The Orthopreneurs Podcast with Dr. Glenn Krieger

Latest Episodes:

The HUGE 7-Figure Mistakes Orthodontists Are Making w/ Kevin Cumbus Feb 21, 2023

Show notes

The hottest topic in orthodontics, dentistry, and in fact, the wider medicine world is acquisitions.
There are a lot of misconceptions and half-truths flying around about transactions.
Matters are not helped that there are so many DSOs, OSOs, and other acronyms, each with different ways of valuing a practice and structuring equity packages.
Whether or not you want to sell, educating yourself on how the DSO/OSO model works is very important. Unfortunately, I see a lot of highly opinionated but uneducated voices out there.
In this episode, I am joined by Kevin Cumbus of Tusk Partners for an enlightening discussion on a wide range of topics touching on acquisitions.
Kevin is the Founder and President of TUSK Partners, an M&A Advisor for dental practices.
If you've ever wanted to know how valuations are done, EBITDA, equity deals structured, exit multiples, private equity, and much more, you'll be hard-pressed to find a better conversation.
But the key takeaway from this episode is that if you have even the slightest interest in the OSO model, you better get a practice valuation ASAP. It will save you millions of dollars when you decide to sell by avoiding the simple decisions hurting you in the long term.
Tune in to learn more.

Key Takeaways

- Kevin's background and interest in dentistry (01:01)

- The legal definition of an OSO (09:00)

- What is EBITDA, and how does it affect your valuation (13:27)

- Tax benefits of getting money upfront (19:15)

- How private equity transactions work in OSOs (27:26)

- Joining a small vs. established OSO (35:04)

- Will the DSO/OSO model collapse at some point in the future (44:33)

- Don't bring in an associate if you plan to partner with an OSO (51:47)

- Why you need to get an evaluation ASAP (58:01)

- Always work with an experienced M&A attorney (1:01:53)
Additional Resources
Contact Kevin Cumbus
🔹 Website: https://tusk-partners.com/
🔹 Phone: 704-654-0152
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🔹 Do You Want More Profits and Lower Stress? ... Register for the OrthoPreneurs Summit 2023: https://opsummit2023.com/
🔹 For more information, visit: https://orthopreneurs.com/
🔹 Join our FREE Facebook group here: https://www.facebook.com/groups/OrthoPreneur

How to Use Morning Meetings for Team Inspiration | 5-Minute Friday Feb 17, 2023

Show notes

As I get a bit older, I have taken the role of an "older doc" in the workplace, using my morning meetings to provide words of wisdom, encouragement, and inspiration to the team.
This is because, for many of our team members, our workplaces may be the best part of their day or week. They may not be getting support from anyone else.
During meetings, take a few minutes to offer advice that may be helpful in their personal lives and not just their work lives.
Show them that you care and want to help them live their best lives. Doing this will result in a much more engaged and thankful team.
Key Takeaways

How do you run your morning meetings? (00:38)

What I prefer doing during meetings (01:34)

Inspiring your team with morning meetings (02:25)

Let your team know how much you care about them (03:59)
Additional Resources
🔹 Do You Want More Profits and Lower Stress? ... Register for the OrthoPreneurs Summit 2023: https://opsummit2023.com/
🔹 For more information, visit: https://orthopreneurs.com/
🔹 Join our FREE Facebook group here: https://www.facebook.com/groups/OrthoPreneur

Top HR Tips for Orthodontic Practices w/ Alan Twigg Feb 14, 2023

Show notes

If you ask many orthodontists, HR is one of the more challenging aspects of running a practice. The pandemic-induced staff shortages didn't help matters either.
As a matter of fact, the shortage of good team members poses a true existential crisis to the survival of orthodontics long term, or at least the way we know it.
Finding and retaining good team members is even more important, as well as maintaining a conducive workplace.
But keeping up with the ever-changing HR landscape, State laws, and the constant threat of a lawsuit from a disgruntled former employee is not easy.
In this episode, I am joined by Alan Twigg of Bent Ericksen & Associates, who provide an array of HR and employment compliance products, services, and materials to help any employer achieve a fully functioning and compliant HR department.
We discuss a wide array of HR issues that can arise in an orthodontic practice or any other workplace and how best to protect yourself as an employer.
The last thing you want is to defend yourself against a lawsuit, meritless or otherwise.
As you'll be hearing, you can never do too much documentation when it comes to HR. This is what will save you if any accusation is raised.
Besides the legal stuff, we also need to appreciate our team. A culture of appreciation goes a long way in showing your team that you care about them.
Tune in to hear from the HR expert and hopefully learn something that will help you manage your HR better.
Key Takeaways

