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#947: Strategically and Effectively Plan Your Wealth
Manage episode 463564803 series 2728634
Tiff and Britt give tangible tips for creating a wealth plan of action. They cover everything from knowing what your ideal work-life balance is, when you hope to retire, the right systems you can create now to set you on your path, and a ton more.
Episode resources:
Subscribe to The Dental A-Team podcast
Transcript:
The Dental A Team (00:01.504)
Hello, Dental A Team listeners and welcome back. I am here again with Miss Britt. Brilliant Brain Britt is what I've dubbed her today on some awesome business tips and insider tips, things that we've learned along the way, things that Britt has actually gone to school for. So welcome to that. Thank you, Britt.
Britt (00:19.787)
Real life is cool, Cliff. Real life is cool, too.
The Dental A Team (00:25.935)
Fair, fair. But I do love picking your brain for it on these pieces because little do many people know you do have a degree in healthcare management. I think it's really, really freaking cool. And not just any degree, like you have, you know, your master's degree in this and it's really freaking cool you guys because
It means not only do we have, you know, the knowledge that we've all picked up along the way and we've taken courses and CE and all these things and learned and learned how to use freaking Excel and things like that. But Britt also has that side of it that I get to pick her brain on things that just really, really helps you guys learn how to manage your business. So we all do have the real life training, but Britt, I think it's really cool when we get to utilize your degree and you get to utilize it in our company, I think.
I assume you do, but it's really cool when you get to do this stuff. So thank you for being here with me today, Britt, letting me pick that beautiful brain of yours. And just for always being here for us, you are an amazing human being and anything that I need, you're like, yep, we'll figure it out. So thank you for recording with me. How are you doing today, Britt?
Britt (01:15.638)
Mm-hmm.
Britt (01:34.127)
I'm doing well, thanks Tiff. These are fun combos because one, like we both have years of experience in dental and so, and worked with a lot of clients. So it's fun just to kind of talk about ideas and cool things we've seen and what we've learned along the way.
The Dental A Team (01:49.156)
Yeah, I agree. I agree. And today is one of my favorite conversations. I love nothing more than to help a doctor and a business owner of any caliber and degree learn how to make their business work for them and then not spending so much time working for their business. Like you guys became business owners, you became practice owners so that you can have your own business, you could make your own hours and you get into it and you're like, gosh dang it.
Brit, this sucks, I'm working all the time. And it's like, yeah, you will do that for a little while for businesses and it'll come back around every now and again as well. But really looking at how we can plan and project for the future so that you can make that switch at some point and it flips to where the business really is creating the lifestyle of your dreams. And that's something that we work really hard at. I know we work with mostly entrepreneurs, which means.
We work with visionaries, we work with the people who have the big dreams, and then we get to help implementers, office managers typically, right? And doctors learn how to be an implementer from a visionary, but we get to work on the implementation side of really finding the strategies and keying in on the pieces that are going to help us get to that big vision that you want, doctors. So we have other podcasts, a ton of podcasts that'll talk about how we've helped other doctors do those things. I want you to listen to those. I want you to never feel like you're alone.
We are here for you today. I'm actually really excited about this one today strategic wealth management and really planning for that in the future. And Brett, this is going to be a lot of conversation from you. So I hope you're ready. I hope you've got all your words ready to be used today. I know I use a lot of words in a day and I feel like I never run out, but you might run out. I don't know. But I hope you're ready for this because this one is this one. I'm letting you take over quite a bit here on the strategic planning because
I think you do above and beyond look further than a lot of people even look, and look further than maybe some of our listeners are even thinking about. A lot of our doctors are younger, you know, they're 50 and under, and these generations right here, and these two, know, generations, the 30 to 50 generations, we're not always thinking of our retirement. I don't know what happened to us, but we kind of forgot that piece was going to come one day.
The Dental A Team (04:08.186)
for a lot of us. So really looking and making sure that we're considering those pieces and you do that well. You go retirement, I think you go retirement first, like what's our retirement plan and then five to 10 years. so, Britt, take us through some of the pieces that you work with clients on and you've worked with, you know, clients even before you were with the Dental A Team. I'm really making sure that we're looking at our wealth management from a long-term and a short-term.
How do you help people prep for that? What's the first space you look for?
Britt (04:38.719)
Yeah, this is always fun and that's why I love lately I've been on some of our free assessment calls right even with clients coming in to say like all right where are we at you know how can we help you and this is always an important thing that I want to know is right how long do they see themselves owning a business or doing dentistry both really because it just helps us to figure out
We talked about this already even with KPIs. I'm like, what's the future? And then I work my way back. So I'm like, all right, what's the long term? Where are we wanting to go? If it's like, I know I've got at least 15 years of me. Great. Awesome. Like that at least gives us a starting point of where we think we're going and how long we need this business to be producing or the value we need from it for how long you're going to be retired. And so that's where I start is thinking, okay.
So for those of you out there that don't know right now, number one action item, it doesn't have to be exact, right? You don't have to do it, but like, what would you love to be your age of retirement to where at least you're not sitting in the chair anymore doing dentistry? That's an important number. One, for you to know, and two, get a good financial advisor, because they need to know that number, because then you're going to work with them to figure out what lifestyle do you want? How long do we think you're going to, you know?
