The Dentalpreneur Podcast w/ Dr. Mark Costes

Latest Episodes:

1885: Overcoming Dentistry's Biggest Challenges Jan 01, 2024

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On today's episode, Dr. Mark Costes addresses the main causes of career dissatisfaction in dentistry: chronic stress, isolation, hedonic adaptation, and negativity bias. He explains how the demanding nature of dentistry contributes to ongoing stress and isolates professionals. Discussing hedonic adaptation, he notes the tendency to overlook achievements in pursuit of new goals. Negativity bias, which gives more weight to negative experiences, also impacts dentists' mental well-being. Dr. Costes suggests six steps to combat these issues, including developing awareness, establishing a self-reflection routine, defining personal non-negotiables, and creating a personal ethos centered on integrity, discipline, and empathy. He emphasizes the importance of giving back to the community to find fulfillment and combat burnout, sharing his own experiences for illustration. The episode concludes with a call to action for dentists to develop and adhere to their personal core values.

Join us at the 2024 Dental Success Summit, an event not to be missed by dental professionals seeking growth and success in their careers! From April 11th to 13th, immerse yourself in transformative learning and networking at the luxurious La Cantera Resort & Spa in San Antonio, TX. Elevate your practice with insights from industry leaders, connect with like-minded professionals, and ignite your passion for dentistry. Reserve your spot now for an experience that will redefine your approach to dental success. Don't wait, register today and be a part of this extraordinary journey to excellence in dentistry!

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1884: Year End Actions & Reflections Dec 29, 2023

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On today's 2023 recap episode, Dr. Mark Costes and executive director Kay Lang discuss the significant growth and challenges faced by the organization, including the expansion of the Dental Success Network and the complexities of organizing live events amidst rising costs. A major focus is on their successful navigation through a demanding IRS audit for 2018 and 2019, underscoring the importance of a competent team and effective delegation. Dr. Costes shares his personal milestone of retiring from clinical dentistry to concentrate more on DSI and his ambition to expand the Smile Outreach International foundation. The episode reflects on the past year's achievements and sets a positive tone for future growth and community engagement.

Thank you to our listeners and we look forward to bringing many more exciting episodes in 2024!

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1883: Optimizing Dental Practices & Leadership Pt. 2 Dec 28, 2023

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On today's episode, we dive into the second part of our engaging conversation with Dr. Addison Killeen. As a co-founder of the Dental Success Network (DSN), Dr. Killeen brings his extensive experience and insights into the world of dental practice management, systemization, and personal achievement. This episode is a continuation of our journey into optimizing dental practices, setting achievable goals, and exploring the dynamic world of dentistry.

The discussion kicks off with an exploration of the growth and impact of DSN, highlighting its unique position in the dental community and its potential for further expansion. With over 1,430 active members, DSN has become a vibrant coaching community offering invaluable resources for dental professionals at all stages of their careers.

Dr. Killeen and Dr. Costes delve into the challenges and opportunities facing dentists today, including financial management, reducing overhead, and improving profitability. They emphasize the importance of setting realistic goals and the power of incremental improvements in practice management.

The conversation shifts to personal and professional development, with Dr. Killeen sharing his approach to setting annual goals, both for his dental practice and personal life. He discusses his passion for endurance sports and the concept of 'misogi,' a physical challenge that pushes personal limits. This segment provides a fascinating insight into balancing professional success with personal growth and fulfillment.

For those who missed the first part of this enriching discussion, we encourage you to go back and listen to Part 1 of our podcast episode with Dr. Addison Killeen. It sets the stage for the insights and strategies shared in this second part, offering a comprehensive view of achieving success in both your professional and personal life. Don't miss out on the full experience of learning from one of the leading minds in dental practice management.

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1882: Optimizing Dental Practices & Leadership Pt. 1 Dec 27, 2023

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On today's episode of the Dentalpreneur Podcast, we're excited to have Dr. Addison Killeen, a co-founder of the Dental Success Network, a successful practice owner, and a black belt DSI coach. This episode promises to delve into a range of intriguing topics, from annual planning and setting wildly important goals to mastering time management and achieving remarkable growth in dental practice.

Dr. Addison Killeen shares his experience of attending the annual DSN meeting in Prescott, Arizona, highlighting the importance of setting clear, attainable goals for the year ahead. He emphasizes the necessity for dental professionals to understand the primary objectives of their practice and to ensure their team is aligned with these goals. Dr. Killeen and Dr. Costas discuss the importance of avoiding the trap of taking on too many responsibilities and instead, focusing on delegating tasks effectively to empower team members.

Dr. Killeen, with his diverse roles, provides insights into how he manages his time efficiently, balancing his work as a full-time dentist, an author, and an executive member of DSN. He stresses the importance of having disciplined routines, focusing on productive hours, and the significance of habit stacking for efficiency. Additionally, Dr. Killeen shares his journey from owning multiple practices to starting a new one, demonstrating how systematic approaches and team empowerment have led to the practice's significant growth.

To all our listeners, be sure to tune in for tomorrow's Part 2 of this insightful episode with Dr. Addison Killeen. We'll continue to explore the strategies and habits that have led to his success in dentistry and beyond. Don't miss out on the valuable lessons and tips that can help you in your dental practice and professional journey. Stay tuned!

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1881: The New World of Private Equity Pt. 2 Dec 26, 2023

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On today's episode, we continue our enlightening conversation with Kyle Francis, a financial and strategic expert in dental practice transitions. Kyle delves deeper into the evolving nature of the dental industry, particularly in the context of consolidation, and shares his insights on the recent trends and changes he's observed.

