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
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