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Years ago, I met a soccer coach who was an exceptional man with a big heart. At the time, he lived in a rundown apartment, in a neighborhood where anybody might feel dejected. Despite his humble homelife, he was a top-notch authority on coaching kids on and off the field, and he was a perennial giver. I remember he bought a young boy whose mother was on welfare a new pair of cleats. That’s just who he was.  This coach embodied a mix of compassion and pride every single day. While it’s been a while since I last saw this gentleman, I know he no longer lives in a terrible apartment on the wrong side of town. Once the world got wind of his altruistic nature, all sorts of doors opened for him. This coach embodied a mix of compassion and pride every single day. While it’s been a while since I last saw this gentleman, I know he no longer lives in a terrible apartment on the wrong side of town. Once the world got wind of his altruistic nature, all sorts of doors opened for him. Give with authenticity            To this day, I take cues from this wise man when it comes to serving others, and I encourage my clients to follow suit in their businesses—give with authenticity rather than with expectation. Do nice things for other people for no other reason other than it feels good. I can’t scientifically explain what happens, but I know from years of experience that the results are beneficial for everyone.  Some may consider this karma. I refer to it as esprit de corps. If you’re not familiar with the term, Merriam-Webster defines it as “a feeling of pride, fellowship, and loyalty shared by members of a group.” Whatever you call it, just know that you want it in your organization and that it starts with you. I’ve spoken for years about cultivating an abundance mindset. Live generously, and you’ll see how generous life can be toward you in return. Act from the standpoint of scarcity, and you’ll witness opportunities drying up as the entire will of your organization withers in accordance with your own cynicism. How to blend generosity and profit I can’t stress enough that goodwill outperforms cutthroat conduct in every business imaginable. How exactly does one display generosity when trying to be profitable in the highly competitive dental sphere? I’m not suggesting that you let patients off the hook for unpaid bills. Nobody should have to work for free, including dentists. Although, if you notice a patient struggling to pay, your willingness to work with them on a payment plan might be a good starting point.   In general, though, to truly promote esprit de corps, you must put the well-being of your employees and patients front and center. People must matter most. Care for your employees so that your employees care for your patients, and then watch the world’s grace come full circle on your behalf. Interfere with that cycle in any way, and you’ll compromise the results.  On paper, the benefits of being a giver make sense. But there’s always pushback from the skeptics, and I don’t blame them. Once someone takes advantage of your kindness, you learn to avoid getting stepped on again. There are three kinds of people: givers, takers, and matchers. These archetypes illustrate people who give without expectation, who take without limitation, and who insist on reciprocity.  Thankfully, I rarely meet a dentist who falls in the second category; most are in the matching group. They give frequently, but with stipulations to guard their self-interest. I get it. When pesky takers stymie your interests, you want to cut them off. But should you? It depends on your temperament. I’m upbeat, and people often comment on my high energy. I entered my 60es not too long ago, and I feel like I’ve always felt—eager about life and who I get to serve next. My stamina isn’t a persona. I’m the same way at home as I am with my clients and colleagues. Most days, it seems I have an infinite energy supply and therefore an endless willingness to help in any way I can.  My secret? I tend to my basic needs of adequate sleep and proper nutrition, and I mind my mental health. Doing so allows me to give freely without needing anything in return. I don’t fundamentally require anything from the people I help because I’ve fulfilled my needs. I interact with people for the fun of it, for the camaraderie, the collaboration, and the satisfaction of a job well done. That’s it.   What about the takers? Do they lurk in the shadows awaiting someone like me? Maybe, yet I hardly ever run into them. The people in my circle are those with energy like mine. We play perfectly with one another, and others like us join in the fun. It’s an ongoing process, thus our circle keeps growing. We’ve got the takers outnumbered. They feel uncomfortable around us.  Take these ideas to heart In a nutshell, this is the secret to giving unabashedly. Remember that others can tell if you’re giving with strings attached. Serve with expectation, and you’ll be in a state of constant disappointment from others’ unwillingness to reciprocate. Instead, learn to honor yourself first. When you start your day, make sure that you’re nourished, well-rested, and in a good mood.   Then let your bliss carry you smoothly throughout your day as you go from helping one person to the next. It’s how servers make stellar tips, how salespeople make phenomenal sales, and how dentists grow thriving practices. Ask, “What can I do for you?” In due time, others will ask you the same. Since you’re already happy, every new blessing that comes your way will simply be a bonus. Editor’s note: This article appeared in the April 2025 print edition of Dental Economics magazine. https://www.dentaleconomics.com/money/article/55271942/my-two-cents-building-a-legacy-of-generosity-the-power-of-givingDentists in North America are eligible for a complimentary print subscription. Sign up here.Mark B. Murphy, CEO

