Episode 85 – Requested Replay: What is IGP?
“Being a dental practice owner is one of the most courageous acts of independence to be found in the business world today.” – Dr. Victoria Peterson
You deserve a dental practice that gives you a life you love today, and builds value to support your future. But, wait, you say. It’s not that easy. I agree, it’s not easy to build a valuable dental practice but I can tell you one thing: business shouldn’t be this hard.
I believe every independent dental practice owner deserves an Investment Grade Practice that gives you a life you love today, while building value for your future. Which is why I’m re-running my first episode where I explain what an Investment Grade Practice is and how it can give you the life you want and deserve.
Crafting an Investment Grade Practice is a conscious choice that you make so you control your business and craft the life and future you want, instead of letting circumstances pull you off course. The good news is you already have the tools you need to build your own Investment Grade Practice!
In this episode, I give you a summary of what I’ve learned as a dental practice owner so you are prepared with the vocabulary, knowledge, and certainty to courageously and confidently make the decisions you need to secure your future.
In this episode, I dive into:
- The importance of your business philosophy and how it drives your decisions
- How to know if your business is actually working for you
- The results you can expect from your Investment Grade Practice
Want to know if you have an Investment Grade Practice? Click here to use the completely free Investment Grade Practice calculator: What’s my IgP Freedom Number?
Hi, Doctor. Regan Robertson, CCO of Productive Dentist Academy here and I have a question for you. Are you finding it hard to get your team aligned to your vision, but you know, you deserve growth just like everybody else? That’s why we’ve created the PDA productivity workshop. For nearly 20 years, PDA workshops have helped dentists just like you align their teams, get control of scheduling, and create productive practices that they love walking into every day. Just imagine how you will feel when you know your schedule is productive, your systems are humming, and your team is aligned to your vision. It’s simple, but it’s not necessarily easy. We can help visit productivedentist.com/workshop that’s productivedentist.com/workshop to secure your seats now.
Victoria Peterson 0:45
I think that being a dental practice owner is one of the most courageous acts of independence to be found in the business world today. It’s true. Just think for a moment and ask yourself, Where did I take a stand for quality today? Where did I feel supported? And more importantly, where did I feel confused or ill-prepared to make decisions?
Welcome to Investment Grade Practices Podcast where we believe private practice dentists deserve to get the lifestyle today while building an asset for tomorrow. Join your host Victoria Peterson to design the practice of your dreams and secure your financial independence. Let’s get started.
Victoria Peterson 1:34
Hello, everyone, I’m Victoria Peterson, your host for Investment Grade Practices podcast. I am so pleased to have you joining me. If you find yourself on this podcast then you’re probably an independent dental practice owner or small group looking for advice and information to help you make smarter, easier decisions for your business. Good news, you’re in the right place. On this podcast. I’m gonna give you everything I know about running an Investment Grade Practice so you’re equipped with the knowledge you need to lead your practice with confidence and build a business that will secure your future. Investment great practice is a business philosophy. It allows you the freedom of living your life on today’s terms, while making decisions that protect your tomorrow. You know, there are other business philosophies and dentistry is often unconsciously chosen. There’s the golden rule. He who has gold rules. These doctors rely on the bank balance rather than solid financial data to let them know how the business is going. Is there money in the bank? “Hey, I’m king, I shall buy that new piece of equipment and rule.” If there’s no money in the bank, then often they think, “I’m a pauper. I’ll always be a pauper.” And these emotional swings they can be quite devastating to your future planning. Another business philosophy is the Sunday aisles. These are the dreamers who ignore today’s reality. “I’m not there yet, but someday I’ll be there. Someday, I’ll bring sleep apnea and implants and 3d printing.” And unlike the Golden Rule kings who purchase without caution, someday I’ll doctors can become complacent and settle for yesterday’s technology, denying themselves the opportunities of today. Investment Grade Practices are different. It provides a framework of understanding of how to spend when and where, how to save, and how to leverage working lines of capital to invest in your business, propelling it beyond the