Episode 30 – Building Long Term Wealth In And Out Of Your Dental Practice with Dr. David Phelps

When you open your own practice, there are things you must commit to:

• Long hours
• Hard work
• Sacrifice

Sadly, one of the biggest regrets dentists have is putting so much into the business that they don’t enjoy life outside of the office.

They go into the business thinking they’ll be able to enjoy life when they retire.

But it doesn’t have to be that way.

There are many ways to create passive income streams (and make yourself replaceable so that you can enjoy that extra cash flow).

Dr. David Phelps specializes in helping dentists create a long term vision business (and their personal life). He then recommends ways to accumulate wealth through various sources.

He is also a former practice owner, and creator of Freedom Founders, a place where people learn how to manage profitability.

Here are a few things you’ll discover in today’s episode:

• The biggest regret dentists have after running a practice for several years (that would have allowed them to have more freedom sooner)
• The difference between a technical provider and a business owner
• The reason so many associateships fail
• A key decision that revived a practice that was close to going out of business
• One of the key parts of a business that most dentists don’t value
• The type of customers that many dentists overlook
• How becoming a better speaker can grow your business
• What to look for when you’re finding a place to work fresh out of dentist school
• The difference between wealth and money
• A word of caution about financial advisors

Quotes:

• “Build a practice that you can be replaceable when or if you need to be.” -Dr. Phelps
• “Earn while you learn.” -Dr. Phelps
• “The best investment for anybody is to invest in themselves first.” -Dr. Phelps

Resources:

• Freedom Founders Website
• Email Dr. Phelps
• Good To Great Book
• The E-myth Book

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