Podcasts about fortune management

Dr. Victoria Peterson combines 30 years of dental entrepreneurial experience with a degree in Spiritual Studies to bring a refreshing approach to business. Her career began as a registered dental hygienist and leveraged her knowledge to accelerate the marketing and business outcomes for dental practices across the nation. During that time, she developed the Hygiene Mastery Program as a franchise owner in Fortune Management. In 2011 she founded Neighborhood Smiles, LLC, owning five dental practices in Wisconsin and Arizona. She is an international speaker, and the author of several books including Frustration, The Breakfast of Champions: Turn Powerful Emotions into Career Success. She was also awarded the 2013 Silver Stevie Female Entrepreneur of the Year. Currently, Victoria is the Co-founder & CEO of Productive Dentist Academy. She is an advisor to Dental Entrepreneur Women (DeW), on faculty with Dental Speakers Institute, and enjoys spending time in mission work in the Dominican Republic. Victoria also hosts the podcast “Investment Grade Practices™,” which was voted DentWoo's second-place Fan Favorite Podcast of 2023.

In this episode of the Hero of the Hour, Mark is joined by Dr. Brett Kessler, a prominent figure in dentistry and the current president-elect of the American Dental Association (ADA). During the conversation, they explore the challenges and opportunities facing the dental profession. Brett emphasizes the importance of supporting healthcare providers, particularly in light of burnout and workforce shortages, highlighting ongoing efforts within the ADA and broader healthcare community to address these issues. He also discusses the need for improved access to dental care, pointing out the shortcomings of the current insurance model and advocating for a more inclusive approach to oral health.Brett reflects on his journey as both a dentist and a leader, acknowledging his efforts as a CEO of his dental practice while striving for excellence in his role at the ADA. He shares his vision for the organization, aiming to make it more appealing and beneficial for younger dentists who may have different values and expectations from previous generations. Brett also discusses the importance of maintaining the private practitioner model in dentistry, highlighting the unique doctor-patient relationships it fosters and its role in providing personalized care.The conversation concludes with a discussion on how individuals and organizations can support the dental profession. Brett expresses gratitude for those who contribute to the industry's well-being, such as Fortune Management, and emphasizes the need for a unified voice in facing challenges like mail-order orthodontics. He highlights the potential for collaboration between the ADA and Fortune Management to enhance practice fulfillment and wellness among dentists, underscoring his commitment to making a positive impact in the dental field.Join Mark and Dr. Kessler for this fascinating and enlightening discussion!Enjoy!What You Will Learn In The Show:Why the healthcare industry, including dentistry, is facing a crisis of burnout and workforce shortages, with millions of healthcare providers experiencing burnout.The need for improved access to dental care for all demographics, and why current insurance models are not working effectively.The crucial role played by organized dentistry, such as the American Dental Association (ADA), in advocating for healthcare providers and ensuring the delivery of quality care.The challenges faced by traditional organizations like the ADA as the younger generation of dentists value work-life balance and different forms of engagement with their profession.Why private practitioner models in dentistry offer unique doctor-patient relationships and can lead to more fulfilling practices.How Fortune Management provides valuable support and coaching for dentists, and the ways that collaboration with such organizations can benefit the profession as a whole.Insights into the challenges and opportunities facing the dental profession and how individuals and organizations can support its growth and well-being.And much more...Resources:American Dental AssociationBrett's LinkedInMark B. Murphy websiteNortheast Private Client GroupMark B. Murphy LinkedinNortheast

@trillwillisrael @nextleveldjcoalition #March27th 8pm it's

In today's episode of Fingerprints on Success, Bill Barrett interviews Dr. Robert Martino, a serial entrepreneur and owner of seven dental practices with over 100 employees in West Virginia. Throughout this episode, you'll gain insights into Dr. Martino's remarkable journey, spanning from dentistry to aeronautics and beyond.Robert will discuss the pivotal moment when he realized he was much more than a dentist, leading to the decision to reshape his role as a CEO, husband, father, coach, and entrepreneur. He shares the challenges of transitioning from "owning a job" to truly running a business and its importance. You will learn about Dr. Martino overcoming limiting beliefs, diverse ventures, from founding a worldwide aeronautics company to launching OraCaroral, a dental mouthwash designed to fight bacteria and infection, and a telemedicine company. He emphasizes the common principles that apply across different industries, highlighting the significance of effective communication and meeting the end user's needs.Dr. Martino provides valuable insights into decision-making, emphasizing the importance of taking action and learning from both successes and failures. He talks about motivation and the power of overcoming limiting beliefs, stressing the need to believe in oneself as a key to entrepreneurial success.The episode also explores Dr. Martino's experiences with mentors, the impact of Fortune Management on his journey, and the vital role of building strong teams. Dr. Martino reflects on paying it forward by mentoring aspiring entrepreneurs and training leaders within his teams.In the post-COVID landscape, Dr. Martino discusses the challenges of hiring and adapting to the new normal, emphasizing the importance of resilience and the ability to navigate change.Listen now and enjoy this insightful conversation with Dr. Bob Martino, where you'll discover the keys to building successful ventures, embracing challenges, and staying motivated on the journey of entrepreneurship!What You'll Learn in this Show:The transformative moment that led Dr. Martino to redefine his role beyond dentistryThe diverse ventures spanning aeronautics, oral care, and telemedicineThe power of decision-making and learning from successes and failuresOvercoming limiting beliefs and embracing a mindset of continuous growthThe importance of mentors, building strong teams, and paying it forwardAdapting to post-COVID challenges and navigating the evolving business landscapeAnd so much more …Resources:Oracareproducts.com Get connected with Dr. BobGet connected with Bill

Welcome back to the Growth in Dentistry Podcast! In this episode we chat with Jon Harris of Fortune Management about the complexities of dental practice valuation and acquisition. Listen in as we discuss:The importance of buying the right practice (focusing on its growth potential rather than location)What to look for when purchasing a practiceDiffering clinical philosophies in dental practicesThe importance of personal growth in achieving industry growth…and more!If anyone wishes to connect with Jon Harris, you can reach out via phone (423-579-3775) or email (jonharris@fortunemgmt.com). See a demo of DI and get a $50 gift card: get.dentalintel.net/podcast.

Private Equity and the Dental Industry, with Dennis Marvel, Fortune Management (Dental Business Radio, Episode 50) On this episode of Dental Business Radio, Dennis Marvel, Fortune Management, joined host Patrick O’Rourke for a frank conversation about private equity and the dental industry. They discussed the inner workings of private equity firms that dentists often don’t understand, […] The post Private Equity and the Dental Industry, with Dennis Marvel, Fortune Management appeared first on Business RadioX ®.

Private Equity and the Dental Industry, with Dennis Marvel, Fortune Management (Dental Business Radio, Episode 50) On this episode of Dental Business Radio, Dennis Marvel, Fortune Management, joined host Patrick O’Rourke for a frank conversation about private equity and the dental industry. They discussed the inner workings of private equity firms that dentists often don’t understand, […]

In today's episode of Fingerprints on Success, join host Bill Barrett as he delves into an enriching conversation with Bernie Stoltz, a seasoned entrepreneur, public speaker, acclaimed coach with over 30 years of business leadership in the healthcare community, and the the CEO of Fortune Management, the world's largest executive coaching organization for Doctors.Bernie's profound insights into purposeful work and the dynamics of achieving one's highest potential make for a captivating discussion.They will explore Bernie's awe-inspiring entrepreneurial journey, traversing the highs and lows, and how it led him to advocate passionately for discovering purposeful work. Bernie will share profound stories and wisdom encapsulated in his compelling book, “The Fortune Recipe: Essential Ingredients for Creating Your Best Life”He will also unpack the nuanced concept of 'ikigai,' drawing from his experiences and research, shedding light on the intricate balance between passion, skill, necessity, and financial viability that forms the crux of leading a purposeful life.Amidst this engaging dialogue, you will learn the profound significance of adopting a 'giving hand' philosophy, discovering your innate purpose, and cultivating a mindset that fosters mutual success in personal and professional realms. Bernie will articulate how his life principles can become transformative cornerstones in your life and professional journey.Prepare to gain invaluable insights that transcend conventional wisdom, reshaping your approach to life and business in unprecedented ways.Listen now and enjoy!What You'll Learn in this Show:Bernie's entrepreneurial journey and the quest for purposeful workThe concept of 'ikigai' and its relevance to finding personal fulfillmentThe importance of a win-win mindset in achieving sustainable successBernie's guiding principles for a purpose-driven life and businessInsights into leading with purpose and achieving a balance between personal and professional aspirationsBernie's perspective on the significance of emotional fitness, mental toughness, and life masteryThe crucial role of preserving private practitioner care and its impact on the standard of care and the healthcare sectorAnd so much more…Resources:Website for Bernie: Fortunemgmt.com Website for Bill: www.mblawfirm.comGet connected to BillGet connected to BernieBooks:The Fortune Recipe: Essential Ingredients for Creating Your Best Life Think and Grow RichAwaken The Giant Within How to Take Immediate Control of Your Mental Emotional Physical and Financial Life

Join us in this riveting episode as we dive into the world of healthcare practice management with the renowned Dr. Paul Bass, Co-Founder and Director of Fortune Management. Dr. Bass, with over three decades of experience, is a leading authority on building and sustaining practice wealth, and he's here to share his invaluable insights. Discover the secrets to breaking free from mediocrity and achieving extraordinary success in both your professional and personal life. Dr. Bass's high-energy message will inspire you to take your practice to new heights, providing you with the tools and motivation to make a real difference. With a track record of teaching over 4,000 seminars and workshops throughout North America, including appearances at prestigious events like the American Dental Association, Dr. Bass is a wealth of knowledge. You can expect to leave this episode with practical information that will transform your business and your life.