The Dental A Team (05:35.121)
Thank
The Dental A Team (05:51.538)
Thank
Britt (05:57.333)
live on this great earth and live an awesome life and how much money is that gonna take? So we know, all right, what value do we need in investments, in an account, within your practice, because that's an asset for you as well. How much wealth do we need to build for you to be ready to retire by that point in time? And so, yes, even if we, whether a client says it or not, I'm always thinking about what's that ultimate point? What's the end point we're working towards and how are we gonna get there? Or at least I wanna get you in a position to where
The Dental A Team (05:59.314)
Thank
Britt (06:27.317)
you have the choice to do that, right? You don't have to, but I never want a client to get to the end to where they're like either physically can't do it or something else and they're not set up to be able to live a great life and enjoy it for the rest of their days. So always thinking that big and then thinking about like, all right, and kind of, there any milestones? Some doctors know right away, hey, I want to work down my clinical days and we'll spend more time with family.
The Dental A Team (06:29.009)
Yeah.
The Dental A Team (06:51.955)
you
Britt (06:52.423)
Awesome. Let's figure that out. Some are like, no, I want to work and do you know, be in the chair. That's the part I love for as long as I can. Fantastic. That just kind of helps us to see what are the pieces we have. I love it. I think Kira was saying the other day.
life is ultimately just like a series of algebra equations, right? Like everything you look at, it's like, all right, I've got A and C, what B do I need to get to C type of a thing, right? So that's kind of how I look at this is, all right, where do we ultimately need to go? What do we need this asset, this practice to become to do its part in that grand scheme of things? So knowing that first, and then with the practice, it's like, all right, great.
The Dental A Team (07:12.253)
Yeah.
The Dental A Team (07:19.111)
Yeah.
Britt (07:35.687)
Either, what do we need to build in value of building this up to where what's our EBITDA? What could I sell it for? Not saying you're going to sell it, but I always want it to be worth as much as possible.
And also like what do need to be making from that practice? Some people they need the full salary of doing the clinical and you know making a lot out of that practice for a certain amount of time and then even just knowing of like all right once I've done that for 10 years I don't have to I can but I don't have to I could always bring in an associate and make X amount off of you know profit from the practice You know based on kind of what we estimate there will be so that's kind of how I work it We've got to know the end
The Dental A Team (07:46.034)
Agree.
Britt (08:15.769)
goal, financial advisors, know dentist advisors are one of our favorites, but working with someone to help you see theoretically when you would retire, what amount do need by then, what current assets do you have, and then we help you on the practice part. What do we need that practice to be or what do we need your income to be from that practice to get you where you need to go. So there's my like long-winded explanation tip.
The Dental A Team (08:30.451)
The Dental A Team (08:38.781)
Yeah.
It was long way to do it short. You accomplished both. You accomplished both. So I agree with the retirement piece and I think I always look like five to 10 years, right? But you're right. That retirement piece is so important. I have had doctors that have come in maybe later in their career with Dental A Team and they're like, gosh, Dental A Team, I'm ready for you and guess what? I'm tired.
And it's like, okay, well, where are we? So now we're like trying to pick up steam towards the end of their career when they didn't see that coming. Or they had an injury or I had a doctor this year that had some really big health scares this year and he wasn't ready. He's like, I know that he's not ready to retire and he wasn't ready to start thinking about it, but he had to. He was forced into that space and that's so much harder and so much scarier than it needs to be.
if we just plan and project a little bit further. So it opened me up too. It opened my eyes up like, gosh dang it, we've got to be on this no matter what. Always be prepared to sell whether you think you're going to sell or not. Always have a business that's sellable and always have a plan for that retirement piece. I think on our side, the Dental A Team comes in for both. We come in for that strategy. We're like, gosh, what do we need that to look like? Where do we want to go? How are we going to get there? How can we?
build this out together? And then how do we get everything systematized to where it needs to be? Get your money coming in. So our side is like, how do we get the money? How do we get the profit? How do get you to be more profitable? How do we get EBITDA up? How do we do these pieces strategically to ensure that you're prepped and ready to go? And then on the financial advisor standpoint, they're going to look at what does it take to live your current lifestyle? Is that current lifestyle what you're going to want to sustain forever?
The Dental A Team (10:28.948)
based on the rates of inflation, what will this look like year over year over year for how long, like Britt said, do we think you're going to, you know, what's your life expectancy, your projection, they're gonna go, they're gonna go as long as they think that they can for you. And then it tells us how much do we need to be pushing into your retirement all the time to get there. So the financial advisor helps with the logistics, they have these really cool, freaking systems behind the scenes that they just.
plug a couple numbers into and it tells this projection and I'm like, are you freaking kidding me? That is so beautiful. But that it helps us on our side to be able to pair those pieces together and say, okay, I had a doctor this year that he's like, Tiff, like, I'm getting tired and I need to speed this up. And I was like, well, get your financial advisor on the phone. Like, let's figure this out. And he's got to pump $12,000 a month into his retirement.
Britt (11:20.791)
Mm-hmm.
