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How Jared Pope Became a 10 Practice Owner – Episode 42


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Jared Pope opened his first practice shortly after graduating from dental school in 2002. Now, fourteen years later, he owns ten practices across Arizona and New Mexico. In this Dentist Money™ interview, Dr. Pope explains the partnership model that accelerated his expansion along with the advantages and challenges of running multiple practices. He also weighs in on the most important skills for young dentists to develop, overhead expense targets, and working with associates.

 

Show notes:
Contact: jaredpope25@gmail.com

Podcast Transcript:

Speaker: This is Dentist Money, now here is your host, Reese Harper.

Reese Harper: Welcome to the Dentist Money Show, where we help dentists make smart financial decisions. I am your host, Reese harper, and you are about to listen to a really good interview with Jared Pope. He is one of the most successful dentists in the Phoenix metro area. I have spent a lot of time watching dentists over the last decade and I think Dr. Pope has some valuable insight when it comes to running a practice the right way and what it takes to grow a business. I really feel like it is going to be a powerful learning opportunity and give everyone a new perspective on how somebody goes from doing dentistry to running a business as an entrepreneur and how that feels. Some of the pain and the challenges along the way and the decisions that you have to make at different intervals. Jared said he would be happy to answer questions to anyone who wants to reach out to him. His email address is in the show notes at dentistmoneyshow.com. While you are on the dentist money show website you can also schedule a free consultation with anyone from our team here at dentist advisors. If you have not already done so, make sure to follow the dentist money show on Facebook and Instagram where you will get helpful updates and tips. Thanks for listening, enjoy the show, and carry on.

Reese Harper: Jared, how are you doing man?

Jared Pope: I am doing great! How are you, Reese?

Reese Harper: Doing good. I haven’t talked to you in a while and the last time we talked you gave me a recommendation for a tasty piece of fish that I still remember eating, as of today. Do you remember that?

Jared Pope: Where was that at?

Reese Harper: I don’t remember. It was a fish restaurant that you and Linda pointed me to and you, me, and Ryan were there.

Jared Pope: Well, wherever we go we try and eat fish.

Reese Harper: Dude, it was tasty!

Jared Pope: Glad you liked it.

Reese Harper: Thanks for coming on the show I appreciate you taking the time to do it. I want to jump right in and ask you to walk through what you feel like the recipe for success in dentistry is. It can be anything from early career mentality, clinical, running a practice, how to treat people right, how to manage your staff correctly. I just know you have a lot of experience to glean from. I want to start with having you give everyone a little bit of background about yourself, and then once you are done, I’ll bring some questions in.

Jared Pope: That sounds good. From a young age, I was kind of an entrepreneur. I knew I always liked to do my own thing. I had a landscape maintenance company that I ran through high school and college. We plowed snow and I really enjoyed that. Then I came to a point where I realized I didn’t want to do that into my fifties and my dad was a dentist, my mom was a hygienist, and my grandpa was a dentist. So I figured what the heck, I’ll go into dentistry and see how it goes.

Reese Harper: You are a third generation!

Jared Pope: Ya—I wasn’t really sure though that I really wanted to be a dentist, I kind of just huffed it out through the school and then got there and got accepted. Literally, by the skin of my teeth. It was tough for me to get in, but I got in. I did really well in school. I enjoyed it and now I love it. I think it’s great.

Reese Harper: Where did you end up starting your first practice then? Was it in the Phoenix area? After you left school where did you go?

Jared Pope: I came straight to the Phoenix area and worked as an associate for about six months. I worked for a couple of different places. I really didn’t stay very busy because the problem with being an associate is that you always get the scraps. Most dentists just don’t have big enough offices to come in and give an associate enough dentistry to do and I see this a lot.

Reese Harper: You see guys sitting around and not getting enough experience in that early phase?

Jared Pope: Totally, it’s hard. Most guys just don’t have enough volume to feed the associate sufficiently to keep them busy.

Reese Harper: We hear that a lot. People say I am going to this place because they are going to pay me 35% of my collections. Then they have seven appointments a week or they chase the percentage of collections they want to get rather than a place where they can just get good experience in those first few years. What do you think about that paradigm?

