always looking forward, like, what's coming up.

Dr. Jonathan Abenaim:
The two latest things that we came out with is I redesigned the scan body. You know, I was the first one to ever invent and patent a cup specific scan body. You know, scan body is one of the biggest errors that Intraoral scans has is that the scan body isn't picked up correctly. So with my teeth's caps, they will always be picked up, and the triangles will always be perfect. So we came up with the scan body. When I originally made it, I put a really small head on top to be able to temporize very easily, but we found in some cases that if you scan too fast because it's so small, the scanner doesn't pick it up as sharp. So what we did was we changed the head to be our beloved scan body, which was my original scan body. It still has a different cuff heights. It has different colors. I've also invented something called the Power Tax screw that allows you to I love those reference your bite reference your pre-op and post-op. We made it in two pieces. You can even use the power screw if you buy the one piece. As a bone generation guide to be able to let you to take a bone out, it's the only bone tacking screw that is multidirectional that you don't have to screw it in, like with a Phillips head, and go straight through. It has my Powerball head on top, so you can change the angle to 30 degrees. So if the patient is back there and you can't get your instrument back, you can still angle it and be able to get it in. So imagine going like this to the side of the head. And not having to put the screw through the patient's cheek. And that's really it. We have Powerwall 2.0, which, surprisingly, a lot of people haven't jumped on. I think it's just a really better screw. I have no, 1.0 is amazing.

Dr. Noel Liu:
What's the difference with a 1.0 and 2.0?

Dr. Jonathan Abenaim:
Yeah. So the difference between 1.0 and 2.0 is that the screw is exactly the same. The difference is the shaft on the inside has one extra feature. You know, as our world is going to hell is on fire, as I call it, money is getting very, very tight. And you know that it's getting tight and in full-arch dentistry, because what's happening is the companies are investing so much money in what we call these resin materials to be able to print in-house, be able to generate this in-house. And really, that's really led by people not having enough money to pay for full arches. And dentists, I need to figure because they don't know how to mill, because they don't know how to layer porcelain, they know how to do composite. So if they can buy a printer for $10,000 and they can use a resin that's as strong as enamel, if not stronger, then it should make sense, and I should start to use it. The problem is, is that how do they hold these things in? And if you use a tie based on any printed or PMMa material, it just doesn't work. It will dibond it will break less on resin wear more on PMMa, but when it does dibond, the restoration is cooked. So what we found was these restorations innately resin more than PMMa, because again, PMMa you still got a mill, but more people are using resins innately. These resins, they're flexible. It's just the way they are. They're very, very, very flexible. And what happens is when the patient actually occludes on these, the restoration microscopically goes like this. And when the restoration microscopically goes like this, your screw goes like that. And then you're more likely to have screw loosening with any screw. Now you'll have the least amount of screw loosening with my screw. So what we've done is we've created this extra screw-loosening feature that you can use if you want. And the way that you would want to use it is if you actually talk Powerball 2.0 to 20 Newton centimeters, it acts exactly like Powerball 1.0. It uses the Powerball head to clamp down the restoration and hold everything down. Now, if you have a restoration that you're like, I know this guy isn't going to be in a long-term temp, or I know this guy's in zirconia, and he's really grinding, and he's more likely to screw loosening. The second you go to 25, the screw just goes just slightly deeper into the seat. It engages a very, very small five-degree cone to allow it to have that extra screw-loosening feature, and that's really the difference.

Dr. Noel Liu:
So it could go up to 25.

Dr. Jonathan Abenaim:
Yes. These are the Powerball 2.0. I talked to 25 all the time because I want that extra feature.

Dr. Noel Liu:
And that's not available in 1.0.

Dr. Jonathan Abenaim:
No, because it's not part of the 1.0 body. The 1.0 body is just, is a parallel shaft. And the reason it's a parallel shaft is because all of the forces, instead of going to the thread, it will go to the thicker part of the Powerball, which is right under the head of the Powerball. And you'll see when Powerball screw breaks, it never breaks deep down, like all other abutment screws which can never get out, it will break right at the top so that you can actually use an explorer and just turn it out. You can see it. It's designed that way. A lot of people don't know. They're like, oh, I buy the Powerball screw. It's good screw. It's bigger, it looks great. But there's so many things that I built into this. Why? Because I have problems. I'm a practicing dentist. And you said in the past, you know, you tried so many different systems. All the other systems are not invented by dentists. And if they are quote-unquote invented by dentists, they either copied me, or they're just regurgitating corporate words. That's just the truth, and they know it, and I know it. And my system was developed from the ground up, from my years of experience and my years of messing up and my years of learning what's right and what's wrong, and really building all that in. And for us, as dentists, to rely on some engineer at Nobel, at Straumann, at Three-i, at Zimmer, at all of these implant companies, to actually create anything is ridiculous because they don't live what we live, you know, they don't live. That's why I would say the best practice management software is the one created by dentists. The best impression material is probably the one created by dentists. All of these things that dentists create is because we know the problem and nobody can understand. I can tell you my problem, right, doc? But if you don't live my problem, your head's not going to be like this. You're going to be like, what is he talking about? But the whole podcast, you're going like this because you live my life and I live your life. We live together. We have the same issues. I don't care where in the world you are. It's the same thing.

Dr. Noel Liu:
You know, it reminds me of that part when one day when I was ordering those VHS scan bodies, remember that tax crew? And then I can't remember if you remember or not, but I was, like, using breadcrumbs. And, you know, those little breadcrumbs are, like, all over the place. And when I saw that VHS, and I'm like, all right, what do I do with this VHS? Is it a scan body, or is it, you know, I use it for reference? And you were like, hey, you can use it for both. And I was like, man, this is awesome. I mean, you know, these are the kind of things that I was like, you know, just wowed by when I saw your product, seriously.

Dr. Jonathan Abenaim:
And true or false? Are you wowed about it because you think it's cool? Or are you wowed by it because it solved the problem that you had?

Dr. Noel Liu:
It solved every single issues I had with full-arch. So my photogrammetry, that's the first thing I was telling him, my photogrammetry went out the window. I mean, what's the point? I mean, literally, I can say this factually that you saved me 40 grand from investing into one, right? I was having my lab guy come in, and he kept telling me, hey, why don't you go buy one? You know, you go buy one. And I have, like, you know, multiple locations. I cannot buy a photogrammetry for every single location. It doesn't make sense. And your system helped me scale. My man, I mean, I can say that wholeheartedly. Your system helped me scale every single location, so thank you, man.

Dr. Jonathan Abenaim:
I'm so happy to hear that because, you know, I told you in the beginning about changing the brand of dentistry. Dentists, they practice by themselves, at least for me. I'm a solo practitioner. I have a small team. I have one office. I'm busy enough; thank God I used to have three offices. It was too much for me. It doesn't work for my brain, but one of the goals that I created for this was like, there's just so many patients I can treat. There's just so many lives that I can change. But if I can create something that other dentists can use, not only will I make the dentists' life easier, but they will change other people's lives. So whenever I see a restoration with my Powerball screw, that use my system, you do not understand how happy it makes me. Not because you send me 200 bucks to buy these parts. I don't give a shit about that. That's not what I'm in it for.

Dr. Noel Liu:
... Value.

Dr. Jonathan Abenaim:
Is because I can change your life. Like when I die, you'll remember that I had an impact on you, and I never met you in person. And your patient that's walking around with a restoration with my screw or my process, I made an impact on them through you. And to me, that's everything. That's my reason. Other than my family, that's my reason for being. If I can make an impact on people and make the world a better place with what I thought of that God gave me, I'm good. I'm happy. That's all I want.

Dr. Noel Liu:
That's preach, man. Hey, so I want to end with this one thing here. You got a course coming up in August. What's that about? And who's it for?

Dr. Jonathan Abenaim:
Yes, so it's FullArchRaw.com. It's going to be in Miami Florida on August 8th and ninth. I am going to be partnering with one of my students, Dr. Ryan Dunlop, who has really taken digital dentistry to another level, to a point where him and I get the same results. Mine's better, but him and I try to find the same result, but he does it in a completely different manner. And when I talk about a different manner, that means that the way that he acquires data, the way that he manufactures, you know, the size of the people that he uses, meaning how big is his office, right? He's taken his methods and created massive institute to be able to do that and gives courses all the time, and that's what he loves to do. He has multiple associates, and it teaches. And what you'll learn is you'll be able to learn full-arch digital dentistry from marketing, from acquisition, from milling. I have a section on how to close. If a patient says to you, I need to talk to my wife, what do you say to them? You say, okay, fine, call me back. Patient says, oh, let me think about it. What do you say? And in full-arch dentistry, it's different than a single crown. And I'll have a whole section on how to close. I'll have a whole section. Um, Ryan's going to do a whole section on marketing. I'm going to be doing a section on Intraoral scans. I can say to you, I'm gonna say this. If you're brand new in this game, it's gonna be way over your head.

Dr. Noel Liu:
Got it.

Dr. Jonathan Abenaim:
If you want to be like, wow, come. If you're in this game and you're like, I've done a couple arches, I want to scale these arches. I don't know what to buy, how to do it, where I should go, intraoral photogrammetry. If I should even go into this, which is probably everybody in this world, come to this. If you're just a general dentist that doesn't even want to have anything to do with full-arch, it's not for you. If you're a general dentist that doesn't know what an intraoral scanner is, this is not for you. If you're a general dentist that doesn't understand what a multi-unit abutment is, this is not for you. If you're a general dentist that does implant dentistry, that does full-arch dentistry, not at a crazy level. Even if you do one arch a month or one arch a year, and you understand that you would love to do more of it because you enjoy it, this is where you want to go to, because it's going to be like a fire hose. Because usually, I give my course two days by myself. I now have to share the stage with somebody else and give the same amount of information.

Dr. Noel Liu:
So someone attending better be prepared.

Dr. Jonathan Abenaim:
You got to sleep a week before you come for this, but this is going to be, you know, it's going to be the truth. There's no corporate sponsors at all. There's nothing wrong with sponsors, but we want it to be able to just disseminate 100% the truth. That's it. Like, this is what it is. This is what we're going to do. This is what we do. And you can ask any question. The location is unbelievable. We rented out a movie theater. Super high-end movie theater with reclining seats. You're going to have your private waiter come and bring you food. Unlimited popcorn, unlimited drinks. It's not going to be like sloppy food. You're going to order from a menu. They're going to bring it to your seat. It's going to be like super high-end.

Dr. Noel Liu:
So wait a minute, you're going to have this course in a movie theater.

Dr. Jonathan Abenaim:
This is a show, and it's not just random movie theater with shitty seats. Imagine like Emirates first-class seats and stuff. Full reclining couch, full table, full food, unlimited popcorn. Because this is really going to be a show, and it's going to be something in dentistry that nobody's ever done. And mark my words, after I do this course, everyone's going to rent a movie theater because it's genius. The screen is huge, the seats are amazing, the seats are amazing. Everything is just going to be great. The food is there. The location is in Miami, Florida. I mean, why not? We have a couple spots left. I think there's like 7 or 8 spots left, and then it's over. I can add your chair anymore, but you legit, if you're not going to come for the education, come for the entertainment, because you're gonna love this.

Dr. Noel Liu:
You said August 7th and 8th, right?

Dr. Jonathan Abenaim:
August 8th and 9th. Thursday, Friday.

Dr. Noel Liu:
8th and 9th. Okay.

Dr. Jonathan Abenaim:
8th and 9th. It's not a weekend. 8th and 9th. You get the weekend to chill with your family.

Dr. Noel Liu:
Got it, August 8th and 9th. Let me see. That's a Thursday and Friday.

Dr. Jonathan Abenaim:
Yeah.

Dr. Noel Liu:
Oh, man. You enticing me on this here.

Dr. Jonathan Abenaim:
You, your friends, anybody who's gonna come. I'm telling you, this is gonna be. It's even a time to just relax with like-minded people, with like-minded people. Because the people I can tell you, the people that registered, they are amazing. It's like a mastermind of the best of the best that come to these courses, because they know. And to be the best, you want to be with the best so that you can be better and better and better.

Dr. Noel Liu:
Alrighty, I'm definitely gonna try my best to block that calendar, man. I mean, this sounds amazing. Who else? And then the guy who's actually, I'm using his system, right?

Dr. Jonathan Abenaim:
You have all the answers in front of you. The only one that can stop you is yourself.

Dr. Noel Liu:
Exactly 1,000%. Hey, Jonathan. Thank you so much. I mean, this was an honor and a pleasure to hear your story and the whole process. This is such a great, great thing.

Dr. Jonathan Abenaim:
Thank you so much for having me. I appreciate that.

Dr. Noel Liu:
I'm definitely going to put your link up and also the link to the course as well. So, any last tips before you go?

Dr. Jonathan Abenaim:
All I can say is we live in a world of social media where what you think you see is real, and it may or may not give you anxiety about it. All I can say to you is love what you do, have passion, and I promise you everything will work out. Don't worry about all the noise. Don't worry about everything else. There's going to be challenges, but you can barrel right through them, as long as you love what you do, you are passionate, and you have the right people around you. So check those three boxes and I promise you you'll be successful.

Dr. Noel Liu:
Man, that's preach right there. I appreciate you.

Dr. Jonathan Abenaim:
Thank you so much.

Dr. Noel Liu:
Hey everyone, we're going to land the plane. This was an amazing, amazing episode. Definitely check us out on our next one and make sure to like and subscribe. We'll see you next time.

Dr. Noel Liu:
Thanks for tuning in to the Secure Dental Podcast. We hope you found today's podcast inspiring and useful to your practice and financial growth. For Show Notes, resources, and ways to stay engaged with us, visit us at NoelLiuDDs.com. That's N O E L L I U D D S.com.

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About Noel Liu:

Noel Liu, a graduate of NYU College of Dentistry, is a highly skilled and compassionate general dentist and co-founder of Secure Dental with multiple locations. With years of experience in the field, Dr. Liu has established a reputation as a trusted and knowledgeable dental professional.

 

In addition to his dental practices, Dr. Liu is also very passionate about mentoring and guiding his associate doctors in their transition from students to clinicians.  He has built a successful framework for model, mimic, and mastery flow to help them achieve their personal, professional, and financial goals and efficiencies.

Things You’ll Learn:

  • This podcast is for dental professionals looking to make the most out of their dental career, their wealth, and freedom.
  • Entrepreneurs usually learn how to grow their business the hard way. 
  • The Secure Dental Podcast is available everywhere you find your favorite podcast shows. 
  • Secure Dental will publish two episodes per month. 

Resources:

  • Connect with and follow Dr. Noel Liu on LinkedIn.
  • Check out Dr. Noel’s website.
  • Visit Secure Dental’s website and learn more about them!  
Categories
Podcast

The Importance of Mentorship in Real Estate and Dental Practice Success

Summary:

Welcome to the Secure Dental Podcast!

This new show will bring you conversations with the brightest minds in the Dental and Business Communities. Hosted by Dr. Noel Liu, this show will dive deep into practical tips to grow your business. Many entrepreneurs wished they had a guidebook or someone to help them understand how to grow their businesses, Well you’re in luck because this show will be exactly that!

Tune in twice a month and unleash your full potential!

Secure Dental_Simon Beylin.mp3: Audio automatically transcribed by Sonix

Secure Dental_Simon Beylin.mp3: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Dr. Noel Liu:
Welcome to the Secure Dental podcast. Through conversations with the brightest minds in the dental and business communities, we'll share practical tips you can use to scale your practice and create financial freedom for yourself and your family. My name is Dr. Noel Liu, CEO and Dentist at Secure Dental, and also co-founder of DentVia. I'm your host for the Secure podcast, and I'm so glad you're joining in.

Dr. Noel Liu:
Welcome back to another episode of our Secure Dental podcast. Like my intro, I am Dr. Noel Liu. I'm a general dentist. And today we have a very special guest, Dr. Simon Beylin. He's an endodontist, and now he's not seeing patients anymore. And now he owns Beylin Developments. But before we get started and pass the mic off to him, I would like to mention our sponsor, which is DentVia. It's a virtual dental assistant administration company that assists with back-end office tasks. Definitely visit them at DentVia.com. It's www.DentVia.com. Let's get right on to it. Simon, I'll let you do the intro. Tell us a little bit about how you got started, your dental world, and then what you're doing these days.

Dr. Simon Beylin:
So I started my path of dentistry. I first became a general dentist. I did a year of GPR, and then practiced for a few years, and went back, and became an endodontist. From there, my wife saw a pediatric dentist, so we started building our own offices and through the process of just doing our start-ups. I got my construction license and started building dental offices. So that's what got me into the world of building on my own. I grew up around construction. My father had a construction company, so I knew a little bit of the back-end of running a construction company, but we started building dental offices and just snowballed from there and started developing ground up real estate. And that's what we're doing now. We focus a lot of our efforts on our investment side on ground up development. So we still own our dental offices, but neither one, neither my wife or I are clinical at this point.