The Dental A Team (11:20.801)
That's into his retirement in order to be ready for the projection he just gave his FA, his financial advisor. That's a huge chunk. Like that's a drastic change from what we were doing before. I think we doubled it. He was at like six or eight thousand, depending on what the month looked like. We doubled that. So having those projections early on, that's the strategic wealth management, right? Like wealth management is current. Like what do want your life to look like now?
And what do want your life to look like for the rest of your life? Wealth management is let us help you bring the money in. Let us help you get the money, get profitable or be profitable where you're at, whether you use it only to or not. Like get profitable within your business and then manage where that's going thereafter. Investments and CDs or IRAs or whatever it is that you've got your retirement, your 401k is like.
Britt (12:02.059)
Mm-hmm.
The Dental A Team (12:14.763)
What do you have going on on the other side that's generating income off of that income so that you can keep up with the inflation? You can keep up with all of the pieces that you want your life to look like and combining those, I think is the superhuman power. And with the right systems in place, the right training, the right people behind the scenes, a lot of practices are experiencing turnover, right? The last, I'd say five years, we've seen more turnover than we ever had before. People are like,
I'm in dentistry for 17 years or I've been at this practice for 22 years. Like we don't see that anymore. But with those systems in place, that doesn't have to affect the profitability. And I think before we were seeing that that was affecting the profitability because we were losing people.
and we were so dependent on the people and their knowledge, it was negatively impacting your strategic wealth management. Like it was negatively impacting the projection for your retirement. And one thing that we've learned in the dental field in general is to not be people dependent. So we're taking those systems and those pieces and able to duplicate them, teaching you guys the business side that you've never learned and making sure that all of that combined
is strategizing, like you said, Brit, for forever. Like, this is not just for today or just till retirement, this is for forever. So I love it and I love this topic because I just, I want everyone to understand how important it is to have those conversations and like you said, work backwards. We kind of work, I think a lot of us work from like, here I am, where do I want to go? And so we think how do we stack on top of
where I'm at, but you're saying like flip that board upside down and say, I'm going here. How do I, how can I work backwards from where I want to be and strategize? And it's brilliant. Yeah.
Britt (14:08.031)
and you can always add more on, right? But that's like, that's where I need to be. So no matter what, whatever we work towards, that's where we've got to hit. And it just also helps you to make smart decisions about your practice. I think that most doctors would agree. Every doctor has a sell the practice day from time to time where they're just like, can't do this anymore. It's like, it's okay.
The Dental A Team (14:27.521)
Yeah. Today is the day. Yeah.
Britt (14:30.455)
Wait a minute, it'll be fine. But in those moments, especially as you get more mature in your career, I just talked to recently a potential client and he's like, well, physically and all this, do I sell or if I'm going to stay, then I want to bring in an associate to not have to work as many days. I'm like,
we can absolutely help you if that's the direction you want to go. You need to know first what you need, right? Like that's, you need to know the need first. And then, cause chatting with you, I'm like, you, it sounds like you're ready to go like live the retired life, right? And enjoy your family and do all of those things, which if you can, then great, why not? Then you know, you can make that choice confidently and be prepared for it. But until you talk to someone for financial to see what's your plan for retirement.
The Dental A Team (14:57.741)
Yeah.
The Dental A Team (15:05.239)
Yeah.
The Dental A Team (15:10.466)
Hmm.
Britt (15:19.191)
What assets do you have? What does that look like? I'm like, I don't, can't, one, I can't advise you even on anything. Ultimately you're a choice, but I'm like, even knowing what direction to go, that's what you need to do first. And then from there.
Make the decision and you want to stay in there like then absolutely come to us. We'll help you grow. We'll help you bring out an associate. We'll help you make it something that's also going to be valuable to sell while keeping in mind like yeah, don't go if you don't need a bunch of equipment, don't go buy a bunch because maybe only need it for like five, 10 years and then you're going to be selling it. So it just helps us to make smarter decisions.
The Dental A Team (15:47.19)
Yeah.
The Dental A Team (15:51.226)
I totally agree. I totally agree. And I think at the beginning about you said like, you can add to it, like, don't think that because you set this, this star, this ladder, it's like, I have to do these things. It's not that rigid. It's flexible. The money side, the financial investing, the retirement. Yeah, for sure. Like your financial advisor is going to get you set up and he or she is going to take you the way like find, find someone you trust, find someone who knows the information, let them help you.
Britt (15:57.995)
Yeah.
The Dental A Team (16:20.341)
Also work closely. I always say work with your financial advisor and your CPA super closely. And even if they can communicate, it's really smart because your CPA is going to have a like right now mindset and your financial advisor's got to what's later look like and you've got to combine those. adding in your consultant piece is huge. I have a lot of clients that I'm talking to, both of them with them or getting information from my client that they're sending. Cause I'm like, cool, if your financial advisor wants us to do that.
This is how we're going to move that needle. Cool. Your CPA wants you to be prepped for those taxes. This is how we move that needle. Let's get this bucket going over here. Cause they're going to have some of those like obscure plans. They're like, do you need to do this? And then they're like, okay, have fun. Good luck. And then they're gone. But then you're sitting there like, okay, cool. But how am I supposed to get five, 10 % more profitable this year than I was last year? I can't just wish it into existence. So there's a few pieces there. It's ever changing.