Jared Pope: Ya know, I think that is a really important discussion to have because I tell new grads this all the time. The way we have things structured now is that we have a single dentist in a million dollar office. That’s our model. You just want 30% or whatever your percentage is you want that of a million dollars. That is after right? You don’t want anybody in there sharing that with you, you just want that all to yourself. Then the percentage isn’t that important compared to the overall volume that’s laid in your lap.

Reese Harper: Ya, exactly. Volume is much more important than whatever artificial percentage gets placed on your production.

Jared Pope: Anyway, I came down, I bought the first practice in Chandler and we doubled that in about a year. That was more just because the guy that we bought it from went back into education. He just wasn’t really motivated, didn’t know how to talk to people, and he didn’t know how to sell dentistry for a lack of a better term.

Reese Harper: That was your first practice that you bought? Did you buy it all on your own?

Jared Pope: Ya, I bought it on my own. The guy was only doing about $20,000 a month. Pretty low producing office.

Reese Harper: Was that the first time you had to get a practice loan?

Jared Pope: It was the first time, yes.

Reese Harper: How did that feel?

Jared Pope: It’s intimidating, it’s hard! You almost want to walk away, right? You get cold feet there because it is tough to make the plunge. I am glad that I did it, but it is a hard decision to make.

Reese Harper: Do you think that you felt differently about debt that first time you borrowed then you do today?

Jared Pope: Absolutely.

Reese Harper: How is it different now? What has changed?

Jared Pope: I am not intimidated by it anymore because I know that I can manage it.

Reese Harper: Explain that a little bit more, I am just kind of curious how that has evolved for you over the years.

Jared Pope: Now I know that I can take a practice, and I know if it is doing a million dollars, I know what kind of profitability it has. I know what we can put to the bottom line so now that doesn’t scare me. My wife can’t stand it. She always asks me how I sleep at night. It is all relative, right? You gain confidence over time that, “hey, I have done this five, six, seven times.” Now I know what these things will turn in profit so it doesn’t make me that nervous because it is all cash flow and you just have to look at the big picture.

Reese Harper: When you first got out of school did you worry about your student loan at all?

Jared Pope: Ya, of course, and it was a big number, at least $200,000 bucks. Now I see guys coming out with $450,000! More importantly, I think it is the skill set. You have got to develop the skill set early on. It is super important. I talked to a guy last week that has been out for a year and hadn’t done a molar endo yet. I get scared for people like that because you have got to jump in and you have got to start doing tough cases.

Reese Harper: Talk to me a little bit about that. What should I be focused on as a young dentist in my first few years? What kind of skills should I be developing in order to be successful long term?

Jared Pope: I think you really need to be developing your skills as a dentist and your skills in communicating with your patients. You may have the greatest skill set on the planet. You may be top of your class and know how to do everything clinically, but if you can’t talk to the patient and sell the dentistry then that is a big problem. In this country roughly 1/3 of all the fillings that are ever diagnosed are ever completed. Why is that? Is this a diagnosis problem?
Not really a diagnosis problem or does the dentist need to learn how to do them better? No?

Reese Harper: Not really, it’s communication.

Jared Pope: The patient’s don’t perceive the need there. They don’t understand why that is important. It is critical for young dentists to understand the psychology of the sale. How do I present treatment, comprehensively to the patient without him feeling overwhelmed? How does that all work? That is something that takes a long time to develop and if you can get with somebody that knows that and understand that you can make a big difference quickly. That is very important.

Reese Harper: I think that it’s a misunderstood business principal. A lot of dentists go out on their own assuming that a lot of these, we’ll call them, soft skills, that they will just develop them naturally. But if they are only doing 300-550 in collections, then they spend the first 2-3 years just kind of getting their collections to a break even point. Then they don’t have enough repetition to both develop the clinical skills or develop the soft skills, communication skills, the sales ability, and presentation skills. I think sometimes you could spend a good chunk of your early career just by not being busy, wasting a lot of your intellectual capital and it is a time value of money thing that sometimes you can’t get back.

Jared Pope: Yes, and I perhaps am going to sound a little biased, but I think the best opportunity for new dentists is to try and get into some type of organization that can help them with some of that. I think they should get in with a model where we try to offer to guys where you say, “come in and work with us. We will put you in their as the sole provider in the million dollar practice where we are going to make you busy, we will help you and coach you. You develop your skill set as a dentist and let us manage all the stuff from the back end.” You have got to get that down first. That takes most guys like five years.