Building and maintaining a network of brilliant innovators is fundamental to my success as an advisor. I’ll go so far as to say that no business can flourish without a steady stream of cutting-edge input from experts in fields outside your own. Recurring success stems from the collaboration of diverse minds. Intellectual access is key to what I do each day, which is why I had a recent meeting with Dr. Glenn Krieger.  A leading authority in the orthodontic community and a friend of mine, Glenn has made it his mission to mentor fellow orthodontists and other professionals in private practice. As a dental monitoring advocate and passionate technophile, he’s helped countless practitioners reach pinnacle heights in their markets through the implementation of state-of-the-art technology. If you’ve heard the term “orthopreneur,” then you’ve likely been exposed some of Glenn’s philosophy. He launched the Orthopreneurs podcast in 2018, and it’s received numerous accolades and is among the top 2% of downloaded podcasts worldwide. Perhaps Glenn’s most noteworthy achievement is founding Remote Response, an AI-driven application that virtually eliminates the need for in-house dental monitoring. Not only does Remote Response reduce a practitioner’s stress and operating expenses, but it provides doctors and patients vital feedback regarding treatment while ensuring superior outcomes.   It’s nearly impossible to overstate the sheer ingenuity of a mind like Glenn’s. Upon graduation at age 24, he was the youngest dentist ever at the time in the US. Twenty years later and looking to further his training, he became the oldest known orthodontic resident. Having built a thriving synergistic practice, he envisioned how advancements in technology could grow his business exponentially and catapult his success. In the process, he became a pioneer in blending dental management with newly emerging automated systems, which ultimately led to the development of Remote Response. Why expert support is crucial  Without getting into too much technical jargon, I’ll highlight the importance of my relationship with people like Dr. Glenn Krieger, and why you want people like him in your corner. Not only is he brilliant, but he’s a natural-born teacher who champions the success of others. I consider myself smart, and the smartest thing I can do is surround myself with people who are more knowledgeable than me in different areas, and who can guide me toward my goal. If you’re curious about what automated dental monitoring can do for you and the productivity of your staff, I encourage you to check out what Glenn developed at remoteresponse.com.            For those simply looking for new ways to enhance their business, tune into the Orthopreneurs podcast. Glenn is a master at revealing insights through easy-to-digest segments. In a recent episode, one that I found particularly enlightening, he outlines (in a little over 10 minutes) how to free weeks of your time by simply using the power of common AI programs such as ChatGPT.  He uses the example of an orthodontist agonizing over the wording of an email response to a patient complaint. He emphasizes that the entire message can be written perfectly and succinctly with little more than a brief indication of what tone you’d like the message to have. In short, the task shouldn’t waste 45 minutes of your day when it can take a few seconds with AI.            Freeing your time is at the heart of what I teach. If generational wealth is your goal, then efficiency must be the name of the game. I encourage every one of my clients to be on the lookout for new ways to leverage not just their time, but also the time of their staff. Time is money, and wasted time means wasted energy. In case you haven’t noticed, wasted energy is what throws both your team’s and your morale into a ditch. If you’ve ever climbed out of such a hole, then you know it’s exasperating, so it’s better to avoid a ditch altogether. Effective leaders learn to navigate around pitfalls. But how? That’s where people like Glenn and I come in. You don’t need to be a tech wizard. You simply need one in your court. How about a dedicated team of experts? Glenn has assembled a cadre of associates who have dental monitoring down to a science, and it’s all done remotely. The result? You and your staff can focus less on menial duties and more on providing superior service to your patients. Want to take your time? Some of my clients see the big picture right away and dive right in. Others like to dip their toe in the water first. If that’s you, then take a minute to poke around and see what Remote Monitoring can do for you and your practice. There eventually comes a point when you need dedicated expertise to grow your business. None of us got where we are by working in a vacuum.   Collaboration is vital to all our successes, no exception. Even if the only resource you can spare right now is a few minutes of your time, you’re in luck. Tune into Glenn’s Orthopreneurs podcast, or my podcast, The Hero of the Hour. Have a listen, and you’re bound to glean some wisdom to tuck in your back pocket. The best part? It won’t cost a single cent. Keeping an ear to the ground is an easy way to navigate your way to greater prosperity. Experts maintain and improve their level of mastery by consulting with fellow experts, particularly those outside their own realm. A decent dentist works to build up his patient roster. A better dentist invests in his staff members. The best dentists? They continually grow their entire network, engaging not only with patients and staff, but also with a consortium of industry leaders who can show them the path to unlimited success. Editor’s note: This article appeared in the March 2024 print edition of Dental Economics magazine: https://www.dentaleconomics.com/money/article/55259944/my-two-cents-you-cant-know-it-all-team-with-other-experts-and-youll-excelDentists in North America are eligible for a complimentary print subscription. Sign up here.Mark B. Murphy, CEO of Northeast Private Client Group, is an accomplished author, speaker, and motivator who’s revolutionizing the financial planning and wealth