Dr. Noel Liu:
How many offices do you have now?

Dr. Simon Beylin:
We have two ... offices. So there, at this point, there are associate-driven, and we do in-house GA. They're very busy ... offices. So it keeps us busy from the ... side. And then we're not in our practices. We're on the investment side and in real estate.

Dr. Noel Liu:
Nice. Tell me a little bit about you. You were an endodontist, right?

Dr. Simon Beylin:
Yeah.

Dr. Noel Liu:
Do you still maintain your license or you give that up?

Dr. Simon Beylin:
Still have a dental license. If I had to, I could still go in there and do root canals. We all get old. It's like an hourglass eventually runs out of sand. So I had some issues with, a little bit of arthritis. And luckily I had enough going with development. So I just focused more of my efforts and more of my energy on that.

Dr. Noel Liu:
So you were a endodontist. You were also developing real estate at that time, is that correct? You were doing both at one time.

Dr. Simon Beylin:
Yeah. So since 2015 we started building commercial. 2019, we started going a little bit more towards the residential side. Now most of what we're doing is ground up multifamily. I still have a little bit of commercial here and there. I shy away from commercial. It's just not my bread and butter. But I purchased land that has commercial aspects to it. It has a commercial aspect to it. Commercial tenants are great if you can have a medical practice or a dental practice, and you can have a triple net lease and a long-term 15-year lease and not have to worry about tenants and toilets. It has its benefits. But the vacancy periods are also much longer. So if you're building a residential ground up development and you do all of your homework correctly, your demographics are well, there's a need for housing in that area. You'll build it. You shouldn't have any issues leasing out your units. But you can build, you build commercial and you get stuck with an empty building for a while. So if I am building any ground up commercial and I have a few projects that way right now is I want to lease 60% of the building leased out before I put a shovel in the ground or. Yeah, I have another building which is multi use. So we have three commercial units on the lower level, 16 units of residential on top. So on that one we have all the units leased out even before we start construction. But I'd be more willing to build something like that because the residential can support the commercial if it's empty for a while.

Dr. Noel Liu:
So you are building basically like a mixed use real estate where there's, and then there's residential also. Is that correct?

Dr. Simon Beylin:
One of our projects is in a downtown district, and that's what they wanted to see. That's the New York style, where you have commercial the lower levels and residential atop; the three story building. In that town, there is no availability for commercials. We had no issues leasing it out. And the residential is also, most of it's going to be pre-leased before it becomes.

Dr. Noel Liu:
So let me ask you here, Simon. You are the expert here, right, with building. So when you are talking about like 60%, like somebody starting out who is looking into, Hey, I want to develop this commercial space; how are you finding these tenants? Is it broker? Is it like you just put a sign up there? What's going on there?

Dr. Simon Beylin:
I hate to sound like a poacher, but first things first, you got to try to poach some clients that are nearby. One of the buildings I have, there's a med spa in town. My wife and I are both patients of the med spa. They mentioned that they want to move. They outgrowned their space. And here I am with a commercial space that's going to be going right down the street. So I just approached them. And if you could do it on your own without realtors, they take 6% of the entire lease period. So if you're talking about a 15-year lease, 6% is a decent amount. So if you could sign some of those leases first on your own, I always say just look around town; maybe some businesses that look like they're busting at the seams and knock on some doors. And beyond that, then you have to start looking at commercial brokers or I make posts on Facebook. So here's this building, here's a rendering of it. Have a very nice rendering of what you want there. I kind of have an idea of what the town wants to see in that area, and then bring that to the different Facebook groups of that town and maybe 3 or 4 towns around it. And that, for me, has filled up all of our buildings. We've never, to this day, have used a commercial broker, even though I did have phone calls with two of them this morning.

Dr. Noel Liu:
So let me go back again. So commercial brokers are taking 6% of the entire length of the lease? Is that what you said?

Dr. Simon Beylin:
In this area, that's what they're looking for.

Dr. Noel Liu:
Wow. Is that area dependent or is that like just?

Dr. Simon Beylin:
It's area dependent and it is negotiable. But at the same time, if you have a commercial real estate agent who's going to get you $5 more per square foot, and that already takes care of their 6%, I'm fine with that. People, if you're going to, if I've got issues filling it and you could fill it at a higher rate than I can fill it out, by all means, go ahead. But if I can put up a couple Facebook posts and knock on a couple doors on my own and I don't need a commercial agent to do it, I'll definitely try that on my own first. I definitely knock on doors first. Economic Commission for specific towns will absolutely be your best friend here. They will know businesses that want to move. They'll know businesses that want to come to the town, and they'll give you a list. For our mixed use, they reach out to us first, saying they have people that want to take over the entire first floor, and they gave us a list. These are people looking for commercial space in this town. I mean, I'm building in New Hampshire and in Maine, so we have much smaller towns than different parts of the US. So a lot of these smaller economic boards, they'll know who's looking for space in those towns.

Dr. Noel Liu:
So who do you go to for a source, to tap into this source?

Dr. Simon Beylin:
We have, it's called the Economic Affairs Commission. It's a separate board in the towns of these small towns in this area, in New England. ...go to the town planning Board and ask who's on your economics board, and they'll give you the person's information. And they're always willing to help. And that doesn't cost you a dime.

Dr. Noel Liu:
Wow, wow. Simon, you're dropping some serious nuggets over here, man, for a lot of people, actually, who are looking into this strategy. So for dental space, the space that you currently have with the two pediatrics; is that something which you currently own?

Dr. Simon Beylin:
I do, I own them. So if you're doing it for owner occupied, you have many different avenues to go out that. If you're looking for SBA loans, which if that's your last resource, is a great resource because you could come in with 0% down. And if you're going to occupy 50% or more, they'll give you a loan 0% down. So that's a very easy way to get into commercial without any outlay, because they'll run the numbers and your 50% from your dental practice should more than cover the note for the entire building. Then anything that comes in from the other 50% is just gravy. So that is how we actually enter into the commercial side was we purchased the condos in which we have our offices. So I purchased three condos for one of my offices and one condo for the other one; built them out. I just, I couldn't imagine, we had a pretty nice build outs to not be in full control of the lease ownership. So that is a nice way in.

Dr. Noel Liu:
So it's all about the control. So let me ask you this here. So when you do buy this land and you do a ground up, how do you differentiate which lender and how hard is it to get those construction loans; number one. Number two is: Would you want to put your one of those favorite questions a lot of people ask is, would you want to put the dental office on the same note as your real estate? Or would you want to have them separate? But if you go with the SBA route, then it's got to be the same, correct? And then if you go different routes then you could put them separate. So what's your expertise? You pretty much know this inside out.

Dr. Simon Beylin:
Well, we built our first office; that was 2015. That was just as we're coming out of 2008. So real estate was still get all the regulations that were following. And you had to, actually, at that time, you had to separate it. So the real estate loan was, we used live oak for the real estate and part of the construction loan and Bank of America for the practice loan, and that was very common at that time. Bank of America was not an SBA loan. It was a better product. But they couldn't give you 25 years if you wanted it. So it's a much shorter loan. But it was an SBA. So it would have been nice to have done everything with a lender like B of A, but at that time it was just an absolute requirement. There wasn't a way around it in this area. So we went that path, where you had SBA lender or a different lender for your real estate and a portion of the construction and then practice loan for the other part.

Dr. Noel Liu:
Is that what's preferred?

Dr. Simon Beylin:
I don't know. If it's up to me, they may have a little bit better percentage. You have to bring less to the table. But if you're talking about a loan like B of A, they fund you, they ask for your documents at the end of one year. They see that you're doing well. We do well as dental professionals and they move on, where if it's an SBA loan, it's every quarter, you have to reach out to your account. They need reports. It's, there's no way around it. It's a federal loan. So it's just, it's a lot more of a headache. So I always say if you can avoid SBA loans, you absolutely want to avoid.

Dr. Noel Liu:
At all costs, right? The only reason I'm asking you, Simon, is because one of those questions a lot of people ask is that if I'm going to do a practice loan and I do a real estate loan, I want them separate so that if ever I wanted to sell the real estate by itself, I want to refi it, it's always a separate deal. What's your experience like? Would you recommend separate or would you recommend the same entity or even the same bank? What's your recommendation?

Dr. Simon Beylin:
If you can't split them because you think that, so you're on the residential side. So it's think of a value add when you get a client in there. But just think about it the same way. But if you're doing this with commercial, we go in there, we increase the value of it. We have a lease that we get signed. Once that lease is signed and you've shown that you're a good client, a good tenant for several years, there are companies now like DSOs, but just for real estate, that only purchase real estate that has a dentist or a medical doctor in that real estate. We, actually, spoke with a gentleman who runs something like that, Johnny and I, when we were in Florida for that podcast. That's all we look at. They only want to buy real estate where it's a dentist occupying it. That's their niche. So if you're doing it correctly and you're paying the, your proper amount of rent, which let's just say if you should be paying $35 a month for that rent, because that's what it would be if you didn't own the property next door. You added a lot of value to that commercial real estate, so now you can't sell it to one of those groups and take out quite a bit of equity and then go put it somewhere else. If your loans are tied together, it makes it a little bit messier, because now you have to close out the entire loan. So in that aspect, yeah, it works out very well.

Dr. Noel Liu:
So what would you say? Like some of these banks, they really want to put collateral on their real estate as well as a practice. And a lot of those times where it's a new dentist, right? They're looking into a practice first time. And the banks want to be like, Hey, I want to put that real estate and everything into one note. Is that something you would say it's okay to start off with, or would you still recommend, Okay, you got to have them separate?

Dr. Simon Beylin:
To me, honestly, I don't think it would matter because if you wanted to get some way out of it, I think there's ways to work around it either way. If I had to do it all over again, I would go for a shorter term notes with a non SBA lender. We have a great relationship with Bank of America. I would just do everything with Bank of America. But at the time, first practice, you're nervous. So it's, Oh, they're going to give me 25 years on the SBA note, and I don't have to put anything down. So let me just take that weight off my shoulders. But you get through the first year, Okay, I never had a day in the red. I should have just taken a shorter note, dealt with less headaches for the next ten years. You know what I mean? That would be my personal recommendation. Not that it helps you sleep at night when you don't have to put 10% down or 20% down and puts a lot longer. So just, I guess it goes to your comfort level.

Dr. Noel Liu:
That's especially for the real estate side, right? Putting those down. Okay. Well, let's switch gears. Let's talk about what's going on currently with you. So currently, you're doing like big developments with multifamily. I've noticed, I've seen that some of those posts on our Facebook group. So let's talk a little bit about that. How did you get started in this from commercial?

Dr. Simon Beylin:
My father's company was, they did residential, commercial, and most of it was all new construction. It was a electrical subcontractors. So pretty large company in California. So I grew up on job sites. And what we build on the commercial side for dentistry, they say in terms of construction, it's the most difficult construction you can have because our outlets need to be in a specific spot for a piece of equipment that's going to go into that little cubby. Chair needs to be set exactly where it needs to go. It's very detailed, like 3500 square foot dental office. I could have a 70-page plant set. Residential is much easier to build, and I always knew I wanted to go that way, but I thought I would own apartment buildings and do value add. But it's just so difficult in this area. Like a 15-year-old building in the New England area. It's taken a beating. It's just, the weather cycles that we have. It's already an old building. They require a lot of maintenance. And people, the competition is fierce for a good building that you want to do; value add being 3 to 7 years and just do the typical cycle that you see. It's very difficult with the assets that we have here. I wanted to start in my backyard. I know plenty of people who invest out of state and they do very well with that. But I thought for the first ones I want it to be, whatever I did, I wanted to be a little bit more control in my own backyard. So I couldn't find anything that was decent for value add. So I reached out to somebody who his name is Greg Dickerson. He's my mentor and friend at this point. But I told him, I have this background. I can build, give me a set of blueprints, and I can build you whatever you want. I don't have a problem doing that, but I don't know how to take a piece of dirt. I don't know how to go through the entitlement process, which is a different beast on its own. Get it approved, which is where most of the profit and development is made; is that approval. You can flip the dirt once you have approvals and have a nice exit and never build it. Yeah. So that's a portion I didn't know. Give me the dirt with the blueprints and the approvals. I can build you whatever you want, but how do I get from the steps I haven't done? So I signed up with him for mentorship for a year, and he held my hand through the first project. But even after the first year, we're still, I don't have a single project that I don't run by him at this point. We just go through it, make sure I have somebody else's eyes who's been doing this for over 35 years, have his eyes on it, and make sure I'm not getting into any deals that aren't going to make.

Dr. Noel Liu:
How did you find him?

Dr. Simon Beylin:
I was on a beach in Florida, and I'm like, I'm ready to take this to the next level, but I have no idea. Let me look for textbooks or podcasts or online courses. And I found he had an online course. It was like 100 bucks. So I downloaded everything and I listened to every last one of his videos on the flight back up. And then as soon as I landed, I'm like, I got to see if I can hire this guy to coach me. And sure enough, he had a coaching program, a mentorship program. I landed, sent him an email. A week later, we were on like a dating phone call because he has a phone call with you first to make sure it's going to work. He doesn't just take any client. We had that phone call. I gave him my background. I was amazed about how much he knew about dentistry. He has a lot of dental and medical clients and probably know of quite a few of his clients. Joe Fairless, who writes the best book on syndication and is one of his clients. Viking Capital is one of his clients. So a lot of people that I followed for a while have been his coaching and mentorship clients. So we had a nice conversation. He knew a tremendous amount about dentistry and medicine and selling practices, and it just rubbed me the right way. And I signed up for a year and took a project through completion. And here we are now. Just, at this point, I don't think there's any development that I can't do without him, but we still just, we chat on a weekly basis.

Dr. Noel Liu:
Do you guys work together on a deal or is it just, he's just a mentor?

Dr. Simon Beylin:
Oh, he's just a mentor at this point. He's, he did, I think 350 million of his own development. But we're talking about 80s and 90s. So in today's money, that's a few billion. It's a lot in today's money. So at this point, his life, he's strictly focused on coaching and mentorship. We do have a mastermind that we get on once a week, but he doesn't do any of his own deals at this point.

Dr. Noel Liu:
Oh that's awesome. So how difficult is it to get it from dirt to approval?

Dr. Simon Beylin:
I'll give you a couple examples.

Dr. Noel Liu:
A time frame. What are you looking at? A year? A few months?

Dr. Simon Beylin:
So it's funny. I have a project you've probably seen. I posted, it's 33 units in Windham, Maine. Windham, Maine is a small town, about 15,000 people, about ten miles outside of Portland, Maine. So we picked it because Portland's now has rent control and it's pushing all the developers out. No longer makes sense to, you can't make the deals pencil in Portland. So everybody's pushing out. And because of that the population is pushing out as well. So numbers made sense. My partner on that project brought me the project. I saw it the end of February. The end of May, I had four approvals, and July we had a shovel in the ground. So that's crazy fast. You have a town that has a major housing crisis. They want housing and they do something about it. I have another project in Windham, New Hampshire. Same town name, but different state. It's a town I live in. Where I bought the project. I've had it for almost three years. October will be three years. The person before me gave up ten years into it, and the person before him gave up 20 years into it. So 33 years to get 45 units approved. So those are your opposite ends of the spectrum. You have a completely we hate development town to we will do whatever it takes to get this housing crisis under control. And you just, you need to know which one you're going into. And I knew.

Dr. Noel Liu:
How do you find omething like that?

Dr. Simon Beylin:
You'll know from the beginning. You can go on to any planning board in the US, and you can watch. They all record their, almost any town that I've dealt with, they all have video cameras recording. And you go back years and watch all the recordings. And you can see if they're approving projects in one meeting or they're approving projects over many years. And you can also see the amount of what's being built in a specific town. If you see a town's only giving, there are towns in Maine, right now, we're looking at another project that's 333 units, which, we're at the finish line of getting that under contract. I think we will get it. But the town is limited development there. Even though it's approved for 333 units, they're only letting you build 45 units a year. So the town, just their sewer systems are water. They haven't built up the infrastructure enough to allow more, a developer to do more than 45 units per year. So you have to find this stuff out before you start exchanging funds. And we always go under contract with minimal outlay of funds. So you always write your contracts that we don't exchange our funds until we have all of our building approvals. So the debt going's to shovel in the ground, that's the day that you're going to get your money. But we don't close until that happens.

Dr. Noel Liu:
Oh, that's awesome. That's a great tip. So are you guys like trying to get those areas already pre leased out or is it just different story with multifamily?

Dr. Simon Beylin:
Yeah. So we, about 3 or 4 months before you get your completions, you start leasing them out so we can start taking small deposits. $50 a unit just on reservations. And a lot of our three bedrooms on that project, we have six, three bedrooms. They're already all spoken for. They won't be available until October and they're already all spoken for. So we definitely pre-lease while we're still in construction.