Reese Harper: Ya, it does take some time. It really does.

Jared Pope: Can you sit down and sell a $30,000 dollar treatment plan? Do you feel comfortable talking to somebody about that? I had that happen yesterday. We had someone come in and bring us a $33,000 cashiers check. We sat down and showed them photos, nice photos on a T.V. in front of them. His comments were, “whoah, I’ve been to two other dentists and I’ve never had anyone explain it to me like this.” That is why he chose us to do the work. It was our presentation, that was the only difference. So do you know how to do that?

Reese Harper: Yes, that is crucial.

Jared Pope: Ya, to get people to buy and if you can’t do that then you are stuck. You aren’t going to be able to produce very much.

Reese Harper: I think a good take away there is whether you are part of an existing model that can help leverage that or you need help developing those skills, you can’t hope that they are going to happen. I mean there is plenty of third party availabilities for either consulting or advising. Sometimes the consulting or advising doesn’t come quite from the real perspective as a dentist. Do you ever find that is the case? Guys go through a lot of consulting and coaching but sometimes that money doesn’t result in the type of experience that they want?

Jared Pope: Yes. I think that you need to get a dentist. I think that you need a guy that is in the trenches doing it and that can honestly be in the office listening either chair side or hearing conversations. I have a lot of my doctors record audio of themselves and then I call them and we go through and break down their conversations and it is a tough conversation sometimes. That is real feedback. It is relevant to the exact situation that they are going through. That is about as good as it gets.

Reese Harper: Totally. I think that some people are not in a situation that they can take advantage of that or they aren’t part of a group that provides that kind of support but I think that there is a way to get experience from existing dentists. I think sometimes guys are afraid to reach out and ask for a mentor or an advisor. I mean a lot of people would help. You shouldn’t be afraid to pay some of your mentors and your advisors as well for some training and some help. Sometimes that’s something that people don’t feel like they can do. A lot of people will give you advice and feedback without any expectation but there is something a little bit vulnerable about admitting that A) you lack clinical ability or B) you just can’t get patients to accept treatment. That is vulnerable and hard to admit. You have to have a good relationship with someone to feel like you can have that dialogue.

Jared Pope: I completely agree with you, and it is highlighted for new grads fresh with higher debt loads. They need help building and educating those things. That ongoing training is so important.

Reese Harper: If I asked you what makes a good dentist, what would you say? What attributes make a good dentist?

Jared Pope: I think that you have to be confident and you have to be able to relate and speak well with people. It is a personality contest. That is all dentistry is. People come in and interact with you and they choose you based on your personality and the way the office feels. That is the only way that they have the ability to perceive the treatment that is being provided is the way it is administered. Whether or not my filling or crown is good or better than the next guys won’t matter. Unfortunately, patients don’t have any means of determine quality at that level. It is the interaction that they have with the dentist. Is he dressed nice? Does he look nice? If he looks nice, his dentistry must be nice! We wear shirt and tie for a reason. I think that all matters and plays in. Obviously, you have to do good work too. But patients don’t have any way to evaluate that.

Reese Harper: Until they’re in a ton of pain. I guess they have a way to evaluate horrible work, but perhaps not median quality work.

Jared Pope: I mean, ya, somewhat. Not everyone does perfect dentistry. You want to do the best you can, but it is harder for them to perceive those things.

Reese Harper: When did you decide to open your second location? What point did you say I want to try to do this again? When did you feel busy enough or when did you decide to bring on an associate?

Jared Pope: Actually, what I did, we had the first location we got that one doing about a million first year. I came out of school ready to do a molar endo, do some ortho. I took a bunch of CE classes my junior and senior year and was ready to do both endo and ortho. That skill set helped me a lot. I’ve always been pretty good at talking. That allowed me to grow, and then I was very conservative. My staff always teased me because I drove a 1995 Toyota Camry with 250,000 miles on it. I had it for ten years after graduation. I lived very frugally. I probably had $100,000 in the bank. I’ve had other friends ask me about opening a second location and I always tell them they need about $100,000 in the bank. You need a buffer. You need to have a financial buffer because two doesn’t necessarily mean more money. It is double the headache but it doesn’t necessarily mean double the money.