Britt (17:19.297)
Mm-hmm.
The Dental A Team (17:19.587)
just like the world of finance is ever changing. So we can add to and we can subtract at any point and change the trajectory. That's the really fun part of the black and white side of watching your practice by numbers standpoint. We see those trends and we're like, great, let's move it a centimeter, right? Let's move it a millimeter and completely change it. I always tell doctors, if you torqued that implant,
a millimeter too short or a millimeter too far, right? You're gonna get a drastically different situation than if it was spot on. If you're like, I don't know if this is spot on, you go a little bit further, that millimeter counts. So thinking that we have to rehaul everything is like saying we have to rehaul the implant. No, you just need to torque it, right? So then we just gotta, we just gotta torque it another millimeter to see or back it off the millimeter to see where we're gonna take it next. And I do have a practice that,
The doctor when we first started was like, in 10 years I wanted to look like this, in five years I to look like this. Well, in three years, we're at three year mark, he's like, I actually don't want those things, Tiff. Cool, cool, that changes it then, right? That changes the trajectory. He's like, I actually want that money then to go to this. It's the same money, but we're putting it on a different focus because his agenda has lined up differently. The things he thought he wanted for his family three years ago.
are very different than the things he's realized he wants for his family now. So setting those sites, but knowing that they don't have to be rigid, they can be flexible. You've just got to be working with the right people. And Britt, you said it earlier, like making sure you've got somebody on the system side that's really helping implement and strategizing with you and making sure you've got somebody that's strategizing on the financial side as well. Britt, I love your brain. Thank you. Thank you.
Britt (19:06.871)
It's fun to know a good amount about this too, right? So this is like the fun to see like both sides of it. And those, I don't know, it's part of the why, right? We care about our clients, why and their ultimate goal, right? And then as people as well, which I know you do big time. And I feel like that's
The Dental A Team (19:22.734)
I think it's...
Britt (19:23.575)
part of it that I'm like, do you, should be like, how do you want to enjoy life, especially like as you retire, being able to enjoy family and grandkids before you aren't physically as able to do things. So that's part, that's why it's part of it. Cause we care about you as people and we want to make sure that ultimately your business feeds that.
The Dental A Team (19:41.697)
I totally agree. totally agree. Actual items are really easy, you guys, like for us. Actual items are easy for us. For you, you've got to start dreaming if you haven't dreamt yet. And you guys, I think most of us dream and we're like, this is the thing I want. And then we just kind of like sit on it because we don't know that we deserve it yet or that we've made it to that point. I've got a lot of younger doctors. They're like, I don't make enough to talk to a financial advisor. Yes, you do. Everyone at Dental Assistance listening today.
Britt (20:06.547)
Uh-huh. Uh-huh.
The Dental A Team (20:09.808)
Treatment coordinators listening today, you make enough to talk to a financial advisor. Everyone should be talking to someone who can help advise them and managing their money and doctors, you especially like, what is it going to look like? How can I make sure that my business is sellable and that I've got my life and my family's life, my kids lives ready to go, whatever that looks like. So step one, dream bigger, dream further, dream and plan for your retirement as weird as that might sound for.
our new grads, I want you to think about when you want to retire and maybe plan a couple years ahead of that even if you think you want to retire at 65 or 70 or whatever age that might be, maybe plan for retirement when you're super young to 60. Like give yourself that flexibility because why not? Then you've got the last five to 10 years to just be like, no, I'm selling today, right? So plan ahead. So think big, dream big, you guys. Come up with that projection. What's your age range?
Chat with your consultant. If you're already working with Dental A Team, you've got a consultant in your back pocket. Chat with one of us on how to get there. If you don't, give us a chat, like give us a call. We're doing these free assessment calls. and Kira and Shelby and the brains behind these things are huge. So you don't even have to be a client with us to help get some of that assessment going. And then three, make sure you've got a financial advisor and a plan for that strategic wealth management. Britt, is there anything you can think of that...
we've missed or you want to re-highlight or anything before we say goodbye.
Britt (21:36.381)
The only thing is you start somewhere and then that's where you at least do a check-in at least every year with whoever's helping you with their finances to say on track off track anything change awesome keep going so that's only addition is it's not a set it and forget it it's a make sure at least every year minimum you're checking in on where your assets are at
The Dental A Team (21:56.285)
Totally agree. I love it. Thank you, Britt. This has been so much fun. This is one of my favorite conversations as well. So I'm super glad that we got to have this today. You guys, you heard it here first, I hope, or second or 15th. I don't care. I hope something hit today that you're like, yes, I've got to go do that. I want you to prep. I want you to plan. I want you to talk to the right people. Let us know how we can help you reach out to your consultant. If you're already a client, if you're a future client, hop on for a free assessment call.
And if you're just someone who's like, I need an assessment, hop on a free assessment call, we're here for it. But reach out Hello@TheDentalATeam.com with questions, with comments, with feedback. We want to hear from you guys and we want to help you plan for your best and brightest futures. Thank you, Dental A Team listeners, and we'll catch you next time.