Join this podcast's Facebook Group: The Dental Marketer SocietyJoin my newsletter: https://thedentalmarketer.lpages.co/newsletter/[Click here to leave a review on iTunes]‍‍Guest: Yolanda MangrumBusiness Name: Fortune ManagementCheck out Yolanda's Media:Website: https://www.fortunemgmt.com/Email: yolandamangrum@fortunemgmt.comPhone: 707-478-6394‍Other Mentions and Links:CostcoUCSFHire to InspireSuperCampDDS4KidsMother Teresa‍‍‍Host: Michael Arias‍Website: The Dental Marketer Join my newsletter: https://thedentalmarketer.lpages.co/newsletter/‍Join this podcast's Facebook Group: The Dental Marketer Society‍‍My Key Takeaways:Learn what you want to do in life and shape your practice to support that!Aligning core values and designating purposeful work is essential with new hires.We don't want head bobbers with no input in our team. If they are asking questions and engaging, they will be stronger leaders for their role!Responding to angry patients with an apology and offer to help will prove much more fruitful than defensiveness.We want to support our team members in solving the problems they have rather than just solving them for them.Each team member is a leader of their role. Let them have say in the areas that they are the expert!‍Please don't forget to share with us on Instagram when you are listening to the podcast AND if you are really wanting to show us love, then please leave a 5 star review on iTunes! [Click here to leave a review on iTunes]‍p.s. Some links are affiliate links, which means that if you choose to make a purchase, I will earn a commission. This commission comes at no additional cost to you. Please understand that we have experience with these products/ company, and I recommend them because they are helpful and useful, not because of the small commissions we make if you decide to buy something. Please do not spend any money unless you feel you need them or that they will help you with your goals.‍Episode Transcript (Auto-Generated - Please Excuse Errors)Michael: Alright, it's time to talk with our featured guest, Dr. Yolanda Mangram. Yolanda, how's it going? Excellent. Excellent. That's wonderful to hear. So if you can tell us a little bit about your past, your present, how'd you get to where you are Yolanda: today? So, uh, Post dental school. I guess we can start there.I started a dental practice after two years of being out of dental school. Immediately after dental school, I went into being hired as a educator, the a professor at U C S F. And so I was teaching, two days a week. I was associating two days a week by the time that I started my practice and I was opening my practice two days a week.it was a busy, busy time for Michael: sure. Okay. So you opened your practice two days a week and two days a week you were working and two days a week you were educating. So you had one day Yolanda: Yeah. To go to Costco to buy stuff for the practice or to go to whatever. It was an Aaron's day.that's how I got started in the practice. Fast forward, I grew that practice to be basically what I felt was like a teenager. My baby kind of grew up to be a teenager and and I'd already had at that 0.2 babies. And I shaped my practice to be. The way I wanted it for my life.And so I had the great benefit of starting my practice pretty much six months out with a coach. and, you know, the big centering point was, what do you want in life? And let's shape your practice to be that. So at different times, I wanted to be at home to be able to, breastfeed or I wanted to be able to have certain times or days off so that I could pick up the kids.So the practice was kind of shifted and shaped to support that. fast forward, we were in this having kids stage. and I had a maternity leave and basically at that point it made sense that I have an associate. So we ended up having, coverage for the first baby, and then by the second baby she became a partner.so that I could have that life balance. What I didn't plan, 'cause that seemed like a logical thing, being a mom and do that. What I didn't plan was being approached to buy another practice. And I was like, oh no, that's not my plan. My plan is this. when this came about I actually took a different trajectory and did invest in another practice and we came up with a bigger why.And that y became our 10 year mission, in growing this second practice and that y became so big that, it meant that I actually would do something that I would've never, ever thought I would do, which is sell my baby, let my baby that grew up to be a teenager. Go on and exist.In my hometown and have me move one town over and grow a multi-specialty medical and dental practice. So that's where I am today. I have a 10,600 square foot building, 16 op operatory, a med spa, dental spa, and education center. all because of my big why. that I wanted to be able to have a practice, have the passion, in my practice, and also have all this dedicated time to support my family.we had this plan for 10 years. my kids were hitting junior high to do dental missions and to travel the world and to service. and that happened pre covid, thankfully. Because if it had happened a year later my 10 year goal would not have came to a full, existence.So we traveled to probably, I. Five or more countries. and the kids were homeschooled and we did a lot of family values, time in incorporating family values into, experiences through traveling and service. Michael: So you guys still do that right now? Yolanda: they're now in high school.we did it pre covid, and we've done only one mission post covid. we basically weave in. When we do traveling, there's always a way to do some service with it. Even concierge at Nice Hotels can set up a service mission for you. They can look into some local and find ways for you to do a give back, we've done it in Jamaica, Costa Rica.And those have been more just like checking with the local concierge and asking them how can we help? The other things that we did were more with organizations and they were like planned just to go for that. But almost always especially when you're traveling to these beautiful tropical countries, there's plenty of needs in those communities.So, One day excursion being of service is been the way that we've been, bringing our children into a give Michael: back. And they appreciate that. the people appreciate it, but your children will, you know what I mean? Like, it's gonna open up their give back even more.Right. Hospitality, things like that. that's really good. If we can rewind a little bit. You were hired as an educator. but that was Yolanda: immediately after dental school. Yeah I was very active in dental school and I've always been happy sharing and teaching. so about, for about three to four years, I was I don't know what the title was, but some kind of professor, like an assistant associate or somebody about professor at U C S F.I was low on the totem pole, but yes I did some education right after dental school and was teaching things like anesthetic and being on the clinic floor and. And that type of thing. And so all those education things, I was a dental assistant before I went into dental school.I went to lab, tech school before dental school. So that really helped to have a full experience of all the different fields in dentistry before, I opened up my practice 'cause I, I literally know how. It feels to be in each position in the practice, and there are challenges. So that's what's been a key success, I think to me in 2011, I wrote a book knowing that I wanted this mission to be able to travel with my kids. it's called Hire to Inspire. I've. Updated it, but I haven't published the newer version post 10 years after that. But hired to inspire, it was two things that I realized as an employer.One, I only wanted to work with happy people, and two, I only wanted to work in partnership with them. and that meant that I needed to be surrounded by leaders, people that were working on their leadership development. And I never wanna be in a management position. When I hire people in my practice, I sit down and I have a conversation with them about purpose Ikigai is a term in Japanese that's called your reason for being.We start from the very beginning, on our onboarding, which is part of the Hire to Inspire process, which is basically to, from the beginning, make sure that we have matching core values and that we have purposeful work. And so this may be only a point in time for you as far as this leveraging you to your next place.So I always say, you know, as long as this is your happy place. To come to work, then we're in alignment. But I only wanna work with happy people. So if we get to the place where you really, find that your passion is somewhere else, then I'm gonna help you to find your happy place.And that means we'll continue our journey, but in a different way. So you will go off to be, say, a hairdresser. Which ironically yesterday, one of my former employees did. or you'll, we'll stay here and we'll continue to grow together, but ultimately we all have to be continuing to grow and.Be passionate about our work. So Hire to Inspire was a shift in 2011 for me, and I literally took each chapter and I sat down and I read it out loud with my team, many of which are still here with me. many who also have came. And I've supported to go off into other areas. So, So the idea is just to continue to inspire them to look for what their purpose is.so that's our onboarding process is to really get things straight about our core values, who we are. I have a culture handbook that we go over, and we have what's called Operating Principles. Operating principles. Are basically staying, how we do things, why we do things what our why is, is really important.And basically team members. as people, we all want to do, a good job and feel good about our work. But we often don't know how. Or what the best way for that work to show up is. So the more clarity we can have, especially onboarding people, the better. right now we have 50 something people in our practice.Between the two practices. it's always a work. I'm the culture keeper. That's my role is to just keep the culture and it's not always easy. because everybody has different beliefs and things, but. Ultimately having good communication lines and having clarity around your values and, our why is how we, continue to ha live in a happy place and have, that line when you cross over, it's showtime, we're here to serve.Michael: Interesting. So you mentioned you only hire leaders. what's your hiring process look like? How do we even find leaders in that sense, or the ad and everything like that? You know what I mean? Yolanda: Yeah. That's the irony. Everybody can be a leader everybody is a leader to some degree.It's just how well developed are they? most importantly, Do they want to be developed in that way? That's probably number one is everybody in our practice, no matter what your role is, if your role is to clean the toilets, then you are the leader of cleaning the toilets.So we will listen to you when it comes to taking care of that. It doesn't matter what it is. you know, If you are, the Hy Hygienist, you're the leader of the periodontal therapy, and when it comes to you telling us what needs to happen in that department, you're the expert, you're the person who's going off and making a hyperfocus in that area.And so we're gonna, all collaborate on things, but at the same time you're the person steering the ship on that area. As a c e o, as an owner I have to be surrounded by smart people and I want people that are thinking, I want people that are speaking their mind. I don't want people just being head bobbers.Yep yep. Oh, that's not gonna work. Yep. She's gonna fail on that. Nope. I want them to say, I like where you're going, but maybe we need to consider a different direction. Blah, blah, blah, blah, blah reasons, or have you considered this? Or, what's gonna happen with that?So I want people asking questions. Is it frustrating sometimes to be like all excited about doing something, but then have someone put all these questions around? Absolutely. So that's where I had to grow my own leadership. You know, I had to grow who I am to not have such an ego about me being all knowing, we do a collaborative process and everything is about leadership development. I personally, Don't want to be in a conversation where I'm managing something, because stressful at that point. If we're collaborating, if we're working towards brainstorming on how to make things better, then it's a very easy light energy um, process.Michael: Uhhuh, okay. So there has to be like a balance of with every person you find. Humility and confidence, basically. Right? Yeah. Because it's like you gotta be confident enough to know you're the leader for this, and you're gonna tell us how to do it. Give us instructions, manuals, things like that. SOPs, and then humble enough to, yeah, you're cleaning the toilets, but you're the leader for that right.Kind of thing. Yolanda: Whatever it is. to some degree. Um, We all have certain innate skills in certain ones and some things that we have to work on. it's progress over perfection, all the time.And then we're appreciating also that, failures lead to learning. there's um, many different keys in our development process in fact one historical thing that's shaped me and continued and those that have children highly recommend super camp. There's the eight keys of excellence.It has been a hundred percent woven into my structure of living my life. And, we actually weave it into our culture handbook. The eight Keys of Excellence with Super camp. And they have some education on bringing children and teaching children personal development skills.Early on I was a team leader, during undergrad, and so I did three or four years of that When I got out, I was really looking for that camp experience where personal development was forefront in having a team surrounding me with those kind of skillsets, communication, personal development, mindset, all of that.And so I looked and I, interviewed many different. Consultants. And I knew that I needed to have you know, this ongoing constant learning, environment. and after, probably more than a hundred different seminars of sitting in practice management, learning learning, learning what I could. I came across something called Fortune Management, and that's another part of my life now because I've been Coaching for now 10 years, but been coached for 25 years with Fortune Management and it's about extraordinary life, extraordinary practice.So that was the key thing when I had the startup. It's like, what do you want in life? Let's shape your practice to meet that. So fortune, has had a huge impact on me and my. thinking, my processing, our team development, super camp, this, personal development skills, started young.Yeah, I think that these things are a real big part of our development. The reality is, we don't get taught how to talk. We don't get taught how to have relationships, how to get through conflicts. There's a lot of conflicts that can happen in dental practices, and we need to learn how to, come out stronger on the other end.A bad review is an opportunity because it's a cry for help. It's a cry to say, Hey this happened to me. It's not easy to lean in on those things but if someone comes to you say in the office and they haven't actually sprayed it across the, Google and Yelp and all that, then they're coming to you with a concern, or you might call it a complaint, but then they're caring enough to share.So humility again, comes into the place of listening to understand. And also understanding that, we're never gonna be perfect. So if that was that one person's experience, what can we learn from that? Our team is encouraged to basically lean into issue processing, and that's a leadership skill too.Because at first a reaction would be go into defense mode. instead of just apologizing first and then, thinking them immediately for bringing the concern to you, it puts you in a different state.Now you're not in a defense state. know, I apologize for the impact that had on you. Certainly wasn't my intent. thank you for bringing this to my attention. I wanna help boom, you just say those things to anybody that is upset with you at any time. Now, what do you, how would you feel about that?Yeah. If I said that to you and you were upset with me how would you Michael: feel? I'd feel calm. I'd be like oh, oh wait. Okay. I feel, you know what? I feel heard validated like, oh, okay. You're, yes, you're listening to me. Yes. Yolanda: So part of fortune's training is to, understand that there are human needs, people have human needs, we don't know what's going on in their life.It's most likely more to do about them than it has to do with you, And to feel validated, that one, they're being seen, they're being heard and that they matter is huge. And then you get to choose from that point. How much of that is really mine and how much of it is theirs?there anything we could change in our systems or in our processes that could shift the dynamic here? 'cause we are practicing, so let's. Figure out how we can have an issue come up, but then make it better the next time, So we learn from it and we see that as an opportunity to grow.Versus when we're in a mode of defending, we're not in a mode of growing. So I highly encourage that in the leaders to be big instead of to be small. when you are, thinking small, you're in that defense mode. But when you're willing to set that aside and lean in and get curious about it and think like, how could that have happened?How could we have done better? Where did this, go to that side what's missing here? Oh, they don't really understand this part And the, key thing is, That you may get to the place where you totally understand that they don't know what they're talking about when they're talking to you, but if you shift right away into telling them something, you have to remember, are you in rapport with them now?What I said in the beginning that set the framework was to start to get rapport with you, Michael. Mm-hmm. I apologize. it's not my intention. I would never want you to feel like that. So now that was the beginning of rapport. And in our processes and fortune, there's the steps of enrollment, there's steps of getting into rapport with people. that we train, our team members to go through because rapport is everything. Rapport with your team members, rapport with your patients, rapport and influencing. You influence people all the time, getting really good at influencing it and really good at influencing yourself, like talking yourself off the ledge to be defensive.is a big deal. So those are some of the skills that we focus on in, in our leadership development. But basically everybody is in leadership development all the time. You never get out of that school. Michael: Gotcha. And you're a hundred percent right Yolanda, like when it comes to defending We've hear this all the time, they're like, it's good to apologize. It's good to say sorry. Right? It's super good to do that. But you try being the first one to do that, right? Yep. Then it becomes, oh my God. Well, If they say sorry, I can say sorry. You know what I mean? But you know, I'm the first one. I don't know. You know what I mean? Because then you start defensive mode. it takes a bigger viewpoint of there's a bigger thing happening here than just like that little, oh my gosh, we're arguing about the bad review or the defensive, or, I'm not paying you for this or that.There's a bigger picture that we gotta look into. Yeah. that's really valuable. Super camp, Yolanda: what is that? Yeah. Super camp is what's called quantum learning. And personal development. Super Camp is held on colleges all across the world. Actually. I even taught in Hong Kong. dental school got in the way, or I'd have been in many other countries, but, it's a really cool 10 day camp.It focuses on the eight keys of excellence one day, each skill is focused on, so eight keys of excellence. Is this, is it like living in the moment? I'm not gonna list all of 'em right now, but communications, speak with good purpose, failures lead to success. All amazing things to get straight in your head as you leap into the world, So basically you go through a 10 day. Personal development, but also there is these quantum learnings where you learn speed reading. different ways to look at math. s a t prep of some sort. Mm-hmm. So, it's a big impact.10 days. And I was able to be a team leader. It is not inexpensive to do that, and I certainly would've not been able to attend from a financial standpoint at that point. But as a team leader I got to absorb a lot of those teachings and I was taught to teach them. So, It was like the best of all worlds.Michael: Nice. Okay. So you were able to absorb as much and you still carry it on until today. Yeah. From what we're talking about, right? Yeah. One of the things I wanted to ask you is, it sounds like from the beginning you've had I guess like a mission or, my children.I wanna be with them. I wanna be with my family and everything like that. How did you keep that mission in front of your eyes this whole time? for example, I'm opening a practice, then you're just, that's my baby. I gotta do that practice. Then another one, oh, then we get mom guilt and stuff like that. How did you keep that mission in front of your Yolanda: eyes? Yeah, it's a daily mindset for sure. And it's what you're saying yes to, means what are you saying no to? you always have to look at your yeses and your nos.And you also have to be really focused on your, why Is it bringing you closer to your why? I certainly, I. Have made more mistakes than, it feels like anyone in making this mission come together. you know, and people think that success is just straight up, but it's like this, you know?Mm-hmm. you just dip and then you come back up and you dip and you come back up. you win, you lose, you win. You lose. it's just a matter of better the next time. And that's where leaning into issue, processing, leaning into, facing the things that didn't work.And it's about getting back on the bike and continuing to pedal. So I know that, with my kids it was definitely always the centering for me, and my why I was working and how we were developing the team members. The good thing is that I happen to be one of those people that really enjoy.Service and support, and I get a lot out of seeing people grow. More than my own successes. it gets me really excited to see someone figure something out and to have been, this little part of it, or maybe just enough to, get them to jump up.So in my lifetime in the beginning, We got a post-its and we got a big board and my husband and I boyfriend at the time, said, okay, what do we wanna accomplish with this practice? fast forward looking 10 years from now, looking 20 years from now, what do we wanna see after all of our years of work?And that's where. being in the future is really valuable because now you get your why, but then you have to come back and we have to be in now. What can we do now? What's the best resources now? Because if we're always just like dreamy, dreamy, dreamy over here, then we're not actually accomplishing things.And the other thing is, that if we're always looking back, What ifs? Should'ves. Could'ves. Wished of, you know, wished, wished, wished. If I'd only known then now we're not doing anything about the now. Things are not moving forward. They're just staying behind. So I think the present, the key, this is it, It's hugely beneficial to stay in the now. each one of those keys, the eight Keys of excellence really keeps me centered. Michael: Yeah, that's a really good point. I feel like if you stay in the, now you stop so much procrastinating 'cause of the future, right? You're like thinking of my why.Oh, I'm gonna get there. And then you eventually, you know what I mean? Or it's gonna get there. If you're in the now, you're like, okay, now I got to do this in that moment kind of thing. I only have Yolanda: now, right? Yeah. Yeah. I only have now Michael: really good. You mentioned, two words that I kind of want to ask you about issue processing.is Yolanda: that? So issue processing, this is where real leadership comes into play because, we look at, say an issue. maybe the phone's getting answered. Mm-hmm. You take an issue and we all, put our emotions aside and we at it and, how could we do that better?And if we are in a process of brainstorming with all these different people, like how can we get this better? How can we get this better? And the focus is around that one issue. Now some solutions start coming up. What I'm not a fan of is having someone hand me their monkey and then I'm supposed to put their monkey on my back.Basically, as a leader, their issues come up, but if they just wanna say, here's my problem, so I don't need people coming to me with their problems, basically, that's their monkeys, and I wanna be able to support people to figure things out. I wanna be able to support them to be making some decisions. In fact, we have a process called decision Tree.So basically my goal is to help them to know which decisions they need to just make and which decisions they need to bring to me. So in a tree, for instance, I'm the roots, you know, in the trunk, but I want my team members to make some branch decisions, or at least the leave leaf decisions.I don't want them bringing me all the leaves, I don't wanna be raking up all those leaves all the time because then that's a whole different level of energy. I want them to feel empowered to make some decisions. So when they're part of issue processing. Then they can understand like, how I'm thinking, what I'm thinking.for instance, a patient's upset and they're complaining about their crown. Maybe you don't give the entire crown away. Don't just say, we're gonna do it for free. Don't worry. I don't want you to be upset. Yeah. Maybe we come up with a better decision. So, As a leader, leading leaders, I'm careful to Squish them in a place when they've made a decision. And then I said that was a bad decision, so I have to develop them in that regard. So I want them to stay open to possibilities in that issue processing. I want them to have some. Initiative I want them to be willing to defend their decision.So why did you decide that? Why did you decide, not from a defense standpoint, but ex explain to me, help me understand. ' cause if I can understand why you did that and what you're thinking was, now I can put you on a different level of thinking because, obviously we can't give away every crown.How could I pay you? what else could have happened Is this, So now you've got that muscle built up and you're building their leadership muscles. So how we talk to them is really, really, important. Build up versus tear down. Michael: Yeah. You're teaching them basically how to make decisions, And I like that because they're not always gonna go to you and being like, what should I do? What should I do? What should I do? And then you're kind of like, man, I'm always having to tell you what to do. But I guess it comes back to us as a leader where we never help them develop that muscle, like you said.Yeah. Teach 'em to fish. Yeah. Yeah. Teaching to fish. I like that. So then if we fast forward a little bit more, you were approached to buy another practice. Yes. And your why changed? So what was your Yolanda: why before. So my why before had much to do with being able to have choice picking up my kids after school, be able to comfortably care for them as a mom, a working mom, Then when I took on the partner, I thought my why was gonna be so that I could be like p t a mom, you know, I could be very active in school and, spend a lot of volunteer hours doing things, but still make enough money and, be able to be at home. And so I was preparing for 50% work, type thing.and then this other big opportunity came up and, my knee jerk was, no, that's not my why. That would mess up that. And so then my husband and I sat down literally on the staircase up there We said, you know, what's the bigger picture here with raising these kids?You know, what do we want? What is our job as a parent? We wanna make sure that they have the values, and their own leadership to lead their own lives, if they're always dependent on us, that would be a problem. Not that I couldn't have done that as my other plan.There became this bigger opportunity because we literally have been in the same home, in the same town growing up in this little area. And we didn't really want them to just have this little microcosm of, of life. We wanted them to be have the humanity to understand the whole world and that the whole world was an opportunity for them.But how do you travel and. Expose them to things like that. in the current position I was in, even with bringing on an associate and now having that as an a partner, I was not necessarily making money unless I was there. So if I clocked out, say for a month, Then, my income stream is going way down.ultimately the idea of, go big or go home, I guess came in the thing is about being small. you either stay small or you go big and in the middle you get pounded on with all kinds of, business growth and changes. And that was something that was really clear.We were reaching the middle ground with that practice that had its own challenges, its own growth challenges. So ultimately, I. The goal of our family and the idea came into play to be able to travel with them. And for two years we did that. we homeschooled them. We traveled basically about every month. six weeks at a time was our biggest one. And then two weeks being gone was our normal time. So we'd come back, we'd go, so we were traveling a lot each place had a different perspective and a different reason for being there.But, what I needed to do for that is my team had to be able to take the reins and keep the practice going with or without me. I had to create this practice that these leaders could run the practice with me, still having my extraordinary life without them. this whole way of developing this leadership was a necessary process in order to accomplish my goal of being able to come and go as I want in my practice and have the extraordinary life or whatever life I want.Michael: that's what your why kind of evolved into. Yes. It's like I just want to do my own thing. Interesting. real quick, which place, 'cause you said each location gave you a different perspective, change your life. Which one to you was like, this one was a whole 360 Really changed my life, my perspective.Yolanda: I would say that one of my favorites was our Asian tour. I really, really love. Asia. And so that would be one of my favorites. And, post COVID, we haven't been able to get, back to Vietnam, but my plans and my involvement with d d s. Four kids.org continues.I still fundraise and do lots of things with DDS for kids. It's the number sign four. And Lon Jones, who's the founder of this, she's like a mother Theresa, x fold better. She's like this most beautiful person. And so having met her and having my kids get to know a person that's beautiful. So giving, who's, hasn't had children of her own, but she says the whole world is her children. And so she cares and loves and goes into all these different places to take care of them and make a difference. So having that impact and having my kids know.That type of person. Knowing you know, when we went to Haiti, That was a little much, that was a lot, much for me. Dr. Laurenti Barnett. He's been doing such amazing things in Haiti for so long, and I'm so grateful that we got that experience to go and do work there.there's so much going on there. Unfortunately, it's also so corrupt. and, got a lot of dangers I think for traveling. But Dr. Barnett and his, decades and decades of giving and service to Haiti and really helping has been beautiful.So, Having my kids, having had the influences of these people that do things like that, Michael: priceless. Yeah. Priceless. Yeah, man, that's beautiful. Okay. So then one of the last questions I wanted to ask you, Yolanda, is you mentioned made many mistakes, right? Yeah. So I guess from the moment you decided okay, I'm going to start my own practice, right? today, what's been some of your biggest struggles or fails or pitfalls? Yolanda: it has a lot to do with this leadership development. wasn't always as strong of a leader, I certainly had to lean in on, messing up certain relationships along the way because I wasn't, Ahead of this pre communication, I had to have things onboarded with team members, and not have it go longer term because I didn't have my vision or my communication about what I was looking to accomplish.So clearly documented, so clearly, able to reference. To where anybody walks into the practice that they can understand a direction. I think that we lost a lot of time and a lot of energy with emotions being misunderstood with different things because we didn't have those clear directions and, mistake or just journey.It was a journey. you journey through and you learn things along the way, and hopefully you don't have to keep making those mistakes over again. But I think the biggest thing is any team members, and there's been hundreds and hundreds of team members that I've had at this point.They've all taught me something. I've learned to be better because maybe I wasn't as good at the time. But how can I get better? How can I get better? Has been, definitely a support for me in this journey. Yeah, Michael: I like that. Thinking about each team member and looking at them and saying, can I learn from you?You know what I mean? Yeah. and it goes back to what you said, it's gonna be like this. Yes. sometimes right now, I know a lot of our listeners may be like, man, I'm trying to reach to that million dollars a year, mark, you're gonna get there, I feel. But then it's going to, there's still gonna be times where you're like, my team, it's worse. I'd rather sacrifice the money and, you know what I mean, Seasons. Two seasons. Yeah. Yolanda: Go through seasons learning's never out, at all.It's constantly about learning constant and never ending improvement all the time. And when you buy in and you get your team to buy into some of these belief systems, you accelerate. That was probably the smartest thing I ever did is from the beginning is, stay with a coach, keep a relationship.Have someone who's on the outside telling you, with all authenticity, then reality, you screwed up. this isn't being your best self. you're thinking small. Be big be the bigger person, apologize, 'cause team members can't do that to you, you're like, okay, you're fired. You know, it's like, it's, there's only so much that they're gonna be able to authentically be your board of directors. that's something to do easily is get a board of directors, get people, be a board of director for someone else, and, get mastermind groups together.and speak authentically to each other. you're not perfect. This could have gone better this way and recognize that when someone's giving you an opinion, there's plenty of 'em. Maybe that one is not exactly the right one too.Just because people have an opinion doesn't mean that you need to embrace that opinion too. think through it, continue to be a critical thinker. Michael: Wonderful. Yeah. Thank you so much, Yolanda, for being with us. It's been a pleasure. But before we say goodbye, can you tell our listeners where they can find you?Yolanda: You can find me Yolanda Mangram at Fortune Management, which is fortune mgmt.com. That's my email. Or you can call me on the phone seven oh seven, 4 7 8 6 3 9 4. I'm always happy to help, in any way. It's really a beautiful journey. And try to be really nice to yourself.Mm-hmm. You work really hard and your intentions are straight so, be nice to yourself. Self-talk and self-love is definitely where my focus is right now. We are type A people most of the time and we're pretty hard on ourselves. So as much as I was talking about being humble and taking on, all the learning moments, remember to also focus back on some self-love and giving yourself a lot of credit.Michael: Wonderful. Thank you so much Yolanda, for being with us guys. That's all gonna be in the show notes below, so definitely reach out to Yolanda and thank you for being with us. It's been a pleasure and we'll hear from you soon. Sounds great.‍‍‍

