by Timothy McNeely | Mar 27, 2024 | Dental Wealth Nation
Get insights into the world of specialized dental care as Dental Wealth Nation showcases a compelling discussion with Lisa Kerbo, an experienced dental hygienist renowned for her work with special needs patients. This conversation is a must-listen for dental practitioners eager to enhance the inclusivity and diversity of their practice.
The episode is filled with stories of Lisa’s journey, her transitional challenges, and how she succeeded in integrating special needs care into her practice. She generously shares how continuing education and active volunteering are initial steps towards embarking on this journey of unique patient care.
This conversation also delves into the pivotal aspects of legalities and hospital credentialing. Lisa offers valuable recommendations on where to focus when venturing into this specialized field of dentistry. The episode firmly emphasizes that a practitioner’s commitment to inclusivity can make a significant difference in the life of a patient with special needs.
Remarkable wisdom also stems from the-heartfelt experiences shared by our guest about accommodating patients with chronic illnesses and dementia. The conversation provides a clear illustration of how to assemble and reinforce a dedicated team, while also driving home the significance of comprehensive caregiver involvement as a cornerstone for customized patient service.
One innovative highlight of the discussion is Lisa’s ‘Dental Sensory Kit’, designed to acclimate special needs patients to a dental office environment. This component of the conversation underscores the episode’s core message: By taking strategic steps and staying committed, dental practitioners can create an atmosphere that is not only integrative and productive, but also immensely comforting for special needs patients.
Listen to this engaging episode for expert advice and firsthand insights into making dental healthcare more accessible, more inclusive, and profoundly beneficial for all patients, regardless of their unique needs.
by Timothy McNeely | Mar 1, 2024 | Dental Wealth Nation
In recent years, more people have become aware of new thinking around environmental sustainability, workplace diversity, ethical decision-making practices and similar issues impacting both life and business. Investors are increasingly reflecting that awareness in terms of the types of stocks and other securities they buy—and avoid.
Investment portfolios that are guided in part or entirely by concerns about companies’ workplace policies and broader societal impact are becoming popular, particularly among high-net-worth individuals and families. Example: According to Morningstar, $3.1 billion flowed into ESG funds—which invest in companies with strong environmental, social and corporate governance efforts—in 2022, and more than 90 ESG funds were established that year.
Should you add these investments to your own portfolio?
(more…)
by Timothy McNeely | Feb 19, 2024 | Dental Wealth Nation
In this empowering episode of The Dental Wealth Nation Show, host Tim McNeely is joined by esteemed financial coach Kristie Reph, to delve into a topic that plagues many dental professionals – debt management and retirement planning. Kristie brings her considerable expertise to the table, sharing actionable insights that are particularly relevant for dentists looking to achieve financial independence and secure a robust retirement.
Throughout the episode, Kristie highlights the crucial first step towards overcoming debt: the willingness to change and the open-mindedness to absorb guidance from financial experts. With her unique background rooted in healthcare, Kristie blends empathy with a no-sugarcoating approach to financial coaching. Together, Kristie and Tim address the all-too-common perception of finances as a daunting challenge, and they discuss strategies to navigate the often overwhelming landscape of debts common in high-earning professions like dentistry.
This episode goes beyond just the numbers; it’s about breaking down behavioral barriers to financial success. Kristie suggests practical methods such as creating a spending plan, strategic debt repayment, and prioritizing expenditures to pave the way for debt_freedom. The discussion doesn’t shy away from touchy subjects like the stark reality that 80% of the population lives paycheck to paycheck, a situation often attributable to the lack of financial education during one’s developmental years.
In addition to practical advice, Kristie shares her inspiring personal journey of overcoming significant debt, which reinforces the power of financial education, budgeting, and a savings-oriented mindset. The insights provided in this episode are aimed at helping dental professionals map out their finances to tackle debt aggressively while simultaneously preparing for retirement.