947 эпизодов
Manage episode 463564803 series 2728634
Tiff and Britt give tangible tips for creating a wealth plan of action. They cover everything from knowing what your ideal work-life balance is, when you hope to retire, the right systems you can create now to set you on your path, and a ton more.
Episode resources:
Subscribe to The Dental A-Team podcast
Transcript:
The Dental A Team (00:01.504)
Hello, Dental A Team listeners and welcome back. I am here again with Miss Britt. Brilliant Brain Britt is what I've dubbed her today on some awesome business tips and insider tips, things that we've learned along the way, things that Britt has actually gone to school for. So welcome to that. Thank you, Britt.
Britt (00:19.787)
Real life is cool, Cliff. Real life is cool, too.
The Dental A Team (00:25.935)
Fair, fair. But I do love picking your brain for it on these pieces because little do many people know you do have a degree in healthcare management. I think it's really, really freaking cool. And not just any degree, like you have, you know, your master's degree in this and it's really freaking cool you guys because
It means not only do we have, you know, the knowledge that we've all picked up along the way and we've taken courses and CE and all these things and learned and learned how to use freaking Excel and things like that. But Britt also has that side of it that I get to pick her brain on things that just really, really helps you guys learn how to manage your business. So we all do have the real life training, but Britt, I think it's really cool when we get to utilize your degree and you get to utilize it in our company, I think.
I assume you do, but it's really cool when you get to do this stuff. So thank you for being here with me today, Britt, letting me pick that beautiful brain of yours. And just for always being here for us, you are an amazing human being and anything that I need, you're like, yep, we'll figure it out. So thank you for recording with me. How are you doing today, Britt?
Britt (01:15.638)
Mm-hmm.
Britt (01:34.127)
I'm doing well, thanks Tiff. These are fun combos because one, like we both have years of experience in dental and so, and worked with a lot of clients. So it's fun just to kind of talk about ideas and cool things we've seen and what we've learned along the way.
The Dental A Team (01:49.156)
Yeah, I agree. I agree. And today is one of my favorite conversations. I love nothing more than to help a doctor and a business owner of any caliber and degree learn how to make their business work for them and then not spending so much time working for their business. Like you guys became business owners, you became practice owners so that you can have your own business, you could make your own hours and you get into it and you're like, gosh dang it.
Brit, this sucks, I'm working all the time. And it's like, yeah, you will do that for a little while for businesses and it'll come back around every now and again as well. But really looking at how we can plan and project for the future so that you can make that switch at some point and it flips to where the business really is creating the lifestyle of your dreams. And that's something that we work really hard at. I know we work with mostly entrepreneurs, which means.
We work with visionaries, we work with the people who have the big dreams, and then we get to help implementers, office managers typically, right? And doctors learn how to be an implementer from a visionary, but we get to work on the implementation side of really finding the strategies and keying in on the pieces that are going to help us get to that big vision that you want, doctors. So we have other podcasts, a ton of podcasts that'll talk about how we've helped other doctors do those things. I want you to listen to those. I want you to never feel like you're alone.
We are here for you today. I'm actually really excited about this one today strategic wealth management and really planning for that in the future. And Brett, this is going to be a lot of conversation from you. So I hope you're ready. I hope you've got all your words ready to be used today. I know I use a lot of words in a day and I feel like I never run out, but you might run out. I don't know. But I hope you're ready for this because this one is this one. I'm letting you take over quite a bit here on the strategic planning because
I think you do above and beyond look further than a lot of people even look, and look further than maybe some of our listeners are even thinking about. A lot of our doctors are younger, you know, they're 50 and under, and these generations right here, and these two, know, generations, the 30 to 50 generations, we're not always thinking of our retirement. I don't know what happened to us, but we kind of forgot that piece was going to come one day.
The Dental A Team (04:08.186)
for a lot of us. So really looking and making sure that we're considering those pieces and you do that well. You go retirement, I think you go retirement first, like what's our retirement plan and then five to 10 years. so, Britt, take us through some of the pieces that you work with clients on and you've worked with, you know, clients even before you were with the Dental A Team. I'm really making sure that we're looking at our wealth management from a long-term and a short-term.
How do you help people prep for that? What's the first space you look for?
Britt (04:38.719)
Yeah, this is always fun and that's why I love lately I've been on some of our free assessment calls right even with clients coming in to say like all right where are we at you know how can we help you and this is always an important thing that I want to know is right how long do they see themselves owning a business or doing dentistry both really because it just helps us to figure out
We talked about this already even with KPIs. I'm like, what's the future? And then I work my way back. So I'm like, all right, what's the long term? Where are we wanting to go? If it's like, I know I've got at least 15 years of me. Great. Awesome. Like that at least gives us a starting point of where we think we're going and how long we need this business to be producing or the value we need from it for how long you're going to be retired. And so that's where I start is thinking, okay.
So for those of you out there that don't know right now, number one action item, it doesn't have to be exact, right? You don't have to do it, but like, what would you love to be your age of retirement to where at least you're not sitting in the chair anymore doing dentistry? That's an important number. One, for you to know, and two, get a good financial advisor, because they need to know that number, because then you're going to work with them to figure out what lifestyle do you want? How long do we think you're going to, you know?