Building generational wealth takes a plan, discipline, and an accountant who has your best interests in mind. A good strategy is using buckets. A great big pile of money may seem like the answer to all your hopes and dreams. As an advisor to private practitioners for more than 40 years, I want all the dentists who come to me for guidance to reap the benefits of wealth built to last for generations. The catch? The goal cannot be immediately centered around a lavish lifestyle. A truly abundant mindset revolves around financial acuity, and more specifically, consistent and intelligent investing. It might seem counterintuitive, but hiring the right accountant is key to your wealth-building journey. For more insight about the integral role that accounting plays in the creation of generational wealth, I spoke with Bill Ladd and Jared Duckett with the accounting firm Duckett Ladd. As CPAs and cofounders of the firm dedicated exclusively to the business of dentistry, Bill, Jared, and their team have established an irrefutable framework for lasting prosperity. Where buckets come into play            Instead of viewing wealth as a single entity, they encourage clients to see it as a plurality. In essence, money shouldn’t be lumped into a pile, but rather allocated into distinct buckets. For example, take your business bank account. Dentists whose bank balance has enough to meet all their expenses are poised for success, provided they know what to do with the remains. Tempting though it may be, the blance shouldn’t go directly toward a lifestyle upgrade. Yet that’s the number one mistake struggling private practitioners make according to Bill and Jared. As mentioned earlier, aspiring wealth-builders need to tend to their buckets, with the first one being adequate reserves. Emergencies happen. Think a line of credit can get you out of a jam? Think again. Routinely piling on debt due to insufficient funds can ultimately squelch your means to profitability. While it’s unreasonable to accurately forecast when equipment will break or when your office will need a new HVAC unit, it’s safe to say that snags will occur. As long as you maintain ample liquidity in a dedicated fund, any emergencies that creep in won’t negatively impact your bottom line. How much should you have on hand? A solid cash position equivalent to 10% of annual revenue is a good benchmark. Additionally, an emergency fund requires maintenance. On those occasions when you make a withdrawal from it, you need to refill the hole during the coming weeks or months. It might seem obvious, but those who forgo this crucial step will eventually chip away at their reserves until nothing remains. Once you’ve developed a proper safety net, or contingency fund, it’s time to build your tax reserves. Unlike emergencies, taxes are not only inevitable, but their cost is fairly predictable, which is why you need a dedicated account apart from your rainy-day fund. Draining your emergency reserves to pay the IRS on April 15 is a precarious proposition, particularly since your tax liability will likely outweigh what you’ve set aside for emergencies. There should be no springtime scramble to pay your tax bill, especially when the deadline is so well known. You simply need a second bucket from which to pay your obligation. Setting aside 30% of net revenue is a good rule of thumb. If you’ve hired a great accountant, you’ll likely have a sizable leftover sum in your account after you’ve paid the IRS. Leave this for subsequent tax years and you’ll reduce the percentage you’ll need to continually earmark in the future. Growing your wealth When both these buckets are full, you’re in a highly enviable position. You’ll have no issues maintaining day-to-day operations, and no IRS or unexpected predicaments will pose a threat to your existence. The growth of your wealth can now take center stage. In comes the third bucket, which is less defined than the first two and can be further broken down into various sub-buckets, all in the category of investments. Expected returns on your investments will determine your course of action, specifically which new buckets to focus on. Bill and Jared have a belief about investing that I wholeheartedly espouse, which is that the highest ROI comes from investing in yourself and your business. However, strategy is paramount. Before you shell out tens of thousands of dollars on brand-new dental equipment, you must have a sense of the profits such an investment will yield in the next one to five years. An accountant can give you a rough idea. You may learn that you’re better off buying gently used equipment. Aside from upgrading your toolbelt, there are numerous other investment buckets. In addition to helping you with traditional investments such as retirement accounts and similar savings vehicles, your accountant can help you navigate opportunities outside your dental practice. Creating substantial future wealth for you and your family might include real estate ventures or joint collaborations with other stakeholders, within or outside the scope of dentistry. There are no limits other than what’s both profitable and appealing to you. If the thought of taking on more projects makes you apprehensive, know that it’s perfectly acceptable to go slow. If you’re comfortable with your current rate of growth, you can shift your focus toward paying down debt, particularly if you’ve financed it with high-interest loans. Paying off your loans might not be as exciting or lucrative as, say, purchasing a second practice, but it’s an infinitely better use of your resources than prematurely buying a boat. It’s true that accountants tend to be disciplined and cautious in their approach to finances, which may lead you to wonder if there will ever be a time when you can upgrade your lifestyle. The answer is yes. However, an accountant will tell you exactly when and by how much. If having generational wealth is the goal—and Bill, Jared, and I all agree that it can be yours if you want it—then your level of luxury can’t outpace your