Finally, the conversation turns to the future, with Tim and Kristie emphasizing the need for planning, honest financial conversations, and taking real steps towards improving one’s financial health. Kristie Reph’s return to The Dental Wealth Nation Show is eagerly anticipated, as listeners walk away with invigorated motivation to pursue the dream of being debt-free, wise investment strategies, and a future where financial strain does not dictate the quality of their lives or relationships.
This episode of The Dental Wealth Nation Show with Tim McNeely is an essential listen for any dental professional seeking to take control of their financial destiny, reduce stress and anxiety associated with debts, and lay the groundwork for a thriving, worry-free retirement.
Discussion Questions:
- How does Kristie Reph suggest dentists shift their mindset to become open to changing their financial habits? Can you share a time when a change in mindset impacted your financial decisions?
- Tim McNeely touches on the fear of finance being a monster. How can dentists approach this fear constructively to take control of their financial situation?
- Debt accumulation is common in high-income professions like dentistry. What strategies can be employed to not only manage but also prevent excessive debt in such professions?
- Kristie Reph emphasizes addressing underlying behavioral issues when it comes to spending. What are some common behavioral barriers to financial wellness, and how can they be overcome?
- Financial education tends to be missing from early education. How can dental professionals compensate for this lack to ensure their financial health?
- Christy Ruff shares her personal journey of debt and the role of financial education in overcoming it. What lessons can be learned from her story that can be applied to the lives of dental professionals?
- Discuss the concept of a spending plan versus a traditional budget. How would implementing a spending plan change your current approach to your finances?
- Kristie talks about the importance of accountability in managing finances. How can dentists implement accountability structures in their financial routines?
- The conversation on the podcast touched upon the need for honest discussions about money between partners. How can dentists facilitate such conversations within their households while mitigating conflict?
- Kristie Reph and Tim McNeely highlight the impact of poor financial health on personal well-being. In what ways can dental practices and families cultivate a culture of financial wellness for all members?
Don’t miss out on this insightful and transformative conversation. Tune in to The Dental Wealth Nation Show for more knowledge bombs and expert advice tailored specifically to the dental community’s wealth-building journey.
Remember to visit our website to connect with Kristie Reph for financial coaching services, learn more about creating your custom financial plan, and discover how you can join the ranks of financially savvy dental professionals who are making debt_freedom and secure retirement a reality.
by Timothy McNeely | Feb 19, 2024 | Dental Wealth Nation
Navigating the intricate journey of dental practice transition requires thoughtful planning and expert insight. In this compelling episode of The Dental Wealth Nation Show, host Tim McNeely welcomes Cary Fry, a seasoned transition planning strategist from Callamath Consulting Group, to delve into the crucial steps of transitioning your dental practice on your own terms.
Cary Fry brings his extensive experience to the table, discussing the emotional, financial, and strategic facets of creating a successful exit plan. He highlights the significance of aligning personal goals, such as family time, with your practice exit strategy, rather than being swayed solely by unpredictable market conditions.
Throughout the episode, Cary emphasizes the value of having a cohesive, elite team of professionals to streamline the business transition process. He shares his unique 7-step framework, tailored specifically for dental professionals looking to retire or transition their practice to new ownership, whether it’s to family members, internal buyers, or through an Employee Stock Ownership Plan (ESOP).
Listeners will gain insight into how market trends, economic fluctuations, and dental industry specific factors can influence their transition strategies. Cary and Tim touch on the importance of understanding your practice’s valuation, reinforcing its attractiveness through value drivers such as motivated leadership, and building effective incentive structures for key employees.
Moreover, Cary Fry addresses the hesitations and common challenges faced by dental practice owners, providing actionable advice on how to approach transition planning holistically. Discover why time is your ally in planning a successful exit and learn about the resources available to help you prepare for the future of your dental practice.
Discussion Questions:
- How can a dentist emotionally and mentally prepare for the significant change that comes with exiting their practice?
- In what ways do personal goals factor into the timing and methodology of transitioning out of a dental practice?