The Dental A Team (05:35.121)
Thank
The Dental A Team (05:51.538)
Thank
Britt (05:57.333)
live on this great earth and live an awesome life and how much money is that gonna take? So we know, all right, what value do we need in investments, in an account, within your practice, because that's an asset for you as well. How much wealth do we need to build for you to be ready to retire by that point in time? And so, yes, even if we, whether a client says it or not, I'm always thinking about what's that ultimate point? What's the end point we're working towards and how are we gonna get there? Or at least I wanna get you in a position to where
The Dental A Team (05:59.314)
Thank
Britt (06:27.317)
you have the choice to do that, right? You don't have to, but I never want a client to get to the end to where they're like either physically can't do it or something else and they're not set up to be able to live a great life and enjoy it for the rest of their days. So always thinking that big and then thinking about like, all right, and kind of, there any milestones? Some doctors know right away, hey, I want to work down my clinical days and we'll spend more time with family.
The Dental A Team (06:29.009)
Yeah.
The Dental A Team (06:51.955)
you
Britt (06:52.423)
Awesome. Let's figure that out. Some are like, no, I want to work and do you know, be in the chair. That's the part I love for as long as I can. Fantastic. That just kind of helps us to see what are the pieces we have. I love it. I think Kira was saying the other day.
life is ultimately just like a series of algebra equations, right? Like everything you look at, it's like, all right, I've got A and C, what B do I need to get to C type of a thing, right? So that's kind of how I look at this is, all right, where do we ultimately need to go? What do we need this asset, this practice to become to do its part in that grand scheme of things? So knowing that first, and then with the practice, it's like, all right, great.
The Dental A Team (07:12.253)
Yeah.
The Dental A Team (07:19.111)
Yeah.
Britt (07:35.687)
Either, what do we need to build in value of building this up to where what's our EBITDA? What could I sell it for? Not saying you're going to sell it, but I always want it to be worth as much as possible.
And also like what do need to be making from that practice? Some people they need the full salary of doing the clinical and you know making a lot out of that practice for a certain amount of time and then even just knowing of like all right once I've done that for 10 years I don't have to I can but I don't have to I could always bring in an associate and make X amount off of you know profit from the practice You know based on kind of what we estimate there will be so that's kind of how I work it We've got to know the end
The Dental A Team (07:46.034)
Agree.
Britt (08:15.769)
goal, financial advisors, know dentist advisors are one of our favorites, but working with someone to help you see theoretically when you would retire, what amount do need by then, what current assets do you have, and then we help you on the practice part. What do we need that practice to be or what do we need your income to be from that practice to get you where you need to go. So there's my like long-winded explanation tip.
The Dental A Team (08:30.451)
The Dental A Team (08:38.781)
Yeah.
It was long way to do it short. You accomplished both. You accomplished both. So I agree with the retirement piece and I think I always look like five to 10 years, right? But you're right. That retirement piece is so important. I have had doctors that have come in maybe later in their career with Dental A Team and they're like, gosh, Dental A Team, I'm ready for you and guess what? I'm tired.
And it's like, okay, well, where are we? So now we're like trying to pick up steam towards the end of their career when they didn't see that coming. Or they had an injury or I had a doctor this year that had some really big health scares this year and he wasn't ready. He's like, I know that he's not ready to retire and he wasn't ready to start thinking about it, but he had to. He was forced into that space and that's so much harder and so much scarier than it needs to be.
if we just plan and project a little bit further. So it opened me up too. It opened my eyes up like, gosh dang it, we've got to be on this no matter what. Always be prepared to sell whether you think you're going to sell or not. Always have a business that's sellable and always have a plan for that retirement piece. I think on our side, the Dental A Team comes in for both. We come in for that strategy. We're like, gosh, what do we need that to look like? Where do we want to go? How are we going to get there? How can we?
build this out together? And then how do we get everything systematized to where it needs to be? Get your money coming in. So our side is like, how do we get the money? How do we get the profit? How do get you to be more profitable? How do we get EBITDA up? How do we do these pieces strategically to ensure that you're prepped and ready to go? And then on the financial advisor standpoint, they're going to look at what does it take to live your current lifestyle? Is that current lifestyle what you're going to want to sustain forever?
The Dental A Team (10:28.948)
based on the rates of inflation, what will this look like year over year over year for how long, like Britt said, do we think you're going to, you know, what's your life expectancy, your projection, they're gonna go, they're gonna go as long as they think that they can for you. And then it tells us how much do we need to be pushing into your retirement all the time to get there. So the financial advisor helps with the logistics, they have these really cool, freaking systems behind the scenes that they just.
plug a couple numbers into and it tells this projection and I'm like, are you freaking kidding me? That is so beautiful. But that it helps us on our side to be able to pair those pieces together and say, okay, I had a doctor this year that he's like, Tiff, like, I'm getting tired and I need to speed this up. And I was like, well, get your financial advisor on the phone. Like, let's figure this out. And he's got to pump $12,000 a month into his retirement.
Britt (11:20.791)
Mm-hmm.