A seasoned motivator, public speaker, and acclaimed coach with over 30 years of business leadership in the healthcare community, Bernie Stoltz is the CEO of Fortune Management, the world's largest executive coaching organization for Doctors. Prior to this, he successfully founded five companies, showcasing his entrepreneurial prowess. Bernie has dedicated his life to achievement in areas of marketing, public relations, advertising, business management and principle-centered leadership. As CEO of Fortune Management, he leads more than 80 coaches in over 60 cities throughout the United States and Canada. He has conducted thousands of training programs across the country to help thousands of doctors become their personal and professional best. In today's episode of The Hero of the Hour Podcast, Mark Murphy has an insightful conversation with Bernie about his remarkable journey and the principles behind the growth and success of Fortune Management.Bernie shares some insights into building a successful company that focuses on executive coaching, communications, and practice management. You will discover how Fortune Management has become the largest company of its kind in the world, serving dentists, plastic surgeons, veterinarians, and dermatologists. Bernie takes us through the core beliefs and values that have guided Fortune's growth and emphasizes the importance of personal development in business. Get ready for an inspiring conversation about leadership, growth, and the psychology of business!What You'll Learn in this Show: The recipe for success: key elements that contribute to Fortune Management's success.The positive impact successful companies can have in the world.Bernie's perspective on happiness, gratitude, and the positive impact they have on personal and professional lives.The amazing power of kindness and abundance.Balancing health, wealth, purpose, and love.How pursuing personal growth and contributing to others are essential elements of long-term happiness.And so much more... Resources:Fortunemgmt.com Mark B. Murphy websiteNortheast Private Client GroupMark B. Murphy LinkedinNortheast Private Client Group Youtube ChannelBooks:The Fortune Recipe: Essential Ingredients for Creating Your Best LifeThe Win-Win Outcome: The Dealmaker's Guide To Buying And Selling Dental PracticesThis podcast is for informational purposes only. Guest speakers and their firms are not affiliated with or endorsed by PAS or Guardian, and opinions stated are their own. Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 200 BROADHOLLOW ROAD, SUITE 405, MELVILLE NY, 11747, 631-5895400. Securities products and advisory services offered through...

In today's episode of The Hero of the Hour Podcast, Mark B. Murphy has an insightful conversation with Bernie Stoltz founder and CEO of Fortune Management, Alex Sadusky, CEO of TruBlu Dental and Bob Martino, an entrepreneurs entrepreneur, a serial entrepreneur and a CEO with many companies.All three of them are members of the Executive Management board at TruBlu Dental, a company that builds the largest platform of technology-oriented independent dentists in the U.S.During the episode they will talk about their journeys, their philosophies and what it means to be a hero to entrepreneurs and entrepreneurial thinking people, and more specifically for entrepreneurial thinking dentists. They will each share their own definition of a true hero and what it means to be a hero for your clients.They will also talk about the importance of creating a synergy between great companies to do great things together.You will learn what is the best way of making a true impact and you will discover the key secret to becoming a successful entrepreneur.You will also learn more about what it really means to be a great entrepreneur, how to find genius people to work for your organization, the importance of doing meaningful things and working with great people, how success gives you the freedom to fail, some essential ingredients for creating your best life and so much more.Listen now and enjoy!What You'll Learn in this Show: The importance of creating a synergy between great companies to do great things togetherThe key secret to becoming a successful entrepreneurHow to find genius people to work for your organizationThe importance of doing meaningful things and working with great peopleHow success gives you the freedom to fail Some essential ingredients for creating your best lifeAnd so much more... Resources:Northeast Private Client GroupMark B. Murphy LinkedinMark B. Murphy websiteNortheast Private Client Group Youtube ChannelBooks:The Ultimate Investment: A Roadmap To Grow Your Business and Build Multigenerational WealthIacocca: An Autobiography The Win-Win Outcome: The Dealmaker's Guide To Buying And Selling Dental PracticesThe Fortune Recipe: Essential Ingredients for Creating Your Best Life

If you had a magic wand and could change one thing about your dental practice –what would it be? That's the question that Ayla Narayan asks everyone that she meets at the Greater New York Dental Meeting in Manhattan. As an executive coach with Fortune Management, Ayla has cultivated a passion for public health and education over her 20 years in the dental field. Her goal is to continue to inspire, develop, and educate professionals who share her passion for making a positive impact. In her conversations with practice owners, from small, independent operations to large dental service organizations, she regularly gets asked what can be done to improve the profitability and impact of the hygiene department. In this episode, we're picking Ayla's brain to get to the bottom of these important questions: What's the best way to measure a hygienist's performance? Why is it important to have a consistent patient experience and process? How do you get team buy-in when presenting new approaches to patient care? What's the best way to implement a script for hygienists to follow during appointments? What's the one thing hygienists can implement today that will improve their profitability? Are you ready to take the next step in scaling up your practice ownership dreams? Visit getprovide.com.

Kim McGuire, chief operating officer for Fortune Management, sits down with Brianne Spiersch, the Co-Director of Veterinary Mastery and an Executive Coach for Fortune Management. In this podcast, Spiersch and McGuire speak on the topic of leadership and how it can affect a team's culture, which then impacts the profit of the overall business. Spiersch and McGuire explain interactions between employees and leadership, the difference between a leader and a boss, and the Fortune Leadership Model.

In this episode of The Art of Dental Finance and Management podcast, Art meets with Chief Strategy Officer of Fortune Management, Jennifer Tyson, to discuss strategies for dentists to preserve their private practice ownership. Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist.Being more strategic in all aspects of your dental practice will lead to increased profitability. https://www.eidebailly.com/industries/health-care/dentists#chatForm

Kim McGuire of Fortune Management is one of my favorite people to talk business with. Not just ‘what's up with you?' business but the business of dentistry, numbers and strategy. It felt good to deep dive into current conditions and how we can flex to succeed. We talked about these topics and more:    Where did the critical thinking go? Her practical vision of accelerated hygiene Associate dentists providing hygiene? The horror! How her clients are adapting to our post-Covid, inflationary reality Shifting job responsibilities - how do we define these? Full show notes on the podcast home page! https://nobodytoldmethat.libsyn.com/   Don't forget to check out my other podcast Chew on This - A Dental Podcast!  Connect with Kim:   Kim McGuire's contact information Kim's LinkedIn   **If you like the show then I'd appreciate a good rating. Tell your friends. Even podcasters ask for referrals!** Teresa's Website- https://www.odysseymgmt.com/ (sign up for my newsletter!) Teresa's Book Moving Your Patients to Yes! Easy Insurance Conversations http://odysseymgmt.corecommerce.com/Book/ (use ‘newsletter' for $3 off)

We all have the same amount of time in a day (24 hours), so how do you make the most of that time without burning yourself out? Bernie Stoltz, chief executive officer of Fortune Management, joins Don Khouri to give his best tips on what makes him productive. He gives insight into what he does every morning to ensure he is ready for the day, including the physical and mental sides of what it takes to prepare for the day to come. As Stoltz says, “Energy is the fuel for excellence.” Find out why in this podcast.

Katie Burkett, the managing partner and executive coach for Fortune Management as well as a former dental office manager, joins the show to discuss communication in the practice and the role she sees dental assistants playing in leadership as dentistry continues to advance. For more information on her April 14 event, drop an email to katieburkett@fortunemgmt.com.