As a father of two daughters and three sons, I’m faced with the task of guiding these young adults to become the best version of themselves. Part of me wants them to follow in my footsteps and embrace the life of an entrepreneur. I see the benefits of being master of my own fate and never needing a vacation away from my own life. You don’t retire from such a joyous mission. Once you become an entrepreneur, you stay the course for the rest of your days. When you have it good, it’s natural to want your children to have what you have and build upon it even further. For many business owners, the most logical move is to hand their children the keys to their empire. Tread with caution. I sometimes must remind myself that my children have their own aspirations. They don’t have to become entrepreneurs. My job is not to steer them one way or the other, but to encourage them to fulfill their inner calling.  Only about 5% of people have an entrepreneurial mindset. I find that most people would rather work in an organization than create a new one themselves. This makes sense when considering the number of employees it takes to run a thriving business. On the other hand, it’s not uncommon for entrepreneurs to raise future entrepreneurs. It’s not rare for dentists to raise future dentists; just no guarantees, of course.   Before you drill into your son’s or daughter’s head that the good life you’ve created should be the one they want, remember how you felt when you stood in their shoes. What went through your mind when you were figuring out how to spend the rest of your time on this planet? Chances are good that your ideas weren’t in lockstep with your parents’. If they tried to persuade you against your wishes, you likely felt some resentment. It can feel miserable when someone attempts to squelch your dreams and supplant them with their own. Your desires exist for a reason, and to deny them is self-betrayal.  When you realize you can’t control your kids’ future, do you give up parenting? Obviously not. There’s an important distinction between coercion and influence. As a successful entrepreneur and parent, you wield tremendous influence over many people in your life, including your children.  The best way to guide future entrepreneurs Keep in mind that you lead by the clarity of your example rather than the cacophony of your rhetoric. In other words, your success speaks for itself. When your children see you with a happy life, they pay attention. When they ask questions about your success, be open and transparent. That’s your invitation to let them in on your trade secrets. Receptivity is key, and when they approach you, rest assured that they’re ready for your wisdom.  When you have their attention, you might wonder what to say so as not to dispel their interest. Author and engineer Robert Byrne said, “The purpose of life is a life of purpose.”1 Purpose is a great starting point, but what does it entail? For me, it stems from being joyously of service to others. When you teach your children that their natural talents are tied to exhibiting a life of service, they’ll identify and trust their inner calling.  Entrepreneurship involves a wide spectrum of interests. It takes a blend of science, art, and psychology, among other disciplines, to build a business. If you want your children to seek their inner entrepreneur, let them explore their natural curiosities.  I consider myself a lifelong student. I’m a huge proponent of higher education, and I’ve steadfastly encouraged all my children to pursue a degree. However, college is far from the only education I recommend. In most cases, getting a job is an even more efficient way to advance your education. Not only is there no tuition, but your employer pays you to learn.  What an entrepreneur path looks like If you really want to get down to it, the path of an entrepreneur starts long before the business license. Tell your children as they enter the workplace to consider themselves the boss of their time. They might not own a company yet, but they own their choices. Tell them that the growth and maintenance of their network is as important as their ongoing education.  Also, teach them the importance of saving early on. It’s risky to leave an employer to start your own business if you don’t have adequate savings to support you when you start out. Even if your children don’t aspire to start a business, remind them of the leverage that comes with having significant capital in the bank. It’s nearly impossible to take any professional risk living paycheck to paycheck.  Will your children listen to your advice? Not all the time. What you can do, however, is monitor your own behavior. Children tend to mimic their parents, especially when they see them living happy and successful lives. If you can demonstrate your passion for your work and your willingness to serve your community, your children will take note.   Put your appetite for knowledge on full display, and they’ll hunger for great intellect right alongside you. If you can show them how impeccably you regard your finances, and more importantly, your relationships with others, then your children’s success, regardless of their chosen endeavor, is a sure bet.  Editor’s note: This article appeared in the January 2025 print edition of Dental Economics magazine:https://www.dentaleconomics.com/money/article/55247103/inspiring-future-dental-entrepreneursDentists in North America are eligible for a complimentary print subscription. Sign up here.Mark B. Murphy, CEO of Northeast Private Client Group, is an accomplished author, speaker, and motivator who’s revolutionizing the financial planning and wealth management industry. He helps entrepreneurs achieve multigenerational wealth through personalized strategies, leveraging his strategic planning and financial engineering expertise. Forbes has ranked him as the number one financial security professional in New Jersey and number 15 nationwide. Additionally, his book, The Ultimate Investment, is a number one bestseller and new release on Amazon.

