Scaling Your Practice with Dr. Brady Frank

Bulletproof Dental Practice

Bulletproof Dental Practice Podcast Episode 17

Host: Dr. Peter Boulden / Atlanta Dental Spa

Guest: Dr. Brady Frank

Key Takeaways:

• DSO (Dentist Service Organizations) were created to address legal challenges presented by corporate dentistry. Dentists can take advantage of this.
• Dentists should learn how to become owner-dentists then hire an associate to do heavy lifting of clinical dentistry.
• Equity harvesting - find a value-added practice, acquire it and convert it to cash
• Knowing your business value may not necessarily have an impact to your retirement fund
• How to have cash from investment and use it: (1) Find a value-added practice (2) grow the value-added practice and (3) find a way to receive cash from this asset
• Get a dentist partner to work on the clinical side so you can work on the business side
• Continuous exit strategy works with equity harvesting
• If you acquire another practice, operate it as one business with your existing practice
• Add dentist partners as you acquire more practices
• The founding dentist becomes a private equity company also
• Continuous exit strategy means you own a portion of your company (the DSO) and earn from it continuously as it expands to other regions
• Hire dentists who want to work as partners vs those who want to just be associates. They are go-getters.
• Dentists can compete with corporate if they understand how DSOs work.
• Multiple Incomes available to dentists: management income, clinical income, income from building lease, residual income from regional DSOs, etc.

Tweetables:

Staying in the game will make you more energized and give you more cashflow. – Dr. Brady Frank

Resources Mentioned:

• Multiple Streams of Income by Robert Allen