Dr. Noel Liu:
So, Simon, what does your team look like? That's a lot to undertake, right?

Dr. Simon Beylin:
There is. So you can do a lot of development from your home office. You don't make a huge team. Most of them can be outsourced. We're vertically integrated. So I not only do the development side, but I also have a construction company. So we do have people on my team. But Peter on my team, mainly his days are spent just looking for land. So he gets 1 or 2 deals across my desk a week. We'll put out offers on 1 or 2 a month and maybe 1 or 2 every quarter stick. So it's a numbers game. We try to fill the pipeline several years in advance, but that's all that Peter does. On the development side, all the people on my team are people I sell things out to. So we have a great civil engineers in New Hampshire. We deal with a group called the Dubay Group. It's a neighbor of mine, but they have one of the largest civil engineering firms. That's your best friend. Civil engineers know what land, oh, yeah, they know what land is available. They know who owns the land. They know what could be built on the land. They know more about dirt than I'll ever know. When I'm looking for deals, I'll always knock on my civil engineers doors first, because none of the stuff that I've purchased, not a single property, has ever hit the market. Ever. They've all either come from my civil engineers or land brokers that have just known of a piece of land and reached out to an owner for us. So you drive by, who owns that piece of dirt? You look it up on the town's website, then you send it to your land broker. Hey, find that, find this information. Let's give him an offer on that land. But we've never once put an offer on something that was listed. So it's.

Dr. Noel Liu:
What are some of the criterias for you and Peter that goes, Okay, out of the ten deals, this is the one I would have put an offer on?

Dr. Simon Beylin:
We just run the numbers. I try to say, Okay, we want to be 45 units and above, but sometimes the numbers on a 30 unit are amazing compared to a 300 unit. We just look at the numbers, we do our underwriting, we get quite detailed with the underwriting.

Dr. Noel Liu:
Is it location dependent?

Dr. Simon Beylin:
It's location dependent. Yeah, because if you want to build in certain towns, you're not going to build 300 units in the town that I live in. There's, we don't have water, we have sewers. So everything's all well and septic. So 45 unit development in town, like the one I live in, is a large development for this town. But then, two towns over, we have 170 units that we're building. That's part of a 360-unit development. So we purchased two buildings, and the gentleman that we purchased from is keeping one building on the property. But in that town, they allow 3, 4, or 500 unit apartment buildings. So we just look for the deals and start our underwriting. And if it makes sense, we move on to the next phase. But it's like anything else. With development, people think, Oh, I can overpay a little bit for the land. I'll make it up in the construction, I'll make it up in the engineering. And then the engineer comes in and that was over budget. It needs to make sense from the onset. So if land purchase doesn't make sense, don't move on to the next step. And architecture doesn't make sense because you're on the side of a hill and it's going to cost you tremendous amount more to design this because it's difficult, don't go to the next step. So every step needs to make sense before we move on to the next step because overruns always come up; construction overruns, engineering overruns, architectural overruns, time overruns. So if you're allowing it from the beginning, you're not leaving any cushion to have a little bit of contingency to get you through the finish line.

Dr. Noel Liu:
And how difficult are these lenders to deal with?

Dr. Simon Beylin:
Lenders just because of our backgrounds as doctors, if you've been practicing for a while, they know that we're good for our money, we don't fail, and they think you're going to take that into anything else that you do. In my area, they're very conservative. So 2008 didn't hit hard here because builders are conservative here and lenders are conservative here. But where you have certain parts of the US where they'll lend you at a 1.1 DSER, they won't do that here. They want to see 1.3. So it's, Oh, we show them 1.3, they'll give you whatever you want. But if you want to show 1.1, they're gonna say, Oh, even with low rates, we wouldn't have given you that. And in today's market, we definitely don't want to give you that. We don't know what's going to happen. So they're a little bit just more conservative on their criteria. But if you meet the criteria, they want to lend; that's how they make money. So they've, we've dealt mainly with local banks and they've been very favorable with that.

Dr. Noel Liu:
What are they basing the 1.3 on? Projections, pretty much?

Dr. Simon Beylin:
Yeah. So you'll give them projections of existing properties, newer properties that are built similar square footage. And they'll have a very, when it's ground up, the appraisals that we get, the guy spends a month and gives you a 70-page report on the appraisal. And it shows each and every single way. So the bank really relies a lot on the appraisal and the performance. And we're very conservative. Even though, I know I can get much higher rents than what I expect, I'd rather show more conservative rent and still show that high DESR if it makes sense. And the bank always comes back to us with the deals that Peter and I have done and say, Hey, you guys have this listed as $2,100 a month, but that development down the street that's ten years old is getting $2,300 a month. So that's the conversation you want coming from the bank, not the other way around. If you're trying to present them, Oh, I got a 1.8 DESR, but you put your rent at 3000 when they know that the area is only gonna support 2100. So you always want them to realize that you're being very conservative. So we do that in terms of the rent and also on the construction side. So we tell them that it's going to cost us more than what we think it's going to cost to build it, just doing the underwriting. And then we just take less funds if we have to during construction. So you're never going back and asking them for more. And so far, most of our banks that we've dealt with are excited to do more and more projects. You start inching towards their limit because all of these regional banks, they're typically 100 million limit. And if you have developments above that, they're going to partner with other smaller banks. But as long as you're under that limit, they'll continue to lend to you. That's how they make their bread and butter.

Dr. Noel Liu:
And you're still putting equity down, right?

Dr. Simon Beylin:
We are. I haven't raised for any of my deals thus far. Any deal that we have, it's been my money, my wife's money, or Peter's involved in a few of our deals. We just haven't had to raise. Eventually, we're going to start raising for our deals. It's just, haven't needed it at this point yet.

Dr. Noel Liu:
I feel what you're doing right here, Simon. It's, you have a really good delta when do it ground up versus buying an existing cash flow property. Because it's like everything that you're doing is brand new. And it's also the way you can actually project the ROI down the road. It's pretty significant. Like, do you agree with that statement?

Dr. Simon Beylin:
100%. We did a webinar with our HUD lender, and I'll go through that a little bit separately. But the premise of the entire podcast was we're getting into class A assets and a areas at a ten count. And even though everything that's happening today and they say it's going to have cap rates are going to continue going up and up, we're not seeing class A assets trading at a ten cap. You're not going to see that. I can sell that. We've got some ridiculous offers on the 33-unit that's not even completed yet. Just a gentleman older gentleman coming out of a 1031 who wants to purchase it and leave it for his kids. But we're getting into class A assets at a ten cap. That Delta is massive. And then if you want to, just you want to recycle your cash, we deal with HUD lenders that as soon as you're 90% occupied, they will rewrite the loan as if it's 100% occupied, and they'll go for a 35-year loan. And the interest rates are extremely low with HUD right now. 5, 5.5% today on HUD loan at 35 years. So you can't get out of them. So it's very difficult. So it is an assumable loan. So if you're going to sell a property for the first 15 years, there's massive prepayment penalties for 15 years. But typically it's going to be something that assumes that HUD loan if you do decide to sell it. But that's, you just recycle your cash out so you don't go down to 1.1 on the DSER, and they'll go 35 years. So the amount because of that delta that you get in a ten cap, and the amount of value that you have there, and they're going to value it at a five and a half cap because they're lending ar a 5.5%. So that's a huge delta that you take out tax free as long as you do the next real estate project. So that's how we've recycled our cash flow.

Dr. Noel Liu:
That's amazing. Because if it's one of those trophy assets that you guys are building, you probably just want to keep it. If you're going to convert to a HUD, you might as well just keep it.

Dr. Simon Beylin:
Yeah. So that's, Peter and I know that if we're going down this road, we're keeping it for 15 years.

Dr. Noel Liu:
At least.

Dr. Simon Beylin:
At least 15 years. So I'm not going to pay that massive prepayment penalty. And they're a great lender. He lends in all 50 states, the gentleman that we work with. We just, we give him a heads up. So we're 3, 4, or 5 months away from leasing this asset. We expect to hit 90% at this time. So we start the paperwork, and then as soon as he's ready, he submits and look at that process.

Dr. Noel Liu:
Cool deal. Simon, for somebody who wants to get started, man, how do they get started?

Dr. Simon Beylin:
So development: you can do it two ways. You can either do it just as a developer. And if you speak to Greg, that's, if you don't own a construction company, he's going to tell you that's the way to do it, because a lot of developers, that's all they do. You're not going to get out there and start a construction company just to build your own stuff. It's not necessary. I had the construction company, so it just made sense. But you can definitely start looking for land. Look in an area that you want to build. Just reach out to some civil engineers, see if you can make something work. And then you have to find a GC. So with us being vertically integrated, I have a lot of control over the costs. So that is how we get our spread a little bit better. But even if I was going to sub it out to GC, you can find GCS that will manage the entire project for you from anywhere from 3 to 8%. So 3 to 8%, you still have a massive delta, and you have somebody managing the entire headache portion of construction for you. Just put together a team and it helps, if it's your first deal, you're trying to develop something from the ground up. If you've never built anything, banks aren't going to give you a loan. But if you work with a GC that's built plenty of multifamily or whatever asset class you're trying to build, if they built plenty of that, the banks are going to be very open to lending to them. What they'll look at you is: Can you support this asset? If it's only 50% occupied, they'll just look at your financials and can you can you not. It doesn't matter to them as much in regards to can the developer bring this to the finish line as much as can the GC bring this to the finish line. So we do both. So they look at us from both aspects. We pull bonds when we have to. But if you're just starting out, I would just work with the local GC that's building what you want to build. So I don't know that I would jump into a 500 unit on your first one. So find the GC that's building like 15 to 30-unit buildings and take them out to lunch. See about can we build some projects together.

Dr. Noel Liu:
And it's a partnership, right? Like the other day I mean. So how important is partnership in real estate?

Dr. Simon Beylin:
Well, it's, your team, they say your network is your net worth. It's extremely important on the development side. I couldn't do what we do without our civil engineers, traffic engineers. You have to do traffic studies for approvals. The amount of different team members you have, you can't do it without them. So sometimes it makes sense. If you don't own the construction company, don't pay the GC 100% as his percentage, give up percentage equity in your deal. If he has some cash flow from your deal afterwards, he's going to be more incentivized to go into the next deal with you, build more and more multifamily because as you grow, he grows. I love it. Yeah, it might make a lot more sense to him than having a couple hundred thousand dollars more on one single project.

Dr. Noel Liu:
Love it, Simon. Love it. So just to recap, first thing you need is go find a land, get a civil engineer, partner up with the GC, get your lending in line, get your financials in line, right? And then how, and then you still need to work with an architect or a designer, right?

Dr. Simon Beylin:
Yeah. So specifically look for multifamily architects. You want somebody who's designed multifamily, but now you built it. So you've gone through the, you've gone through finding land, civil engineer, architects, got your GC that built for you. And now what do you want to do with the asset now? A lot of developers will stabilize the asset and now just sell it. That delta is large enough to, I don't want to ever deal with tenant or toilet. I'm just going to occupy it and I'm not going to do the HUD thing. I'm just going to sell this thing and move on to the next. That was 100% Greg's play. He never kept a single one of his assets. As soon as he leased them up, sold them. And a lot of developers do very well with that. Or now do you find the management company, which is what we do. We own our own management company as well. But now you have to manage your asset. So with that being in-house, again, we control some of those costs. We have enough units in localized areas. So it makes sense to have your own management company. But there are plenty of management companies that for anywhere from 3 to 8%, will manage your asset, and you'll meet with them maybe four times a year. So if you want to be very hands-off, I hand it off to a good management company afterwards.

Dr. Noel Liu:
Amd you're only local in Maine, correct?

Dr. Simon Beylin:
So I live in New Hampshire and actually.

Dr. Noel Liu:
New Hampshire. Sorry.

Dr. Simon Beylin:
No. That's okay. Most of our stuff is in New Hampshire, but we do have three projects right now in Maine. So the 33 unit, we have another one contract for 222 units, and a 19 unit in Maine. The rest of them are New Hampshire.

Dr. Noel Liu:
Last question for you. If somebody wanted to partner up with you, what's your feedback?

Dr. Simon Beylin:
I met Peter through the mastermind with Greg. And I made this offer a million times. And Peter so far is the only one that's ever actually showed up. Peter was in Maine, and that's why we're building Maine. So all those projects he brought me in Maine. He's ten years, about ten years younger than me, and he saw a bunch of my posts online. He saw my interviews with Greg, and he said the same thing. Hey, I want to learn from somebody who's a few steps ahead. Can I come and get in on some of your deals? I want to part? So I said, Peter, you know what? You bring me a deal. Not only will I hold your hand through it, but I'll bring half the money to it and we'll do one of them together. It'll be 50-50. And if you like it, we move on after that. We met, I think it was like a Thursday or Friday. And the following week he found that 33 unit for me. So we partnered on it. It's a team effort. So there's always room. Yeah, there's always room in real estate for other people on the team. And I make that same deal with anybody. If you find me a good deal and you want to do it together, ... I'll bring you half cash to the table, too. So I put my money where my mouth is. Yeah, but yeah, that's, that is a great way to get into it. I always, it's difficult because we always want to be in control. We all have our own dental offices, right? We want to run our own practice. It's difficult to get people in our field, I think, to partner up because we still se, I think solo is a lot more popular than the group practice that. And people say, Oh, well, if Simon could do it, I could do 100% on my own. But they don't realize if you did the first one with somebody like a Greg or like a Simon or like a Peter, you get through the first one, learn from somebody who's done a few of them, or many of them, see what mistakes you would save money on by not doing it for someone on your own. And then if you wanted to, you'll do the next one on your own. And that's what I told Peter. But he's not doing the next ones on his own. We're still 50-50 on everything we're doing in Maine, because it makes more sense for both of us.

Dr. Noel Liu:
Makes more sense. Yeah, precisely.

Dr. Simon Beylin:
So why would you take the headache on your own? We're just growing together.

Dr. Noel Liu:
And so, and that's another thing too. Like somebody will say, Hey, I want to do it alone. Yeah, eventually he or she will get there. Eventually, they'll get there. But how much, at what, at whose expense and how long? How much money spent?

Dr. Simon Beylin:
So lesson that learning curve just piggyback and it helps with the bank. So the first one if you really think you're going to do the first development on your own, yeah, you're going to do it. It's going to take a while. You'll maneuver your way through the bank, you'll get your funding. But if, this is going to take you five years where you could have been six months on somebody else's development. And then now you have five, ten, $15 million under your belt on the size of what you built, now you go back to the bank and say, Look, I just finished this three months ago and it's fully occupied. Now, I want to go to the next one. It's much easier on that second one than it is on the first one.

Dr. Noel Liu:
100%. Well, Simon, thanks for the time, buddy.

Dr. Simon Beylin:
Of course. Any time.

Dr. Noel Liu:
So how can somebody find you?

Dr. Simon Beylin:
Visit our website BeylinDevelopment.com. My contact info is on there. And actually, the phone number that's on there is my cell phone. So if you ever have a question, shoot me a text. I always reply.

Dr. Noel Liu:
Great, we're definitely going to put the link down there as well in this pod. Other than that, I think we are pretty good and I appreciate you coming on.

Dr. Simon Beylin:
Of course. Anytime. I appreciate you having me.

Dr. Noel Liu:
All right. Great. Well everybody, we're going to land the plane here. Well, make sure to like and subscribe. We can definitely find SimonDevelopments.com. And that's his email address as well. So definitely reach out if you have any questions regarding ground-up construction. Alrighty. Have a good one, everybody.

Dr. Noel Liu:
Thanks for tuning in to the Secure Dental podcast. We hope you found today's podcast inspiring and useful to your practice and financial growth. For show notes, resources, and ways to stay engaged with us, visit us at NoelLiuDDS.com. That's N O E L L I U D D S.com.

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About Noel Liu:

Noel Liu, a graduate of NYU College of Dentistry, is a highly skilled and compassionate general dentist and co-founder of Secure Dental with multiple locations. With years of experience in the field, Dr. Liu has established a reputation as a trusted and knowledgeable dental professional.

 

In addition to his dental practices, Dr. Liu is also very passionate about mentoring and guiding his associate doctors in their transition from students to clinicians.  He has built a successful framework for model, mimic, and mastery flow to help them achieve their personal, professional, and financial goals and efficiencies.

Things You’ll Learn:

  • This podcast is for dental professionals looking to make the most out of their dental career, their wealth, and freedom.
  • Entrepreneurs usually learn how to grow their business the hard way. 
  • The Secure Dental Podcast is available everywhere you find your favorite podcast shows. 
  • Secure Dental will publish two episodes per month. 