We can all learn from each other. Consultants, leading dentists, and everyday dentists all have life stories and good advice to share. Have you ever wondered what you would include in a book about your life? I’m a firm believer that everyone has a remarkable story to tell, one that others could benefit from hearing. One of my life missions is giving people the opportunity to recount their lives in a way that gives new insight to the world. My own journey wouldn’t be nearly as satisfying if it weren’t for the encouragement I gleaned when learning about the triumphs of giants in our midst. I recently had the opportunity to reunite with two such champions in the dental industry. Although they will humbly deny it, they’re legends in their own right.  The first is Fortune Management COO Kim McGuire, who has established herself as a leader in the world of dental advisory. With more than 20 years of experience in a leading dental consulting firm, Kim has shown me time and again her deft hand at crafting innovative strategies and win-win outcomes for her clients. One of her most notable clients is the newly elected president of the ADA, Dr. Brett Kessler. When I met with them, I picked their brains for advice. What I walked away with was even more engaging and enlightening than I’d anticipated.   What these two influencers shared When Dr. Kessler began his practice in Denver many years ago, he thought unconventionally. Alongside his wife Gina, an orthodontist, he opened a unique one-stop shop for oral health. Getting their business off the ground was a mix of successes and failures, not unlike most private practitioners. Thankfully, they knew to seek guidance.  In came Kim and Fortune Management, and she turned their business around seemingly overnight. As an outsider, Kim identified problems in plain view that weren’t visible to those on the inside. Kim articulated exactly what needed to be done to rectify every issue. My favorite part is that Dr. Kessler insists Kim didn’t tell him anything he didn’t already know. His weak area? He didn’t know how to express what he knew. But Kim did.  I frequently talk about the key role communication plays in a well-run practice. Most people aren’t born genius communicators. Dentists are no exception, so it should come as no surprise that even a brilliant mind like Dr. Kessler’s struggled to get his staff to do what he knew they needed to do. In time, leaders become proficient at getting everyone up to speed, but until then, they hire people like Kim, who know exactly how and where to fill in the gaps.  That’s the role of a good consultant. Dr. Kessler admitted that Fortune Management wasn’t the first firm he’d hired. He found out the hard way that hiring a consultant bent on doing things their own way is a recipe for disaster. Instead, he says the key with Kim was her insistence on understanding the vision he and his wife had already established and then working within those parameters. There is no one-size-fits-all approach when it comes to managing a private practice, so steer clear of those who try to peddle them. Dental practices win via differentiation, never conformity. Dr. Kessler’s vision for ADA Appreciating diversity in all aspects of dentistry is a priority for Dr. Kessler as the new ADA president. He holds firm to the idea that doctors typically know how best to care for their communities, and that a variety of solutions to pressing issues need to be acknowledged and supported. A recurring theme in his message is the importance of working with purpose, which means something unique to every practitioner. However, wellness must be at the heart of everything we do. Every dentist must nurture the physical, emotional, intellectual, social, and spiritual aspects within themselves to ensure lasting success.  In my view, Dr. Kessler is a leading voice when it comes to the betterment of one’s life. He believes wholeheartedly in every word he teaches. He doesn’t shy away from discussing his 25 years of sobriety. He says that no matter the trajectory someone is on, it can be changed. A first job immediately after dental school doesn’t seal someone’s fate. Dr. Kessler turned his life around from a substance abuser to becoming the president of the Colorado Dental Association and a fitness enthusiast in his 50s who’s completed numerous marathons and Ironman competitions. In his ADA capacity, Dr. Kessler espouses the value of being an ADA member. Dentists who belong to the organization gain insight and support to strengthen their practices and communities. Bringing his human version of dentistry, Dr. Kessler aims to focus on wellness in the broadest sense, leaving behind old modalities rooted in convenience rather than what will benefit everyone.  Ultimately, Dr. Kessler wants dentists to know they don’t have to go it alone. A lone wolf mentality serves no one. He likens his relationship with Kim McGuire and Fortune to that of a personal trainer. A great advisor keeps their clients focused and accountable, and they don’t let up until the clients succeed. He couldn’t bear to let Kim down, which meant he refused to let himself down. Failure was not a possibility when he brought her into the fold.  I remind my own clients that whether they write a book or not, they’re the author of their own life. Don’t underestimate the task, and don’t leave it to chance. Those of us who have elevated our businesses to new heights depend on the wisdom of coaches and advisors to get us there.  I wouldn’t hesitate to reach out to Fortune Management to enlist a steadfast voice of reason like Kim McGuire. Take advantage of every benefit that the ADA provides its members and keep a close watch on Dr. Kessler as he brings the organization to a place it’s never been. Editor’s note: This article appeared in the September 2024 print edition of Dental Economics magazine: https://www.dentaleconomics.com/money/article/55137459/what-i-learned-from-two-dental-legends. Dentists in North