Fortune Management: www.fortunemgmt.comBernie's book, The Fortune Recipe, is on Amazon

Kim McGuire, chief operating officer for Fortune Management, sits down with Bernie Stoltz, the CEO of Fortune Management. During this podcast, McGuire and Stoltz discuss the changes that are currently happening in the dental industry and what this means for not only today's dentist, but future generations as well. What strategies should every dentist know to help his or her practice succeed? McGuire and Stoltz share their years of knowledge with the audience and look ahead to what may be to come for dentistry.

Kim McGuire, chief operating officer for Fortune Management, sits down with Dr. Jessica Pharar, a dentist in Las Vegas, who is starting a nonprofit to help cancer patients with their oral health during their battle with this horrific disease. She also discusses how she is working to integrate medicine and dentistry in her community, and some of the challenges she is facing in that quest. Dr. Pharar also touches upon how Fortune Management helped her and her practice when the COVID-19 pandemic impacted dentistry and our society.

Joining Tooth Be Told today is Todd King of Fortune Management. Everyone could benefit from having a coach in their life, whether its personal or professional. https://www.fortunemgmt.com/ https://www.fortunemgmt.com/index.cfm?Page=Todd-King toddking@fortunemgmt.com

Sumeet's practices: www.https://www.centralcoastdentalcare.com/Fortune Management: www.fortunemgmt.com

Fortune Management has put together a new structure for its Training CAMPs in order to push forward business thoughts and strategies that benefit dentists and team members in both their personal and professional lives. What are these new CAMPs? What was the need behind modifying them? What can dentists and team members expect when they attend. Kim McGuire, chief operating officer for Fortune Management, sits down with Kevin Henry, director of marketing for Fortune Management, to give a preview.

What do you need to know about myofunctional therapy? What does that even mean and how can it impact your dental practice and patients? Drs. Dave and Chelsea Stangl and Mandy Thompson, RDH join Fortune Management's Kim McGuire for a look at a clinical solution that could be a life-changing solution for many patients and give the dental practice a chance to reach more patients and show them just how dentistry can make a difference.

Dr. Patel's travel group: https://www.extolloadventures.com/Her contact info: hemapatelca@gmail.com Fortune Management: www.fortunemgmt.com

I am very fortunate to have been coached by Cofounder of Fortune Management Dr. Paul Bass in my career as a dental hygienist. But his teachings have impacted my life in so many ways, even outside of the workplace. In this interview Dr. Bass shares his journey of how he and the other cofounders Dr. Gary McLeod, Rene Schubert, formed a partnership with Tony Robbins to form Fortune Management. He also reveals a new branch expanding from Dentistry that can make a huge impact in the field of Medicine. The biggest takeaway that I have learned from Dr. Bass that really lit an inspiring FIRE in me, was a workshop at his Wealth Mastery Seminar in Atlanta GA. He taught me how...not only to DREAM, but to DREAM BIG! I have never been the same since that day and it has just been growing more and more. If you would like to learn more about Dr. Bass and Fortune Management, here is his link below: https://www.fortunemgmt.com/index.cfm?Page=Paul-Bass If you liked this episode of DarkHorse Matters don't forget to subscribe and share with your friends. Thank you so much for your support in growing our DREAMS. "BE PASSIONATE" Podcast links and Bev Matayoshi's Social media handles can be found here: https://linktr.ee/DarkHorse_Matters

What do you need to know about finances as we barrel through the second half of 2021? Ben Bush, a financial planner and key business strategist with Northeast Sequoia Private Client Group joins Fortune Management's Kim McGuire for a look at some of the current financial situations and what dentists and their businesses should know moving forward.

What do you need to know about social media for your dental practice as we move into the second half of 2021? Rita Zamora, a renowned speaker and author on the topic of social media in dentistry, joins Fortune Management's Kim McGuire for a look at the current and future states of social media in the dental industry.

In this episode, Nichole Thompson, an executive coach with Fortune Management, discusses her journey from dental assistant to dental consultant, what it took to move her along her journey, and what advice she would give to others who wanted to follow the same path.

Is now a good time to be thinking about a dental practice merger or acquisition? Shannon Richkowski, RDH, the director of Hygiene Mastery, sits down with a pair of Fortune Management executive coaches, Curtis Crandall and Mark Webb, to discuss the topic.

drdee@deefordentist.comwww.deefordentist.comwww.facebook.com/deefordentistwww.instagram.com/deefordentist Fortune Management: www.fortunemgmt.comSolea lasers: www.convergent.comCEREC: DentsplySirona.com

Jon Harris, an Executive Coach for Fortune Management, works with small business owners, healthcare and dental practices, and helps them take their businesses to the next level with life changing communication skills and practice management and personal development. I have had the privilege of experiencing his coaching and teachings and it has been rewarding professionally, and also on a personal level. Jon shares his journey from the employee mindset to the mindset of becoming an entrepreneur. He truly shows that even introverted people can be successful and influential. He described personality types between he and his sister. For those of you who are not familiar, he is talking about the DISC personality types: Dominance; Influence, Steadiness, Conscientiousness. His experience with losing a corporate job unexpectedly forces him into the world of entrepreneurship and resourcefulness. He explains that the only thing he would change was not that he lost his job, but how he reacted to it. It's not about failure, but it's about how fast you get back up and keep going. He shares his future goals of expanding his business and building more leaders and coaches while he builds his PASSION PROJECT: to own a gym where he can train for his body building competitions as he pleases, pandemic or no pandemic. If you are in the healthcare industry or dental industry and you are interested in coaching to scale your business and practice, you can find more info at: https://www.fortunemgmt.com/ Instagram: @jon_fortunemgmt DarkHorse Matters Podcast links: https://linktr.ee/DarkHorse_Matters. If you are on Apple Music and you enjoyed this episode please subscribe and leave a comment! I appreciate your support. “Be Passionate”

With the outbreak of Covid-19 , many practices didn't know what to do or when they could open their doors again.  Some chose to wait it out, hoping that they could survive that long.  A few other practices started to embrace teledentistry into their operations. Now in early 2021, we are still in grips of the pandemic and teledentistry has become more and more accepted and utilized. But will this trend continue? What does the future hold for teledentistry? How do you know if teledentistry is right for your practice? I ask Fred Joyal all of these questions and more in this episode. If you have entertained the idea of incorporating teledentistry into your practice...or would like to improve the efficacy of your teledentistry practices...then tune into this episode!*****About Fred JoyalA nationally recognized speaker, Fred is the author of two best-selling books, Everything is Marketing: The Ultimate Strategy for Dental Practice Growth, and Becoming Remarkable: How to Create a Dental Practice Everyone Talks About. He was the co-founder of 1-800-DENTIST and is considered a leading authority on dental practice marketing and consumer behavior. Fred serves on the board of Fortune Management, and he is currently the Chief Marketing Officer for Armor Respiration.  His website is fredjoyal.com and his email is fredjoyal@gmail.com.#teledentistry #teledental #dentalmarketing #dentalmarketingsecretspodcast