The Dental A Team (11:20.801)
That's into his retirement in order to be ready for the projection he just gave his FA, his financial advisor. That's a huge chunk. Like that's a drastic change from what we were doing before. I think we doubled it. He was at like six or eight thousand, depending on what the month looked like. We doubled that. So having those projections early on, that's the strategic wealth management, right? Like wealth management is current. Like what do want your life to look like now?
And what do want your life to look like for the rest of your life? Wealth management is let us help you bring the money in. Let us help you get the money, get profitable or be profitable where you're at, whether you use it only to or not. Like get profitable within your business and then manage where that's going thereafter. Investments and CDs or IRAs or whatever it is that you've got your retirement, your 401k is like.
Britt (12:02.059)
Mm-hmm.
The Dental A Team (12:14.763)
What do you have going on on the other side that's generating income off of that income so that you can keep up with the inflation? You can keep up with all of the pieces that you want your life to look like and combining those, I think is the superhuman power. And with the right systems in place, the right training, the right people behind the scenes, a lot of practices are experiencing turnover, right? The last, I'd say five years, we've seen more turnover than we ever had before. People are like,
I'm in dentistry for 17 years or I've been at this practice for 22 years. Like we don't see that anymore. But with those systems in place, that doesn't have to affect the profitability. And I think before we were seeing that that was affecting the profitability because we were losing people.
and we were so dependent on the people and their knowledge, it was negatively impacting your strategic wealth management. Like it was negatively impacting the projection for your retirement. And one thing that we've learned in the dental field in general is to not be people dependent. So we're taking those systems and those pieces and able to duplicate them, teaching you guys the business side that you've never learned and making sure that all of that combined
is strategizing, like you said, Brit, for forever. Like, this is not just for today or just till retirement, this is for forever. So I love it and I love this topic because I just, I want everyone to understand how important it is to have those conversations and like you said, work backwards. We kind of work, I think a lot of us work from like, here I am, where do I want to go? And so we think how do we stack on top of
where I'm at, but you're saying like flip that board upside down and say, I'm going here. How do I, how can I work backwards from where I want to be and strategize? And it's brilliant. Yeah.
Britt (14:08.031)
and you can always add more on, right? But that's like, that's where I need to be. So no matter what, whatever we work towards, that's where we've got to hit. And it just also helps you to make smart decisions about your practice. I think that most doctors would agree. Every doctor has a sell the practice day from time to time where they're just like, can't do this anymore. It's like, it's okay.
The Dental A Team (14:27.521)
Yeah. Today is the day. Yeah.
Britt (14:30.455)
Wait a minute, it'll be fine. But in those moments, especially as you get more mature in your career, I just talked to recently a potential client and he's like, well, physically and all this, do I sell or if I'm going to stay, then I want to bring in an associate to not have to work as many days. I'm like,
we can absolutely help you if that's the direction you want to go. You need to know first what you need, right? Like that's, you need to know the need first. And then, cause chatting with you, I'm like, you, it sounds like you're ready to go like live the retired life, right? And enjoy your family and do all of those things, which if you can, then great, why not? Then you know, you can make that choice confidently and be prepared for it. But until you talk to someone for financial to see what's your plan for retirement.
The Dental A Team (14:57.741)
Yeah.
The Dental A Team (15:05.239)
Yeah.
The Dental A Team (15:10.466)
Hmm.
Britt (15:19.191)
What assets do you have? What does that look like? I'm like, I don't, can't, one, I can't advise you even on anything. Ultimately you're a choice, but I'm like, even knowing what direction to go, that's what you need to do first. And then from there.
Make the decision and you want to stay in there like then absolutely come to us. We'll help you grow. We'll help you bring out an associate. We'll help you make it something that's also going to be valuable to sell while keeping in mind like yeah, don't go if you don't need a bunch of equipment, don't go buy a bunch because maybe only need it for like five, 10 years and then you're going to be selling it. So it just helps us to make smarter decisions.
The Dental A Team (15:47.19)
Yeah.
The Dental A Team (15:51.226)
I totally agree. I totally agree. And I think at the beginning about you said like, you can add to it, like, don't think that because you set this, this star, this ladder, it's like, I have to do these things. It's not that rigid. It's flexible. The money side, the financial investing, the retirement. Yeah, for sure. Like your financial advisor is going to get you set up and he or she is going to take you the way like find, find someone you trust, find someone who knows the information, let them help you.
Britt (15:57.995)
Yeah.
The Dental A Team (16:20.341)
Also work closely. I always say work with your financial advisor and your CPA super closely. And even if they can communicate, it's really smart because your CPA is going to have a like right now mindset and your financial advisor's got to what's later look like and you've got to combine those. adding in your consultant piece is huge. I have a lot of clients that I'm talking to, both of them with them or getting information from my client that they're sending. Cause I'm like, cool, if your financial advisor wants us to do that.
This is how we're going to move that needle. Cool. Your CPA wants you to be prepped for those taxes. This is how we move that needle. Let's get this bucket going over here. Cause they're going to have some of those like obscure plans. They're like, do you need to do this? And then they're like, okay, have fun. Good luck. And then they're gone. But then you're sitting there like, okay, cool. But how am I supposed to get five, 10 % more profitable this year than I was last year? I can't just wish it into existence. So there's a few pieces there. It's ever changing.
