GROWTH: Scaling Your Practice with Dr. Brady Frank

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