The Dentalpreneur Podcast w/ Dr. Mark Costes

Latest Episodes:

1935: Strategic Wealth Management Mar 06, 2024

Show notes

On today's episode of the Dentalpreneur podcast, Dr. Mark Costes welcomes Eunicia Peret, a wealth strategist with 15 years in the financial services industry. Eunicia specializes in helping high-income individuals enhance wealth beyond traditional methods, aiming to increase retirement income while minimizing taxes. Her approach involves creating cohesive financial teams for her clients, proving effective for many. As a strategic advisor for business and women's leadership groups, Eunicia shares insights from a recent conference and discusses strategies for financial success and wealth management, emphasizing the importance of understanding individual financial situations and customizing strategies accordingly.

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1934: Systems & Methodologies Mar 05, 2024

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On today's episode, featuring "The Automatic Patient Podcast," hosts Jordon Comstock and Justin Comstock are joined by dental industry veteran Dr. Mark Costes. They delve into the critical transition from working in the business to working on the business, discussing the common pitfalls that dentists face, such as getting trapped in the routine of clinical work and struggling with cash flow management. Dr. Costes shares his extensive experience in scaling dental practices and the importance of understanding business fundamentals, emphasizing the need for dentists to become proficient in financial literacy to escape the chair. They touch on systems and methodologies crucial for a practice's success, like the percentage-based budgeting system that aligns with growth and how to handle the complexities of a growing dental practice. The conversation is insightful, offering practical advice and strategies for dental practitioners looking to expand their business acumen and step into a more entrepreneurial role within their practices.

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1933: Crafting Authentic Stories in Dentistry Mar 04, 2024

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On today's episode, Mark engages in an insightful conversation with Joshua Scott, a 21-year veteran in the dental marketing sphere. As the CEO of Studio 8e8, Joshua's company has been lauded as the top healthcare marketing agency in the U.S. by Healthcare Business Review. This episode promises to dive deep into the secrets behind story-driven marketing and the incredible journey of Studio 8e8.

Mark and Joshua delve into the intricacies of scaling a dental practice from scratch to a multimillion-dollar enterprise within the first year. They unpack the strategic moves and the bold marketing initiatives that propelled a startup dental practice to an astounding $3 million in year one and continued to $5.4 million the following year. They'll also touch upon the operational challenges that come with such rapid growth and the importance of creating a brand that resonates and converts.

To wrap up, they shift gears to discuss work-life integration, sharing personal insights on maintaining wellness amid business growth. Joshua opens up about his sleep routine, acknowledging the power of a restful night to fuel a productive day.

Don't miss out on this blend of professional insights and personal philosophies. For more stories of entrepreneurial success and tips on how to elevate your practice, keep listening to the Dentalpreneur podcast. And, if you're looking to craft a narrative that truly represents your brand and resonates with your audience, visit Studio 8e8's website to learn how they can help you tell your story.

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1932: Presenting Large Treatment Plans Mar 02, 2024

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On today's episode, we're coming to you live amidst the excitement of the Chicago Midwinter event. Bear with the audio today, as we're running on the basics – just AirPods and a cellphone – but the content promises to be nothing short of compelling.

In this episode, we're dialing into a live webinar with the esteemed Dr. Dan Briskie and Dr. Taher Dhoon, dissecting the art of presenting large treatment plans. These two industry veterans have mastered the craft in less traditionally affluent areas, proving that success isn't limited to high-end demographics.

Expect to dive deep into the nuances of case presentations, learn strategies to elevate patient acceptance rates, and uncover the subtle art of conducting these high-stakes consultations. We're going to unravel how Dr. Briskey and Dr. Dhoon have transformed the lives of their patients and their practice's bottom line through skillful communication and presentation.

Listeners, if you've ever grappled with the transition from routine procedures to more complex treatment plans, this is the episode for you. Get ready to absorb tips that could revolutionize your approach and potentially your practice's financial health.