Being straightforward with your team will earn their respect and get things done. Tell them what’s going on in the practice, and things will operate much more smoothly. When it comes to improving managerial aptitude, there isn’t a business owner or entrepreneur out there who doesn’t want to become a better communicator. It’s practically unimaginable that, in this information age, successful people don’t inherently understand the value of effective communication. As a private dental practitioner, you have a clear message you want to broadcast to everyone with whom you do business, both patients and employees. Through your words and actions, you want them to know that they can count on you.  I believe everyone in your office has the same three questions for you—why what you have to say is important to them; how it’s going to help them; and if they can, in fact, trust you. That last one is the clincher. You need to earn their trust if you aim to keep them, and you can’t earn their trust unless you’re transparent regarding your intentions.  If there’s anything I’m guilty of, it’s overcommunicating. I don’t hide my intentions, especially not from my staff. If you think that business is like a poker game and you must keep your hand to yourself, you’re going to lose a lot of people. You’ll come across as inauthentic or aloof, if not downright deceitful.  How to institute a new policy When instituting a new policy, understand that you have every right as a business owner to change the way you conduct your office. But also expect that your people will want to know at least a general reason why they’re being asked to suddenly shift gears. Resist any temptation to throw your weight around. Don’t use “I’m the boss” as your justification. You want your team to embrace change, and they’ll be infinitely more cooperative if they understand your vision. Otherwise, they’ll pay you lip service and revert to doing things the old way behind your back.  Most dentists I coach don’t have a problem with outlining their reasons behind business decisions once they get the hang of it. They understand the logic of bringing everyone up to speed and making sure they’re on the same page. Where it gets tricky is when mistakes happen, particularly when the dentist is the one who drops the ball. I promise that the sooner you confess, the better. There’s no shame in making mistakes as long as you own up to them as soon as possible.  If you choose the opposite route and try to cover up your tracks, your people will not only find out about your mishap, but they’ll invariably make up a worse scenario in their heads about what you did and why you did it. Don’t let it get to that. It’s nearly impossible to earn back trust and respect once you’ve lost it.  Own your mistakes  Not surprisingly, owning up to your mistakes improves your overall trustworthiness while simultaneously showing your team the importance of being accountable for their mishaps. Oversights and misjudgments are part and parcel of doing business. Nobody is immune to making them. Thankfully, the vast majority of mistakes aren’t a big deal when they’re addressed in a timely manner. You catch it early, and you carry on with a newfound sense of clarity about how to do better.  Unfortunately, that’s not the case when you’ve unwittingly created a culture of sweeping things under the rug. That’s when problems fester and become terrible thorns in your side. Remember that when you’re the boss, people follow your lead. So, make it clear that blunders are inevitable, particularly by acknowledging your own, and then demonstrate your willingness to learn as you go and let everyone else do the same. In time, such hiccups will become fewer and less consequential as you all find your groove and hone your skills.  Avoid too much of a good thing While my intentions are to espouse the virtue of overcommunicating, I would be remiss if I didn’t emphasize that too much broccoli can kill you. In other words, you can have too much of a good thing and communication is no exception. Not everything that happens in the confines of your practice needs to be announced to your entire team.  For instance, if a key employee needs time off because of something such as chemotherapy, keep the specifics private. Not only does federal law prohibit you from disclosing medical information about one employee to another, but doing so would instantaneously erode your trustworthiness. When you need to inform your team of an employee’s time away, simply state that they must tend to something urgent and leave it at that. Your staff will be sympathetic and cooperative even if they don’t know the details.  There’s a fine line when it comes to open communication and transparency. Knowing what to say and when to say it is an art, and it’s not difficult to master. I’ve learned to read the room. I take a moment to gauge my surroundings, and then I calibrate my words to the person standing in front of me. Some of the people I coach appreciate when I’m “New York direct” with them. They not only can handle it, but they benefit from my refusal to mince words.  However, I can’t be like that with everybody. For the most part, I’ve learned to approach people from underneath rather than come straight at them. Before I offer my critique, I make certain they know that I care about them and their success. On those occasions when I have a lot to get off my chest, I remind myself that a firehouse is hardly an effective way to water a houseplant. Sometimes when it comes to constructive and transparent communication, fewer words get the job done beautifully. Editor’s note: This article appeared in the September 2024 print edition of Dental Economics magazine: https://www.dentaleconomics.com/practice/human-resources/article/55131784/the-importance-of-transparency-in-your-practice. Dentists in North America are eligible for a complimentary print subscription. Sign up

Everyone needs to acknowledge that they have blind spots. Not addressing these in your dental practice can lead to problems in your business. When it comes to blind spots, perhaps the biggest one of all is assuming you don’t have any. But everyone has blind spots. Thankfully, they pose a serious threat only when we refuse to acknowledge them. Private dental practitioners, and business owners in general, intuitively understand how to maneuver around many potential blind spots. For example, you hire support staff. You’d miss out on a lot of business if you didn’t at least have a scheduler. Assuming you already have dedicated employees, the bigger question becomes: what might be hiding in plain sight that’s hindering your potential for greater success?            