- Who are Bent Ericksen & Associates (00:36)

- Biggest changes in the HR landscape over the last years (04:26)

- Biggest challenges employers face (04:38)

- Sue your boss law and such crazy labor laws (07:43)

- Types of labor lawsuits employers face (10:30)

- How to protect yourself as an employer from meritless lawsuits (24:21)

- Developing an Anti-harassment policy (29:48)

- Best practices for hiring and retaining good team members (40:03)

- What's your unique employment proposition? (43:01)

- The 5 love languages of appreciation in the workplace (43:59)
Additional Resources
Contact Alan Twigg of Bent Ericksen & Associates
🔹 Email: alan@bentericksen.com

🔹 Phone: 1-800-679-2760

🔹 Website: https://bentericksen.com/

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🔹 Do You Want More Profits and Lower Stress? ... Register for the OrthoPreneurs Summit 2023: https://opsummit2023.com/
🔹 For more information, visit: https://orthopreneurs.com/
🔹 Join our FREE Facebook group here: https://www.facebook.com/groups/OrthoPreneur

Reflections on Health, Physicals, and Longevity | 5 Minute Friday Feb 10, 2023

Show notes

Today, I want us to talk about the most important thing you can protect.
And that is your health.
Good health is essential for living a happy and productive life, as it allows us to make better decisions, be more productive, and have improved relationships.
Our health also impacts our longevity, and taking care of our physical and mental health can help us stay healthy and active for years to come.
Luckily many of you are in a position to do some of the things you need for early diagnosis and even some safe longevity tools I share in this 5-minute episode.
Tune in!
Key Takeaways

- How to protect yourself (00:38)

- Setting self-care goals for yourself (01:01)

- Health tests you need to take (01:46)

- Early diagnosis makes all the difference (02:58)

- Key man physicals (03:08)

- Longevity tools at our disposal (04:08)

- Check out under the hood to make sure you're healthy (06:27)
Additional Resources
🔹 A Longevity Masterclass: Emerging Science & Timeless Wisdom of Healthy Aging | Rich Roll Podcast: https://www.youtube.com/watch?v=pxEnH00YcGY
🔹 Do You Want More Profits and Lower Stress? ... Register for the OrthoPreneurs Summit 2023: https://opsummit2023.com/
🔹 For more information, visit: https://orthopreneurs.com/
🔹 Join our FREE Facebook group here: https://www.facebook.com/groups/OrthoPreneur

Lessons from Growing Smile Doctors OSO to $2.5Billion w/ Founder Dr. Scott Law Feb 07, 2023

Show notes

Smile Doctors is the largest and fastest-growing ortho-only dental support organization (OSO). Their growth has been remarkable, and they have an even more interesting origin story.
In this episode, I am joined by Dr. Scott Law, one of the founding doctors of Smile Doctors OSO, to tell us their stories and some of the lessons they have picked along the journey.
He explains how the idea started way back in 2012 but came to life in 2015 when they came together with Dr. Dana Fender and Dr. Greg Goggans.
At the last valuation, Smile Doctors was valued at 2.5B, which is remarkable growth and, as Dr. Law puts it, incredibly humbling.
Whether you are part of a group or an independent practice, Dr. Law attributes success in orthodontics to three things in this order: Patient experience, clinical outcomes, and profitability. When those three are aligned, you have a balanced and healthy practice.
Join us in this episode as we talk about:
- The OSO business model
- Private equity transactions in an OSO
- Leadership
- Empowering your team
And much more
Tune in!
Key Takeaways