Dentists, like other professionals, should develop a solid financial plan to build wealth and prepare for retirement. Planning for financial independence while building their dental practice is an issue that concerns dentists at all stages of their career, whether they’re just starting out, growing to multiple locations, or preparing to sell their practice in preparation for retirement. Developing a financial plan with the guidance of a team of professional advisors helps them meet their unique current and future goals and will continue to evolve throughout the various life stages.  In this episode of The Art of Dental Finance and Management podcast, Art meets with Ryan Weigel, CPA, CFP and Zachary Schnitzler, CEPA, CLCS of Eide Bailly Financial Services about the financial planning process for dentists. Ryan and Zachary emphasize why financial plans are so important, major pitfalls to avoid (typically not having any financial plan), as well as what steps dentists can take to ensure success. They also discuss some of the essential elements of a solid financial plan: Budgeting Debt reduction Student loans Retirement savings Insurance coverage Children’s education Estate planning Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist.   [CALL OUT BOX – We Can Help Button] Let us help you build a solid financial.   [cta: www.eidebailly.com/financialfuture]     The Transcript   Art Wiederman, CPA And hello everyone, and welcome to another episode of The Art of Dental Finance and Management with Art Wiederman, CPA. I am your host, Art Wiederman. It's a pleasure for me to be joining you today and sharing some information. I am a dental division director at the CPA firm of Eide Bailly. Our CPA firm represents about 800 dentists and today's topic is, goes to the core of what this podcast series is about. It's called The Art of Dental Finance and Management.   And today we're going to be talking about a financial plan. I've done podcasts on the 10 Biggest Financial Mistakes Dentists Make, and I've talked about retirement planning. But today I have two really great experts from our firm, Ryan Weigel and Zach Schnitzler. And Zach and Ryan are going to go ahead and talk about financial planning. They're part of our financial planning group.   We're going to talk about why do you need a financial plan? What is a financial plan and what are the biggest mistakes we see dentists making. Because they're working with dentists and other professionals all over the place and they have a really neat retirement planning module. And I'm going to talk about insurance. So we're going to get to that in a couple of minutes.   I do have some information for you that I want to share with you first about our partners. And then about something that happened yesterday that came out from Treasury. We're recording today, which is November the 19th, which is Thursday. So I'll talk about that in a second. A couple of rulings and procedures that came out from IRS that is, unfortunately, folks not going to make anybody happy. But we'll talk about that in a second.   I would really like for you guys to take a look at our partner, Decisions in Dentistry www.DecisionsinDentistry.com. Great, great, great clinical content, continuing education courses. They have been a wonderful partner of ours in working with us on the podcast and sharing great information for dentists on clinical dentistry.   Also our Academy of Dental CPAs, which is www.ADCPA.org. 24 CPA firms across the U.S. that represent over 10,000 dentists. We are, at Eide Bailly, one of the members of that group. And I've got some great information for you, too.   We are putting together here in Southern California a one year long series on the business side of dentistry, six local dental societies in Southern California, and I have no problem mentioning them by name - the Harvard Dental Society, the Orange County Dental Society, both the Los Angeles and the West Los Angeles Dental Societies, the San Gabriel Valley Dental Society and the San Fernando Valley Dental Society. I am putting together, through Eide Bailly, a wonderful, wonderful year-long series which is going to begin, put on your calendar, because I'm inviting all of my podcast guests, because the great thing about doing stuff virtually is anybody can join. You don't have to get on an airplane or book a hotel room and these are free. These are not going to cost anything and the information is going to be fantastic.   So the first one is going to be on December the 9th, which will be from 6:00 to 8:00 p.m. and it's going to be on year-end tax planning and the research and development income tax credit for dentists. So if you would like to register, the page is either up or will be up very shortly. You can register for the webinar and if you register, they'll send you the link. You go to www.EideBailly.com/dentalseries.   And in fact, as part of this dental series, one of the series, which is going to be every month in 2021, we're going to start with December and then it'll start in January and February. And every month after that. One of the series is going to be these two gentlemen that you're going to hear today is going to talk about in much more depth than we can do on a podcast. We're going to be talking about financial planning and we're actually going to do a case study or two on the webinar with the software, which is really, really cool. So www.EideBailly.com/dentalseries.   And also if you're interested in the R&D tax credit www.eidebailly.com/dentalrd. Put in your information and our team will give you a call. So I want to talk before I get to Zach and Ryan. I want to talk about what came out yesterday and what came out yesterday. We knew it was coming. And in fact, our previous podcast with Mel Schwarz. Mel emailed me two days after we recorded and he said, Art do we need to rerecord because this is coming down the pike.   So I've been talking to you guys about the PPP loans and whether the expenses that you pay are deductible. Remember, your PPP loan is not taxable when you have it forgiven. So back in April, I think it was actually April, late April, early May, Treasury came out with Notice 2020-32 that said the expenses are not deductible, but they didn't give us any details. So I have taken the position on this podcast that if you have a forgivable loan, that and it's not forgiven by the end of the year and you're a cash basis taxpayer. I've been a CPA for a long time. 36 years. And the law says if you don't have a forgivable event, then those expenses are deductible.   Until yesterday. Revenue 2020-27 came up with two situations. Number one, it basically said that if you apply for forgiveness in 2020 but no decision has been made on your forgiveness. But you meet all the rules, you check all the boxes that you're going to get full forgiveness. Or you wait until 2021 and you meet all the rules. They basically say, and these are the words in the ruling that if you have a quote, reasonable expectation of reimbursement and I will read from the ruling, quote, if it's reasonably expected to occur rather than being unforeseeable, such a deduction is inappropriate.   Bottom line is, folks, if you meet all the rules and you're going to get forgiveness, then your expenses are not deductible for 2020. So if you got 100,000 dollar PPP loan, you better add 100,000 dollars to your taxable income for 2020, which is going to bring a lot of my doctors to not only where they were in 2019, but even higher. Very, very important doctors that you go to your CPA between the next six weeks, between now and the end of the year and figure out where you're at.   There is a revenue procedure, 2020-51, which is a safe harbor, which basically says that if you reasonably expect forgiveness and you're submitting for forgiveness, but all or partial forgiveness is denied. In other words, you don't get forgiveness, or if for some reason you choose not to file for forgiveness. I don't know any dentist in America that is not going to file for forgiveness. But if you just say I don't meet the rules, I fired everybody. I didn't bring them back, then no problem. Then you can deduct the expenses in the year that you are denied forgiveness. It doesn't tell me if you have no intention of submitting for forgiveness at all in 2020 can I deduct the expenses, it doesn't address that.   I did have a long conversation with Megan Mortimer yesterday from the ADA. I will tell you that the ADA, along with the American Restaurant Association, the American Institute of Certified Public Accountants, the AMA organizations that represent dogs and giraffes and puppies and everything, they're all going to Congress and they're all basically pushing real hard. And folks, without getting into details at the moment, it's all political.   We may not see anything about this until January, February. So you may be looking at extending your tax returns to see what the government's going to do. We think they're going to make a law that says these expenses are deductible. It would hurt small businesses if they didn't. But we'll see what happens.   Alright. Well with that joyful news, folks? Let's get to our program today. My good friends, Ryan Weigel and Zachary Schnitzler from Eide Bailly are going to join us here in a second. Let me tell you a little bit about them. Ryan is a financial adviser. He is located in Aberdeen, South Dakota. He works with his clients on financial planning, including cash flow analysis, education, planning, insurance and risk analysis, retirement planning and asset allocation. And that's Ryan.   And Zach is in Fargo, North Dakota. Go North Dakota State Bison, by the way, I told him that earlier. Zach's an insurance specialist involved in insurance planning, employee retention solutions, planning for purchase and sales of businesses, succession and estate planning. So, Zach and Ryan, welcome to the Art of Dental Finance and Management.   Ryan Weigel, CPA, CFP Thanks Art. It's our pleasure to be here.   Art Wiederman, CPA Hey, nice to talk to you guys. Appreciate you taking the time today. So you guys are avid golfers, I hear. So I won't talk about the fact that I went out and played yesterday here in Orange County, because right now you're just playing like ice golf or indoor golf. How's that work?   Ryan Weigel, CPA, CFP I'll let Zach go on that he's a he's a better golfer than I am.   Zachary Schnitzler, CEPA, CLCS It kind of depends on the day. But up here in Fargo, we definitely started our indoor simulator league, and it's not even Thanksgiving time yet. So it's too bad.   Art Wiederman, CPA We'd love to have to get you out here to play some golf anyway. So. Hey, guys, why don't you. Again, we're talking today about financial planning, folks. We you know, I went through all the Certified Financial Planner courses, you know, a long time ago. And it takes, you know, a couple of years to do that. So in an hour podcast, we're not going to be able to go through every single detail. What my objective today is to make a call to action.   If you haven't done a financial plan, if you haven't figure out where you're going, we want you to take action after what we talk about today. You know, there's seven areas of financial planning. There's cash flow management, there's taxes, there's insurance, investments, retirement planning, estate planning and college planning. We're going to touch on them today. But we want you to take action. Basically sit down and figure out where you're at so that, you know, if you don't have a road map and you don't know where you're going, it's kind of hard to get there. So with that said, let's start. Ryan, tell us a little bit about your journey.   Ryan Weigel, CPA, CFP Yeah, so I'm a CPA, much like you are, and I'm also a CFP, as you alluded to. So my journey started with Eide Bailly, I think 12 years ago. I started on the tax side. I did tax work tax compliance work, and that led into a lot of planning. Just as you alluded to earlier. The dentists better be, the doctors you're working with, meet with their CPAs here between now and the end of the year, because there's a lot of the year-end planning needs to get done.   That brought on a lot of things that I enjoy doing, which was financial planning instead of just tax compliance planning. It was now financial planning, which also alluded to investments and insurance and so on. And so my career path changed about halfway through my tenure with Eide Bailly and it moved over to our financial services division. So my main role is financial planning for clients. And again, like I said, it involves a lot of pieces, investments, tax insurance and so on and so forth.   Art Wiederman, CPA OK, and Zach, other than you going to PGA school or whatever it is, what are you doing? What's your story?   Zachary Schnitzler, CEPA, CLCS Yeah. So as you mentioned, I'm an insurance specialist specifically in the financial planning realm. So we're talking life insurance, disability insurance, long term care insurance type work. I've been in it my whole career almost ten years. Everybody grows up wanting to be an insurance person. I know that. But no, I have some great mentors right away to jump into the business. And before Eide Bailly, I was primarily a consultant with financial advisors as the insurance side is a very unique animal in itself and it requires specialized attention. So happy to be at Eide Bailly. And it's a great place to help our clients on a consultative type approach versus a sales type approach.   Art Wiederman, CPA Yeah, we don't sell. I've never sold. I mean, I'm a registered investment advisor. But guys, if I recommend a stock or a mutual fund, you should probably short it. That's kind of the way I feel about the whole thing. So, hey, Zach, we have to do the required reading of the disclosure. So why don't you get that out of the way and then we'll get another topic.   Zachary Schnitzler, CEPA, CLCS We do. It'll be as fast as possible, I promise. Here we go. Financial Advisors offer Investment Advisor Services for Eide Bailly Advisors, LLC, a registered investment advisor, securities for Three United Planners Financial Services member of FINRA SIPC. Eide Bailly Financial Services LLC is the holding company for Eide Bailly Advisors LLC and Eide Bailly agents. Wholly owned and operated under Eide Bailly LLP, insurance products are offered or issued under Eide Bailly Agency, LLC. Eide Bailly Advisors LLC employees can also be licensed as insurance agents producers of Eide Bailly Agency, LLC. Eide Bailly Financial Services and its subsidiaries are not affiliated with United Planners. Not all products and services are available in all states. The views expressed are those of the author of the date noted are subject to change based on market and other various conditions are not a solicitation to purchase or sell any security and may not reflect the views of United Planners Financial Services. Keep in mind that current and historical facts may not be indicative of future results. Third party material is meant to provide general information and is not to be construed as specific investment tax or legal advice. Individual needs vary and require consideration of your unique objectives and financial situation.   Art Wiederman, CPA Okay, promise me you're not going to do that again.    Zachary Schnitzler, CEPA, CLCS Promise. We're done with that.   Art Wiederman, CPA So which stocks should I buy? Nah, I'm just kidding. Let's just blow up everything we just did.   Zachary Schnitzler, CEPA, CLCS Yeah. Right.   Art Wiederman, CPA So there you go. Okay, so let's start out with the basic question. Why does a dentist need a financial plan?   Ryan Weigel, CPA, CFP Well, you alluded to this earlier, Art. A roadmap, right? So I always try to tell clients is as we sit down with you and we try and gather your information, you've got many roads to go and we're trying to determine which road makes the most sense. And just because it makes sense today doesn't mean in two years it's going to still mean the same road. But what it does is it allows us to have a form of a road map to help answer a lot of questions. And those questions are, again, tax, investment, insurance, business succession, estate. So the whole goal is, hey, I've got this plan in place to answer questions. And it's not a product specific thing. It is a service specific.   Art Wiederman, CPA Right, so what we want to do is, is, you know, again, my experience in this, guys, is that, you know, the people that do this right they're looking at what the goals and the objectives are. And at some point down the road, everybody's got to get compensated for what they do. And at some point down the road, a product usually is involved, whether it's an investment product or an insurance product or something. But that's not where we start, right? That's not even close to it.   Ryan Weigel, CPA, CFP No. You start with the financial plan first and foremost, and that's going to give you. The numbers don't lie in a plan is what I usually tell my clients. Because if it says you need life insurance, you probably need life insurance. I don't care who you talk to about that. There's probably a need of life insurance. Right. But the plan gives you the numbers and the numbers don't lie. And you kind of work through that scenario.   You know, the one thing I'll just say real quick, Art, is there's really four main steps that I use. I think most individuals that use this, but the first step to plan is we sit down and you listen. OK, what are the goals and circumstances? What is your profession? OK, you're a dentist. OK, what's the goal? How long do you want to work? Right. Then we kind of gather a lot of information from you. We might analyze that data and put together some creative plan. But as soon as tomorrow hits, my creative plan is done because your checking account just changed or PPP loan that you just talked about is now no longer a deductible expense. And that just changed the financial plan because now I have to pay more taxes. Right.   So there's this constant circle of what happens where we're constantly looking at everything. And that's why I always tell clients, hey, we're not doing a financial plan because the financial plan is the date stamp we're done. We're doing financial planning. Financial planning is this thorough thing that keeps going and it's constantly evolving. Right?   Art Wiederman, CPA So when you meet with your clients, you do the initial plan and I want you to get a little more into exactly what you're doing. How often should a dentist meet with his or her financial planner after we do the initial plan?   Ryan Weigel, CPA, CFP So the initial plan is going to be, you're probably meeting six times from start to finish over a series of, it could probably be anywhere from, you could probably get it done as quick is four to six weeks or four to six months depending on how busy you are, how busy the planner is. But then going forward, there is no rhyme or reason, it's as needed.  I would say at a minimum, twice a year. I want to look in the spring how are my investments doing, how was my plan, what are my goals that have changed? And I better be looking at the end of the year too. You know, what are my tax implications? What do I need to do? Is there some retirement plan changes I need to make, have I updated my will, have I looked at my insurance lately? So at a minimum twice a year. But it could be 12 times. I mean, depending on each client, there's no specific rhyme or reason to it.   Art Wiederman, CPA Now you guys said there's four steps. How many of, you talked about the listening part. That's the first step, right?   Ryan Weigel, CPA, CFP Yeah. Yep.   Art Wiederman, CPA Where do we go from there?   Ryan Weigel, CPA, CFP Yes. Cause we're in the gather step. And in the gather is where we really sit down and we're trying to do not only the hard skills, the hard numbers, but the soft skills. So what is your actual net worth, their balance sheet look like. Then we're going to gather information. What insurance do you have? What investments you have? But that is a lot of the soft stuff. What is your goal? Is your spouse working? Does she have the ability to work? What do you want to do? Do you want to climb Mt. Everest in five years? Because that might change the impact or do you want to sell your practice for a ton of money at age 40. Or do you want to be a dentist, not care. Right.   So you got to gather the soft skills as well. Then we got to sit down. The third step is we need to analyze the data. We got to figure out what do you have. Right. And then our job from there is to create this because the fourth step would be to create this plan and create this fluid plan that keeps evolving. And then so right after we get done with the fourth step, which is great, you go right back into listening again.   Art Wiederman, CPA Yeah, and we see I want to talk about the mistakes, because we want to make people make sure that they don't get mistakes, they don't make mistakes. So what are the biggest mistakes you see working with your dental clients on financial planning?   Ryan Weigel, CPA, CFP The first one is that and then take this with a grain of salt for anyone who's listening, but they don't have a plan, right? That's the biggest one. And it's not that they don't want to Art. It's typically because they're busy running their practice. Right. There's only so much time in the day. They might have kids and might have employees and they got practice and everything's going on and on. And so this thing just gets kicked to the side, which is a reasonable thing to think about. But at the same time, it's so important that you have to do it. So that's absolutely first and foremost, the biggest issue I see is that we don't have one. They bought some insurance because they were told it was a good idea, but they don't know if it's a good idea because they don't have the time.   Art Wiederman, CPA So let's talk about insurance for a minute, because this is, we're just going to go all over the place here with this. Then we'll hit everything. You know, I have some opinions about insurance, but we have life insurance and we have disability insurance and long-term care. Really, those are those are the main food groups. Let's talk about life insurance.   So when you guys look at a client, how do you determine, let's just briefly get into how much do they need and what type of insurance do you recommend?   Zachary Schnitzler, CEPA, CLCS Well, let's kind of start at step one. I mean, what we are finding is in this industry, many folks are severely underinsured. And you know, that might even be with hypothetically one million dollars of death benefit, for example. It sure seems like a big number. You know, we use the word million in it. But when you calculate, let's say, income replacement for a 35 year old dentist. You know, how many years of income does that, we'll call it, you know, that person and that machine have for the rest of their career if something were to happen? And I'm not saying like a 35 year old needs to insure 30 years of income by any means. But all of a sudden, you know, using that example of, say, a million dollars doesn't go very far.   Art Wiederman, CPA No.   Zachary Schnitzler, CEPA, CLCS So that's piece number one is it does seem like the majority of people, dentists included, are many times vastly under insured and don't understand, you know, how many years of income they should maybe be thinking about replacing if the worst case scenario happened.   Art Wiederman, CPA And a lot of this Zach is that really depends on, you know, if I have a husband and wife and one of them is the dentist and the other one is not working, I'm going to need a lot more than if both of my doctors, both of my husband and wife, both of the people who are husband and wife, sorry about that, are both earning two or three or 400,000 dollars a year.   You know, I have an interesting thing that I want to get your take on this is, in my mind and I'm overly simplifying it. I like for a dentist, I need enough life insurance, because remember, isn't life we get life insurance is to two purposes. Number one is income replacement. And number two is estate needs, which at the moment, unless you get an estate of about 24 million dollars, husband and wife, if you do your planning right, is not an issue. Right?   Zachary Schnitzler, CEPA, CLCS Right.   Art Wiederman, CPA OK, so basically, I'm looking for enough money to pay off the mortgage, put a fund away for the kids for college, and then to have enough of a pot of money to keep potentially a non-working survivor's spouse able to live reasonably.   Zachary Schnitzler, CEPA, CLCS Right.   Art Wiederman, CPA Does that seem reasonable to you?   Zachary Schnitzler, CEPA, CLCS Oh, absolutely. And the big thing is Art. I'll ask you a question. I mean, if somebody, dentists or anybody else hypothetically say, passes away and their income was 300,000, could a non-working spouse go find a new job that pays 300,000 dollars a year?   Art Wiederman, CPA Highly unlikely.   Zachary Schnitzler, CEPA, CLCS Very highly unlikely.   Art Wiederman, CPA Unless they are also a dentist or another type of profession. Yeah.   Ryan Weigel, CPA, CFP Hey there's something I want to hit on that really quick, guys. One of the things I see is let's just go back to your same example. We've got a dentist practitioner and a non-working spouse. I always see this. The dentist practitioner has insurance, the spouse has none. And I ask well why? Because they don't make any money. But then I'll ask them this. Well, what is the non-working spouse do? Well, they take the kids to school and they make sure the house is taken care of. And they do all these things so that I can maintain my business and I can be the breadwinner. Right.   There's actually a need over there because if the non-working spouse parishes, if something happens to them, you either got to hire a nanny or you can't be as productive in your business, right? So you don't have to go and get oodles of money and millions of dollars. That's not the point. But there is actually a need for both people. And you see that quite a bit, actually.   Art Wiederman, CPA And obviously, buying life insurance is cheaper when you're younger than if you're older.   Zachary Schnitzler, CEPA, CLCS Very much so. It's crazy how it follows almost the perfect exponential curve.    Art Wiederman, CPA So the bottom line is we need enough money to cover a surviving spouse and the family if they if, God forbid, the dentist passes away. And then again, because we could spend hours on this. Are you term insurance? You have permanent insurance, maybe a little comment on what people should be looking at just in a high overview.   Zachary Schnitzler, CEPA, CLCS Yeah. So first and foremost, you know, the younger dentists term insurance is super simple, very inexpensive. You can get high limits for low premium. I definitely recommend that all have at least some of that. Permanent insurance, it's a podcast of its own I think. It offers lots of different advantages, like potential for tax free income. But it is absolutely not for everybody. And that is a case by case basis. So permanent insurance will have some cash value that comes with it, although a much higher premium.   One thing Art I do want to quickly mention is we're talking about having enough. What is enough? Right, how many? What's the multiplier of income some are there are some agents out there that I know that are literally trying to get as much as possible from the insurance company. Myself, I am in the ballpark of close to seven times income plus debt.   Art Wiederman, CPA Yeah, that's about right. I was going to say, you know, seven to ten, but yeah. So for example, doctors, you know, if you're making 300,000 dollars a year, that's 2.1 million dollars. Is that enough to pay off your mortgage, put the kids through college and have a pot of money available for your surviving spouse so that he or she does not have to work and can be focusing on the family? I don't know. You got to run the numbers, right guys?   Zachary Schnitzler, CEPA, CLCS There's no question it's a case by case basis. The good news is I hate to say that there's good news during the COVID-19 pandemic because nothing seems like good news. Right. A lot of a lot of doctors and dentists are scared almost of applying for these limits because it comes with a very, very challenging underwriting experience. Might have to give blood. Your might have to order medical records. Well, due to the pandemic, companies have increased what's called accelerated underwriting, where people can get up to five million dollars of life insurance immediately with an online health portal. So it doesn't, you know, somebody you don't know doesn't necessarily have to come to your house and put a needle in your arm to see if you can get these high limits.   Art Wiederman, CPA OK, and I talking about disability insurance, what I tell people is as much as you can qualify for, you have comments on disability.   Zachary Schnitzler, CEPA, CLCS Yeah, no question. I agree with you there. And it's usually close to 60 percent of income is about what these insurance companies will offer. However, in most cases, disability and insurance would pay out tax free. So we don't necessarily need a super high, you know, close to 100 percent by any means.   Art Wiederman, CPA What do you think about long term care insurance?   Zachary Schnitzler, CEPA, CLCS Well, for the, maybe the dentist on the second half of their career, it's a major issue in our world today of the cost of long-term care, whether it be nursing home, assisted living etc. You know, now we're talking after work life, right? We're planning for after it.   It's something that needs to be looked into. I mean, when I'm saying that it's a problem, it's costing just to get care upwards of 10,000 dollars or more per month. And it's going back to why we're doing this today, financial planning or planning for all aspects of life, short term and long term. It's all about asset protection. We're not necessarily, you know, don't need to talk to clients about, well, you want to go to a nursing home or do you want to do this? It's about protecting your assets. A six year stay at over 120,000 dollars in 2020 money, you know, not even counting inflation. It'd be 700,000 plus. And that's an issue.   Art Wiederman, CPA And how about this guys, not only for the doctor, but what about the doctor who's mother or father or both have not done a good job of saving and they need to go into a nursing home and you, the doctor, are the only child who has assets. Who's going to be paying for that? Do you see that happen?   Zachary Schnitzler, CEPA, CLCS Correct. Oh, absolutely. There's no doubt. One other thing to mention. Art you're a CPA. Ryan, you are as well. Long term care, buying long term care insurance can come with some fairly unique tax advantages as well.   Art Wiederman, CPA We're not going to get into that today because that will be a 12 hour podcast.   Zachary Schnitzler, CEPA, CLCS Like I said. Yeah, that's time for another podcast. These topics could all have their own at some point.   Art Wiederman, CPA Absolutely. So talk about student loan debt. And that is a big deal. In the United States, the average student loan debt is and again, this is all over the country, is somewhere between 250 and 300,000 dollars is what it costs to go to the average United States dental school. In California, we have, I tell this story occasionally at my lectures, and I probably told it on the on the podcast, is that I had two doctors come up to me. I was speaking at the University of Southern California Dental School, oh, gosh, about five years ago. And these two young men come up to me and say, Mr. Art Wiederman, thank you so much for your lecture. We both did four years of dental school here at USC, plus a general practice residency. We are 550,000 dollars each in debt. What do you suggest?   