Resources:

  • Connect with and follow Dr. Noel Liu on LinkedIn.
  • Check out Dr. Noel’s website.
  • Visit Secure Dental’s website and learn more about them!  
Categories
Podcast

Shark Tank Success: How a Toothbrush Took the Spotlight

Summary:

Providing personalized care and attention to patients’ needs can differentiate dental practices and contribute to patient satisfaction and retention.

In this episode, Dr. Bobbi Peterson, renowned orthodontist and inventor, shares how her commitment to providing quality dental care to underserved communities led her to develop the Big Mouth Toothbrush, a revolutionary electronic and sonic toothbrush designed for optimal oral health. With a passion for serving her patients, Dr. Peterson emphasizes the importance of leadership, accountability, and personalized care in dental practices. When it comes to scaling a business, Bobbi shares that expanding distribution channels, such as partnering with dental offices and leveraging online platforms like Amazon, is crucial for reaching a wider audience and driving product sales. Through her practices in Brooklyn and Philadelphia, she creates a familial environment where patients feel valued and heard. Dr. Peterson’s appearance on Shark Tank catapulted her product to success, leading to partnerships and expansion into dental offices and boutiques. She emphasizes the significance of delegation, respect, and teamwork in building a successful practice. 

Tune in and learn how Dr. Peterson’s dedication to innovation and community impact continues to inspire and uplift dental professionals worldwide!

Secure Dental_Bobbi Peterson.mp3: Audio automatically transcribed by Sonix

Secure Dental_Bobbi Peterson.mp3: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Noel Liu:
Welcome to the Secure Dental Podcast. Through conversations with the brightest minds in the dental and business communities, we'll share practical tips you can use to scale your practice and create financial freedom for yourself and your family. My name is Dr. Noel Liu, CEO and Dentist at Secure Dental, and also co-founder of DentVia. I'm your host for the Secure Dental Podcast and I'm so glad you're joining in.

Noel Liu:
Hey, welcome back to another episode of our Secure Dental podcast. Today we have yet another very special guest here. Before we get started, I'm just going to start with a little bit about the sponsorship of the pod. The pod has been sponsored by DentVia. It's a virtual dental assistant company, and basically they help your back team staff members with virtual administration. Visit them at www.DentVia.com. Again, that's www.DentVia.com. Now, since that's out of the way, let's dive right in. So I got here Dr. Bobbi here, and she is such an amazing person. She does great things. She has two practices in Brooklyn and Philadelphia. And what are they really inspired by her is the work she does in the community. So without further ado, I'm going to pass the mic on to you and let you do the intro and tell us exactly what's going on and how you got started.

Bobbi Peterson:
Yes. Thank you so much for that introduction. I'm really happy to be here on the Secure Dental Studio podcast. I admire your work and thank you for what you do as well. But my name is Dr. Bobbi Peterson. As you said, I have two practices, one in Brooklyn, one here in Philadelphia. I've been practicing since 2008. I may not look, I know I was born in '92, but I've been a dentist since I was four and I'm not kidding. But I've been practicing dentistry and orthodontics for a long time. I definitely pride myself in getting back to the community like you said. Both of my practices are located in major cities and we accept all insurances and we cater to those that may not necessarily be able to afford proper dental health care. We also donate dental supplies to different high schools and middle schools in both cities. I opened up a practice in Philadelphia because I had family here, and I also went to Drexel University, so I'm very familiar with this city. Most recently, I became an inventor, and I know you want to touch base on that a little bit.

Noel Liu:
I think you're all about it.

Bobbi Peterson:
Yes. I designed an electronic mouth sonic toothbrush.

Noel Liu:
Wait, you said electronic mouth sonic toothbrush?

Bobbi Peterson:
Yes. So what that means is, yeah, so I, so a few years ago, I got with a few engineers, and I wanted to design an electronic toothbrush with a wider head. Now, the reason I wanted to do that is because, within my practice of dentistry and orthodontics, because I have some dentists that work for me, we noticed that there was a higher prevalence of gingivitis and periodontal disease. So I'm like I personally did not like how the latest advances and all of the electronic toothbrushes from these big companies were getting smaller and smaller, the brush heads were getting smaller and smaller. I'm like, How is this helping the gingivitis and oral health care problems? So I said, I personally want a wider toothbrush hand. So I got with a couple of engineers. We did our design. Four prototypes later, came up with a big mouth toothbrush. I said this works well in every corner of the average sized mouth. And we put it on the market. Yes. After being on the market for about six months, I applied for Shark Tank.

Noel Liu:
So before when it was in a market for six months, what was the name? Big mouth toothbrush? That's it?

Bobbi Peterson:
The big-mouth toothbrush. That's always been the name. Yep. That's always been the name.

Noel Liu:
And where did you have them?

Bobbi Peterson:
So initially it was only direct to consumer. Then gradually we got on to Amazon and that was pretty much it. At that point, it was direct to consumer and Amazon. That was, and then I sold them at my practice too. At that point in time I only had the practice in Brooklyn. So we sold that at the office and then we sold them direct to consumer.

Noel Liu:
And what year was that?

Bobbi Peterson:
That was 2022.

Noel Liu:
2022?

Bobbi Peterson:
Yeah. Very recent.

Noel Liu:
Wow. Wow. Okay. Okay. So yeah, keep going.

Bobbi Peterson:
Yeah. So we launched in January of 2022. In June or July, I applied for Shark Tank because it really is one of my favorite shows. And I really feel like that platform gives opportunities to entrepreneurs at every level. Like, you can go on Shark Tank with an idea. You can go on there with a prototype that you just want to sell for licensing. You can go on there if you have a failed business. You can go on there if you have a successful business. They help entrepreneurs on every level. I personally wanted to have some numbers behind my brands to bring to them to show proof of the concept. So that's why I waited about six months before I applied. So I applied six months in. They responded to me, I believe, by August. And then in September I went to go pitch. Now the problem with that was, and what a lot of people don't know is that you can go through all the stages to get onto Shark Tank, right? But you don't, and you can pitch in front of the sharks. But it does not necessarily mean that your episode is going to air. Now, your episode airing is key to your brand going through the roof in terms of sales. If no one sees the episode, it's like, How do they even know you exist? So I pitched in September and some of the people that were there with me when I pitched, like some of the brands, their episode aired like the following month. So I'm seeing all these people that were there with me and their episodes are airing, and I'm like, Oh my gosh, is my episode not going to air? It didn't air until the following March. Okay? So my episode didn't air till March of 2023. It just aired last year.

Noel Liu:
Wow, wow.

Bobbi Peterson:
Yeah, I was on pins and needles. I'm like, Oh my gosh. Because the network, they can't confirm that to you. They will, because they don't really know because it's television. It's like reality TV. You don't, they can't really tell you until maybe a month or two before.

Noel Liu:
Amazing.

Bobbi Peterson:
You just have to be ready. I sold out in 24 hours.

Noel Liu:
How did you come about this idea that you want to go to Shark Tank?

Bobbi Peterson:
So it's always been one of my favorite shows. So Big Mouth is not my first business, okay? It's not my first product. So it's my first product. So I have, initially, so the reason why they call me the celebrity orthodontist is because when I first finished my residency and I started practicing, there were in a lot of celebrity circles, right? And I wanted to be able to offer them something different. So I came up with my own line of tooth jewelry called oral fixation, and I used to make, I got with a jeweler and I made custom tooth jewelry pieces for a bunch of celebrities. Namely, one was the production company for hip-hop artist; his name is FettyWAP. So back then he was really, really popular. So he was so popular. And so that's like where I got my platform from. That's where my platform ... And that's how my name started ringing bells in those circles. So that was the first thing. So I'm not naive when it comes to selling something. Funny ...

Noel Liu:
I love your background.

Bobbi Peterson:
But yeah. So that's, just to give you a little bit of background on me finding my passion and being so passionate about the things that I bring to the world, you know what I mean?

Noel Liu:
You got this, like, inner spirit just pops out.

Bobbi Peterson:
I can't help it.

Noel Liu:
So this whole process with the Shark Tank, how tedious or how cumbersome or how challenging was it for you?

Bobbi Peterson:
I would say, I don't think it was like a cumbersome type of experience, because once they accept you, once they tell you they want you to move forward, right? They don't really tell you exactly what's gonna happen step by step. They keep you in the dark when it comes to certain things. But I was super determined and I really believed in my product. And I think they feel that when they as they bring you through the different levels. So basically you're going through different levels and different stages of pitching. So they want to make sure that you have everything together, your numbers, before they bring you in front of the sharks. Because if you go in front of them and you don't have your numbers and you don't have everything that you could possibly sell about your brand in your brain, you're not going to be able to take those questions, you're not going to be able to respond under pressure. The producers kind of work with you to make sure that you're prepared to go to the next level. And if they don't feel that you're prepared, then you're not going the next level. Exactly. After going through the different levels, I guess they felt that I was ready made. I was super, super nervous. I don't know if I've ever been that nervous because once you're flown out there, you like, I guess you know that you're gonna pitch, but you don't know when, you could be there all day waiting. That's how television is. You know, you could be in there all day waiting like me. But then, when you go out there, you literally have maybe five minutes or so. And so it's a really intense make-or-break moment. And it's, I don't know.

Noel Liu:
Tell me what was the opening pitch.

Bobbi Peterson:
Oh my gosh, you have to watch it. It was basically, the way I had it set up. My one stage, I had like a picture of my daughter, a picture of my mother, a picture of a couple different family members with the toothbrush. The display had the toothbrush there with the packaging. Now, the toothbrush that I initially pitched on Shark Tank was the electronic version because we hadn't come up with the Sonic version yet, right? So that's what was up there. And I came out there in all black, right? And I didn't introduce myself as a doctor. I just said, my name is Bobbi Peterson and I'm from Brooklyn, New York, and I started talking about how important it is to maintain your overall; the relationship between your oral health and your overall health is connected. So you've got to keep your teeth clean. And then what I did was, I said, Why do you guys think I care so much about this? Like, why do you think I care so much? And they're like, Why? I said, ... And I put on my white coat and I said, Because I'm an orthodontist. My name is Dr. Bobbi Peterson and I'm an orthodontist. My product is the Big Mouth Toothbrush. So then it made more sense to them. Like, why is this person coming out here talking about oral health care? Why is he using all these crazy big dental words? And I made the comparison with a photo of Mr. Wonderful. So basically I'm like, if you don't take care of your teeth, you could look like this guy. So I had a picture of Mr. Wonderful with missing teeth and ... Love.

Noel Liu:
Love it. Love it.

Bobbi Peterson:
But it really came down to the wire, right? Because almost all of the sharks were out. They'd all gone out. They both, all of them loved the product. They were like, We really...

Noel Liu:
Which is pretty typical with these guys.

Bobbi Peterson:
Yeah, they pretty much all were ... except Mr. Wonderful and they were like, I think their main thing was that the oral health care is such a competitive market. They didn't want to, I guess they weren't up for the challenge. That's what it sounded like to me. But they were like, but good luck. You've been doing a great, you've been doing a great job so far. So Mr. Wonderful came at me with an offer. Kevin came at me with an offer, and I was like, man, because he loves royalty. So ... royalty is killing me. And then I countered his offer. And then Barbara came in and was like, I'll take that offer. And I said, Yes. So that's my partner. Yeah, that's my partner.

Noel Liu:
That's amazing. So fast forward, what's happening now?

Bobbi Peterson:
Okay. As I said before, the initial version of the toothbrush was electronic, so I went from electronic to sonic. So for those of your viewers and listeners that don't know the difference, I'll explain it. The difference is the amount of vibrations per minute. So an electronic toothbrush, the maximum amount of vibrations is 10,000 vibrations per minute. When you move into the sonic realm, the maximum is 50,000 per minute, so it's much more powerful. My toothbrush has five different speeds. It has five different levels of intensity. And I find that a lot more oral, health-conscious people, they like sonic toothbrushes, even though some, a lot of people, when I first put it on the market, they thought sonic was a brand, but it's not. It's an actual type of toothbrush like Philips had a sonic version and electronic version. Big Mouth had an electronic version. Now they have a sonic version.

Noel Liu:
See, I did not even know. I just learned something new from you.

Bobbi Peterson:
Yeah, so that's it. But it's doing amazing. The toothbrush is doing amazing. We're now in Amazon. We are in over 100 dental practices. There's a lot of dental practices that actually sell the toothbrush. Dental practices get commissions for selling the toothbrush in their office. So what we do is we ship them a free toothbrush, let them try it out. For anyone, any dentists that are listening to your podcast, we send you.

Noel Liu:
I'll be the first one after this.

Bobbi Peterson:
Yeah, absolutely. We'll send you a toothbrush for free to try, give us feedback on it. Yep. And then you get commissioned for your sales. Like it's been doing really well. We also are about to launch in boutiques in Soho. So there are these like tattoo and piercing places where they also do tooth jewelry. So I've been training them on how to place the tooth jewelry, and they add the toothbrush as part of their home care regimen.

Noel Liu:
Amazing, amazing.

Bobbi Peterson:
Amazing, right? It's crazy. So it's been doing really well.

Noel Liu:
No, that's so awesome. So how much have these guys supported you in terms of networking, connections, getting the product out?

Bobbi Peterson:
I think that. I have meetings with them. I meet with them like bi-weekly. Yeah. But they're, the most of the meetings are about what I've been doing. Like she's not extremely hands on. She chooses entrepreneurs that she believes in so she doesn't have to walk them through things. And I think with the type of relationship that we have is that I'm in a position where I've learned a lot from her and I want to impress her. So being a partner with her makes me want to work even harder if you can imagine.

Noel Liu:
That's such a great attribute, because once you do that, that accountability automatically kicks in.

Bobbi Peterson:
Absolutely, absolutely.

Noel Liu:
So let's switch gears a little bit. Let's talk about your dental practice, your patients. What's going on on that end? Like what are you doing to start getting into these disenfranchised communities? And what are you doing to help them?

Bobbi Peterson:
Yeah. So what I find is, so I've had my practice in Brooklyn since 2008, like I said, and I have a wide variety of patients. Yes, I do. Like I told you, I do accept all insurances, but the unique thing about my orthodontic practice is that 50% of my patient population are adults. A lot of orthodontists see the majority, like the majority of their practice, preteens and teenage. I do have a lot. I have a lot of those too. But a lot of the adults come to me because a, I make it affordable and I just have a ton of experience at this point. So a lot of, I see a lot of adults, but when you come into my office, it's a very bulk offices. It's a very familial environment. Right now, my mom, when she retired, I grabbed her as quickly as I could. She's my office manager. My daughter is my treatment coordinator. So also, so when you walk in the door, it's just a very familial environment. We always remember people's names. We actually talk to our patients. So for example, I know a patient has like a prom or a graduation coming up; we make a note in the chart so that we see them next time. Hey, how was your graduation? Oh, hey, how was your birthday? I built my staff up to do that, to make it just a little bit more comfortable. Because dentistry is not a comfortable place.

Noel Liu:
Nobody likes going to the dentist or the orthodontist. Right?

Bobbi Peterson:
So we try to make it good. We play all kinds of music when they come in. You could hear anything from country music to reggae when you walk in. Reggaeton, you get your Spanish music. We cater to everybody. Practices has been really successful. The Philadelphia practice was a little bit easier to open because Instagram and social media, sure, they make it a lot easier for people to find you. So some of my followers already known about me from having my practice in New York. Once I made the announcement that I was coming here, people started calling.

Noel Liu:
Look at you. I love it.

Bobbi Peterson:
Yeah, yeah, it's really cool. I'm really blessed.

Noel Liu:
So tell me, what's your vision right now for your practice as well as with your product?

Bobbi Peterson:
For me personally, I don't see myself opening up another practice where I'm going to be present. Okay? I can be with so many places at one time, and I know that once when people see my practice and they see me, if they want to see me. Like they don't want to be seen, they don't want to come to Aces Braces and see other dentists. Like they want to see me. I don't see that for me. I think Philly is it for me in terms of opening up practices. And my daughter ..., if they want to open up another office. It's okay, that's on them. ... In terms of a big mouth. I would like to continue to have the product being sold in other dental offices. I don't think that retail is for me and my partner agrees with that. I don't think. It's a very specific type of toothbrush. It's an upscale toothbrush. It's a very, it's posh. So it's going to be presented that way. It's being presented that way. So yeah, I don't think it's for retail, but I definitely love the, that the dentists have been reaching out and basically saying that they want to sell the product in their office. I want to keep it as a dental, being sold in dental offices. And then of course, directing is over. We're still on Amazon. We have an Amazon store. Amazon is almost like a must for a product like mine, because when you have platforms and you're selling through platforms like Shopify, just to let the listeners know, the shipping costs are very high for people outside of the US. So Amazon makes it a lot more cost effective for the owner of a brand to be able to sell in other countries.