- Cary Fry highlights the importance of a coordinated team of professionals in the transition process. What are the key roles in such a team, and how do they collaborate effectively?
- Based on Cary Fry’s 7-step framework for business transition, what are the initial steps a dentist should take when considering selling their practice?
- What challenges might a dental practice owner face when transitioning their business to insiders, such as family members or key employees, versus an outside buyer?
- Cary Fry talks about building incentive structures for key employees. What types of incentives should dental practice owners consider to enhance the value and attractiveness of their practice for a successful transition?
- Considering that many dentists lack a transition plan, what barriers might be preventing them from engaging in this critical planning? How can they be encouraged to take action?
- Given that economic conditions and market trends can impact a practice’s transition strategy, how can a dentist stay informed and adapt their plans accordingly?
- What are some strategies for ensuring the continuity and stability of a dental practice post-sale, to protect the legacy and maintain the culture of the practice?
- How can a dental practice owner determine the right timing and approach for conducting a business valuation, and what steps should they take to close any identified value gaps?
Don’t miss this insightful conversation if you’re a dental professional aiming to maximize your practice’s net worth, understand the intricate details of practice transition, or simply seeking guidance on how to begin the succession planning process. Tune in to transition on your terms and secure your Dental Wealth Nation legacy.
by Timothy McNeely | Feb 19, 2024 | Dental Wealth Nation
Welcome to The Dental Wealth Nation Show with your host, Tim McNeely. In this thought-provoking episode, we sit down with special guest Eric Roman, dentist and founder of a successful Dental Service Organization (DSO), to delve into a topic that transcends professional achievements: finding personal fulfillment that matches or surpasses your success in the dental industry.
Eric Roman shares his transformative journey from prioritizing his dental business to discovering a more balanced and fulfilled life. Roman candidly discusses the pervasive lies surrounding work-life balance, the glorification of the hustle, and the often misguided pursuit of business success at the expense of personal relationships and well-being.
Listeners will benefit from this deep dive into the challenges and learnings that come with balancing a demanding dental career with personal happiness. Eric takes us through the valuable insights he gained after facing a lawsuit, financial challenges, and almost going bankrupt. He reveals his approach to starting anew and supporting others in the dentistry field to do the same.
This episode is a goldmine for dentists, dental practice owners, and professionals within the dental industry looking to maximize their net worth while not neglecting their personal life’s wealth. Tim McNeely probes the complexities of achieving a fulfilling personal life amidst professional success, bringing to light the importance of mindset, belief in long-term investment, and reevaluating the narratives we tell ourselves about success.
Moreover, Eric Roman introduces the OneLife system, a framework that aims to balance the four critical components of life: happiness, purpose, financial stability, and relationships. He emphasizes the need for self-care, sustainable work-life harmony, and the power of community and accountability.
In a discussion that transcends the dental profession, we tackle the diminishing returns of monetary wealth and question if the relentless pursuit of more money is worth the sacrifice of time and relationships. Eric provides a fresh perspective on finding joy and fulfillment beyond the confines of the business world.
For dentists and dental industry professionals seeking not only to scale their business but to elevate their quality of life, this episode of The Dental Wealth Nation Show is an essential listen.
Discussion Questions:
- How did Eric Roman’s personal journey of prioritizing work over family life resonate with you, and have you experienced similar challenges in your own life?
- What are some of the most common “lies” associated with work-life balance that dental professionals believe, and how can they be addressed?
- In what ways do you see the hustle and grind culture affecting the dental industry, and what steps can be taken to shift the focus towards more holistic success?
- Eric Roman spoke about the realization he had from his daughter’s perspective. How can dentists ensure they are not sacrificing important family time for the sake of business growth?
- What are some strategies that dental professionals can use to measure success in their personal lives, as opposed to just their business achievements?
- After hearing about Eric’s turning point during his lawsuit, what do you think about the idea that our greatest challenges can lead to our most significant growth, both personally and professionally?