- Latest Smile Doctors valuation (01:59)

- The OSO model – How Smile Doctors started (06:22)

- Doctors as the face of an OSO (16:01)

- Being open to learning and pivoting on behalf of the patient (20:18)

- Invest in the right people (23:03)

- The No.1 thing that determines success (26:23)

- You always need a mission (32:30)

- Empowering your team (35:34)

- How the concept of private equity works in an OSO (45:35)

- Why there's a timeline to equity in OSOs (52:04)
Additional Resources
🔹 Smile Doctors Website: https://smiledoctors.com/
🔹 Dr. Scott Law's Linkedin: https://www.linkedin.com/in/scott-law-63297272/
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🔹 Do You Want More Profits and Lower Stress? ... Register for the OrthoPreneurs Summit 2023: https://opsummit2023.com/
🔹 For more information, visit: https://orthopreneurs.com/
🔹 Join our FREE Facebook group here: https://www.facebook.com/groups/OrthoPreneur

The Truth About Mental Health Crisis in Orthodontics | 5 Minute Friday Feb 03, 2023

Show notes

There's something going on in Orthodontics today that wasn't going on 10 or 20 years ago.
Let's be honest….
Running a practice is much tougher today. Finding good team members is a challenge, and leading culturally can be difficult because millennials and Gen Z are different from older generations.
These are just some of the problems we are facing that inevitably will lead to stress and burnout.
Now more than ever, we need to take better care of ourselves. We need to take deliberate steps to improve our mental well-being and lead less stressful lives.
Tune in to this 5-minute episode to learn more about taking better care of yourself.
Key Takeaways

What's going on in orthodontics (00:35)

Life is getting tougher (01:21)

A lot of Orthodontists don't really love what they're doing (02:09)

Focus on your mental health (04:02)

Find somebody you can talk to (04:53)
Additional Resources
🔹Listen to episode 214 with Dr. Robert Trujillo - https://podcasts.apple.com/us/podcast/tips-to-avoid-orthodontist-burnout-w-dr-robert-trujillo/id1446375553?i=1000582268212
🔹 Do You Want More Profits and Lower Stress? ... Register for the OrthoPreneurs Summit 2023: https://opsummit2023.com/
🔹 For more information, visit: https://orthopreneurs.com/
🔹 Join our FREE Facebook group here: https://www.facebook.com/groups/OrthoPreneur

Why Choose Invisalign w/ Dr. Jonathan Nicozisis Jan 31, 2023

Show notes

In this episode, we have a two-time returning champion, Dr. Jonathan Nicozisis. He has practiced orthodontics for over 23 years in Princeton, New Jersey, as his primary location and a second location in West Windsor, New Jersey.
In addition to his private practice, he is an educator and lecturer who teaches internationally about new technologies and improvements of Invisalign. He is a member of the Invisalign National Speaker Bureau and Clinical Research Network.
In this conversation, we talk about aligners and why he considers Invisalign head and shoulders above the others.
One of the reasons he shares is that the Align technology is constantly being upgraded, and new features coming onboard. These serve to improve the digital workflow and treatment planning.
Align is also supporting the orthodontic specialty, unlike any other vendor in the market today, by sponsoring future generations of orthodontists in residency programs through research grants and increasing the number of cases a resident can treat.
Tune in to this episode to learn about Invisalign and other products from Align Technology.
Key Takeaways

- Why Invisalign (06:45)

- Improving the digital workflow and treatment planning (08:22)

- Personalized treatment planning with Align (14:25)

- In-House Aligners vs. Invisalign: Which is better? (17:06)

- The power of Invisalign marketing (24:27)

- Bells and whistles in the Invisalign ecosystem (28:39)

- How Align is supporting future generations of orthodontists (30:10)

- There are multiple treatment modalities but only one correct diagnosis (34:58)
Additional Resources
🔹 Do You Want More Profits and Lower Stress? ... Register for the OrthoPreneurs Summit 2023: https://opsummit2023.com/
🔹 For more information, visit: https://orthopreneurs.com/
🔹 Join our FREE Facebook group here: https://www.facebook.com/groups/OrthoPreneur