Reese Harper: That is really good advice. What was the process then of expanding? How did that go initially?

Jared Pope: I was out here in Phoenix in 2004 or 2005. It was just a boom market. Everybody was moving down here. The city in Maricopa was on the front of Time Magazine as the fastest growing city in the country. That was only 15-20 minutes South of my Chandler office. I thought there is no dentist out here, it was a growing community, it was a growing market, and I thought I need to put another office out here. There was only one space we could find to lease and we leased 350 square feet and we put two ops in there with home depot cabinetry. It cost us $80,000 to get the whole thing going. My friend teases me saying we should have called Dentist Economist because that was the most profitable dental office per square foot in the country.

Reese Harper: Must have been some award for that? You should have got it!

Jared Pope: We collected a million dollars out of it our first year.

Reese Harper: On two chairs? Was that because you were selling drugs too, or just dentistry?

Jared Pope: You know, we are honest people. We had over 100 people coming in and I would see someone that had a toothache and I would say, “ok, go wait in the waiting room”. Then I’d get the next guy back and numb him. I mean I was hopping chairs. I love that kind of environment. I thrive in that kind of environment. That was really cool. That went well, but I brought a partner with me that was a seasoned dentist and he was a 50% partner. Dr. Kevin Wolf, he was the first guy I worked with right out of school and I told him he should come with me. I knew that I had a good skill set, but I didn’t want to deal with an associate that didn’t know what they were doing. He was a good dentist. We partnered on it, and we just split our time. I think that is important too. You have to keep your headache down.

Reese Harper: That is some really good insight. A lot of people, the reason they get frustrated with trying to expand and grow is because they keep rotating through associates. They say, “I lost this guy, and that guy wanted to go do his own thing.” What model have you adopted to avoid that headache?

Jared Pope: We went to two, I just bounced back and forth. I worked at one place Monday, Wednesday, Friday and the other location Tuesday, Thursday. That way it looked like I had availability five days a week and that was working fine. Two isn’t too bad. I think anybody with reasonable skill set can manage that. Then I went to three. Then I was bouncing between three and I had to grab an associate and I started burning through associates. After about two years of that, and losing continuity of care which is so important, I got so tired of it. There is a proverbial three. A lot of guys get to three and that’s when they throw in the towel and say, “this is too much work.” That is why.

Reese Harper: What was your solution then? One associate was ok? The second one was manageable, but the third one was just really hard to get any consistency? Why do people struggle to keep associates? Why is it a problem at the magic number of three?

Jared Pope: Well, I had bought a practice out of bankruptcy. The third one I bought out of bankruptcy and it struggled to grow. It wasn’t growing as fast as I wanted it to grow.

Reese Harper: Did you not have the time and effort to put towards it?

Jared Pope: Ya, I was working at my other two practices primarily and I just planted an associate in that third practice. I was only working there one day a week. It limited my ability there and it just didn’t have the new patient flow that we had anticipated.

Reese Harper: So part of it was the location and part of it was the lack of time you had to give it the energy it needed?

Jared Pope: Yes, and my associate couldn’t quite sell and do the level of dentistry that I could. That affected it as well. Nevertheless, if the office was only doing $50,000 a month there isn’t enough revenue to keep associates happy. So they would leave looking for something better. You have got to feed your guys or they are not happy. I finally said, “I’m done with this. I’m going to bring in an owner.” I started selling 50% ownership in these practices. That’s basically how we are structured now. We have ten offices and 50% owners in almost all of them. That is the model that we go towards. We give them the 50% and now the dentist is in there and he’s in his big, million dollar office. That way we get the production. I am a more of silent partner. The dentist is there, and he gets to do all of the dentistry in a million dollar office. Now he is good and happy. He is making 250-400 a year. Now they are happy and they are staying.

Reese Harper: The associate would have gotten paid 25-30 plus percent and not had any of the profits? Now you sell 50% of the location with what would have been the associate? You make them a partner, they still get the same percentage split, but they share in half of the profits, and it results in a more durable business?

Jared Pope: Correct.

Reese Harper: And as a founder, that works great for you because you can help spend your time in the areas that you can have the most impact. Which would include education, training, marketing resources, all of the experience that you have gained through the years. You can spend time training, coaching, and developing your partners.