- The OneLife system addresses happiness, purpose, financial stability, and relationships. Which of these components do you find most challenging to balance with your professional life, and why?
- Eric emphasizes the need for accountability and community support in the OneLife system. How can dental professionals actively build and engage with their support communities?
- How can dental practice owners create an environment that supports both the professional growth and the personal fulfillment of their employees?
- Eric Roman shared his vision of a better world through the implementation of personal growth models within companies. What immediate steps can individuals in the dental industry take to start creating this change in their own practices?
Tune in to discover why Eric Roman believes that true wealth comes from a balanced life and why improving your personal life can lead to even greater success in your dental practice. Don’t miss out on this invaluable conversation that could redefine how you view success and fulfillment in both your personal and professional lives.
Make sure to follow The Dental Wealth Nation Show for more insights into building wealth within the dental industry while leading a meaningful and joyful life.
by Timothy McNeely | Feb 19, 2024 | Dental Wealth Nation
Welcome to another insightful episode of The Dental Wealth Nation Show hosted by Tim McNeely, where we’re dedicated to helping dentists and dental entrepreneurs maximize their net worth and care for their loved ones and community causes. In Episode 116, we address a rarely discussed yet significant aspect of the dental profession—the loneliness of dentistry—and how finding your tribe within a supportive community can be transformative.
Our special guests, Chris Snyder and Roland from Xiris Dental, join us to delve into their experiences with creating a thriving, candid community through Empowered Dentistry. They provide an in-depth look at why forming online communities is essential for dental professionals to share knowledge, combat burnout, and foster mental health and wellness.
We cover hot topics including adapting to new dental technologies, strategies for patient acquisition, tackling post-pandemic staffing issues, and the financial challenges facing dental students and young practitioners. Our guests emphasize the power of engaging with a community of peers for problem-solving and support during challenging times.
In this episode, Chris and Roland reveal the importance of meaningful engagement in dental communities and how authentic connections can aid in professional growth, learning, and well-being. They stress the significance of openness and friendly discussions without snarkiness or judgment, creating a safe space for all levels of experience within the dentistry field.
Listeners will learn the benefits of sharing issues and information within a community, fostering an environment where it’s okay to ask for help, and discovering the value of resonant, smaller communities over large, disengaged ones. Empowered Dentistry’s approach to free community membership and commitment to valuable interactions is also highlighted.
Whether you’re looking to expand your dental knowledge, seeking advice on practice management, or finding a network that enriches your experience, this episode emphasizes the importance of community involvement for both personal and professional development.
Discussion Questions:
- How can dental professionals overcome the sense of isolation that often comes with their practice through community engagement?
- What are some effective strategies for dental professionals to stay informed about the latest technologies and industry changes within their community?
- In what ways can being an active member of a dental community support a professional during challenging times, such as dealing with burnout and stress?
- How can dental communities help professionals navigate the complex issues of cybersecurity and patient data protection in their practices?
- What benefits can younger dentists and dental students gain from participating in communities like Empowered Dentistry, especially concerning their financial burdens?
- What role does authenticity play in fostering a supportive and constructive environment within dental communities like the one created by Empowered Dentistry?
- How can dental professionals strike a balance between actively participating in their community and managing the demanding responsibilities of their practice?
- In what practical ways can a dentist stay true to their ‘north star’ while navigating the evolution of their practice and the dental industry?
- Can you share successful stories of how community involvement has tangibly helped dental professionals solve problems or improve their practice management?
- How do communities such as Empowered Dentistry accommodate the variety of experience levels within dentistry, and what measures are in place to ensure that every member can contribute and learn adequately?
Join us on The Dental Wealth Nation Show as we explore overcoming the loneliness of dentistry by finding your community, and how doing so can add a significant layer of wealth to your life beyond monetary means.
Remember, in a niche industry like dentistry, the right connections can make all the difference. Don’t miss out on this must-listen-to episode that could unlock new dimensions of wealth for you and your dental practice.
