Podcast Episode #525: Investment Grade Practice – The Business Principles Every Dentist Needs to Succeed – Dr. Victoria Peterson
Episode #525: Dentist Freedom Blueprint Podcast
Investment Grade Practice – The Business Principles Every Dentist Needs to Succeed – Dr. Victoria Peterson
In this episode, Dr. Victoria Peterson, co-founder and CEO of the Productive Dentist Academy and host of the Investment Grade Practice Podcast, joins us to discuss running a dental practice worth selling, practice management, and best practices for high-performing dental practitioners. Victoria shares her unconventional path from a high school dropout in rural Georgia to a leading dental entrepreneur. She challenges the conventional wisdom that exit planning is only for those nearing retirement and how it should be a core business strategy from day one.
Victoria dives into what being an Investment Grade Practice means, as well as their 6 week mandatory out-of-office system, allowing dentists to build a resilient practice while improving their own quality of life. We discuss the role of leadership in attracting and retaining top talent, the necessity of establishing a strong employer brand, as well as Dental TQ, a performance management system designed to help practice owners navigate team-building challenges across multiple generations in the workforce.
Minute Markers:
03:17 – Victoria’s background and the roundabout way she got into hygiene school.
07:12 – Why continuing to learn is a core piece in life.
10:07 – How dental practice owners as a whole aren’t prepared for opportunity or transition.
11:33 – Why you should prepare for the unexpected.
13:32 – Why we need to change our mindset on how exit planning is business planning.
14:58 – What the Investment Grade Practice is – and the power of consistency.
17:24 – Why Victoria’s company does a mandatory out of the office every 6 weeks.
19:31 – The effect of mental burnout on dentists.
21:38 – Productivity isn’t determined by how busy you are.
24:00 – Recruit, train and retain, and how it determines the success of your team.
25:15 – Dental TQ and EQ and building a brand as an employer.
Featured on the Show:
Victoria Peterson: Website | LinkedIn
The Investment Grade Practices Podcast
Scaling Time vs Wealth Book
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P.S. Whenever you’re ready, here are some other ways I can help fast track you to your Freedom goal (you’re closer than you think) :
In this episode, we finish up the second part of my interview with Rob Swanson and his eight rules of investing. (If you haven’t listened to part 1, be sure to go back and give that a listen before jumping into this one.) Today, we pick up where we left off, covering rules four through eight and talking about everything from decision-making to cash flow and risk reduction.
Listen in as Rob shares his incredible insight and experience in real estate and investing to give us a few rules that help make our decisions and investments more solid. You will hear about the importance of looking at margins before buying and what boxes need to be checked when it comes to predicting a solid income stream. Rob also discusses how to define and mitigate the different risks involved so that you can come out on top.
Alastair MacDonald is a private advisor to established entrepreneurs, investors, and business owners, as well as a TEDx speaker who lectures on economic, social, and financial forecasts. Join me today to hear part two of our conversation at the Freedom Founders Mastermind, where we dive into the concept of certainty, how to hedge against a volatile economy, and why the abdication model is no longer one that works.
Listen in to learn the reasons why Alastair is not worried about consumer price inflation (and what he’s really worried about instead) and why the 401(k) is not always the investment that it is made out to be. You’ll learn why he is most concerned about the issue of division and polarity in the Western world, why your business is your best asset in a volatile economy, and how you can maintain its viability to weather the most intense economic storm.
1. Get Your Free Retirement Scorecard:
Benchmark your retirement and wealth-building against hundreds of other practice professionals, and get personalized feedback on your biggest opportunities and leverage points. Go to www.FreedomFounders.com/Scorecard to take the 3 minute assessment and get your scorecard.
2. Attend A Workshop:
If you’re committed to Freedom, but still building a practice, paying down school debt, or growing investment capital, our hands-on Freedom Blueprint Workshops are your entrance ramp onto the fast track! Visit www.freedomfounders.com/workshop to claim your seat!
3. Apply To Visit The Mastermind:
If you’d like to join dozens of dentists, docs, and practice professionals on the fast track to Freedom (5-7 years max), visit www.freedomfounders.com/step-1 to apply for a seat.
4. Want to Work Directly with Me?
If you’d like to work directly with me and a small group of my closest investment colleagues, with direct access to the dealmakers and asset classes that I invest in, just send a message to my Executive Assistant (Lindsey@FreedomFounders.com), and put “Fast Access” in the subject line. Or, call (972) 203-6960 Ext 144 and leave a brief voicemail for Lindsey. Let her know you’re interested in the Fast Access program – we’ll set up a time with you to talk, find out about your goals, and see if there is a fit.