Noel Liu:
Are they pretty hard to deal with or are they like pretty okay?

Bobbi Peterson:
Yes and no. I think the bigger you get, the bigger you get on Amazon, the more problems you encounter. But I think that, I would say that every problem that we have had has worked itself out in a timely manner.

Noel Liu:
Got it, got it.

Noel Liu:
Yeah. So you are more like a boutique kind of.

Noel Liu:
Yes. Oh, that's great.

Bobbi Peterson:
Very ... Yes. I want to keep it that way.

Noel Liu:
Now, has Barbara ever told you to expand your dental practice?

Bobbi Peterson:
No, she has not. She has not said that. Yeah. No, she's never said that. We don't really speak much about my dental practice. What if I expressed to her that I had hired some more dentist? That was the only thing that she commented on, like that I hired people to help me, probably so I could put more time into Big Mouth. But yeah.

Noel Liu:
No, I love it. I love it, yeah. Pretty much I think we've covered quite a bit.

Bobbi Peterson:
Yes, I think so too.

Noel Liu:
So any last comments? Just one last question for you. What do you think about for the audience with dental practices, how important is leadership and accountability?

Bobbi Peterson:
Oh, good question.

Noel Liu:
From your perspective.

Bobbi Peterson:
From my perspective, I feel as though leadership is extremely important. There really can only be one and the dental practice. That leader needs to delegate and respect the opinions and the opinions and the inputs of their employees at all times. I take suggestions, when we have our meetings, I always add any suggestions on how we can make this better, and I'm very accepting of that. Accountability is huge as well. You can't, a team cannot function without people taking accountability for the good things they do and the bad things they do. You know, that's super important. I think that delegation is important. Everyone knowing their jobs very well is very important. Not allowing others to do other people's jobs is very important, but everyone know what their tasks should be and be able to execute them very well.

Noel Liu:
Great. Love it. Yeah, we've covered all. So how can people find you?

Bobbi Peterson:
To fine me directly, my Instagram is iamdrbobbi. My office Instagram is allthingsdrbobbi. I am drbobbilicious on TikTok, and the Big Mouth toothbrush also has a page that's not curated by myself, but it's BigMouthToothBrush on Instagram. They can also purchase my toothbrush on Amazon. All you have to do is type in big mouth toothbrush or best sonic toothbrush, anything like that, and it'll come up. And you could also purchase them on our website at BigMouthToothbrush.com.

Noel Liu:
BigMouthToothbrush.com. Love it. We're going to have the link below. So definitely. And I think this brings us to our conclusion. And I really appreciate your time and coming and your commitment to the community. I love it.

Bobbi Peterson:
Thank you so much for having me.

Noel Liu:
No, absolutely. The pleasure's all mine. And yeah, with that being said, we're going to land a plane. This is going to be the end of our episode. So make sure everybody like and subscribe, and we will see you on the next pod.

Bobbi Peterson:
Thank you so much.

Noel Liu:
Thanks for tuning in to the Secure Dental podcast. We hope you found today's podcast inspiring and useful to your practice and financial growth. For show notes, resources, and ways to stay engaged with us, visit us at NoelLiuDDS.com. That's N O E L L I U D D S.com.

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About Dr. Bobbi Peterson

Dr. Barbara “Bobbi” Peterson is an orthodontist and entrepreneur, known for her appearance on ABC’s Shark Tank, where she successfully pitched her product, the BigMouth toothbrush. Growing up in a family of healthcare professionals, Dr. Peterson developed a passion for oral hygiene, leading her to pursue a career in dentistry. After completing her orthodontic residency in New York, she opened her practice in Brooklyn in 2008.

Concerned about her patients’ oral health, Dr. Peterson developed the BigMouth toothbrush, aiming to address issues of plaque buildup and gingivitis. Inspired by her childhood nickname, “Mighty Mouth,” the BigMouth toothbrush features a wider head for more effective cleaning.

Beyond her two dental practices in Brooklyn and Philadelphia, Dr. Peterson continues to innovate, expanding the BigMouth product line to include sonic toothbrushes and new color editions. With products available on Amazon and in over 100 dental offices nationwide, Dr. Peterson remains committed to promoting oral health and providing quality dental care.

Things You’ll Learn:

  • Providing personalized care and attention to patients’ needs can differentiate dental practices and contribute to patient satisfaction and retention.
  • Navigating the entrepreneurial journey requires resilience, strategic planning, and a willingness to seek mentorship and guidance.
  • Developing successful products requires thorough research, prototyping, and attention to customer feedback.
  • Pitching to investors requires preparation, confidence, and a compelling narrative to secure funding and support for business growth.
  • Expanding distribution channels, such as partnering with dental offices and leveraging online platforms like Amazon, is crucial for reaching a wider audience and driving product sales.

Resources:

  • Connect with and follow Bobbi on Instagram and TikTok.
  • Follow Big Mouth Toothbrush’s Instagram page here.
  • Buy Big Mouth Toothbrush on their website!
  • Discover more about Aces Braces on their Instagram.
Categories
Podcast

The Critical Intersection of Quality Care and Business in Dentistry

Summary:

Understanding the rapid consolidation in dentistry is crucial for positioning your practice successfully amidst powerful entities.

In this episode, Charles Moser, a seasoned dentist and executive business coach, dives deep into the intricacies of dentistry’s consolidation wave, the rising influence of private equity in practice management, and the critical role of leadership and ethics in providing quality patient care. Charles brings his 16 years of hands-on dental practice and 15 years of DSO expertise to the table, discussing the challenges and opportunities that come with managing group practices and the delicate balance between patient care and profitability. He also tackles the perception of ethics in dentistry, the importance of personal accountability, and the impact of corporate influence on the day-to-day life of practitioners. Charles offers invaluable advice for dental practitioners at all stages, from solo practitioners to associate dentists, emphasizing the importance of maintaining a patient-centric approach and the benefits of mentorship and coaching. He explores how the culture within a dental practice can affect team retention and the success of the practice, along with insights into making practices attractive for acquisitions and investments.

Whether you’re a freshly minted dentist or a veteran in the field, this episode will provide you with the tools to navigate the changing tides of dental practice ownership and management. Stay tuned because you won’t want to miss the wisdom Charles Moser has to share.

Secure Dental-Charles Moser: Audio automatically transcribed by Sonix

Secure Dental-Charles Moser: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Noel Liu:
Welcome to the Secure Dental Podcast. Through conversations with the brightest minds in the dental and business communities, we'll share practical tips you can use to scale your practice and create financial freedom for yourself and your family. My name is Dr. Noel Liu, CEO and Dentist at Secure Dental, and also co-founder of DentVia. I'm your host for the Secure Dental Podcast and I'm so glad you're joining in.

Noel Liu:
Welcome back to another episode of our Secure Dental podcast, where we bring in many bright individuals and talents from both inside and outside our dental profession. Today we have a very special guest, and this guy used to also be my mentor back in the day. Before we get started, this part is sponsored by DentVia, a dental virtual administration company that focuses on back-end dental office tasks like calls, claims, AR, etc., to assist our front desk and personnel with office tasks that we get done daily. Visit them at www.DentViacom. That's www. DentVia.com.

Noel Liu:
Now, let's dive right in. So today we have Doctor Charles Moser who is an Executive Business Coach for Dentists. His 16 years at the chair and over 15 years in the DSL space give him a perspective that has helped many dentists owners build and expand their businesses the right way. Whether you're looking to grow or maximize your current situation, Doctor Moser can help. He was a key member of the DEO team once upon a time. And is a certified speaker, trainer, and coach for the John Maxwell team. He always has an interesting perspective on the state of our dental industry, but we'll never waver in our belief that quality patient care and an excellent experience should be the primary focus of any practice, which is what I love about you. Without further adieu, I'm going to pass the mic on to you.

Charles Moser:
Oh man, no, great to be here. I couldn't have said that better myself. You know, that was really well done. I appreciate the kind words, and it's great to reconnect with you.

Noel Liu:
Absolutely. It's such an honor to have you here on my pod and share some insights for everyone listening.

Charles Moser:
What do you want to know about?

Noel Liu:
So, let's dive right in. Dentistry, in general, is solo practice versus group practice versus corporate. Give me a little bit about the insights and a little bit about the pros and cons of each.

Charles Moser:
Well, well.

Noel Liu:
It's a broad topic. Yeah, I was gonna say how.

Charles Moser:
Yeah, I was gonna say, how much time do you have? All I ever wanted to be was a chairside clinician ever since I was 13 years old. The reason I say that is because I'm not sure. I would love to think that. That's still why people are going into dentistry, and they still have that passion to go into dentistry at that type of young age. I mean, I knew exactly what I wanted to do. I wanted to hang out a shingle. I wanted to help people by fixing their teeth. I recognized that a healthy oral cavity was somewhat of a gateway to healthy systemic health, as well. So, it was all I ever wanted to do. When I ask people those questions and believe me, I understand that I have a bias because of the people that I talk to and the arena in which I play that maybe those people have a different opinion and a different reason for going into dentistry. But what I see right now is a bit of confusion out there as to what the mission is for people. Now, you said it perfectly when I said quality care is absolutely number one, no doubt about it. You've got to do as I used to tell my associates. You got to do the best quality that your hands can possibly do. That's all anybody can ask. And then second to that is making money. I'm a big believer in making money. I don't think there's a problem at all with making as much money as your two hands can possibly make, morally and ethically, are the two key words there. And again, that's kind of a broad topic, too. We all know that if you give one patient to ten dentists, you're going to get 11 treatment plans, right? You know, and I'm okay with that, really.

Charles Moser:
I have no problem with that. As long as you believe in your treatment planning and you can walk the walk, you can do the dentistry that will last the appropriate amount of time, bring the patient back to a state of health, and maintain it. If that's 28 crowns in your world, I guess, great. It might not be in somebody else's, but we know people who do that, and we know people who do it well, and we know that they believe in that. So whatever. But I just hope that people are going into dentistry with their eyes wide open, if you will, recognizing how hard it is. I've said this so many times on so many podcasts, and I'll say it again: there is nothing harder than dentistry. There's not a job out there that is as tedious, works on an awake patient, has the margins that we have, has to deal with external forces that we're not prepared for, and has to be an entrepreneur and a producer at the same time. There's nothing as hard as being a dentist. So, I just hope that people are going into it with the right frame of mind. And there's so much more dentistry to learn now than there was when I was a dentist, and yet we're still trying to do it in four years. I didn't have scanners, I didn't have milling machines, I didn't have CVTs, I didn't have any. I didn't have to learn any of that. And I don't think they've taken nearly as much out of the curriculum as they have put into the curriculum. So find yourself a good coach, find yourself a good mentor.

Noel Liu:
So basically, what you're saying is whether it's a solo practice, a group practice, or a DSO or corporate dentistry, I mean, the patient-centric, that is like the key focus, right? Because that's what I see. Many solo practitioners really hate the DSOS and they really hate the corporates because they feel like it's just a money-grabbing machine. But what you just said, I think it kind of nails it right in the head.

Charles Moser:
So look, I want to speak to people out there who are working as an associate anywhere right now. If you're an associate, right, and you're not on a pathway to partnership, I know that most of you out there are thinking, well, I'll do it right when I own my own practice. You know, when I own my own practice, I'll do it differently. I'll put the rubber dam on it when I own my own practice. I wouldn't seat that crown, but I'll seat it in somebody else's practice. Hey, man, I know it. You know what I mean? So, let's just be honest out there.

Noel Liu:
Let's just be honest.

Charles Moser:
Let's just be honest: if you're working, especially if you're working for a DSO, I know it, I just know it. And so I would say to you, I know it, I understand it. And stop it, okay. Just stop it. Just tell yourself right now, no, tomorrow I'm going to walk into the office and treat these patients as if they were patients in a practice that had my name on top of the building.

Noel Liu:
I love what you just said, you know. I just love what you just said.

Charles Moser:
Because you can't turn the switch, right Noel? You really can't. Once you learn those bad habits, baby, they're there, you know. They are there. So I understand that being an associate is viewed by many as quote-unquote practice, the warm-up or the B team, or whatever you want to call it. But let's use it as practice. But let's make practice our perfect practice.

Noel Liu:
Exactly. You know, like I always keep saying whether it's a solo practitioner, if it's a group practice, or if it's a corporate right, if we have the right habits, we have the right mission. Like you just said, you have the right vision, of what you want to do for your patients, it doesn't really matter whatever setting you're in. And I think people with the solo practice guys they need to start looking outside the box and having a little bit more wider mindset than to just have this narrow frame of mind that only these guys can do it better than anybody else.

Charles Moser:
Well, let me ask you a question. Where are we in the bell curve of consolidation right now? What do you think? Are we on the downside of it or where do you think this bubble is right now?

Noel Liu:
My thing from the last time I checked, we were still climbing up. I mean, last time we checked, it was around 20%. And I believe like today, somewhere around like 27 or 28, maybe even 30% at this point in time, maybe even more. We just need to understand it's coming.

Charles Moser:
Yeah, right. Well, it's here, it's here.

Noel Liu:
Right? Yeah. It's here. You're right, it's here. And whether we embrace it or we fight it, I mean, I would say we just go with the flow and just try to do the best that we can as dentists. And eventually these roll ups are not going to stop. It's just going to get even more and more.

Charles Moser:
I'll agree with a caveat to that. And by the way, I think that it does take us back right to our core values and our mission of I don't care where you're practicing, do great dentistry, and if you can't do great dentistry, find out how to do great dentistry, and don't settle for less than what you would settle for. As I said earlier, as if your name was on top of the building. Okay, so let's keep that in mind no matter where you're practicing. Having said that, I think the dumb money has left the building as far as private equity and venture capital and those types of things, I think we can still see big multiples, but we're not going to see big multiples for these duct tape type of roll-up DSOs. If you've got 15 practices with five different practice management systems, no real sense of training and onboarding, no roles and responsibilities in place, and the margins are all over the place at every different location, then I think you're going to have trouble getting rid of that. And in my opinion, what's going to happen to those DSOs or those group practices is they're going to get sold off into chunks to individual people like, you know, like I said, okay, well, I'll buy three of them type of thing. I'll buy the three that have open dental, and Noel will buy the three that have Dentrix and somebody else buy the three with Eagles often.

Noel Liu:
Let's talk a little bit about this.

Charles Moser:
Okay.

Noel Liu:
This is an interesting point that you just brought up duct tape DSO. Yeah. You know, number one, why would somebody do this. Number two is what are group practices or bigger DSOs or even private equity or venture capitalists. What are they looking for when they're looking into buying a dental deal. So you're the expert in this. I want to hear you.

Charles Moser:
Yeah, well, I'll put it into I always talk about hamburger places, you know, it's like if you're an investor and you want to buy some hamburger joints, you're not going to buy five McDonald's, five Burger Kings, five In-n-out's, and five Whataburger's to make 20 and then say, I've got 20 locations and then take that to your team and say, we've got 20 hamburger joints, right? He's like, no, you don't. You have four groups of five is what you have, and your COO is going to hate you, right? Because he's got five different operating systems to deal with and five different systems to train on. And so I think the venture capitalists and the private equity groups have figured that out. And they'll pass on those 20, but they'll look for a group that has five of the system that they're already running. I think that we're on the other side of people expanding just to expand their numbers because they're finding out that's just too hard to stabilize once they buy it. So I think we'll see those types of duct tape DSOs. And again, I'm just pontificating. But I think we're going to see those 15 to 20 locations that are somewhat duct taped together get split-off. And I still think we will see consolidation, but it'll be more like let's call it NCAA football, where we're going to have super powers, we're going to have the heartlands and the Pacifics and the out of California.

Charles Moser:
We're going to have groups of 3000 or 3500 offices, and we will have some superpowers in the consolidation. World of dentistry. And I think the good news with that is if they do it right, I think Heartland does a really good job of it, actually. Didn't you work for Heartland? Did you?

Noel Liu:
No. No,

Charles Moser:
No. Okay. They have a really robust training program. If you come into Heartland and you want to be a great dentist, Heartland creates that opportunity for you. My hat's off to them. So I think that's a really great avenue. And we can have that. Now how does Heartland get out? You know, once you've got 3500 locations, you know, that's another podcast. But yeah. So I think that's where we are. I think that private equity has gotten smarter. There will still be some really nice multiples if you have something of value for them to buy. There's still plenty of money on the sidelines out there, but they're not giving crazy multiples for bad deals anymore.

Noel Liu:
And how important is management in a group?

Charles Moser:
Well.

Noel Liu:
or it's not really important?

Charles Moser:
Give me more to that. So in other words, if I'm buying something how important is management.

Noel Liu:
Correct. So let's say if you are a private equity guy and you're looking into a deal, let's say eight locations, for example, how important is the management company like in terms of managing all the offices like oh, it's probably managers.

