Finding Opportunities in a New Economy with Tim Rauch

Finding Opportunities in a New Economy with Tim Rauch - RD PodcastsDentists have fought for autonomy and independence for so long, and due to the current pandemic, we are now seeing the upper limits of that fight. With most practices shut down completely except for emergencies, many dentists are seeing death to their identity as a result, but we have a great opportunity right now to hit the reset button. Today’s guest is going to take us through exactly what our world could look like once the shutdown is over, as well as the opportunities before us as we head into a new economy in our industry.

Tim Rauch has been on the show before, and he joins me again today to share great insight into how to leverage the opportunities of this unique situation, how to own the space in our practice and our community, and why the “less hours = less income” mindset is a fallacy. His advice will no doubt flip the script on chasing money at the expense of preserving memories and enjoying life, so you don’t want to miss it!

Key Quotes:

  • “The opportunities are going to be for dentists who are good at connecting with other dentists.”
  • “The people who have a unique set of clinical skills will always be safer than the generalist.”
  • “There is a brighter future in giving people what they want and what they’re willing to pay for out of pocket.”
  • “A lot of dentists are seeing almost a death of their own identity at this point in time.”
  • “This is a reset opportunity to really acknowledge that some of the things that we do, like trading five days for two days of the weekend, may be a dumb pursuit.”
  • “You don’t want to completely trade today for a better tomorrow.”

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Dr. Jesse Green on Setting Clear Values and Leading with Contagious Vision

Dr. Jesse Green on Setting Clear Values & Leading with Contagious Vision

It’s one thing to have a vision for your business and it’s a whole different thing to be able to cast that vision in a way that it is taken on and carried out by your team. Dr. Jesse Green drops by the show today to share his journey through practice ownership and how it has evolved into a passion for the dental entrepreneurial community. He gives us some great actionable advice on how to improve your leadership and entrepreneurial skills in a way that will take your practice to the next level.

Jesse really emphasizes the importance and value of not just having a vision but making sure you are communicating it effectively. He also discusses hiring and how there should be systems in place that make things easier for day to day tasks but don’t take away from the personality and flexibility of the business. Jesse also gives us great tips regarding leadership, financial intelligence, case presentation and marketing techniques.

Key Quotes:

  • “I really applaud the people who get out there and give it a red hot go because running a business is not for the faint-hearted.”
  • “Being a great dentist is, I think, an important part of being a good business owner but it doesn’t guarantee success.”
  • “I found myself running a digital marketing agency for dentists which was fantastic. I learned so much about true business that I never learned through traditional practice management programs.”
  • “Some of the best lessons I’ve ever learned have been outside of dentistry.”
  • “We sometimes think the dentist industry is somehow different or special to other businesses but the same principles apply.”
  • “People say you hire for attitude and you train them on the job but if that’s true, you need to have some dedicated training processes in there as well.”
  • “The really important thing when it comes to leadership is: Creating a clear vision, enrolling people in that vision, holding the standard, and living the standard.”
  • “The growth of the business will never outstrip the growth of the leader.”

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Creating the Career You Want with Dr. Josh Cochran

It’s no secret that building a successful dental career is hard work. But when that hard work gives you the opportunity to create the career and lifestyle you want, there’s no question that it’s worth it. Just ask Dr. Josh Cochran.

The owner of Dr. C Family Dentistry, Josh saw his share of hardships as he worked to build his practice from scratch. In this episode, he shares the most important lessons he learned along the way, as well as what he’d do differently if he had it to do over again. Listen in to hear how he overcame the major struggles he faced on his journey to success, his advice for dentists still building their careers, and what makes it all worth it in the end.

Key Quotes:

  • “As I’m building a business, I’ve learned how important core values are. … I don’t care how attractive an applicant looks, or a vendor to work with; if their values don’t meet mine, I’m just not interested.”
  • “Dentistry is like a clay you can mold to fit what you want, your life how you want to live it.”
  • “I went in with private practice doctors who were fantastic doctors—great with their patients, great with staff members, just the nicest people—but they didn’t have a model for growth and success, so I was kind of like that appendage attached to the practice, and not actually part of the practice.”
  • “If you can find a corporate gig where your morals aren’t feeling compromised, I think that’s the quickest path to success right out of school, and you’re going to do better financially.”
  • “As long as the practice you’re working for is patient-centered and not profit-centered, I think you can be very successful right out of school.”
  • “If you want the results, you have to be comfortable with the labor it takes to get there. … People ask me, ‘how do you work a three-day work week.’ Well, I started with 28 days a month.”
  • “Really figure out what you want—how you want your life to be, what your focus is—and then you can find the path to get there.”
  • “Customers, they want it all: the low price and the good service. And if you can differentiate yourself from the dental market by providing both of those—and convenience, as well … you’re going to be successful.”
  • “You’ve gotta trust your gut when you’re interviewing people and when you’re working with people, but you also need to be real clear about what your values are. That way, when someone starts to not follow your vision and your values, you can identify it and talk to them.”
  • “You don’t know what you don’t know. And so if you connect with other dentists in like an open forum where you can just chat … you’re going to see what else is going on out there, and you can get a really good feel for what’s available to you and where you want to go.”

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What’s Holding You and Your Business Back with Peter Shallard

Being self-employed and running your own business can bring some incredible rewards. It also tends to bring many dilemmas and issues your way that other people may not understand. There are things that entrepreneurs tend to sabotage themselves and their business with that can easily be managed and avoided.

What’s Holding You and Your Business Back with Peter Shallard

Peter Shallard, the “Shrink for Entrepreneurs” is here to share some insight on common issues entrepreneurs have and how to fix them.

On this episode, Peter tells us his story on how he ended up working mainly with self-employed entrepreneurs and why he loves what he does. He sheds some light on issues like self-sabotage, perfectionism, over-optimization syndrome, and discomfort avoidance. Peter explains how these issues can negatively affect your success and how to avoid thinking and acting in ways that bring on these problems.

Key Quotes:

  • “The problem with self-employment has always been that it’s this very lonely place to sometimes be because you’re doing an incredible amount of work and you’re wrestling with problems and challenges that other people by nature of what they do just can’t quite connect with or understand.”
  • “There are a huge number of small business owners that have an execution problem.
    Who just don’t have the capacity or focus to take action on all the good ideas they have.”
  • “The self-sabotage kind-of kicks in because the human brain isn’t really that well optimized for operating in a state of kind-of social isolation.”
  • “Perfectionism is a danger because it’s a false narrative, sort-of a self-deception, that we tell ourselves as a way to sort-of keep ourselves in the comfort zone and prevent ourselves from having to do work we fundamentally find scary.”
  • “It’s more comfortable to be working on something than it is to finish it and put it out there in the world and find out, Oh this didn’t go quite as well as we thought it would go.”
  • “Entrepreneurs learn and get the best kind of insights and experience from executing.”
  • “There’s nothing of value or substance created in the business world without somebody leaning into discomfort and uncertainty and doing courageous work to make it happen.”
  • “We’ve almost gotten so comfortable that we believe it’s bad to feel uncomfortable.”

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The Entrepreneurial Journey of a Dentist with Dr. Dave Bender

In this episode, Dr. Dave Bender (Fishers, Indiana) shares his entrepreneurial journey with us and explains how he balances both managing his three dental practices with living a healthy, active lifestyle. The Entrepreneurial Journey of a Dentist with Dr. Dave Bender

His early-set goal to own multiple practices was challenged with the difficulties of clinical dentistry, but he shares how his bigger vision for what he projected his business to become was the driving force for his success.

Dave carries with him a powerful message that can transform the way we run our practices. His progressive thinking coupled with his early childhood influences pushes him to always “be comfortable with being uncomfortable”.

In this episode, he shares how his experiences in corporate dentistry at Heartland Dental surprisingly counter the attitudes shared by most practicing dentists. He describes his continuing education courses with Heartland Dental as a value that he, otherwise, would not have experienced in a smaller practice. He later explains how he was unhappy with starting an associate driven practice because of the demanding high capital it required. He now thrives, in multiple aspects, with a co-partnership business model.

Key Quotes:

  • Let us live so when we come to die, even the undertaker will be sorry. – Mark Twain
  • With my early struggles – I was forced to be a better marketer, I was forced to run my practice a better way.
  • I was forced to do whatever it took to make the patient experience what it could be so that they would tell their family and friends –  and that’s honestly how we grew.
  • The difficulties we had in the first couple of years forced me to be better and more intentional about our growth process.
  • In 2013, I started an associate driven practice and that was a major mistake.
  • Some will be good, a few will be great, but only one will be the best.

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