Britt (17:19.297)
Mm-hmm.
The Dental A Team (17:19.587)
just like the world of finance is ever changing. So we can add to and we can subtract at any point and change the trajectory. That's the really fun part of the black and white side of watching your practice by numbers standpoint. We see those trends and we're like, great, let's move it a centimeter, right? Let's move it a millimeter and completely change it. I always tell doctors, if you torqued that implant,
a millimeter too short or a millimeter too far, right? You're gonna get a drastically different situation than if it was spot on. If you're like, I don't know if this is spot on, you go a little bit further, that millimeter counts. So thinking that we have to rehaul everything is like saying we have to rehaul the implant. No, you just need to torque it, right? So then we just gotta, we just gotta torque it another millimeter to see or back it off the millimeter to see where we're gonna take it next. And I do have a practice that,
The doctor when we first started was like, in 10 years I wanted to look like this, in five years I to look like this. Well, in three years, we're at three year mark, he's like, I actually don't want those things, Tiff. Cool, cool, that changes it then, right? That changes the trajectory. He's like, I actually want that money then to go to this. It's the same money, but we're putting it on a different focus because his agenda has lined up differently. The things he thought he wanted for his family three years ago.
are very different than the things he's realized he wants for his family now. So setting those sites, but knowing that they don't have to be rigid, they can be flexible. You've just got to be working with the right people. And Britt, you said it earlier, like making sure you've got somebody on the system side that's really helping implement and strategizing with you and making sure you've got somebody that's strategizing on the financial side as well. Britt, I love your brain. Thank you. Thank you.
Britt (19:06.871)
It's fun to know a good amount about this too, right? So this is like the fun to see like both sides of it. And those, I don't know, it's part of the why, right? We care about our clients, why and their ultimate goal, right? And then as people as well, which I know you do big time. And I feel like that's
The Dental A Team (19:22.734)
I think it's...
Britt (19:23.575)
part of it that I'm like, do you, should be like, how do you want to enjoy life, especially like as you retire, being able to enjoy family and grandkids before you aren't physically as able to do things. So that's part, that's why it's part of it. Cause we care about you as people and we want to make sure that ultimately your business feeds that.
The Dental A Team (19:41.697)
I totally agree. totally agree. Actual items are really easy, you guys, like for us. Actual items are easy for us. For you, you've got to start dreaming if you haven't dreamt yet. And you guys, I think most of us dream and we're like, this is the thing I want. And then we just kind of like sit on it because we don't know that we deserve it yet or that we've made it to that point. I've got a lot of younger doctors. They're like, I don't make enough to talk to a financial advisor. Yes, you do. Everyone at Dental Assistance listening today.
Britt (20:06.547)
Uh-huh. Uh-huh.
The Dental A Team (20:09.808)
Treatment coordinators listening today, you make enough to talk to a financial advisor. Everyone should be talking to someone who can help advise them and managing their money and doctors, you especially like, what is it going to look like? How can I make sure that my business is sellable and that I've got my life and my family's life, my kids lives ready to go, whatever that looks like. So step one, dream bigger, dream further, dream and plan for your retirement as weird as that might sound for.
our new grads, I want you to think about when you want to retire and maybe plan a couple years ahead of that even if you think you want to retire at 65 or 70 or whatever age that might be, maybe plan for retirement when you're super young to 60. Like give yourself that flexibility because why not? Then you've got the last five to 10 years to just be like, no, I'm selling today, right? So plan ahead. So think big, dream big, you guys. Come up with that projection. What's your age range?
Chat with your consultant. If you're already working with Dental A Team, you've got a consultant in your back pocket. Chat with one of us on how to get there. If you don't, give us a chat, like give us a call. We're doing these free assessment calls. and Kira and Shelby and the brains behind these things are huge. So you don't even have to be a client with us to help get some of that assessment going. And then three, make sure you've got a financial advisor and a plan for that strategic wealth management. Britt, is there anything you can think of that...
we've missed or you want to re-highlight or anything before we say goodbye.
Britt (21:36.381)
The only thing is you start somewhere and then that's where you at least do a check-in at least every year with whoever's helping you with their finances to say on track off track anything change awesome keep going so that's only addition is it's not a set it and forget it it's a make sure at least every year minimum you're checking in on where your assets are at
The Dental A Team (21:56.285)
Totally agree. I love it. Thank you, Britt. This has been so much fun. This is one of my favorite conversations as well. So I'm super glad that we got to have this today. You guys, you heard it here first, I hope, or second or 15th. I don't care. I hope something hit today that you're like, yes, I've got to go do that. I want you to prep. I want you to plan. I want you to talk to the right people. Let us know how we can help you reach out to your consultant. If you're already a client, if you're a future client, hop on for a free assessment call.
And if you're just someone who's like, I need an assessment, hop on a free assessment call, we're here for it. But reach out Hello@TheDentalATeam.com with questions, with comments, with feedback. We want to hear from you guys and we want to help you plan for your best and brightest futures. Thank you, Dental A Team listeners, and we'll catch you next time.
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