Charles Moser:
Well, as far as the org chart goes, I don't think that the management company is going to be that important because they're just going to dissolve your management company and put everything underneath theirs.

Noel Liu:
Okay.

Charles Moser:
You know, I mean, I think certainly. But would that.

Noel Liu:
But would that consider them like it's not a duct tape DSO and it's like a little bit more aligned with what they're looking for rather than just everything clumped up together.

Charles Moser:
I think the big things that they're looking for are what is your practice management software. That is first and foremost. So if you're listening to this and you've got multiple locations and you have multiple practice management software, you need to be looking by the end of 2024, or at least the end of 2025, if your goal is to sell it. And that's your exit strategy, which is fine. It is a business. That's the first thing you should be looking at is, how do I get all of my practices on the same software. That is first and foremost, from a private equity standpoint, what they're looking for. The next thing that I think they're looking for is what are your onboarding and training systems. Because I think that COVID is well behind us as far as from an employee standpoint. I love what I heard not too long ago at a seminar where they said, the labor war is over and labor won, okay? They did at $20 for minimum wage in California now. And we know what hygienists are making. And I don't know how you put that toothpaste back in the tube. So labor won. But having said that, we do have people now that are looking for jobs.

Charles Moser:
People are coming back into the workforce. We are paying a lot for it, but at least we have options. Now, having said that, I do think that we still see a certain amount of turnover. And again, if you're listening to this and you want to know how to win the game, you have to figure out how to train and onboard people to be productive fast. That's the key. When you lose an office manager, when you lose a regional manager, when you lose a dental assistant or hygienist, whatever it is, the faster you can bring in somebody new and train them and onboard them to be productive, the better off you are and you win. Because now you're not a slave, you're not held hostage or whatever. I don't know what I can say politically correct. You're not at the beck and call, right? Thank you. You're not at the mercy of the employee anymore. You could take somebody and you can onboard them, train them. And if you want to go just another layer deeper into that, I'll maybe give somebody a nugget here. Ask yourself the question, what position are you training and what are they going to be doing 75 to 80% of the week? What is their role look like that they do 75 to 85% of the week trained to those things?

Charles Moser:
Don't necessarily put somebody next to somebody and say, hey, sit next to Doctor Liu and watch what he does. That person may not be doing what Doctor Liu does, right? So why are we training them on something that they're not going to be doing every day, all day? The idea is to get them trained on the things that they're going to be doing every day, all day. You have to recognize when you turn people over to train people, what are they going to train them on? They're going to train them on the things that they do well, which, again, might not be the things that person is supposed to be doing. So again, big gold nugget for people out there right now. If you've got somebody that's new that just started or is starting tomorrow, ask yourself the question what is their main function? What are they going to be doing 75 to 85% of the week and train them on those things? Get them proficient as fast as possible.

Noel Liu:
Love it. So onboarding number one is practice management and onboarding. What else?

Charles Moser:
Yeah. So I think that, you know, a good healthy new patient flow.

Noel Liu:
Are they also looking to the retention of associate doctors or?

Charles Moser:
I mean I think they are. But again I think that is probably the biggest unknown out there. So look I think that you can't talk about that in a gross generality type of thing. So let's talk about the extremes. I was a dental director for a Medicaid, DSO. We do 12 things, we just don't do a lot of stuff. So our onboarding and training was what I just said. We trained, we took new grads, and we trained them to do sealants, trophies, composites, pulpotomy, and stainless steel crowns. And if we could get them proficient at that, they could be a great asset to a Medicaid DSO. Flip that around. And now you've got these super GP DSOs, and you've got people that are doing all on X, sedation, all these kind of really fancy things, the veneers, and just really complex dentistry. You better have a path to partnership in place for those people because it takes you way too long to get those people up and running to do ten, 15, $20,000 a day, right? But in our case, when the Medicaid DSO, nobody was a partner, we had 200 associates. None of them had partnerships because they were easy to replace. So we got bought three times. We went through three flips, and associate retention was not an issue at all, because we could take a new grad and get them up to speed in a matter of months.

Noel Liu:
Makes perfect sense. Yeah. So for someone to start with a group practice, I mean, somebody who has one practice and now they want to be like, hey, I want to open up a second or a third. What is one of those main things you see in the industry that's the why. Why do they want to do it?

Charles Moser:
Ego.

Noel Liu:
Love it.

Charles Moser:
I think come on now. Let's be fair, I'm not saying that as a negative either. I'm just saying that we all just again, let's be honest, okay? A lot of ego out there, which is fine. Again, I think it's my bias from the seat that I sit in is how many people call me during the week and say, how do I get out of the chair? And I've had dentists, three or four years out-of-school tell me, I don't like this. How do I get out of the chair? It breaks my heart, okay? Breaks my heart because I injured my hand and I had to quit at 16 years or I'd still be sitting there and I would have never met you, which would have been a terrible thing. But, you know, I'd still be cutting teeth and taking care of people, right? So when people call me and say, how do I get out of this? And there's a couple of Facebook groups out there that are posting things from dental students, right, that are already talking about, oh my God, I hate this. You know, what should I do? Like, man, I mean really, it just breaks my heart.

Noel Liu:
And then dental school, they can always just say, hey, I'm going to call it quits rather than going through the whole nine yard and then quitting afterwards. Right? I mean, the sooner they quit, the better, right? Because you and I, we both know dentistry is not for everybody.

Charles Moser:
So it is not.

Noel Liu:
It is not these guys they got in by mistake or they thought, you know, the money was good and now they're finding out that, okay, it's a lot of back-breaking kind of procedures.

Charles Moser:
It is hard. Yeah. So I mean I don't know I think that maybe there are more entrepreneurs in the dental space than there were 20 years ago. And so that's why they want to create a group practice.

Noel Liu:
So going back to your first statement that you said, do it for the love of patients and do it with the patient care and patient-centric, these guys who actually hold the dental degree. And now they want to open up a good practice because they just don't want to practice dentistry. Do you think they are contributing to the problem, the issue, or are they solving the issue? Not to name anyone specifically, but just kind of pointing it out.

Charles Moser:
Don't have anybody specific to name. I mean, look, there's good guys and bad guys in every industry.

Noel Liu:
Sure.

Charles Moser:
But I can tell you is that dentistry 30 years ago was, I believe, third in ethics perceived by the public.

Noel Liu:
Correct.

Charles Moser:
That's not the case anymore. So that says a lot. Yeah, it says a lot. And the problem is, is that low quality dentistry is so damaging to people. If you get a bad haircut, a bad manicure, you buy a bad suit, a bad car, or whatever, you know, I don't care if you buy a $75,000 Mercedes, right? And it's a bad car, you can still get out of that if you do bad dentistry. You cripple people for life. There's some serious consequences to it. One of my mentors used to say surgeons bury their mistakes. Dentists have to see them every six months, you know?

Noel Liu:
Right. Let's just stick on this for a little bit because, you know, you and I, we both know. Like even I had associates in the past where they burned those patients. And, you know, we get to deal with them still. And my new associates are getting to deal with them. What do you think is going on? Is it because of one of those scenarios where you felt like this guy went to dental school, and now he came out, now he doesn't want to do dentistry anymore? Or is he just like doing it for the money, or is he just doing it for. You know what, I don't care, it's not my mouth.

Charles Moser:
I think there's a lot to be said about what we were talking about earlier, about if I were you, I would take that expression back to your associates and say, I want you to pretend like your name is on the top of the building. Every time you see a patient, I want you to see your name at the top of the building. And it'd be interesting to, I don't know how you do this study, but my office, the name of my office was Charles S. Moser, DDS. It wasn't Apple dentistry, best case scenario dentistry, or amazing dentistry, right? I mean, it was personalized. My brand was my name, not some fancy elite dental partners type of thing right?

Noel Liu:
Right.

Charles Moser:
So there was an old commercial as a car commercial that said, would you do your job differently if you had to sign your name to everything that went out of your office? If you had to put your name on everything that you did, would you do it differently? And so I think that's what I'm saying to you, is that people should tell their associates, I want you to practice dentistry like your name was on the building, and as if you had to sign everything.

Noel Liu:
And that changes a perception.

Charles Moser:
I mean, yeah, yeah. You know, so that's number one. But we were talking about.

Noel Liu:
So we were talking about like these guys who are actually got into the dental field, let's say by mistake or they don't like it or they change their mind, they cannot do dentistry anymore or, you know, various reasons. And they want to go and start group practices. And now they are looking at the hard work in group practices where profit is all of a sudden is dipping because it can't be everywhere at all at the same time. And now they are like, all right, cool, I hate dentistry, I don't like to be in that dentist. And now I got to run this business and now I'm in a dark zone. So with this whole circle of cloud, how do you analyze situations like this? Because since you are coaching a lot of people, I'm sure you come across guys like this.

Charles Moser:
Oh yeah. Well, all you're doing is shifting your challenges. You're just shifting your problems. You know, if you want to create a group practice and build a network of offices with a bunch of associates and not be at the chair, if you think that's easy, then you need to think again. It's just a different hard, you know, it's just not practicing dentistry. Which by the way, at least practicing dentistry is within your control, right? Your associates practicing dentistry is not in your control.

Noel Liu:
That goes back to the core value that you just said. Right. Patient centric. But let's say these guys, you know, they don't care about their work. They don't care about their name. They're just like doing like crappy work, for example. And now they have a group practice. Now I can see what the culture is going to go and now when they get in trouble. So basically it's like, hey, what about patients, right? Patient first or is it the profit first?

Charles Moser:
If you do great dentistry and create great experiences for people, and you understand how to lead teams of people, inspire them and value them, and empower them to make decisions, you'll find that you'll make money. Just figuring out how to make money without those things means churning patients, right? Just a whole bunch of new patients, a whole bunch of same-day dentistry, and just churn, churn, and churn. By the way, when I was practicing dentistry and when my clients told me about the same-day dentistry that they did, I said, that's great, but I want you to know, my goal is that you don't do same-day dentistry. That's my goal because I'd like you to have a schedule of patients that come in to get their work done. And it's predictable. That's the work you're doing. You already know what your production is. All the insurance is taken care of. This whole idea of same-day dentistry is Russian roulette. You know, it's just mind-boggling to me. So the goal should be not to do any same-day dentistry. The goal should be to treat people well. Look, man, when was the last time you bought something for $5,000 that you took 45 minutes to think about? We don't. I mean, we research the shit out of things. We got to go talk to people. We're going to get on the internet. We're going to look it up. We're going to look at reviews, and we have patients that come in and we create five, ten, $15,000 treatment plans, and we put them in a room with a treatment coordinator and expect them to close that case. And we do it. I mean, it's done. I think that's pretty incredible, frankly.

Noel Liu:
But well, I guess it depends. What's the patient's goal and patient's outcome like, you know, what are they looking for? If they're looking for somebody who wants to get it done the same day, that's a different story, right?

Charles Moser:
Well, if you have an emergency or something like that or some small dentistry that you can fit in. Sure, absolutely. But when we talk about same-day dentistry being 50 to 60% of a person's production, everyday. That's a tall order. I think what I heard just the other day was that same-day dentistry should be about 15 to 20% of your day. And I was like, okay, I can handle that, right? That's the emergency that walks in or something like that, or something that comes out of hygiene, that you turn around and put them into a restorative chair. But they've already been a patient of yours. It's not that new patient that came in at 9:00, and at 3:00 they're still in the chair. You know, they've spent all day at the dental office. Correct, correct.

Noel Liu:
There are those days where these doctors will be, you know, seeing patients for at least like 4 to 5 hours. Yeah, that's a little bit excessive I agree, I agree 100%.

Charles Moser:
Yeah.

Noel Liu:
So switching gears a little bit now since we spoke about the group practices, what is a good part about a solo practitioner and they're partnering up with let's say a DSO or maybe like a group practice with multiple offers? And they want to grow still. Where do you see like the collaboration? What are some of the good and the bads that you're seeing?

Charles Moser:
Well, so there are a lot of good, frankly. I mean, dentistry for so long was a cottage industry, the whole shingle thing, right? And we were on our own island and we didn't talk to the dentist down the street. We really were very isolated, which meant that we didn't share ideas, we didn't share concepts, we didn't share out of the box thinking. And so I think it delayed the industry's growth medicine. You had these hospitals, right? So you had these just huge, abundant amounts of clinicians. If you've ever been in an operating room setting, you know that there's this room where all the surgeons sit, right? And they all eat their donuts and drink their coffee while their patients are being prepared for surgery. And they get to sit there and talk about things. And maybe not all of it's medicine but at least they have a way to share. And we didn't have that. So I think the group practice, the larger practice settings, create an environment where we're much more willing to share information and collaborate and ask people. And again, if you have the ability to be vulnerable and say, hey, this didn't come out so good, you know, how do you handle this situation? Right? So I think that's been a really good thing. Now, why hasn't that happened? Well, it hasn't happened for the most part, because people won't drive 50 miles to go to the dentist.

Charles Moser:
They will drive 50 miles to go to a hospital to have surgery. But we want our dentists to be close by. So we're having to move that patient mindset out of this dentist on every corner type of thing in this consolidation realm. And I think that probably in 30 to 50 years from now, you will see people driving further to go to the dentist, because we'll have more dentists in one location type of thing, and we'll be able to share expenses and share some costs and hopefully control the price of dentistry these days. So I think that's a really big plus about group practices, is being able to share ideas and learn and have a mentor, maybe even just somebody that's 2 or 3 years out of school ahead of you. Right? But just someone that you can I used to call it a hand that you can high five and a shoulder that you can cry on. You know, they filled the bill for both of those. So that's a really good thing. And I think that also look, dentistry is a business. And clinicians who go to dental school are not trained to run businesses. So I do think there is definitely a need for corporate dentistry. I think that absolutely, we should be letting business people run the business, and we should be letting clinical people run the clinics. And when you have that synergy, when it works well, which we did, we had a really great CEO.

Charles Moser:
It worked very, very well. We made money and we like to call it. We put enough pressure on each other to create a diamond, right? Because they would push us and we would push them. But neither one, the clinicians, had 51% of the decision-making power. That's the way it was set up. We told the business guys, you can decide what number two pencils we buy. You can decide what computers we use, but you do not walk into the laboratory. And so I do think there's a need. I mean, we do need to be teaching these clinicians business. They need to understand what the metrics are. They need to understand what the baselines are. How much of your PNL should be your staff, how much should you be spending on labs? Because, look, a percent is a big deal.

Noel Liu:
Of course.

Charles Moser:
A percentage is a big deal. People don't think it is until you say, okay, well, what'd you do? Like what was your production last year? We did $1 million. What's 1% of that? It's $10,000. It's like, okay, well, give that to me. Like you're crazy. So evidently 1% is a big deal. You know, if you don't want to just give me ten grand. If it's not that big of a deal, then I'll take ten grand.

Noel Liu:
That's a big deal, right? Exactly, exactly. So how much of it do you think it's supposed to be? Like a school's responsibility to teach those students? Or is it something that should be like part of the curriculum, or should it be like part of the CEE or something where these guys should just, like, collaborate and just let him do it? Or should a dentist even learn all these financials?

Charles Moser:
No, no, nobody should be teaching it. They should all go to www.bluehorsepersonal development.com and reach out to me and let me help them with that. So.

Noel Liu:
No definitely. Definitely. I don't think you've been coaching right. You've been coaching for a while. Yeah. And you know some of the drawbacks that, you know, we all go through.

Charles Moser:
Oh yeah. No, I so you asked a question earlier that I didn't answer properly. It was about some of these clinicians deciding to go into group practice and how to do it the right way.

Noel Liu:
The right way. Yeah. And avoid some of the pitfalls.

Charles Moser:
Yeah. So step number one is you need to evaluate what your risk tolerance is. Okay. And that's a question that a lot of people don't ask themselves. It's like so I used to ask my patients. Because selling dentistry and I don't mind the word sell, what I was selling was moral and ethical. Selling dentistry was a matter of creating a treatment plan that met the needs of the patient, such that they were able to do the things that they valued with their teeth. I would say to them, what's the most important thing to you about your teeth? And they'd say, well, I want to keep them. I like to eat, I like to smile. Everything that I've designed for you is designed to do just that, to keep you eating, to keep you smiling, and to keep you healthy. Would that be okay with you? And the patient would say, of course, it is. The next thing I needed to figure out was what is their risk tolerance. And so I would say to them, would you drive your car from Houston to Dallas, which is a 220-mile drive? Would you drive from Houston to Dallas on a bald tire? Now think about that. Would you drive yourself? Would you drive four hours on a bald tire on the highway?

Noel Liu:
Personally, I wouldn't, but okay, somebody would, right?