I take pride in my ability to think on my feet and make quick decisions. Good leaders are often encouraged to make snap judgment calls, but therein lies a trap. Savvy opponents can pick up on your fast thinking and trick you into choosing a rash course of action in haste rather than an effective strategy. Don’t get me wrong. I’m not suggesting that bad actors are out there baiting you to fall for their deceit. But if you’ve developed a habit of taking swift action, take a breath first. Rarely does provocation need an immediate response. This is especially true when you receive harsh criticism. It’s natural to want to defend yourself, particularly when you’ve done nothing wrong. On the other hand, if you’re especially empathetic, you might do the opposite, which is immediately soothe the upset patient or employee. Proceed with caution. Neither approach is to your advantage. Pause briefly, and then clearly state your intent to seek more information. Let the other party offer their point of view before you tell them yours. Tell them you appreciate their feedback, and if you’re ready, offer a resolution. If you need more time, assure them they’ll receive a response once you’ve had time to decide. What can cause blind spots? While pulling the trigger too quickly may be the biggest culprit in worsening your blind spots, there are plenty of other considerations. Another big mistake I see is entrepreneurs who surround themselves only with those who think like they do. In my business, I don’t want partners who think like me. Do I want them to share my values? Absolutely! But I need people who are pragmatic, detail-oriented, or who habitually think outside the norm. The more pairs of eyes, the better. Together, we see what others can’t. If everyone agrees with you, then you’re poised to walk straight into a great big hole. Learn to be receptive when your teammates sound the alarm. It’s a great feeling to move forward in your business with confidence and ease. But don’t get cocky. I remind my clients that hubris and ego will bring them to ruin. Being overly confident is a blind spot in and of itself. Nothing puts a lid on future success like the stubborn refusal to learn and adapt. If we don’t learn, we get left behind. Be open see feedback and criticism as guidance. When you see a pattern in the feedback you receive, it’s time to pivot. You might soon realize that something is off kilter. You might be able to pinpoint what’s wrong based on the feedback you’ve been getting. But you still might not know how to solve it. Never fear. That’s where someone like me comes in. Why a consultant is a good idea As a key strategist, I’ve built my career seeing what others need to watch out for but aren’t in a position to sense for themselves. If there’s one lesson that sticks out above the others after being in this business for 40 years, it’s the impossibility of seeing the bigger picture from the inside. You can’t do it. But a willing team of experts from the outside looking in can see. If you’re in the midst of wanting to make a big shift in your organization, don’t try to do it alone. The risk is too great. Know that there’s guidance well within reach. Professionals like me are adept at providing essential insight, saving you tens of thousands, if not hundreds of thousands of dollars in avoidable mistakes.  Your job isn’t to overcome every last one of your weaknesses. Instead, surround yourself with a people who know how to identify potential challenges and who will help you navigate around them. I encourage my clients to grow as big as they can dream, and then dream bigger. The caveat? I don’t let them do everything all at once, and I don’t let them do it alone. When it comes to charting unfamiliar territory, give yourself the benefit of time, and more importantly, seek various perspectives. You’ll gain the requisite clarity to see past potential blind spots and forge safely ahead. Editor’s note: This article appeared in the August 2024 print edition of Dental Economics magazine: https://www.dentaleconomics.com/money/article/55089160/how-dentists-can-sidestep-their-business-blind-spots. Dentists in North America are eligible for a complimentary print subscription. Sign up here.Mark B. Murphy, CEO of Northeast Private Client Group, is an accomplished author, speaker, and motivator who’s revolutionizing the financial planning and wealth management industry. He helps entrepreneurs achieve multigenerational wealth through personalized strategies, leveraging his strategic planning and financial engineering expertise. Forbes has ranked him as the number one financial security professional in New Jersey and number 15 nationwide. Additionally, his book, The Ultimate Investment, is a number one bestseller and new release on Amazon.

Insurance for your dental practice is as important as insurance for your vehicle. This dentist learned the hard way and wants to educate his peers. Setting up for success means something different to everyone. But when it comes to running a private dental practice, I advise those in the field to focus on preventive maintenance. As a dentist, you impress upon patients the importance of prevention relative to treatment. You advise patients to address minor problems before they turn into more painful and expensive issues. It’s time to apply these same principles to managing your business. I met with Dr. Eric Studley, an expert in dental practice management, who understands the quintessential role that planned maintenance plays in running a dental practice. While he has held countless titles, including clinical associate professor, GP director and director of practice management and ergonomics at New York University College of Dentistry, Dr. Studley had to reinvent his career due to a disability that prevented him from practicing dentistry. He had to sell his successful practice in Brooklyn, New York, while he pursued treatment. He wound up in litigation with his disability insurer, which resulted in a settlement that barely covered his legal expenses. Forced on a new dental path          This struggle defined Dr. Studley’s career path. No longer able to practice dentistry, and feeling strongly that nobody should have to go through what he did to ensure a livelihood that took more than a decade to build, Dr. Studley pivoted into insurance. Once again, he built a successful practice. He’s been named one of Forbes Top Financial Security Professionals, best in the state of New York for 2022 and 2023.   Eric S. Studley and Associates Inc. represents dentists from residency to retirement, ensuring they carry the protection they need to flourish in the face of the challenges and risks. When Dr. Studley was the director of ergonomics at New York University College of Dentistry, he offered valuable insights about injury prevention to dentists nationwide. He’s positioned himself as the industry leader in proactive professional maintenance regarding the business of dentistry.             Dr. Studley discussed how ingrained it is in people to insure their vehicles. People are careful to purchase a proper policy before they drive their new car off the lot. But when it comes to protecting ourselves, we often downplay the importance of insurance, focusing more on growing our investments rather than safeguarding them. It’s imperative to do both—to grow and protect your assets simultaneously.   As with anything investment-related, there is no one-size-fits-all approach. Every dentist needs malpractice insurance and disability insurance, as well as some type of whole life insurance policy. But innumerable variables call for myriad solutions. So where does one begin?  