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1931: The Ongoing DSO Evolution Pt. 2 Mar 01, 2024

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On today's part-2 episode, Mark continues his conversation with Brannon Moncrief, CEO of McLerran & Associates. They dive into the intricacies of dental practice sales, comparing the holdco equity model with joint venture models. Brannon sheds light on the varying financial outcomes these models can have for dentists, particularly those who have scaled back their clinical hours. They also discuss how a dental practice's value can surge during a recapitalization event and the factors influencing this increase. The discussion pivots to the inherent risks in the holdco model, such as the possibility of doctor turnover post-recap and the difficulties in predicting investment returns. Mark and Brannon explore the benefits of joint venture models, including the advantages of continuous EBITDA distributions and potentially higher returns at the time of recap. Lastly, they touch upon the emerging hybrid models that aim to blend the best aspects of holdco and joint venture structures to offer a balanced option for practice sellers.

For a more detailed exploration of these topics and to learn how these different business structures could impact your dental practice sale, tune into the full episode. Don't forget to follow the podcast for more valuable insights into the dental industry, and for personalized consulting services or strategic advice, reach out to Brannon Moncrief at McLerran & Associates.

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1930: The Ongoing DSO Evolution Pt. 1 Feb 29, 2024

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On today's two-part episode, Mark sits down with Brannon Moncrief, CEO of McLerran & Associates, for an insightful discussion on the evolution and current state of Dental Service Organizations (DSOs). They delve into how DSOs have transformed over the past two decades and what the current wave of DSO consolidation means for the industry. The conversation also touches on the often overlooked factors that lead to failed recapitalizations within DSOs, such as operational sustainability challenges.

Brannon and Mark examine the effects of the shifting economic landscape, highlighting the influence of rising interest rates on private equity investments in DSOs and their return expectations. Moreover, they underscore the criticality of choosing an appropriate DSO partner. They emphasize the significance of deal structure, equity options, and the operational history of the DSO and its financial backers, offering invaluable insights for anyone looking to navigate this complex sector.

If you're looking to deepen your understanding of DSOs, their financial intricacies, and how to strategically align with or invest in them, be sure to tune in to this episode. And don't miss out on the second part of the series for more in-depth analysis and expert advice from Brannon Moncrief.

For those eager to learn more and take the next step in optimizing their dental practice's potential, reach out to McLerran & Associates for personalized guidance and strategies tailored to your unique situation.

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1929: Everything DSN Feb 28, 2024

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On today's episode, we're joined by Ashlee Hirschfeld, the COO of the Dental Success Network (DSN), for a deep dive into the latest in dental practice management, upcoming educational webinars, and the most engaging topics within the DSN community. They kick off the discussion with an overview of the exciting webinars scheduled for February, covering topics from presenting large treatment cases to understanding the crucial numbers for your practice. Mark and Ashlee highlight the importance of these webinars for practitioners looking to enhance their skills and adapt to the current social and financial climate.

The conversation then shifts to the benefits of DSN membership, emphasizing the substantial savings on dental supplies and services negotiated for members. Mark proudly shares that DSN's negotiated discounts often surpass those available through larger DSOs, underscoring the value of DSN membership.

Answering community questions, Mark offers his expert advice on insurance verification, the criteria for hiring an associate based on patient numbers, and the metrics for evaluating hygienist performance. Each answer is tailored to encourage dental practitioners to analyze their practices' unique situations and make informed decisions.

The episode wraps up with a reflection on the impact of dental mission work and the fulfillment derived from giving back to underserved communities. Mark and Ashlee's discussion underscores the importance of community, continuous learning, and the pursuit of excellence in dental practice management.

Listeners are encouraged to participate in the upcoming webinars and events to further their knowledge and connect with like-minded professionals. For more information on the Dental Success Network and to join the community, visit their website and explore the resources available to help dental practices thrive.

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1928: Financial Strategies Pt. 2 Feb 27, 2024

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On today's 2-part episode, we're featuring Brent Saunier and Chris Sands from Profi 2020, the conversation takes an intriguing turn into various strategic aspects of tax planning for dental practitioners. Here, the discussion revolves around the use of luxury items like jets for business purposes, the implications of the Corporate Transparency Act for small business owners, the nuances of the 1031 exchange strategy in real estate, and the complexities of achieving real estate professional status for tax benefits.