Charles Moser:
Somebody would. So the person that says no has a low-risk tolerance, right? The person that says yes has a high-risk tolerance. If I've got a patient that's got a three-surface restoration in their mouth, that's got a little bit of an open margin or whatever like that, and they have a high-risk tolerance. Do you think I have a real good chance of converting them to do a build up in a crown? No, because they're going to say to me, I'll come back when it breaks. I'll come back when it hurts. Right? It's like, okay. I mean, I'll explain to them the ramifications and the consequences, but I'm also going to just write in their chart that this person is willing to take the risk, and we will be here for them when they need us. But when Doctor Liu comes into my office and says, hey, man, if anything looks like it's going to blow up in 2 to 3 years, I want to fix it now. That is a low-risk tolerance. So I'm going to present the treatment plan to you. I'm going to quadrant it out to you. And I'm going to say we're going to do this. And each quadrant is going to be two appointments and an eight appointments. Three months. We're done. And you're on re-care.

Charles Moser:
Here's what it costs. Here's how you can finance it. When would you like to start? We have Thursday at 8 a.m. open-type of thing. So the clinicians who are going into business and who are going into group practice need to ask themselves the same question, what is your risk tolerance? When your banker calls you and says, hey, that balloon note that you took out 12 months ago is now due and your line of credit is maxed out. How does that make you feel? Because that happens. It's fixable. You can solve it, you can take care of it. But if that's going to cost you stomach lining and sleep, you need to think about slowing your pace down a little bit, right? Make sure you've got the cash in the bank to do these deals. Don't be taking loans from people named whatever. You don't want to end up in the bottom of Lake Michigan because you can't pay your loan.

Noel Liu:
Correct.

Charles Moser:
So what is your risk tolerance? And if you can take a lot of risk and you can get the money and dentists can, then go for it, man. Have a great time. Do quality dentistry. But you're taking a big risk. If you are not a risk taker, then you want to go slower.

Noel Liu:
And so with that being said, how important are mentors and coaches?

Charles Moser:
They're everything right now and I love what I do and I am one of so many great ones out there. There are a lot of, again, I don't care who your coach is, I don't care if it's me or not but you got to get one because you will have so, let's take it into the positive, things will be so much easier for you if you have an objective opinion that can push back on you and say, no, why are you buying this office? Your other three practices are not even close to maximized. Why are you looking at a fourth practice? It's kind of like what we were talking. When we were talking about how do people train people? They train people on what they do. Well, well, you're buying this practice because you get excited about buying practices, not because it's the right thing to do, because it excites you. And that null ego, right? It's like, oh, now I have four practices. Now I have five practices. Right? And that's a great thing to say at a dental convention. But it's a crummy way to be if you are taking money from practice one and two to pay the bills for practice three and four, that is not a good place to be.

Noel Liu:
So got it.

Charles Moser:
That's definitely a need to get a coach. You definitely need to get somebody who will push back on you. And if they're not creating pain for you, they're not a good coach. They need to be pushing back enough on you to where you're kind of pissed off at them every once in a while.

Noel Liu:
I love it.

Charles Moser:
No, no, seriously, because you don't want to hire just a yes man. I mean, this is not a job where you just, oh, you're amazing. Every once in a while, they're going to tell you something you don't want to hear, which is typically you're the problem, not your team. That's typically what they don't want to hear, so yeah.

Noel Liu:
It kind of reminds me of the analogy of when Jordan was playing and Grover was his coach or his mentor, right? I mean, he used to pick stuff out, which used to piss a crap out of Jordan. And I still remember this time where, you know, he's considered the greatest basketball player of all time, but yet his coach knows his weaknesses.

Charles Moser:
Yeah

Noel Liu:
I love it. And I love it. What you just said.

Charles Moser:
One of my favorite stories was Jack Nicholas in The Masters. He was on part three, and his son, Jack Jr, was his caddy. And Nicholas looked at him and said, you know, what's the yardage to the pen? And he said 182, or 183, something like that. And Jack Nicklaus looked at his son and said, which one is it? I mean, you know, right, if you're not going to give me a number, then I don't need a range. I can see, right? I need a number. So, wow, that's what your coach is for, is to tell you, hey, this is not about blind spots. Yeah, it's not about getting close. This is about getting it, you know?

Noel Liu:
Yeah, exactly. So it's either you win or you don't, right?

Charles Moser:
You know, that's a really great statement because I see a lot of people doing great things out there. And they're making money, and they're doing good dentistry, and they're living the life and they're having a good time. And then I see people that are just underwater, and there doesn't seem to be a lot of middle ground, you know. And here's another really interesting thing, Noel; this came to me the other day, too. It's like I have clients that have one practice. And when I ask them to do something, they'll say to me, I don't have the time. I have clients that have 20 practices, and when I ask them to do something, they say, oh, I don't have the time. And I'm like, wait a minute, what's going on here? That this guy's got 20 practices, and you've got one practice, but neither one of you has the time to do anything.

Noel Liu:
What did you make out of it?

Charles Moser:
I don't know what to make out of that. Well, Parkinson's law.

Noel Liu:
Yes.

Charles Moser:
Parkinson's law, right? Parkinson's law simply says that the time allotted that you give to the work will be filled by the work that you give the time allotted to.

Noel Liu:
And I'm a true believer in that.

Charles Moser:
Right?

Noel Liu:
Right. I procrastinate a lot of things.

Charles Moser:
Well, if I give you an hour and a half to do a crown prep, you'll take an hour and a half. If I give you 45 minutes to do it, you'll take 45 minutes. If I say to you, this patient is late, but they want to do two crowns, and you only have 35 minutes, you'll do it 35 minutes.

Noel Liu:
Precisely. It's all the goal and the target that you have set in place for us.

Charles Moser:
Let's get to work. Let's get to work.

Noel Liu:
So, last question for you.

Charles Moser:
Sure.

Noel Liu:
Let's talk about leadership. How important is leadership in practice, in group practice, and in any organization?

Charles Moser:
So, however important anybody thinks it is, quadruple it. And then double it again.

Noel Liu:
Quadruple it, and then double it again.

Charles Moser:
You have no clue how important it is unless, you know you know, you know, type of thing. Here's the proof. You can have great systems but lousy leadership.

Charles Moser:
Now, do you like that combination, or do you like average systems with great leadership? Which one of those scenarios would you prefer?

Noel Liu:
Second one.

Charles Moser:
Give me average systems with great leadership every day and twice on Sunday. Another way to put it is I would rather have everybody hitting on all cylinders, executing a mediocre plan than people not executing on a great plan. And the way that happens is through leadership. It doesn't happen through systems. It happens through leadership. Leaders do three things every day. They value the people they work with. They inspire people to do things that they never thought they could do on their own. And they empower people to make decisions, not tasks, but to make decisions that will retain your people. They will not leave you for $0.25 an hour if they get to come into a place and make decisions and know that their boss has their back. Look, man, none of these decisions that are being made are all that big of a deal. We're not asking them to make the decision. Should we buy this practice or not? But we might ask them to say, hey, I want you to evaluate the front desk of this practice.

Charles Moser:
I'm giving you the power to bring me the information on this. There's a really amazing statement that says the sophistication of an organization can be determined by the number of people who can say, yes, now think about that. If you're listening to this, I want you to ask yourself how many people in your organization can say yes to something, and if you're the only one that has the ability to say yes, guess who the problem is. You're the bottleneck, right? Every decision, if you're out there and you're like, oh my God, every day I have to make every decision. They come to me and ask me, can we buy more C-fold towels? Can I go get some more swifter mop things to clean the office? Can I order more copy paper? Can I call the IT service? If you're the only person that can answer those questions, that's ridiculous. That's why you hate dentistry, okay? That's why you hate coming to the office, is because you're overwhelmed with ridiculous decisions that you should not be making. All of that is leadership. It's all leadership.

Noel Liu:
And how does it affect the vision of that practice?

Charles Moser:
Well, you can't execute a vision because nobody has been buying your vision, right? Your team isn't bought into it

. First of all, they don't know it. I mean, if you're that person, your team doesn't know your vision. Okay? You probably haven't even established a vision yet, frankly. Dentistry is a very unique situation where we do need a vision and we do need core values because from the core values culture is created. It just doesn't happen any other way. If you want a culture of teamwork, then you have to embody teamwork every day. And I have to say to you, Doctor Liu, I would say, okay, well, how do you demonstrate teamwork every day? And if we have a team of people that embody and demonstrate teamwork every day, then our patients will walk in and say, y'all are a great team here. And guess what? That means we have a culture of teamwork. But if it's just words on a page and you're trying to build culture from words on a page, it doesn't happen that way.

Noel Liu:
It doesn't happen.

Charles Moser:
It doesn't happen that way.

Noel Liu:
No one feels it, right?

Charles Moser:
No one. Feels it. So you cannot execute your team if you don't have the buy-in from your teammates on your vision, and you will not get the buy-in from your teammates if you're just managing them every day. It's carrot and stick, carrot and stick, carrot and stick. If you do it right, you get the carrot. If you don't get it right, you get the stick, and you will not get people to buy into your vision, and they will leave you for $0.25 an hour to go work for the guy down the street. And you cannot. Look, you weren't taught this stuff in dental school, right? I mean, so this is why you need a coach. They're not expensive. It's the best investment you will make. Believe me. You spent more on your lab five times your lab bill. You know, whatever. I'm just telling you, you have to do it. It doesn't have to be me. I don't care, by the way, I only have room for, like, three more clients if anybody wants to call me, so you know.

Noel Liu:
Exactly; with that being said, how did it get a hold of you?

Charles Moser:
The name of the company is Blue Horse Personal Development, and the website is www.bluehorsepersonaldevelopment.com or bluehorsepd.com is all one word, of course. Now, my friend and partner, Doctor Tarek Aly, and I are about to launch a new program, and I really can't say much more other than the first 30 people who get in will get in at a 60% savings.

Noel Liu:
Wow.

Charles Moser:
So here's the deal. If you go to my website, www.bluehorsepd.com, and you just reach out to me, you just do that contact me page. I will put you on a list to reach out to you in May, and you will be first up to be one of the first 30 people. We will not sell your information. I am not fishing for emails. I just can't tell anybody really anymore about it. But it'll be some of the biggest powerhouses in dentistry. Might even be Doctor Liu involved in this. And it is going to really stand the dentistry world on its ear. In www.bluehorsepersonaldevelopment.com just send me your email. I'll put you on the list. We will not sell it. We will not solicit you. We will just offer you first into this new opportunity.

Noel Liu:
So we'll definitely have the link us as well and the URL as well on the pod. So,

Charles Moser:
Oh sure.

Noel Liu:
Awesome. Absolutely. So let's land the plane. Well, thanks again, Doctor Moser. I mean, it was a great honor to have you and share so much insights. Great, great nuggets that you dropped.

Charles Moser:
The pleasure was mine. No, it was great to see you again. And yeah, I hope your listeners got something out of it that they can use.

Noel Liu:
100% I think they did. So, with that being said, thanks again for joining us on our Secure Dental podcast. Make sure to like and subscribe, and we will be back next month with more episodes with great talents, just like Doctor Moser.

Noel Liu:
Thanks for tuning in to the Secure Dental podcast. We hope you found today's podcast inspiring and useful to your practice and financial growth. For show notes, resources, and ways to stay engaged with us, visit us at NoelLiuDDS.com. That's N O E L L I U D D S.com.

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About Dr. Charles Moser:

Dr. Charles Moser is an executive business coach for dentists. His 16 years at the chair and over 15 years in the DSO space give him a perspective that has helped many dentists/ owners build and expand their businesses the right way. 

Whether you are looking to grow or maximize your current situation, Dr. Moser can help. 

Dr. Moser was a key member of the DEO team. And is a Certified Speaker Trainer and Coach for the John Maxwell team. 

He always has an interesting perspective on the state of our industry but will never waiver in his belief that quality patient care and an excellent experience should be the primary focus of any practice.

Things You’ll Learn:

  • The dentistry field is rapidly consolidating and morphing into powerful entities. Understanding this trend is key to positioning your practice for success.
  • The quality and vision of leadership are pivotal in driving any dental practice’s success, even more so than the systems in place.
  • Balancing profitability with ethical patient care remains paramount. Dentists must commit to accountability and prioritize patient-centric decisions.
  • Navigating the trends and understand the inevitable wave of consolidation in dentistry and what it means for your practice.
  • Discover the pivotal role of effective management and why private equity may redefine your business model.

Resources:

  • Connect with and follow Charles Moser on LinkedIn and his website.
  • Learn more about the Blue Horse Personal Development here.
Categories
Podcast

The Importance of Wisdom Over Knowledge in Dentistry

Summary:

Understanding the difference between wisdom and knowledge is crucial to excel in dentistry and life. Wisdom sees trends and prepares for the future; knowledge can hinder adaptation.

In this episode, Dr. Marc Cooper, a dental industry veteran with over 58 years of experience, emphasizes the importance of wisdom over knowledge in dentistry, highlighting the need for dentists to anticipate and adapt to industry trends. He discusses the rise of Dental Service Organizations (DSOs) and the necessity for dentists to embrace changes in the landscape of dental practice ownership. Marc also challenges traditional notions of ownership, urging dentists to consider collaborative models and embrace the inevitability of industry evolution. He addresses concerns about the lack of business education in dental schools and advocates for mentorship programs to prepare dental students for the realities of practice. Furthermore, Dr. Cooper shares insights on the shifting dynamics of the healthcare industry and the potential for dentists to play a more integrated role. Finally, he discusses his current work with the Contemporary Elder Institute, focusing on redefining aging and finding joy in life’s later stages.

Tune in and learn how to navigate the changing landscape of dentistry while embracing collaboration and wisdom for a successful and fulfilling career!

Secure Dental-Marc Cooper.mp3: Audio automatically transcribed by Sonix

Secure Dental-Marc Cooper.mp3: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Noel Liu:
Welcome to the Secure Dental Podcast. Through conversations with the brightest minds in the dental and business communities, we'll share practical tips you can use to scale your practice and create financial freedom for yourself and your family. My name is Dr. Noel Liu, CEO and Dentist at Secure Dental, and also co-founder of DentVia. I'm your host for the Secure Dental Podcast and I'm so glad you're joining in.

Noel Liu:
Welcome back to another episode of our Secure Dental podcast, where we bring in many bright talents and individuals from both inside and outside our dental industry. Today we have a very, very special guest. But before we go on, I just wanted to bring in our sponsor. And our sponsor for this pod is DentVia. It's a dental virtual assistant administration company that assists in back-end office tasks for your front desk and managers. Visit them at www.DentVia.com. Again, it's www.DentVia.com. Now, without further ado, I'm going to be introducing Dr. Marc Cooper. This guy is a legend. Over 58 years of experience and relationships at every level of the dental industry, from working at the chair, to being chairman of a board. And also, I mean his traveling, over 1.2 million miles. This guy is a legend. He has been like a consultant for single practices to Fortune 500 companies in 17 countries, from single practice to running DSOs in both Europe and US. And his credentials outspeaks his personality. He's such a humble guy. And today I'm so honored to be joined by Dr. Marc Cooper. So, Dr. Cooper, without further ado, I'm going to pass the mic on to you.

Marc Cooper:
I don't know what to do with the mic, but thank you. All that may be true, but it doesn't matter. What matters is where you're sitting in your skin and your situation, and what is the future that you're moving into. And one of the things that I'm working on now is that we are a knowledge society, but we are not a wisdom society. And what comes with those 58 years of being in dentistry to some level, at some level, is wisdom. Wisdom is different than knowledge. It's rarely applied, and certainly not in dentistry. So that's why we make so many mistakes.

Noel Liu:
So when you say wisdom, what is your definition of wisdom, and where do you see it's lacking in this current environment of ours?

Marc Cooper:
Great question. Asked a lot and hard to answer. Knowledge is linear, and it comes in a package, and it looks a certain way. It's information and data and interpretation and assessment and judgment, and it's all wrapped into something, and you call that knowledge. But it's not always effective. In fact, sometimes it gets in the way, not out of the way. Wisdom can see when it's getting in the way and knows how to disassemble it. That's the difference. So wisdom is really powerful. It's not embraced in our culture. It wouldn't look the way it looks if wisdom were more pervasive in our culture. Knowledge is. You can, you know, I use ChatGPT every day. I think it's a wonderful tool, but it doesn't make life better. So that's the work there is for me to do now at my age. But let's talk about dentistry. What's the burning questions your audience has? What do they bother you about?

Noel Liu:
Wisdom and dentistry: these two items, right? Which is why I think you're the perfect fit to answer these questions in relation to dentistry, and how do we get wisdom in this field? Because the dental field is really rapidly changing. The landscape is just shifting.

Marc Cooper:
Yeah. You know, that's a great question.

Noel Liu:
And I wanted to see your insight.