And my answer to them was, guys, if you go walk around the corner to Hoover Street, there's a 7-Eleven, they sell lottery tickets. Other than that, I got nothing for you. How do you approach student loan debt?   Ryan Weigel, CPA, CFP Well, that's one way of spin that.   Art Wiederman, CPA It works really well, I mean, yeah, it's not very good, but it is a way to do it.   Ryan Weigel, CPA, CFP So earlier when I discussed the gather meeting, which is our our second meeting with clients and their soft skills. This is some of the stuff that comes up. It's hey you're going to have to live like a college student for a few more years. I know you're making a bunch of money and I know it's great you want to you want to move on from that. You don't have the luxury to do that, unfortunately, because if we don't take care of the student loan debt soon, we don't have a game plan in place or plan in place for this stuff just keeps going. And the downfall is it's not like it's cheap interest.   The average loan, I think it's still like seven and a quarter. So you think about oh I can go get a house or a car right now in today's environment, two, three, three and a half percent. No, you're still at seven or seven and a quarter is the average and sometimes higher than that. So the only way to take care of student loan debt is to pay for it. That's first and foremost. The only way to pay for it is to have some detailed plan. And the easiest thing I've found for new grads for sure, is you have to just live like you're still in school. We just have to take care of it.   And, you know, we use a software, we've branded Eide Bailly Wealth One the meat and potatoes behind it is eMoney is the software we use. We can show what that means inside of a plan. And so once you can start to pictorially show that it kind of helps them understand. Yeah, I got to get this taken care of because if I don't get this taken care of that, then I can't get my retirement plan started. And if I can't get my retirement plan started, then I got to make a decision down the road of whether I need to buy long term care insurance or if I self-funded because I saved enough money along the way. Right. So it just keeps it rolling.   Art Wiederman, CPA Yeah. So this is why it's a, this financial planning thing is not a one time deal. It's on going because you're going to start your life out in your 20s. Doctors, most dental students, most folks graduate dental school somewhere between the ages of 25 and 30, give or take. You start later, you do it later. And at that point you might be single living with three guys or three ladies in an apartment somewhere and starting your life off as a dentist. And then the next thing you know, you get married, the next thing you know you have kids and next thing you know, you buy a house and you buy a practice. I have, I sell dental practices, guys. I have two 30 old dentists about four years ago, I sold the practice to. They had 800,000 dollars of student loan debt. They bought a practice from me for about one million, 250 thousand dollars. So they were two million dollars in debt at the age of 30 and they didn't even own a home, in Southern California.   Now, that's scary. So, again, in different parts of the country, it's going to be different. A home in Iowa is going to be different than a home in Southern California and the same thing with a practice. Let's get into, let's talk a little bit about estate planning, because, I mean, my experience, guys, is that you're looking at 60 percent of the people that I deal with do not have wills or trusts. I don't know what the, maybe your numbers are similar, but just some basics about why it's important and what people should be thinking about.   Ryan Weigel, CPA, CFP The numbers that you mentioned, 60 percent is spot on, I mean, 60 percent of the people don't. And it goes back to the thing I said earlier is that you get busy in your practice. It's just another one of those things that you're going to get to someday. The simplest thing to start with, just get a wil. Go to a respected attorney, ask your older peers if you're a multi doc practice who they use, go get some wills established, that's just first and foremost.   But then as you're a more seasoned practitioner and you're getting more towards a later time in life, you've got to start doing estate planning. Estate planning, you mentioned earlier Art, unless you have 22 million dollars, you don't have an estate tax issue. But it doesn't mean that you can't do estate planning and estate planning is simply sitting down and trying to understand how do I want to divide everything up upon my demise. Right. And how do I want it to escape probate? How do I want it to go efficiently and certain pieces like that. So. Depends on the life cycle you're in. First and foremost, but a will has to be done. You just got to get it done. And then probably the next thing is, once we get a little bit further on it, what is my estate plan regardless of my asset size? Zach, anything you would add to that?    Zachary Schnitzler, CEPA, CLCS Yeah, for sure. Well, I think a lot of people do think about estate planning is it's you know, a tax mitigation thing. And it's not at all. There is an estate tax. And about a year or so ago, we had a campaign called Estate Planning for the other 99 percent. Right. But it needs to happen. There are things that people need to do. And it comes down to if it's not on paper, it's not a plan. My, I work for, like you said Art, in my bio, on succession planning and whatnot and estate planning. I think we did a we did a study and said about 70 percent of people said they had an estate plan or a transition plan. And then what was funny is the next piece was 50 percent said it was in their mind, OK, if they have a plan here. But ultimately, it's not a plan if it's not on paper.   Art Wiederman, CPA Yeah, that's like that's like my 330 yard drive similar to Dustin Johnson. That's in my mind. I just can't get it to my driver. That's my problem.    Zachary Schnitzler, CEPA, CLCS There's no, it's a great analogy for sure. And as the only thing I can mirror as Ryan said is business owners and in this case dentists who own their practice, they're very good obviously at what they do. However, you know, they need help with things that like this that they aren't thinking about every day.   Art Wiederman, CPA So I'm going to take a break here, guys, and just share with everybody you. Yeah. Like I say, what I'm hoping this is going to do, ladies and gentlemen, is to be a call to arms to get some planning done. If you're working with an Academy of Dental CPAs member, if you're a client of them, you're in very good hands. They can handle that for you. If you're not, if you're not working with someone, if you haven't done any planning at all, I'm going have these guys give their contact information out and it'll also be in the show notes.   But what I want you to do is whether it's with your CPA, your financial planner, if you've got a great financial planner that you're working with, that's great. Let them do the plan. Call them up, call them up as soon as you hear this podcast and say, hey, Joe, hey, Susie, whatever their name is. You know, I've been thinking about it and I really want to get a plan on paper. And can you do that for me? And if you need some help, these guys can help you. So guys, give out your contact information if somebody wants to give you a call or email you.   Zachary Schnitzler, CEPA, CLCS Yeah, my direct number once again, my name is Zachary Schnitzler, direct number is 701.239.8567. And if you remember, Art talking about my last name, it's a doozy. So I think we'll just say check the show notes for my email. It is ZSchnitzler@EideBailly.com. It's a tough one to spell. I'd say if it were a batting average, it'd be somewhere around each year I was batting average in the three hundreds of people who get it right.    Ryan Weigel, CPA, CFP Yeah, mine. You can contact my office at 605.225.8783. My email is rweigel@EideBailly.com.   Art Wiederman, CPA Well I appreciate it. And guys again, folks, I don't care who you do your financial planning with. If you got somebody good, like I say, go to them, call them. This is what I want you to do. My podcast is about a call to action to all of you to make your lives better and make your family's lives better. It's really important. If you don't have somebody you're working with or somebody you trust, you know, these guys definitely can help you, though, they're at the top of the class.   Ryan Weigel, CPA, CFP Hey, Art, I just want to say one thing real quick. If there's two things you take from this, if you don't have life insurance, I don't care who you go to, just go get some life insurance number one. Number two go get a will taken care of and then loop back. Right. Because if you die and you don't have those things, good luck. So let's take care of those. And then if you need to go do the financial plan. I would suggest doing a financial plan first and foremost. But hey, if you want to call the action, those are two things that can really help people quickly.   Art Wiederman, CPA Alright, well, I want to jump in to two or three more things that we'll have time for. Retirement plans. I mean, we've talked about SEPs and Simple IRAs and Profit-Sharing plans, Defined Benefit Plans. I mean, we don't have time to get into all of that here. But I want to go over. This is interesting. We were talking about this before we went on live here, is how much money do you need to save by the age of 65 to save one million dollars? So guys, you kind of jotted that out. So if you start at different ages, walk through starting at 25, and then 35, how much do you need to save on an annual basis say starting at 25.   Ryan Weigel, CPA, CFP So if you're, so again, to get to the illusion of a million dollars. Right. This is assuming a 10 percent rate of return. If you're 25 years old.   Art Wiederman, CPA 10 percent?   Ryan Weigel, CPA, CFP Yeah. 10 percent return. So if you think of historical equities, 10 percent. If you want to go into 60 40 it's going to be much less than that. But this is a chart that we've used.  A 25 year old, 2000 dollars a year. That's it. 2000 bucks a year for 40 years. A 35 year old is 6000 dollars a year. 300 percent of the original balance. A 45 year old, you got to jump up to 16,000 dollars a year. 55 year old, you need 60,000 dollars a year. And then lastly, obviously, if you're 65, you'll need a million bucks that one year.   Art Wiederman, CPA And would it be right if someone wanted to be more conservative and say I'm only going to earn five percent those numbers are double, right?   Ryan Weigel, CPA, CFP Absolutely. Yeah. And just so you're aware, I wouldn't go out recommending that, hey, you should have a financial plan assuming 10 percent, because good luck, especially later on in life now. And when we do talk about hurdle rates and we do financial plans for people, what is my hurdle rate that I need to get at prior to retirement? What's my hurdle rate in the future? A lot of times we're using six to seven pre-retirement and four to five post-retirement. So these numbers I. Double this for sure, absolutely.   Art Wiederman, CPA Yeah, and again, most people who are 25 years old don't get the opportunity to start saving money. When you're, doctors, you're 25. You might be in your sophomore or junior year of dental school and you're on the student poverty plan. So, again, the sooner you can get in, the sooner you get into your own practice, the sooner you have the ability. And obviously for small business owners, including dentists guys, a qualified retirement plan is absolutely the best way to go, isn't it?   Ryan Weigel, CPA, CFP Absolutely. I'm going to get, typically, when you get a tax deduction up front, to get tax deferred growth, obviously you'll have to pick up the tax later on. But there's a lot of statistics out there. On average, it seems to be that if you have a taxable account, versus a tax deferred account, your rate of return can be upwards of 10 percent per year simply because of the tax savings over the long period of time. So absolutely.   Art Wiederman, CPA Well, and again, remember, folks, that, you know, 20 to 40 percent of the doctors who retire, they don't retire because they've saved enough money and they're ready to retire. They retire because they have a physical ailment. They have back, neck, shoulders. That's why ergonomics is so important in dentistry to make sure, exercise and stretching and yoga and all these things I talk to dentists all the time about this. But I have doctors getting to 55, 60, 65 and we probably get five to 10 calls a year from our clients. Art, I just I'm starting to feel something in my hands. I'm starting to feel something in my neck. I'm afraid I'm going to make a mistake. I need to retire, not because they want to, but because they have to. And if you don't do this planning, it's just so, so important to do this.   Okay, guys, let's talk about. Because of the disclaimer you gave earlier, what were there like 20 different names? But anyway, that's OK, we have to do that for legal purposes. Let's just talk on a 35,000 foot level. I mean, today the stock market is. Alright, let's see. So we have a new vaccine now. The Dow goes up a thousand points. The president tweets something, the Dow goes down 600 points. The commissioner of Internal Revenue says this. It goes I mean, it's there's no rhyme or reason lately for what's going on. So from a high level, what are you telling doctors as far as their investment philosophy? What a plan? How do you look at this?   Ryan Weigel, CPA, CFP The first philosophy is you have to have a philosophy. Right? So that can be, I mean, that could be anything. And there's a whole bunch of different philosophies out there. Some are active, some are passive, some are factor it can be whatever you want. But you better have a philosophy, better stick to it, because just as you alluded to, the markets go up, down, sideways. But that's probably the first thing.   The next area that I always see is they don't have what I like to consider broad diversification, they don't have any diversification simply because everything is owned within my practice, which somewhat makes sense. I've got a practice that is worth money. I've got a building is worth money. I make my money from my practice. And this is, this isn't just dentists. This is any small business owner or practitioner out there. So you gotta try to start thinking about how do we shift money elsewhere out of that to alleviate that risk and increase my diversification.   Art Wiederman, CPA And diversifications, I mean, ever since I've been younger, that's what you hear is you hear it's you know, you don't put all your eggs in one basket, you diversify and you don't watch and flip out if the stock market drops. And that's another thing that kills me. Everybody says, oh, the market was down a thousand points, no 30 stocks were down a thousand points, not one of their 10,000 different types of mutual funds and stocks you can buy. And you've got the New York Stock Exchange, you've got the Nasdaq, you've got the American Stock Exchange. You've got I don't know how many different exchanges there are.   So what they talk about on the news is the Dow Jones Industrial Average, which are large cap stocks, the 30 biggest stocks. That's not the market. So what do you tell your doctors as far as you know? I mean, we get into you know, we got into 2008 and we got into I mean, talk about March, the pandemic hit. What happened to the markets? And what were you telling your clients?   Ryan Weigel, CPA, CFP Well, first thing we were doing was we're calling them, scheduling a meeting with them and looking at their financial plan. If let's just hypothetically say someone has a million dollars all invested in the market and it went down 37 percent or 40 percent. So they have 600,000 now in their account and they say, what the heck is going on here? My next question is, when do we need this money? If you're a 45 year old doc and you don't plan to retire until you're 55 or 60, you still got a long term time horizon. Right?   And even if I'm going to retire at 55 or 60, I still hope to hell you're going to live a little bit further than that. So that means I still have an even further, longer time horizon. So it gets back to this plan. And what is my goal? My goal is to invest to grow. Well then do I really care what the short term happens? If the long term is that my projection is the markets can be higher in 10 years, but I care what happens in the next month. I'm going to care. But I don't want that to blur my vision of the long term, because if I don't think it's going to be higher in 10 years, why do I have any money in it right now?   So, I mean, it gets back to just having the conversation, it also gets back to, you know, plan, I'm a big believer in a form of budget. A lot of docs that we talk to get and most people get lifestyle. More money I make, the more I spend. Right. So you don't have to have a detailed budget, I don't really care if you're spending all your money on whatever it is. But just how much do you spend. Everyone spends money on different stuff. How much do I spend? Do I have some cash on hand to be able to alleviate any issues that might come up AKA March and April or my practice might have been shut down for a little bit of time. And if that's the case so I don't know if I'm as worried about my retirement accounts again. Right. So that's what I tell my clients. Knock on wood. So far, so good.   Art Wiederman, CPA Well, a couple of rules of thumb that I've used on this podcast and my lectures in my entire life. 65/25/10 rule folks. You live on 65 percent of what you make. You're going to pay about 25 percent of your income in taxes. And what do you do with the other 10 percent? We save it. I always talk about that. Unfortunately, I get some of my clients who live on the 90/25/minus 15 rule. We talked about this yesterday, guys, they spend 90 percent of what they make. They scrimp and they go into debt for paying their taxes and they're always behind. And the IRS is not a bank you want to use. And then the other minus 15 percent is credit card debt. I mean, talk about credit card debt and the work that you guys do.   Ryan Weigel, CPA, CFP Oh, yeah, obviously, you can't out earn bad spending habits, but if you make 100,000 dollars, and you're spending 110. Good luck. You're never going get out of debt.   Well, what we typically do with credit card debt as we sit down and we might look at refis. So do I have access elsewhere to refi. Do I have a house that I could refi? I don't want to take a loan that I could pay off in three years and now extrapolate it out to 15 years. All that does is create more of an issue for most people. But do I have access to anything that can burden the amount of interest and make it lower? That's typically where we're looking. Otherwise we're getting pretty detailed within my budgeting because that all comes back to budgeting, Art.   Art Wiederman, CPA Alright, as long as I can get all the sports networks on my cable deal and I'll pay for that, as long as you let me have that, I'll let you cut back everything else.   Ryan Weigel, CPA, CFP Well, I don't know. Hulu keeps going up.   Art Wiederman, CPA OK, I want to get to a couple more things, guys. Let's talk about saving for college. Again, I've got two boys that are 26 and 31. I am so proud of both of them of course. I talk about them on the podcast, you know, and I personally saved the money myself. I didn't set up these specialized 529 plans or anything. They didn't have them back when I was getting started 30, you know, 30 years ago. But I saved them and one went to art college in San Francisco. And that's not cheap. And that was Nathan. And Forrest went to Chapman University. He went to San Jose State the first year. I was thrilled to death. I was like 12,000 dollars a year out the door, including housing and everything.   Then he transferred to Chapman University, which is one of the best universities in the world. And then I just started crying. It was real sad. And but talk about how do you recommend doctors save for college? Are you looking at 529 plans? Are you looking at municipal bonds or are you looking at just winging it? You're probably not looking at winging it, but what are you talking, what should doctors be looking at as far as saving for college?   Ryan Weigel, CPA, CFP Yeah, there's two main pieces I'm looking at. A 529 and UTMA account. Or it doesn't have to UTMA (Uniform Transfer to Minor Act) it could just be a general savings account. The reason I use those two accounts is the 529 account is going to grow tax deferred and it's going to come out tax free to the extent that I have qualified expenses. And the IRS has been pretty good lately and they've expanded those qualified expenses. Um, the downfall is if I don't, let's say my kid doesn't go to school. Let's say you start saving this thing from when they're a year old. You're very fortunate and you put a big chunk away when they when they're born. Right. You have very good practice. You throw a bunch in. And it grows for 18 years. Now you got 100,000 dollars in there and the kid doesn't go to school.   Well, now, I going to take that out, not only subject to taxation, but a 10 percent penalty. I maybe could have put it in just a other account for them. I could have put it in a UTMA account or some other form of account that is not going to have a very high tax issue because there's some kiddy tax issues and we don't want to get into that. But I can get, there's some lower limits that I can get them money income tax free. And so it's a combination of those two accounts. That's really all I look at for clients. You know, you can do ESAs, you can do some of these other ones.   But 529 account, especially early on. Later on, if they're already sixteen years old. Well, you're not going to get a whole lot of growth when you're 16, your kid's going to school at 18. No matter what you're investing in, it's too risky to put it in stock market when they're 16 and all of a sudden your 100,000 goes to 50 and that's when you need to use it, not worth it. Right. Well, it kind of depends on the time frame of the kids, but those are the two accounts that I typically always recommend.   Art Wiederman, CPA And let's just clarify UTMA ask for a Uniform Transfer to Minors Act Account, which is an account, ladies and gentlemen, that allows you as the parent, I think it's up to age 25 now. Is it 25?   Ryan Weigel, CPA, CFP I think it's still 18 or it's dependent upon the state that you're in.   Art Wiederman, CPA It allows you as the parent to put money into an account in your child's name, but you can maintain control of it. And so and then the 529 plan is a, you know, virtually every state has one. In California where I'm at it's called Scholar Share. The money is managed by TIAA CREF, which manages the teacher's retirement. But every state's got one of them. And you put the money in. And most states it's not tax deductible. And some of them for state taxes, you get a write off, federaly it's not tax deductible and the money grows tax free forever. As long as when you pull the money out, you use it for its intended purposes, which is to send the kids to college.   Well, guys, this time flies by. Unfortunately, we're getting towards the end. So last thing I want to ask is there's several things that we've talked about. What do you see in your very successful dentists as far as their financial planning and their financial plans?   Ryan Weigel, CPA, CFP Well, first off, they've got a plan, that's first and foremost right, that they've got a plan. The second thing is probably what I alluded to just a little bit ago about the markets. They think long term, they don't think short term. That the planning that we do or anybody, any successful financial planner doesn't have to be us, it can be anyone. They do a good enough job. They're thinking long term. They're trying to have you focused on the future. Right.   The other piece is they know their numbers. Now, I always tell practitioners, I don't need to know how to do a root canal, but I need to know why you're recommending a root canal to me. So I just need to trust you that you're telling me the right thing. I need to understand why we're recommending it and why we're doing it. I need to know a little bit about it, but I don't need to know how to do the actual procedure. That's why I've got you. That's why I hired you.   But they ask the questions. They know the plan. They know their numbers. And probably the last thing is they use a group of professionals. They're using an attorney to help them. They're using a CPA. They're using a form of an advisor, you name it. They're helping. They're using people that help them. So those are probably the things I would say probably the most successful practitioners do. Zach, anything you would add to that?   Zachary Schnitzler, CEPA, CLCS Yeah. And specifically on the last bullet point, I call it the round table, OK? And successful professionals are going to have an expert in each field. And I also think it's important that all of these experts are also working together. It's not just individual to the specific dentist, it's they are on your roundtable and they are working together for your financial future.   Art Wiederman, CPA So doctors, I want you to use this analogy. I've been teaching for 36 years about the fact that your patients need to trust you and you need to care about them. Well, let's think about the same analogy of you working with a financial planner or a CPA or an estate attorney or an architect or someone who's going to paint your house. I mean, maybe that's not a good analogy. But the point is, is that, you know, we all have a good meter that we can monitor people with.   Again, if you're working with somebody who, you know, and you trust with your money, you work way too hard to just not look at your investment statements and not meet with somebody. So you've got to trust the person that you work with. So think about, all the things, doctors, that you do in your practice to elicit trust from your patients and then transfer that, the professional that you're going to work with, who's going to monitor, make and monitor your financial plan and help you get to the finish line. And that's what you really, really need to be doing.   Again, this is a call to action. You know, these guys are good. I've seen their financial planning program. It's really good. There's lots of really good financial planners out there. We want to give you information on the things that you need to be talking about, the things you need to be thinking about.   So we've come to just about the end of our time, guys. So one more time, give out your contact information and then we'll wrap it up. A lot of really, really good tips. We got to pretty much all the food groups today, I think. So, Ryan, how do they get a hold of you?   Ryan Weigel, CPA, CFP Ryan Weigel, 605.225.8783 or my email is rweigel@EideBailly.com.   Art Wiederman, CPA OK, and Zach?   Zachary Schnitzler, CEPA, CLCS Yeah, Zach Schnitzler, Insurance Specialist 701.239.8567 Just for the heck of it, I'll spell out the email at zschnitzler@EideBailly.com.   Art Wiederman, CPA Well Zach, if it makes you feel any better, the state of New York spelled my name wrong on my birth certificate. They spelled Wei instead of ie. So, you know, I don't bug anybody about their names.   But guys, hey listen, thanks for taking the time, giving this really, really good information. Ladies and gentlemen, please take action. Go get your planning done. Do it for yourself. Do it for your family. Again, I don't care who you do it with. If you got a good person you're working with it. If you've got an ADCPA firm your working with. You know, if you do great. If you got them and you trust them, work with them. If you don't, you know, give these guys a call, they can they can answer your questions. You guys will do a complimentary, you know, call up front to talk about the doctor's needs and stuff like that, right?   Ryan Weigel, CPA, CFP Absolutely. Correct.   Art Wiederman, CPA Sounds good. Well, and again, ladies and gentlemen, thank you for listening to our podcast. We're now over 100 episodes. I think this is number 102. And it is an honor and a privilege to present this information to you.   I do want to again remind you to register for our webinar series, www.EideBailly.com/dentalseries. And again, we're starting December 9th with tax planning and research and development credit. We're going to have several of the best dental management consultants in the company in the country coming on. I've got Jennifer Chevalier from Fortune Management. Gary Takacs, who you don't have to tell anybody who Gary is. I've got Kiera Dent. I've got Rachel Wall, who's one of the best dental hygiene consultants in the country.   We've got several of our folks from Eide Bailly talking about, these guys are going to be back. We're going to be talking about retirement plans, student loan debt. So it's going to be a killer series. I've been wanting to do this forever. And the fact that these dental societies have given me the opportunity to do that, it's an honor and a privilege. So make sure you register for that.   Go to our partner, Decisions in Dentistry magazine www.DecisionsinDentistry.com. They have a great website with great content. Their magazine is fantastic. There are up to date on all the COVID-19 protocols and consulting on what you should be doing in your dental offices on virtually every clinical topic. Their advisory board is a who's who of dentistry, not only in this country, but in the United States. What did I just say, not only this country, but in the United States, I'll be alright. Not only in this country, but in the whole world, actually.   And if you're not working with a dental specific CPA, you know, Eide Bailly is here.  My office is in Southern California. My number is 657.279.3243. My email is awiederman@EideBailly.com.  Give us a call. Again, if you're looking for a dental specific CPA anywhere in the United States, it's www.ADCPA.org.   Okay guys, stick around when we sign off, but thank you so much for your time and your great expertise, Zach Schnitzler and Ryan Weigel, really appreciate it, from Eide Bailly. I hope we gave you some great information today on financial planning.   And again, ladies and gentlemen, we're eight months into the COVID-19 pandemic, and I'm going to give you my same five word saying that I've been using since the beginning. Failure is not an option. Go out, manage your practice, manage your team, take world class care of your patients. And we're all going to get through this. You watch the news, you see Pfizer and what was it, Pfizer and Moderna. And I believe they're the two companies. They're getting pretty darn close to having a vaccine. And it sounds really promising. And, you know, life's about hope.   So we're all going to get through this. 2021 is going to be a better year for everybody. So with that, folks, thank you again. Please tell your friends about our podcast. And this is Art Wiederman for The Art of Dental Finance and Management with Art Wiederman, CPA signing off. Thanks for listening and we'll see you next time. Bye bye.     Show Notes and Resources:   Eide Bailly’s Dental Practice Solid Financial Future for Dentists Decisions in Dentistry magazine ADCPA Planning for Financial Independence While Building Your Dental Practice Reducing Your Dependency on Insurance in Your Dental Practice (Webinar Recording)   Guest Info:   Ryan Weigel, CPA, CFP Financial Advisor rweigel@eidebailly.com   Zachary Schnitzler, CEPA, CLCS Insurance Specialist zschnitzler@eidebailly.com   Eide Bailly Financial Services   [photos on website]  