competition and securing your future. In essence, Investment Grade Practices are a business philosophy that allows you the freedom of living life on your terms today, while making decisions that build your tomorrow. I’m your host of Investment Grade Practices Victoria Peterson, a serial entrepreneur and co-founder of Productive Dentist Academy along with my business partner, Dr. Bruce Baird. Since 2004, we’ve been recognized on the Inc 5000 Fastest Growing Private Companies four times. I’ve also owned a small network of dental practices and was recognized with Silver Stevie, female entrepreneur of the year. So like many of you, entrepreneurship is in my blood. Combining 15 years of clinical experience with a business major and Doctorate in spirituality, I really do hope to bring practice owners some hope and some encouragement. I think that being a dental practice owner is one of the most courageous acts of independence to be found in the business world today. It’s true, just think for a moment and ask yourself, “Where did I take a stand for quality today? Where did I feel supported? And more importantly, where did I feel confused or ill-prepared to make decisions?” I know as an entrepreneur, every day I face questions that are bigger than me. Every day I wonder if I turn left, where will that take me if I turn right, where will I be down that road snd it takes a lot of courage to be in the lead and to make those decisions playing off the themes of living today building tomorrow. Each podcast guest is going to bring expertise to help be you strategically think about life choices to bring support to help you make those tough decisions and together, we’re going to explore the four P’s of successful practice ownership. We’re going to look at the people, profits, passion and your purpose. Leaning into my experience of owning and managing a small group of five dental practices in the Midwest, we’ll also explore the landmines in growth, as well as the emotional rewards of making great decisions and taking a few risks. I’ve pored through my Rolodex of connections in our field to bring you the best and the brightest. Oftentimes, my guests are not going to be related to dentistry at all and I think that we could all use a fresh perspective. If you’re like me, I’ve looked around at my dental colleagues and there are two times when dentists seriously consider the value of their business when they’re purchasing one and when they sell it and its as if the activities happen in a bubble, you only need a few months to consider it, right? I’m gonna consider for a couple months, I’ll buy one I’ll consider for a few months, maybe a year, and then I’ll sell it. Now here’s the bigger picture, the average dentist will see 25 to $30 million pass through their bank accounts during their career. I’m not talking about a big DSO here, I’m talking about the average solo practitioner doing about a million dollars a year, for many of you this number is going to be higher. So you have $30 million in, how much will you leverage along the way? At what point do you stop working for money, and you allow money to work for you? I’ll say that again. When will you stop the hustle and the grind of working for money and allow money to work for you. Imagine for a moment that your practice could meet its overhead obligations without you working. I know it sounds magical and it is and you know what we’re here to help you get there. You’ll be prepared for the next downturn in the economy, I promise, and I promise it will come along. So let’s get prepared. The times that we face call for a new leadership, new direction, and new care and I think it asked us to ask those compelling, bold questions. Isn’t there more to life than work and how do I outpace my overhead and reinvest in my future? See, I think these compelling questions actually point to an even bigger picture. How do I organize my business in a way that takes massive care of my patients, that contributes to my community to the health of my community? Because the way we practice dentistry today actually increases patient’s immune system functionality, it increases their overall state of health and that’s what I hope for you. To play the game of business well, you need to know the rules. The truth is there aren’t many, but if you miss them, you will swirl in chaos your entire career, always working hard to play catch up. Welcome to building an Investment Grade Practice, preparing you with the vocabulary, the knowledge and the certainty to courageously lead your team. Together, we will explore the four P’s of successful practice ownership, people profit passions and purpose. Thank you for joining me today. I look forward to hearing from you and seeing you on our next episode.
Thank you for tuning in to this episode of Investment Grade Practices podcast. If you find value in this episode, help us spread the word by passing it along to a dental friend, subscribe and give us a Like on iTunes or Spotify. Learn more about building your Investment Grade Practice at productivedentist.com Today