Do It Right NOW! | 5-Minute Friday Jan 27, 2023

Show notes

All too often, we have this great idea that's going to change our lives or our practice, but we sit on it a little longer than we should.
So right now, I want you to pick one thing that's really important to you. I want you to be in a hurry to understand it and get the steps ready to implement it.
Why right now?
Because you never know what tomorrow brings, and once you do it, you'll go on and do something else. Before you know it, you are stacking the wins to encourage more success.
Do it right now!
Key Takeaways

- Be in a hurry (00:38)

- Pick one thing and do it right now (01:11)

- Don't wait any longer (02:08)

- You never know what tomorrow brings (02:29)
Additional Resources
🔹 Do You Want More Profits and Lower Stress? ... Register for the OrthoPreneurs Summit 2023: https://opsummit2023.com/
🔹 For more information, visit: https://orthopreneurs.com/
🔹 Join our FREE Facebook group here: https://www.facebook.com/groups/OrthoPreneur

Better Practices Lower Stress | Top OrthoPreneurs Moments 2022 (PT3) Jan 24, 2023

Show notes

In the third and final highlight episode of the best bits from 2022, I want to take a moment and remind you what OrthoPreneur is all about.
It's about being in a community that brings peers together to become the best clinicians and best business owners they can be.
As an orthodontist, you are smart and have accomplished a lot to get to where you are. But despite everything, dental schools and ortho residences don't teach how to run a practice effectively and with low stress.
Stress in Orthodontics and the wider dentistry field is a real phenomenon affecting many of us.
As you listen to the best moments from 2022 from fellow doctors and other important guests giving life and business advice, I hope you can lower your stress considerably and live your best life in 2023. Reach out if you ever need anything.
Key Takeaways
- This is how you become a better orthodontist (01:31)
- Adapt or die (04:33)
- What to do when you get that 1-Star review (06:59)
- Juggling motherhood, practice, and CE (11:37)
- Making your practice the best for your customers (13:58)
- R&D tax credit for orthodontists explained (16:49)
- Warning signs that you need help (18:32)
- Inside the amazing world of longevity and biohacking (22:16)
- Venture capital and private equity in the dental industry (27:26)
- Feed your ego or feed your family (31:09)
- It ain't over til It's over (33:45)
- 3D printing in orthodontics (34:36)
- The impact of ransomware on your practice (36:17)
- The role of preventive medicine in orthodontics (39:48)
- Intentional hiring (42:33)
- Closing open bites predictably (46:54)
- Smile projection for lifetime esthetics (48:49)
- Does DentalMonitoring undermine the orthodontic world? (52:31)
Additional Resources
🔹 Do You Want More Profits and Lower Stress? ... Register for the OrthoPreneurs Summit 2023: https://opsummit2023.com/
🔹 For more information, visit: https://orthopreneurs.com/
🔹 Join our FREE Facebook group here: https://www.facebook.com/groups/OrthoPreneur

The Secret To A Successful Orthodontic Practice During A Recession| 5-Minute Friday Jan 20, 2023

Show notes

Today, I have an easy, short, and simple message for you. It's about the secret to a successful business in times of stress and instability.
The world economy is in a precarious place right now, with talk of a looming recession.
Nobody knows exactly how things will unfold, but we are in for some tough times ahead.
But the secret to a successful business in times of instability lies in working harder on yourself than on your job.
How will this help with a recession?
Tune in to this 5 Minute Friday episode to learn more!
Key Takeaways

The secret to a successful business in times of stress (00:28)

The economy is about to get tough (01:12)

Saving money in a solvency account (02:11)

Reevaluate all your technology (02:47)

Work harder on yourself than you do your job (03:00)

When you great shape, you can take more punishment (04:43)
Additional Resources
🔹 Do You Want More Profits and Lower Stress? ... Register for the OrthoPreneurs Summit 2023: https://opsummit2023.com/
🔹 For more information, visit: https://orthopreneurs.com/
🔹 Join our FREE Facebook group here: https://www.facebook.com/groups/OrthoPreneur

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