Brian's passion for coaching dentists runs deep. Twenty years ago, he saw his dad, a Periodontist in Phoenix, grow a good perio career into an extraordinary business that created happiness and wealth beyond the imagination for both him and his team. How? He was coached by Fortune Management. It changed his life. It inspired Brian.With a PhD from the University of Georgia and a MS from San Diego State University in industrial/organizational psychology, and a BA in Psychology from the University of Arizona. Brian has spent almost 15 years working in Houston for major consulting firms and companies where he honed my coaching know-how and business acumen before coming back to his “home”; the dental industry.To Find out how Brian can help YOUR Small Business, check him at at the link below,fortunehouston.com/dental-practice-management-coach-in-houston/

Michael Kulwiec is joined in this episode by Bernie Stoltz, CEO of Fortune Management. Together, Mike and Bernie explore the decline in consumer confidence that occurred with the 2008 recession and how practices should approach this issue with logical solutions. Bernie also shares the five business engines that drive practices. They also cover the aspects of Fortune Management that sets their service apart from alternative practice management companies.

The ONE Thing by Gary Keller is the Fortune Management 2020 Annual Planning Theme. Kim McGuire interviewed Casey Gocel, about the book and how it has transformed her life. With insights from personal to professional, learn how the concepts of The ONE Thing can help you be a more productive, fulfilled individual.

This episode features Dr Brian Passell, an Executive Coach with Fortune Management. He has a PhD in Industrial / Organizational Psychology and is extremely passionate about leadership and human behavior. One of the technologies we teach at Fortune is the DISC profile. Brian is one of our ‘in house’ experts on this subject so I know you’ll get a lot from this episode!

Ben Bush is a partner and Financial Advisor with Sequoia Private Client Group and works with several Fortune Management clients across the country. In this episode, Ben shares a wealth of information from handing your debt to the ever changing landscape of the dental industry.