How to choose the right insurance A logical first step is to ask for recommendations from colleagues, particularly ones who have had to make a claim and were satisfied with the result. Regardless, be sure to seek out a seasoned insurance representative who works primarily with dentists. Getting the right agent is paramount to getting access to the best policies at the most economical price. Feel free to reach out to Eric S. Studley and Associates Inc. if you would like to schedule a consultation.  The key with insurance is timeliness. The entire premise behind financial preventative maintenance is to get the appropriate policies in place before you need them. I asked Dr. Studley what advice he had for private practitioners if they want to be more proactive. His answer resonated with me. The employees he’s worked with since he started his insurance business 20 years ago have stuck by his side to this day.   His beliefs regarding insurance and injury prevention extend seamlessly into cultivating his staff. He brought them aboard knowing their worth, and he does everything in his power to make certain they know how much they’re valued. He treats them as partners, which means he eagerly shares the successes of the company. Not only are they financially compensated with competitive salaries, bonuses, and profit sharing, but he often sends champagne and entire dinners to their homes to celebrate their accomplishments. How to retain your emplpyees Dr. Studley and I come from the same school of thought regarding employee retention—make employees partners so they succeed directly in proportion to the business. Replacing and retraining employees is a drain on a company’s financial health. Constant vacancies are also taxing on staff morale. When you find an excellent scheduler, a file clerk, a hygienist, or an office assistant, don’t assume they’re can be easily replaced.  Furthermore, don’t assume that they’ll stick around just for the money. If they come for money, they’ll easily leave for money. Proactive care is as important to retaining your employees as it is to carrying adequate insurance. Don’t wait until your star employees hand in their resignations before you woo them back. That’s like trying to floss away a cavity. It’s too late. Give them reason to stay from the get-go. Let them grow your business on your behalf because they know what’s in it for them when they succeed.  I respect dentists because of their willingness to put everything on the line for the sake of proper patient care. They’re among the most selfless people I know. Ethics are drilled into them from their first day of school, and it never leaves them. In keeping with the theme of care, I coach those who work with me to care as much about their business and employees as they do their patients.  Have the right insurance in place and review it yearly to close any gaps that arise as your business matures. Consider those you hire as lifelong partners. Be selective with who you bring on board. Make them stakeholders and always treat them as such. It’s wonderful that you can count on insurers to have your back, but it’s even better when you’ve cultivated a staff who has your back. Editor’s note: This article appeared in the July

Entering the second half of 2024, the life insurance industry has been enjoying prolonged higher interest rates and rising equity markets, both positive factors for those whose business revolves around selling investment products like annuities. Insurance agents are now called financial security professionals and besides life insurance policies, they offer wealthy families a full suite of investment, retirement and estate planning services. The fourth annual Top Financial Security Professionals Best-In-State list from Forbes and SHOOK Research features some 1,445 experts. Below you will find the best-in-state insurance professionals from across the country who made the 2024 list. CLICK HERE FOR THE FULL METHODOLOGY. The Highlights Lynzie Wolters Firm: New York LifeLocation: Roseville, CAAUM: $3.1 billion“Our philosophy has always been rooted in a protection-first approach. We believe we can grow investment strategies over time but it is essential to make sure client assets are adequately protected.” View Profile Loren Hsiao Firm: 22 One Advisors | Northwestern MutualLocation: Allen, TXAUM: $3.1 billion“We spend a lot of time with clients asking what is your ‘good name’ so that we as a firm can connect their balance sheet with their heart.” View Profile Data provided by SHOOK®Research, LLC. Data as of 12/31/23. Source: Forbes.com(July, 2024). Neither SHOOK nor Forbes receives any compensation in exchange for placement on its Top Financial Security Professional (FSP) rankings, which are determined independently (see methodology). FSP refers to professionals who are properly licensed to sell life insurance and annuities. FSPs may also hold other credentials and licenses which would allow them to offer investments and securities products through those licenses. Ranking algorithm is based on qualitative measures learned through telephone, virtual and in-person interviews to measure best practices. Also considered: client retention, industry experience, credentials, review of compliance records, firm nominations; and quantitative criteria, such as: assets under management, sales figures and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and audited performance reports are rare. Individuals must carefully choose the right FSP for their own situation and perform their own due diligence. SHOOK’s research and rankings provide opinions intended to help individuals choose the right FSP and are not indicative of future performance or representative of any one client’s experience. Past performance is not an indication of future results. For more information, please see www.SHOOKresearch.com. SHOOK is a registered trademark of SHOOK Research, LLC. Editor’s note: This article appeared in the July 2024 print edition of Forbes magazine: https://www.forbes.com/lists/best-in-state-financial-security-professionals/. Dentists in North America are eligible for a complimentary print subscription. Sign up here.Mark B. Murphy, CEO of Northeast Private Client Group, is an accomplished author, speaker, and motivator who’s revolutionizing the financial planning and wealth management industry. He helps entrepreneurs achieve multigenerational wealth through personalized strategies, leveraging his strategic planning and financial engineering expertise. Forbes has ranked him as the number one financial security professional in New Jersey and number 15 nationwide. Additionally, his book, The Ultimate Investment, is a number one bestseller and new release on Amazon.