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E06: The Growing Small Business Community within the Dental Industry w/Dr. Mark Costes 

 July 21, 2021

1. Health/Wealth Tip

Health: Magnesium Supplementation

  • Magnesium is one of the most powerful things
  • Taking too much of it leads to disaster pants
  • It works reduces anxiety, stress, and nervousness
  • An Epsom salt bath works well
  • There are different options to take magnesium orally

Wealth: Understanding EBITA

  • It stands for Earnings Before Interest Tax and Amortization
  • EBITA is your revenue minus just the operating expenses of the company
  • Businesses are sold based on this number
  • It allows you to compare businesses without considering how much debt they have on them
  • Amortization means paying down debt
  • An increase in EBITA, increases your price when you decide to sell your business

2. The 4 Futures (17:30)

  • The Dentalpreneur Podcast has changed the trajectory of his career
  • The Dental Success Institute is his coaching and consulting business
  • The 4 quadrants: Mind, Meaning, Movement, Money
  • If you can master these four quadrants in your life, your life improves

3. Dr. Mark Costes’ Background (27:50)

  • His dad was a typical immigrant story
  • Having ADHD, he had to find structure in the things he was interested in
  • Napoleon Hill’s Think and Grow Rich was the first book that ever spoke to him
  • At 15, he decided he was going to be a millionaire

4. Scaling a Dental Practice (38:38)

  • 77% of practicing dentists are business owners
  • It’s in their genes as a profession to be entrepreneurial
  • Understanding the business side of dentistry is also a skillset
  • The challenges of private equity in dentistry
  • There’s something about the dopamine rush of hiring a coach

5. The Future of Dentistry (56:16)

  • The rising cost of dental school education
  • Private equity coming in has been very interesting
  • The charm of a small business community

5. Final Exam: (1:03:53)

  • What book or film changed your life?
  • What one healthy habit that you wish more of your patients did?
  • What is one wealth tip you wish you had learned earlier in life?
  • What do you do for fun?
  • Where do you see yourself in five years?

Links

www.truedentalsuccess.com

Facebook: @dentalsuccessinstitute

Instagram: @dentalsuccessinstitute

Mark Costes DDS on LinkedIn

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