Dr. Paul Bass the co-founder and Director of Fortune Management is here today. Fortune Management is a medical coaching practice that helps doctors and owners find out what they want and then achieve that. Dr. Bass is a dentist who practiced for 21 years, before founding Fortune Management with Tony Robbins and two other founders. Today it is one of the biggest practice management resources available. Dr. Bass shares his story of how he got involved with Tony Robbins and the importance of asking the right questions. In this episode, he shares smart strategies for dental practices and getting your team to share your vision. He also shares knowledge for how to live a better life by having a vision and creating a life plan and working backwards. This episode is packed with knowledge that you won't want to miss. You can find our guest here: Fortune Management Dr. Paul Bass on LinkedIn Dr. Paul Bass on Facebook Fortune Management Practice Mastery Podcast Show Notes: [02:30] Dr. Paul Bass, Tony Robbins and two other people founded Fortune Management in 1990. [02:46] Dr. Bass practiced for 21 years in Tullahoma, TN. [02:54] In 1988, Dr. Bass's room mate gave him a copy of Unlimited Power. It took him about four months to get started reading the book, but once he started he finished it in about four days. [03:36] Make a point to meet your heroes. [04:23] Dr. bass reached out to Robbins International to see if he could take a seminar. [05:15] He ended up asking Tony Robbins to come do a seminar where he was at. The fee was $50,000, so he got 50 of his doctor friends to attend the seminar and pay a $1,000 fee. [06:45] Dr. Bass ended up asking Tony if he wanted to have a branch in healthcare. Maybe it was divine intervention, but a partnership was formed. [08:56] One of the goals was to preserve private practice fee dentistry. [09:19] Wants and needs always exceed available cash flow. [12:27] When your staff has ownership in your vision, it is way different than just the doctor having a vision. [13:32] Look to the future and take care of your end game and take your team with you. [14:06] 80% of getting anything done in life Is knowing why to do it. [14:53] To get your team to buy into the vision, you need to let them help create the vision. [16:09] When talking about transformation use emotion evoking words. [16:33] To create a team mission statement have everyone write down emotion evoking words that express their calling in dentistry. [25:08] The four cornerstones of building unstoppable team include shared vision. Begin your staff meeting by reading the vision and sharing. [27:22] It's also helpful to acknowledge people. [28:25] A set of operating principles that we call agreements. These provide certainty. Have the team decide how they are going to be together. [31:05] Communication is the third cornerstone. It needs to be open positive communication. [33:41] A reality check is a communication tool that is a series of questions that allows you to stop and reassess the situation no matter how upset you are. [35:57] The fourth piece is relationships. Having a shared vision, agreements, and communication leads to a positive team relationship. [37:55] Coaching is taking on someone else's commitment as if it was your own. Then interacting with them in such a way that they get the desired result. [43:26] If you want to find out what people value, ask questions. [45:48] Being on a cohesive team is what keeps quality people around. [48:08] It's not about making money now, it's about creating a plan so that you are free and money is abundant. [53:11] Sully has been in a funk lately. As the leaders go, so the team goes. [54:04] We need to be able to manage our emotional state no matter what is going on around us. The most profound thing Dr. Bass learned from Tony is state management. [55:15] You can change your focus by asking yourself a better question. This can change your thought process immediately. [58:14] A coach can ask you questions that drives you towards your vision. [58:37] The ultimate success formula. Number one know your outcome. [59:42] 500mg of niacin every day to lower your cholesterol and two tablespoons of Metamucil in water before each meal. [01:02:27] A decision is to cut away from something. If you have a behavior that isn't empowering cut away from it. [01:02:55] Master your mind, body, and relationships. [01:04:04] Create a lifetime plan and work backwards. [01:05:00] Create outcomes as opposed to goals. [01:05:19] To accelerate numbers in your practice, accelerate your hygiene re-care program. [01:10:09] If you schedule your re-care patients 6 months and 2 weeks in advance, then if you have cancellations, you can call the next schedule of people and have them fill those spots. [01:12:18] Fortune Management is a franchised company. [01:19:48] The three domains of knowledge. What you know. What you don't know. What you didn't know you didn't know. As always thanks so much for listening! If you like the show we would love for you to review the show on iTunes as well as spread the word! If you have any questions or want to get in touch, shoot me an email at millennialdentist@gmail.com.   Links and Resources: MillennialDentist@gmail.com The Millennial Dentist Website @Millennialdentist on Facebook @MillennialDDS on Twitter On Instagram  Dr. Sully…@Millennialdentist on InstagramDr. Peyman…@drpeyray on Instagram Dr. Sully's website and blog Tony Robbins Unlimited Power Robert Schuller Zig Ziglar Brian Tracy

In this episode we discuss 3 tips to grow your practice with Jonathan Miller of Fortune Management. We also discuss when to know you should add an associate as well as the possibility of buying a second practice to absorb into your own. Learn more about Jonathan and Fortune Management here: https://fortunemgmt.com/index.cfm?Page=Jonathan-Miller --- Support this podcast: https://anchor.fm/dentalbrightbites/support

In addition to her 17 years of clinical experience, Monica is an Executive Coach for Fortune Management, where she coaches teams on implementing tools and strategies customized to meet the individual needs of the practice. This includes customized programs targeted on excellent communication, scheduling for increased production, financial policies, accountability, and building a strong hygiene department. As a former client of Fortune Management, she believes in the teachings and that it is crucial for a practice to build a strong relationship with their patients by being extraordinary. Monica received her Bachelor of Science in Dental Hygiene from the College of Southern Nevada. She began her career with a leading Periodontal Practice, which specialized in state of the art dental technologies. She extended her hygiene career into sales, Brand Management, and a public speaker, focusing on preventive and esthetic procedures. This avenue inspired her to have a true passion for the business side of dentistry, thus leading her to obtain an MBA, . A past Global speaker and educational consultant, Monica has presented a wide range of topics to audiences throughout the world. She presents a variety of educational programs, while initiating and maintaining collaborative working relationships with dental and dental hygiene key opinion leaders and professional associations. Monica continues her clinical practice in Utah, volunteering with the Northern Component of the Utah Dental Hygiene Association. Outside of her career aspirations, she enjoys spending time with her family and friends, cooking, traveling, and staying active through hiking, mountain biking, kickboxing, water sports, and snowboarding

Key Points at a Glance Bernie Stoltz, CEO of Fortune Management, in conversation with Ekwa Marketing CEO, Naren Arulrajah Introduction Background Life mastery Quality of life CANI: Constant and Never-ending Improvement Adding value to other’s lives The book: The Win-Win Outcome, the dealmaker’s guide to buying and selling dental practices Final thoughts Click Here to […] The post The Win-Win Outcome, the dealmaker’s guide to buying and selling dental practices with Bernie Stoltz appeared first on Growing Dentist Podcast Show.

A seasoned motivator, public speaker, and acclaimed coach with over 30 years of business leadership in the healthcare community, Bernie Stoltz is the CEO of Fortune Management.   As CEO of Fortune Management, the world’s largest executive coaching organization for Doctors, Bernie leads more than 80 coaches in over 60 cities throughout the United States and Canada.   Bernie has conducted thousands of training programs across the country to help thousands of doctors become their personal and professional best.   He has dedicated his life to achievement in areas of marketing, public relations, advertising, business management and principal-centered leadership.   https://fortunemgmt.com/

Mark Murphy is the Chief Executive Officer of Northeast Private Client Group headquartered in Roseland, NJ.  He holds a B.S. in Finance from Indiana University; The Chartered Life Underwriter® (CLU®) and Chartered Financial Consultant® (ChFC®) professional designations of the American College as well as the NFLPA Registered Player Financial Advisor designation.   For over 30 years, Mark has been a thought leader in the area of building real and multi-generational wealth for his clients entitling him to much acclaim in the financial industry. He and his team provide strategic planning and financial engineering to closely held businesses, mid-size companies with a concentration in dental practices.   A sought-after speaker, he has addressed the main stage at Siro World, has spoken to the California Dental Association, as well as many other industry meetings all over the country. He is currently the senior advisor to over 500 dental groups nationwide.   He is on the board of Fortune Management one of the largest dental coaching firms in the country and is in the process of authoring a book with Fortune CEO, Bernie Stolz on mergers and acquisitions in the dental space.   http://www.northeastprivate.com/

As a dentist we all know the number one thing we don't get a lot of training on is business management. In that, I would say one of the hardest parts is managing your team and implementing the right people and systems. In this episode we have a great, laid back conversation with Ragan and Jon on how dentistry is changing and how to deal with it. We talk about as a young dentist some of the best tips and tricks on running your practice and managing your team! Also some awesome tips on creating value and educating your patients to get away from insurance!  Check it out and check out the company Fortune Management.  Check out their facebook group as well at @fortunemgmtmidsouth  raganhartman@fortunemgmt.com  jonharris@fortunemgmt.com   As always thanks so much for listening! If you like the show we would love for you to review the show on iTunes as well as spread the word! If you have any questions or want to get in touch, shoot me an email at millennialdentist@gmail.com.   Our website is http://www.millennialdentist.com  On Facebook @Millennialdentist  On Twitter @MillennialDDS  On Instagram   Dr. Sully…@Millennialdentist  Dr. Peyman…@drpeyray  Dr. Daniel…@danielholsinger  Dr. Sully's website and blog is http://www.drsullysullivan.com 

Our guest is Mark Webb, the director of a new division of Fortune Management called Fortune 50. As dentistry goes through a market shift, Fortune has formed this group for those willing to take advantage of the changing landscape of our industry. Fortune 50 is an exclusive group of dental professionals that wish to grow their business exponentially. A CEO Thinktank, Fortune 50 members have access to “Board of Director” support, a peer-to-peer advisory group as well as exposure to industry thought leaders. Mark shares with us the why behind forming this division and the benefits of joining.

In this episode, the subjects are data security and expanded learning when it comes to your CAD/CAM technology. Fortune Management client, Dr Scott Pope is the guest. Dr Scott has a general dental practice in Walnut Creek, CA. In this episode, you’ll hear about two of Dr Scott’s entrepreneurial endeavors: Data Guardian Pros, an information security and privacy compliance company helping dental practices protect their information. And CAD3D Academy that helps dentist with their knowledge of CEREC, Cone beam imaging and implant surgery.

Bernie Stoltz is a motivator, speaker, with over 30 years of business leadership in the healthcare community, and is the CEO of Fortune Management, an executive coaching company for dentists and doctors all over the US, Canada and Australia. Here is what we talked about: Cater to the needs of your patient both financially and … Continue reading "Bernie Stoltz Of Fortune Management Episode #35" The post Bernie Stoltz Of Fortune Management Episode #35 appeared first on Dental Internet Marketing & Website Design.

DENTAL SERIES: Bernie Stoltz, the co-founder and CEO of Fortune Management is a guest as part of our on-going Podcast series featuring the leaders in the dental industry. Fortune Management is the world’s largest practice management coaching company and has been serving healthcare practices for over 25 years. Listen to hear our discussion on Dental […] The post Oberman Law Firm – Bernie Stoltz and Fortune Management appeared first on Oberman Law Firm.

Dr Paul Bass, one of the co-founders of Fortune Management spent some time with me to discuss the history of Fortune, the power of coaching and leadership of dental teams. You may be surprised to know that the earliest formation of what is now Fortune Management was in the late 1970’s.

Howard Farran, DDS MBA interviews Kim McGuire for his podcast, Dentistry Uncensored. Learn all about the Fortune Management philosophy on running a dental business, the mindset of a leader and what the biggest challenge in running a practice is!

Dr. Dolby entered the field of dentistry in a somewhat unorthodox fashion. A scholarship athlete at Boise State University led to a degree in Business Management. Straight out of college working as a sales representative for a consumer products company, he knew there had to be a more rewarding profession. He decided to attend the University of the Pacific School of Dentistry in San Francisco, where he graduated with high honors.  He went on to further his dental education being selected to participate in a general practice residency at St. Josephs Hospital in Denver, Colorado. In 2001, he was awarded his Fellowship by the American Academy of General Dentistry.   In 1994 he entered private practice and established Harrison Dental in Boise, Idaho and in 2007 started Cottonwood Creek Dental in Eagle, Idaho.   Dr. Dolby was honored to be a featured instructor at the Pacific Aesthetic Continuum “PacLive” where he taught dentist the most effective practice management strategies for their practice.   He also partnered up with the self-improvement expert Tony Robbins and Fortune Management to become a dental practice management coach.    These experiences opened his eyes to the significant lack of business training that most dentist have, leaving them at a distinct disadvantage when it comes to running their practice.   In 2015 Dr. Dolby started Triumph Dental in order to provide dentists a "Clear Path"  to owning their private practice, while obtaining the business education to properly operate a stress free, profitable dental practice. Triumph Dental secures established, fee for service, single doctor practices and personally teaches candidates everything they need to know to operate a successful and profitable dental practice and in just 36 months 100% of the practice ownership is transferred to the new doctor. The most predictable path to a successful dental career!   www.Triumph-Dental.com

As an Executive Coach for Fortune Management, Kim McGuire brings over 15 years of leadership experience in sales and marketing to the Denver Dental community. Kim coaches Dental teams to understand and prioritize ‘what’s most important’, create accountability, as well as incorporate the financial policies and office procedures necessary for the practice to run smoothly and efficiently.   Kim believes the coach-client relationship works best when it is co-managed – mutual trust, respect, open communication, and dedication to success - so that learning and growth are maximized. Her dedication to Vision-based strategic planning creates a strong, supportive work environment focused on truly embracing the mission of the Doctor.   An energetic speaker, Kim leads workshops on topics such as Goal Setting, Case Presentation and Enrollment, Impact Marketing, Time Economics, Staff Accountability and Leadership. Participants will walk away with practical business solutions as well as a better understanding of how to communicate more effectively in their personal lives.   Some of Kim’s personal activities include yoga, international travel, skiing, and non-fiction reading. In addition to the extensive leadership training she has received through Fortune Management, she has completed her Life Coaching Certification through the acclaimed Coaches Training Institute, which complements her B.S. in Business Administration from California State University, Chico. Her commitment to lifelong learning & personal development enables Dental practices to achieve their personal and professional best. Originally from California, Kim has coached doctors in the San Francisco Bay area and the New York City metropolitan area before settling with her family in Denver, CO.   www.FortuneMGMT.com

In her second interview with Kim McGuire, Dr. Karah discusses two topics critical to your success and fulfillment.  Discover the 8 qualities of a great leader and the 6 areas of life mastery.   Kim is an executive coach for Fortune Management.  Check out their podcast here: http://www.fortunemgmt.com/podcasts/

In this episode, we continue our conversation with Bernie Stoltz, the CEO of Fortune Management. Bernie discussed the Six Core Beliefs of a great leader and how doctors who own private practices can grow their businesses.

We launch our Practice Mastery Podcast by interviewing our CEO Bernie Stoltz. He takes us through the last 25 years of serving clients from our roots in the Dental Industry to launching our Veterinary, Optometry and Medical divisions. Form the early days with our co-founder, Tony Robbins, to the future of healthcare, Bernie tells the Fortune Management story.