Marc Cooper:
Yeah. Good for you. I do too if I suppose. I don't know if they're insights; this is just the way I see it, you know. And you could say I am inciting what I'm doing both, I'm causing it to look that way and I see it that way. It's interpretive. I've been around a long time. I was just thinking before I spoke with you that I used to do my recalls on five by seven cards. That was the age of dentistry at that moment in time. And then I've been engaged with it and watched its evolution. It has a long tail. So one of the things about wisdom I find really, I really appreciate, is you get to see further into the past and more forward into the future. You can see the trend. So wisdom sees the trend now. It sees the changes. That's one of the differences. And it's like, Oh, okay, of course it's going to go there. People ask me about how I generated my success, and that's because I just knew where it was going. I just got to the right station first. So it made it really easy. So I suppose wisdom is an age bound. It's a way of seeing the world. So I had some wisdom in that particular area, others didn't.

Noel Liu:
So anyone with this knowledge that you're talking about here, so with this wisdom, I mean, we can apply it any time in our lifetime, in our lifespan, right? I mean, it doesn't have to come with...

Marc Cooper:
Yeah, yeah, I know people are looking for it though. The problem is I don't know if people are looking for it. We're so knowledge-consumed. I watched your social media because I'm part of it. I am dentistry in certain ways, and it's wonderful. It gave me a huge world to live inside of; a great reality. Was it true or not? Doesn't matter. It was what I had, and it trained me, it developed me, it compensated me. It did a lot for me. And I tried to give it back. And what I brought to it was: take a look and see where the future is going and then get there. Because if you don't, you're going to be behind. So that's where I always work from. It's like, Okay, I remember I gave the first talk on computers in dentistry in 1987, and it was they looked at me like I was crazy, and then I knew what my job was: to make them crazy. So I did that. I did that for a long time. Same thing with DSOs, same thing with everything that they're doing now. The big boys have really figured it out well. And so you have to understand that's the way where it is.

Noel Liu:
Yeah. Let's dive into the DSO world since you mentioned.

Marc Cooper:
Yeah, I know, but you know, you think you don't have much to do with it. So if you take a look at the attitude you have, dentistry has towards the certainty that larger business is going to be the future. They're not generating the kind of relatedness or abilities needed to make that future happen. They're resisting it, or they're pushing against it, or they're gossiping about it, or they're assessing it. Rocks are hard, water is wet. And the title DSO is interesting because I don't think it'll be that in five years; it'll be something else. But that is the future. Okay, are we preparing ourselves for that future? And dentist says, I am, like every other dentist is, resistant to change. Like I don't want to change to do that. I don't want to become that. Well, okay. Well.

Noel Liu:
What do you think it is? Is it fear or is it ego?

Marc Cooper:
It's all. You have to not own or take or out of your vocabulary and see how big it gets, like, Oh, okay, it's ego, which is who you understand yourself to be. That is an ego: who you understand yourself to be. And then there's the, yeah, and just people have a hard time recognizing that aspect of themselves. They think it's real, but their ego determines your perception. And so your perception reinforces your ego. So the two are in cahoots to see the world they want to see. But if you look at the anatomy of an ego, it's pretty frail. It's not well-designed. And that's the advantage for a conscious person is to be able to, use a little judo here and the force of the opponent, sometimes the ego is a wonderful thing to use unless it's using you. And so there's a way to learn how to do that. Take some time.

Noel Liu:
And you're absolutely, right, because I've been seeing like these bigger, larger companies, they coming in, they are more efficient, they have more capital, they have more manpower and more resources. I mean, how is a single office or a single practitioner going to be competing against these guys?

Marc Cooper:
It doesn't really matter. I mean, I remember my cousin Harry and I have his operatory with his chain-driven, slow drill. I remember, and the spittoon. One of the things that's been very contributory to me is to be able to look from multiple directions. And so one of the bodies of work I'm working on now is I'm bringing numbers of religions together to see what's the commonality of what is the source for all of them. That's what I'm looking at. And what I'm seeing is there's an access to something that dentists can't go beyond. If they could, it's just a job to learn from. If they would add a Buddhist perspective of the job is the yoga. The job is what can I learn from it? The job is what can I see for? The job is where can I grow from it? Rather than there's some limiting factor if I don't have it my way. That makes no sense because it's going to go the way it goes. That's how life works, I'm afraid, you know? So hey, if it's going in this direction, either I make a choice to get out, which is fine, and do something else, or make a choice to really learn how to play this game because this is the game you've got. And I think it's a wonderful game. I think if dentists could really understand how to play, they could be contributory, participatory, intellectual, knowledgeable; they could have a world that's really pretty extraordinary because these guys, as you said, have the capital, have the means, have the knowledge base, they've got resources that would be, Wow, if I could get ahold of those, that would be great.

Noel Liu:
It's like if they can embrace it and just take. Kid and basically just work with it, like you said. Like making it like the.

Marc Cooper:
Well, that's what you got. Rocks are hard, water is wet. And here's the future. Okay, now choose. See, that's where you said, What are they afraid of, or what is the ego? Both. Change is really scary. It's like, Well, I designed myself to be this way in the future and that expectation will probably not get realized. And then if you look underneath that, expectations unfulfilled lead to upsets. So dentists get upset a lot. It's like they're just, they're not going to make a change that way.

Noel Liu:
Correct. And I've been seeing like data, I've been showing more and more of the dentist population that's coming out of dental schools. They are like less likely to own a practice. And I've been seeing this trend going on for the last five, six years. It's just on a decline. There are still those gung ho's that want, still want to own their practice, but I ...

Marc Cooper:
Yeah, but you know they're, but there's no reason to. It's like building your own dental school. It's like, is there a reason to do that? No. So you went to dental school because there was an existing structure that allowed you to forward a certain career objectives, and you followed it. And so then if you look at the, I just spent a lot of time at the Colorado Plateau and Zion National Park and you see the layers of rocks. And I'm that, in dentistry, I've seen the lower levels and where, you know, its accumulation to where it is right now. It's a lot of rock right now. And you guys, just haven't adapted yourselves well enough to the environment that you're in. It's just, Okay, here it is. I find dentists are really brilliant, really smart. I've worked with a lot of people. And, you know, I'm sitting in a boardroom in Nebraska, wall to wall, ..., you know, everybody with their hair parted the same way. And the red tie was just how perfect for Midwest. But this is a $11 billion company. And then I realized that, you know, they're all dentists. They all are dentists, they just don't really know who they are. So they don't grow into what they could be in the world. They'd rather see in this career path being attacked by an external force; the aliens, they're coming rather than. You know, it's the way it's going. Let me learn how to play in that water. Let me learn that game, because it's a brilliant game. It's been working for a very long time. When I began this whole conversation, DSOs were 3% of the market. I presented a future that no one really wanted to hear, and I'm still still doing that. That's, I guess that's my career path. It's like, Wow, okay, keep it up. Because, you know, you can't win at a game that isn't being played by you. It's just, you can't.

Noel Liu:
And what is it now?

Marc Cooper:
I think there's a truth about the industry. I think it's a corporate expression now. So when I began, just like you, I began with an individual expression. And then people came along and said, Well, you really need to take responsibility in a different way, which is ownership, leadership, and management. You've got to grow up. It's a business. It's not a hobby; you've got to run it. And then all the tools over time became available from the five by seven, keep your recalls on that list, to a computer system that actually can figure it out and send out reminders and do the scheduling and, you know, manage it so that you have an 82% return rate or whatever you've targeted out for. You know, all those tools are now in place. And then the bigger boys, well, you know, they have figured out how to expand that intelligence into a looking from a much different perspective because they have multiple ways to look at it. So it gives them a different view of what's available so they can see the flow and ebb much more clearly. Because you're on the ground, you're right in it. So you don't have that perspective. That perspective gives you power. So yeah, it has to go there. It's the only place it can go. And there's no, artificial intelligence is its major tool. Now once you have that in your hand, it's like, Whoa, this is a jet engine. I remember the first time I got in a really powerful car when I was a teenager, it was like, Whoa, my God, that's what's here. Now with these two practices a week or whatever they're doing, they're really figuring it out, and they're generating the revenue stream that is less expensive to produce. And that's important. So the investors see opportunity here. So now you have this dance going on in between the equity and the practices. Everybody wants to play in this arena. So it's got a lot of confusion, a lot of upset, a lot of, too many offers, there's not a lot of clarity, you have four major players that have sustained over years that have some stability. You know, it's all over the place. So it's an interesting time. It's also a great opportunity, from my viewpoint.

Noel Liu:
I'm seeing medicine going that direction, has gone the right direction. How do you think like dentistry is? How far do you think we are compared to medicine? Because I have not seen any MDs going to open up their own practices.

Marc Cooper:
Yeah, that's the exact question. You should take a look at the source of that. You speak as though you're not part of the health care system. Yeah, that's a dentist. They don't have an appreciation for the power of context with the part that they're actually playing. There's something that they don't understand about the environment, the ecosystem that they're part of. You're not taking advantage of what you really have, your first responders, and you're not using that particular position to negotiate yourself in the higher order of health care and setting it up that; that's the game you play. That would be a different intention, holding on to the past, that would be different.

Noel Liu:
Let's switch gears a little bit to dental students. Majority of the dentists out there, they are always complaining that when we were in dental school, we were not taught about finances. We were never taught.

Speaker3:
About nothing to do.

Marc Cooper:
With financing. It has nothing to everything can be outsourced. Eventually, if you understand how the game is played. There's a lot of things I am really bad at, but I've learned in my aging process to find people that are good at it and then collaborate with them to get the final product complete. I've worked with probably hundreds of thousands of dentists over my career, and you know what? They're really good people. They don't believe how smart they are. They underplay their value. They don't figure out that they can think in a new way that will allow them to see the future in a new way. And so they limit themselves to a particular view of life in themselves, which doesn't have to be that way. And that's the way I see it. Again, this is the way I see life in the way it works. Dentistry is going to have to go in this direction of larger enterprises, because the money's flowing there and the interests are flowing there. And the health care system of which you are a part is going there and wants to take dentistry with it. And we'll figure out a way to do that. There are larger interests involved.

Noel Liu:
So what are your thoughts on a lot of these dentists? They are like, is it a true assessment that dental school should be teaching a little bit more business on how to read a PNL, how to run or operate a business?

Speaker3:
What are your thoughts on that?

Marc Cooper:
Dentists are perfect for what they designed for, which is to take care of people's oral health. Let them do that, and then figure out a way to develop them in a particular way that gives them a certain level of happiness in life beyond just that, the dental chair. Give them something beyond that, which I think is very doable. Companies can afford to look more in areas of personal growth and development that would allow a dentist to live a life that's with less issues that come with a singular ownership. I think there's a viable offer out there. If the dentist could stand in a particular way when they negotiate their contracts, I'll just leave it at that.

Noel Liu:
And your thoughts on single practice?

Marc Cooper:
I think it's a great way to play. I think it's an end game. If you want to play that game, please make the choice. There's a benefit and a cost. Just know what you're buying. The benefit is your autonomy. I love that myself. I love to be autonomous. I love to be able to make my own decisions and all that, that it gives me. But then I have the cost side, and the cost sides are pretty heavy because I've worked in both arenas. The cost side is I'm responsible and I don't have a shared responsibility. I'm part of a singular game. I'm a singular cell. So, you know, if you look at the natural evolution of everything becomes multicellular. And that's just the way it was designed from the original start. So businesses have all gone that way, they have all gone that way. Can you name anyone in the Fortune 500 that is a single unit? Of course not. So there's, you know, when you take a look from a certain reality and the reality is rocks are hard, water is wet, and here we go. This is where it's going, and it can't be stopped.

Noel Liu:
No, you're 100% right. Even these big companies like Amazon's and Tesla's, these guys, the co-founders I mean they are like part owners. They're not even like, they don't own the 100%. They are like, you know, 10%-15% owners.

Marc Cooper:
Yeah. You know, I don't believe the media. You know, it's all that, I had the opportunity to work with people...

Noel Liu:
I think it's just comparing like the mindset that we dentists have, that we want to own 100% of everything, right? And it's like like you said.

Marc Cooper:
See, that's another fallacy and fantasy. You tell yourself, because you don't own anything. The bank owns it. The staff owns it. Patients own it. Your wife owns it. You know, everybody's got their fingers inside of you. It's a shared responsibility in a whole different way. There's something else that the dentists have been unable to do, which is to be able to form themselves in a way that has allowed them to sit at the table with the other players that are absolutely in the game in a way that represents themselves well and gets a better outcome than they're getting now. They don't know how to do that. All they knew was resist. That is not an appropriate strategy for this future.

Noel Liu:
What are some of the issues that you would see with this kind of attitude?

Marc Cooper:
Exactly what we're seeing now. If I took a larger view of the whole situation and look down upon it, what I would see is what's going on is aggregation. What's going on is, Oh, look at all these things that are going on, and I'm a part of all of this. There's a whole healthcare system that says we need certain things to allow us to operate better. I have the assets to be able to deliver to that, but I'm not forming my assets, so they're transferable. So you begin to see in a whole new light the industry as something more than individualistically that we do now. And people have an external viewpoint of seeing what I'm talking about in a way that they'll have the patience to bring it about. A lot of the DSO ownership is now not dentists, so that tells me something. It's like, Wow, they saw something that the dentists couldn't see, or they would have done it.

Noel Liu:
So lastly, for dental students.

Marc Cooper:
Dental students. You know, they're.

Noel Liu:
I mean, is that a career you would still say ...?

Marc Cooper:
The whole deal is set up so strangely that it's interesting. Ideally, which would never happen, but ideally, there would be a forced, not a forced, a contributory but a strongly recommended mentorship program set up post-graduation where people would get a direct experience of what it's like to be a dentist. But on the other side, would be the dentist being willing to say, I'm responsible for the future of dentistry rather than personally becoming successful. I'm responsible for its future, not just my future. That would be a significant change that would be to occur. But what they have now is go out and scramble and figure it out and take a ship for a couple of years, and if it doesn't fit, then get on another ship. And you know, their world is more mobile than I grew up in. And so that mobility will continue and the flexibility will continue. But what I see, though, is the entire opportunity for different expression coming out of the dental schools, which is more open to what is occurring, and learning to collaborate in a different setting than sitting at the lunch table with your colleagues, learning how to talk in a horizontal fashion rather than just a vertical fashion. Learning how to collaborate.

Noel Liu:
I love that collaboration is a key in these days. I've really evolved, like from a competition mindset to a more being collaborating with people, and that has helped me out tremendously. Just one thing: what are you doing now? What's your role like? I see that you're a founder of the Elderly Foundation. What's that?

Marc Cooper:
Best time in my life right now. So people have this whole conversation about aging and the issues that occur, which are all true. But there's another way of being about going through the aging process. And so I and a bunch of collaborative partners see that the trajectory of aging dictated by the culture is one that does not give you a level of satisfaction and happiness and joy. And so we've designed a different way to look at aging that has given us a different perspective of how to go through life, and a lot more joy and equanimity and peace and appreciation. So I'm having the best time I've ever had in life at this moment in time.

Noel Liu:
It seems like you're next level now.

Marc Cooper:
Yeah.

Noel Liu:
All right. Well, thank you very much. Thank you so much for your time. I know your time is very, very precious, and I appreciate that.

Marc Cooper:
You're welcome.

Noel Liu:
Thanks for tuning in to the Secure Dental podcast. We hope you found today's podcast inspiring and useful to your practice and financial growth. For show notes, resources, and ways to stay engaged with us, visit us at NoelLiuDDS.com. That's N O E L L I U D D S.com.

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About Marc Cooper:

Dr. Marc B. Cooper is a seasoned professional dedicated to transforming older individuals into empowered elders. With over four decades of experience, Dr. Cooper founded The Contemporary Elder Institute to guide late-aged professionals through the transition from older to elder, fostering greater peace, joy, and empowerment. He specializes in leadership and executive coaching for healthcare providers and organizations, providing wisdom-based guidance for navigating crises and rough waters. Dr. Cooper is also an advocate for transformative aging and elderhood, working with leaders committed to impacting the healthcare system positively. Holding degrees in Dentistry, Philosophy, and Organizational Development, Dr. Cooper’s expertise encompasses coaching, consulting, and transformative education. He is passionate about helping individuals and organizations embrace elderhood, find purpose, and contribute wisdom to enrich their lives and communities.

Things You’ll Learn:

  • Wisdom sees trends and prepares for the future; knowledge can hinder adaptation.
  • Dentists must anticipate and adapt to the evolving landscape of dental practice ownership.
  • Resistance to change and fear of the unknown hinder dentists from embracing industry shifts.
  • Dental schools should incorporate more business education to prepare students for practice.
  • Aging can be approached with a perspective of joy and fulfillment, rather than fear.

Resources:

  • Connect with and follow Marc on LinkedIn.
  • Learn more about the Contemporary Elder Institute here.