Kyle Francis discusses the evolution of dental practice consolidation, highlighting the shift from the early days of control-oriented management to the current landscape where diverse deal structures and higher valuations are prevalent. He explains the impact of increased competition among DSOs and private equity, leading to more attractive offers for dental practices. Kyle also addresses the resilience of the dental industry, especially post-2020, and how it has continued to attract investor interest. He sheds light on the concept of leveraged buyouts and the opportunities for dental professionals to participate in the equity growth of their practices. Kyle emphasizes the importance of understanding the risks associated with different investment strategies and encourages dentists to make informed decisions about their future, whether early, mid, or late in their careers.

For those who may have missed it, be sure to go back and listen to Part 1 of our discussion with Kyle Francis. Gain valuable insights into the world of dental practice transitions and understand the critical factors influencing the current consolidation wave in dentistry. Stay informed and make the best decisions for your practice and career trajectory.

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1880: The New World of Private Equity Pt. 1 Dec 25, 2023

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On today's episode, join us as we delve into the intricacies of dental practice transitions with Kyle Francis, a seasoned expert in the field. With an MBA in finance and strategy, Kyle has founded Professional Transition Strategies, guiding over $2 billion in dental practice deals. His remarkable journey from potential Goldman Sachs recruit to a pivotal figure in dental consolidations offers unique insights into the world of dental practice sales, mergers, and acquisitions.

Kyle Francis, an MBA graduate specializing in finance and strategy, shares his insights into the dental industry, focusing on practice transitions, consolidations, and strategies for successful sales. We explore his journey from considering a career in institutional capital to finding his niche in the dental world. Kyle discusses his approach to valuations, his experiences with various types of deals, and the evolution of the dental industry in terms of practice valuation methods. He highlights the impact of industry consolidation on practice value and the changing landscape of dental practice sales.

Don't miss out on the continuation of this insightful conversation in tomorrow's Part 2 episode, where we'll dive deeper into the complexities of dental practice transitions with Kyle Francis. Stay tuned to learn more about the strategic aspects of selling or merging your dental practice, and the future of dental practice ownership in an ever-evolving industry.

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1879: Understanding the Insurance Game Dec 22, 2023

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On today's episode, we delve into an insightful presentation by Stephen Abrams on disability insurance for medical professionals. Our comprehensive discussion covers the extensive services offered by Doctor of Disability Insurance, focusing on disability and life insurance, coupled with full financial planning, all specifically tailored to the needs of those in the medical field. We explore Stephen's personal involvement with the medical community, understanding their unique professional challenges to provide more effective service. The episode also highlights the crucial role of having a responsive and reliable external support team for medical practices, emphasizing the importance of quick communication and dependable assistance.

Furthermore, we dissect the intricacies of disability insurance for dentists, underscoring the importance of comprehending policy details and ensuring adequate coverage. Stephen shares his own experiences with disability insurance, offering real-life insights into its significance and effectiveness in unforeseen circumstances. We also tackle the vital aspects of contract language and terms in disability insurance policies, focusing on the importance of policies being non-cancellable, guaranteed renewable, and including true own-occupation language.

For more valuable insights and resources on launching and managing a successful medical practice, be sure to check out The Practice Launchpad.

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1878: The Real Estate Edge Dec 21, 2023

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On today's episode, Mark welcomes real estate expert Justin "JJ" Ditkofsky, founder of We Care Practice Advisors, back to the podcast. JJ shares his deep expertise in helping healthcare practitioners navigate commercial real estate challenges, from lease negotiations to strategic practice expansions. The conversation dives into critical topics like the common pitfalls dentists face with leases, the pros and cons of owning versus leasing, and how to structure deals that support both immediate needs and long-term growth.

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1877: Onboarding & Universal Training Dec 20, 2023

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On today's episode, we have insights from Debbie Dotson, the office manager behind some of the most successful dental practices led by Dr. Summer Kassmel in Colorado. Expect to dive deep into the flaws of typical dental onboarding, the importance of hiring aligned with core values, the necessity of a clear organizational chart, and the art of selecting a universal trainer. Debbie's 20-minute masterclass from our St. Louis mastermind meeting is packed with actionable advice, so grab your pen and paper—you won't want to miss a beat!

Don't forget to join us at dentalsuccessnetwork.com to continue the conversation and access a plethora of resources tailored for dental success.

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1876: A Unique DSO Model Pt. 2 Dec 19, 2023

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On today's part 2 episode, Mark is joined by Dr. Weston Spencer, an accomplished cosmetic dentist and dental partnership group co-founder. They discuss the future of dental practice consolidation and group partnerships. They explore the current state of industry consolidation, with estimates varying widely, and the projection that within the next seven to ten years, consolidation could reach around 50%. The conversation then turns to the ideal characteristics of a dental practice that would attract high valuations from DSOs and private equity firms. They emphasize the importance of a balanced and diversified provider base to mitigate "key man" risks and maintain practice value.

Dr. Spencer shares insights into SPP Dental Partners, the group he co-founded. He outlines their approach, which differs from traditional DSO models by seeking minority partnerships with practices, thus preserving ownership and autonomy for practitioners. They discuss how their model allows for increased valuations and shared services, leading to practice growth. The model aims to bring together a strong EBITDA and provide access to the benefits of larger groups without sacrificing the independence of private practices.

Towards the end, the dialogue covers practical aspects such as the processes of selling to a DSO, the benefits of joining a group like SPP, and the various investment opportunities for dentists within the industry. They also delve into the specifics of partnership agreements, emphasizing the importance of maintaining a say in the practice's future and the potential for financial gain through a well-strategized partnership.

The conversation concludes with Dr. Spencer explaining how SPP Dental Partners supports dentists by offloading administrative tasks, enabling them to focus on clinical work. They also discuss how the partnership structure allows dentists to leverage the financial advantages of being part of a group while retaining control over their practice.

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