How Other Doctors Have Replaced Paychecks With Profits Using “The Dental CEO” Formula
“From 1.5 Practices to 4 Practices and
Replaced Salary with Profits - in Only 2 Years”
One doctor started with 1.5 practices and is now building his 4th practice, after only two years. What has he accomplished so far?
· Fully maximized capacity for his two original practices
· Purchased a third practice and further expanded it
· Created a leadership structure to operate his enterprise
· Built his own in-house marketing team
· Is now building an office for his new 4th practice
Most importantly, he only practices when he wants, and he has replaced his salary with profits. All in only two years!
“He Didn’t Want Multiple Practices.
Until He Realized That Bigger Could Be Easier!”
The idea of multiple practices isn’t enticing for every Doctor. You’ve seen the struggles that others have had and think to yourself, “I don’t need more complexity in my life!”
This doctor was no different. He had mastered his clinical work and was cruising, almost on autopilot. But he was losing his passion and was bored. He knew there must be something bigger and better, but he didn’t know what. He brought in an associate, but was frustrated when the associate couldn’t produce at the same level.
Then he discovered The Dental CEO Formula and realized that bigger could be easier -- with the right systems in place. After that, it was full steam ahead. He did all this:
· Reset expectations for his associate
· Is now acquiring a practice
· Is simultaneously building a new office
· Had newfound passion and excitement that’s contagious. His team is performing at a higher level and have improved an already successful first practice.
· Everyone is happy and excited about their future. Nothing can get this team down -- even in a pandemic
“The Lightbulb Moment:
From Hourly Wages to Long-term Profits”
We can be our own blind spot and at times our own worst enemy. This doctor had already built one giant practice (the size of 3-4 practices) and had fallen into the trap that so many do: “The more I produce the more successful I will be.” But the reality is different. Because relying on one hyper-productive producer actually lowers the value of your practice -- buyers can’t duplicate those results. Instead, having more producers can provide the same if not more productivity for the practice and increase the value of the practice. For this doctor, he learned that his team of hygiene producers (once given the tools) could produce as much as he could in a day. That’s when the lightbulb went on and he realized this is how you replace your hourly wages with long-term profits.
“Costly Mistake Avoided In First Phone Call”
These partners joined the CEO Mastermind with 2 practices and an offer already out on a third practice. In their first phone call, they realized that third practice was not a good acquisition -- and was in fact a costly trap. Weeks later, they re-vamped their strategic plan from acquisition to expansion of the first practice, then planned to move their second practice into a prime location, thus creating an environment for that second practice to flourish. Result? Far more potential profit with far less risk.
A big part of learning the CEO formula is understanding what goes into a “good deal” and how tiny details can cost you BIG (for years to come). For this doctor, we found 3 overlooked items in his new lease that saved him $70,000 in the first term. We then found $90,000 in cash sitting in the office that he was going to have to pay taxes on twice! Finally, we found another $60,000 in savings on 2 practice acquisitions. Proving the truth that money saved is money earned!
“Saved From a Costly Acquisition.
Now Positioned For a Better Deal”
For this doctor, the first year was all about laying the foundations to explode his growth. He added a doctor to his current practice and was evaluating 3 practices for purchase. After learning the see the difference between a valuable practice to buy and a costly one to avoid (thereby saving tens or hundreds of thousands of dollars), he passed on the first 3 practices. Instead, he has an offer out on a high-potential fourth practice. Without Dental CEO, he would have overpaid for a practice and struggled to make it profitable. He now has the skills to find and structure a better deal on any practice he wishes to acquire.
“Timing Is Everything When Expanding”
This doctor had 2 practices, but one was not performing. In her first year, she learned what it takes to manage two practices, not just one. This meant putting a new management system in place and upgrading her providers. With this foundation laid, she is now positioned to grow -- and avoid becoming one of those horror stories you hear about, when dentists expand before they’re ready.
“Rapid Expansion With
The Right Management System”
This doctor started with his one practice. In his first year, he hired another doctor and opened his second practice. With our guidance, he refined his management system to operate multiple practices and is now looking for practice #3.
“Building A Better Future For His Son”
This doctor started with his one practice. In his first year, he hired another doctor and opened his second practice. With our guidance, he refined his management system to operate multiple practices and is now looking for practice #3.