The episode elaborates on how significant investments, such as purchasing a jet, can potentially be justified as a business expense under certain conditions, emphasizing the importance of aligning with the tax code's requirements. The discussion then shifts to the Corporate Transparency Act, highlighting the necessity for small business owners to report beneficial ownership information to combat financial misconduct and enhance national security efforts. This segment stresses the importance of compliance to avoid hefty penalties and legal repercussions.

Further, the dialogue explores the intricacies of the 1031 exchange strategy, allowing property owners to defer taxes by reinvesting the proceeds from the sale of one property into another. The conversation underscores the importance of like-kind exchanges and the need to identify the next property promptly to leverage this tax-deferral opportunity effectively.

Lastly, the episode touches on the coveted real estate professional status, which can offer substantial tax benefits by allowing owners to claim losses against their active income. However, achieving this status requires meeting strict criteria, making it a challenging goal for full-time professionals.

This podcast episode is packed with invaluable insights and practical advice for dental entrepreneurs looking to navigate the complex landscape of tax planning and investment strategies. Whether it's understanding the legal requirements of new tax laws, exploring real estate investment opportunities, or leveraging tax codes for business growth, this discussion provides a wealth of knowledge for savvy business owners aiming to optimize their financial planning.

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1927: Financial Strategies Pt. 1 Feb 26, 2024

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On today's 2-part episode, we delve into the realms of taxation and financial strategies for dental professionals. In this episode, we're joined by Brent Saunier and Chris Sands, the founders of Profi 2020, Marks' personal CPA firm. As regular contributors to the podcast, Brent and Chris offer their expert insights on taxation changes and strategies that could significantly impact dental practitioners.

One of the highlights of this episode is the discussion on the Tax Relief for American Families and Workers Act of 2024, a piece of legislation that could potentially extend 100% bonus depreciation through the end of 2025. This could mean significant tax savings for dental practitioners who have made or are planning to make substantial investments in their practices.

We also dive into the intricacies of cost segregation studies, a strategy that can lead to substantial tax deductions for those who own their dental practice buildings. Brent and Chris explain how these studies work, the potential benefits, and the importance of timing when making such investments.

The conversation takes a turn towards the practicalities of dealing with IRS audits, sharing insights from a recent audit experience and strategies for minimizing the risk of triggering an audit. They shed light on common red flags, including the home office deduction and the use of cars within the business.

For dental practitioners looking to optimize their tax strategies and navigate the complexities of IRS audits, this episode is packed with valuable information and actionable advice.

To learn more about Profi 2020 and how they can help you with your taxation and financial strategies, visit their website. Stay tuned for more insightful episodes aimed at helping you grow your dental practice efficiently and effectively.

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1926: Fixed Vs. Growth Mindset Pt. 2 Feb 23, 2024

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On todays' two-part series with Dr. Arman Taghizadeh, affectionately known as Dr. T, whose expertise in psychiatry bridges the gap between mental health and peak performance in athletics. As a distinguished Johns Hopkins-trained psychiatrist and a six-time "TopDoc" honoree, Dr. T brings invaluable insights from his impressive career in both medicine and sports.

In this second episode, we delve into the transformative power of visualization. Dr. T elucidates how this technique not only helps athletes surmount mental hurdles but also serves as a critical tool for performance enhancement across various fields. He walks us through the practical application of visualization, demonstrating how it can be used for mental rehearsal and to deconstruct complex tasks into manageable steps.

The conversation then shifts to address the often-overlooked issue of compassion-fatigue, offering guidance for professionals inundated daily by the emotional demands of their work. Additionally, we underscore the profound effect of compliments and positive reinforcement in acknowledging individual effort and contributions, a simple yet potent strategy to bolster morale and motivation.

For anyone looking to elevate their mental game, whether in sports or daily life, Mark and Dr. T's insights in this series are indispensable. Don't forget to revisit part one if you haven't already, and join us as we continue to navigate the intricate landscape of mental fortitude and resilience.

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