Jared Pope: Yes, and looking at economies of scale, stoking deals with labs and supply companies, reducing overhead. As you grow and get bigger, you gain more of that. We ran a 45% overhead across ten offices last year. That is a great number.

Reese Harper: You guys have a really, really large operation. You would be what I would consider a very closely held, large dental group. A regional group. I think there is a lot of different categories of what people would call corporate dentistry. What happens as groups get larger and larger and larger that you might not like? The same things that give corporate dentistry a bad name? Why in your size and scope that you have built with your model, why do you think some of those problems are remedied? Or are they remedied? I guess I just want to understand your perspective on the model that you are operating under versus something that becomes a national chain.

Jared Pope: The national chain’s don’t give ownership. Generally speaking, they don’t have ownership positions at the same level that we are trying to do. They might give a small percentage ownership but they are getting any of these associateships and they are back to just burning through people. I don’t want to say these doctors skill set isn’t as fine tuned, in our organization, I have to have doctors that has generally a little bit higher skill set to be able to provide better services for patients. They can make a little bit more, but I expect them to be able to talk to patients, perform more advanced procedures, stuff like that. Anybody can go get a job at a corporate place.

Reese Harper: Ya, I have seen models where there might be a dentist retaining 80-90% ownership and paying some kind of royalty to the parent organization to provide some set of shared administrative cost services. But what I see is that in those cases a lot of times they aren’t getting the things you are talking about. The corporation doesn’t have quite as much of an incentive to be deeply involved in the life of the practice owners day to day and month to month. There upside is fairly limited and they are mostly just concerned about the small royalty that they will gain by providing administrative support. I can kind of see things across the spectrum that vary. The dentist keeps almost everything but gets very little in return. Then the dentist gets no equity upside and is working as an associate in a churn and burn model. Seems like what you have found at least is that there is a hybrid there where the corporation might not be quite as profitable on each location. But, you still have an incentive to grow and expand and do it through volume. The local dentist has a meaningful partnership with a great amount of upside and probably more support than they would have in another model. At least that is what I am hearing you say.

Jared Pope: Yes, and if you just look at what is the average overhead Time says its 72% or something? So I mean the average dentist is taking home 28%. That is not a super good number. If we can run, in a group model, where we help manage, sure you have 50% ownership not 100%, but most dentists need so much help learning how to do and sell their dentistry that most of them just shouldn’t run all the other stuff themselves. The longer I am in this, the more that I see, the more I believe that dentists should find someone to help them, or partner with them somehow to provide management services to keep their overhead down so they can focus on their dentistry and their patients.

Reese Harper: I totally agree. As a general rule, I think that is kind of a mature place to get to. If you have practiced for a long time, you will find that there are limitations on what you can do on your own with your own time and being able to service more patients more effectively will often result in more net income. Even if the percentage you keep is slightly lower than what it would have been if you owned the whole thing on your own. I think it takes some time for people to believe that. I don’t know that it is always something…

Jared Pope: Dentists are like mountain lions. We don’t like to run in packs, we like to do our own thing. We are not like wolves. We all want to be individual and we don’t really want to share, so we want to run everything ourselves. It is tough to get over that hurdle and look at your numbers. Most dentists, in general, are just not good at business. We haven’t been trained in any of that stuff. You have to learn how to sell it, do it, and then engage with your patients. First you have to learn how to produce it, then you have to learn how to keep it! That is an entire additional skill set that is just as important as the first half, but most dentists never really dive into that and figure that out. I mean, I don’t watch football, I like to do business. I am kind of bred that way. This is what I am interested in, and possibly a workaholic like that. Some guys are not wired that way and we don’t have the training to do all of that. The bottom line is, if you look at the numbers you can be much more profitable if you have someone helping you to manage some of that stuff.

Reese Harper: Well, talk to me a little bit about the things that you have had to work on the most to develop your skills as an entrepreneur. What are the things you felt like you lacked coming out of dental school that you have had to develop? You had the mindset and personality profile that probably inclined you towards being an entrepreneur, but what skills did you feel like you were lacking that you have had to spend a lot of time developing?

Jared Pope: I didn’t understand the business of dentistry. I had to develop more of those skills like an understanding of what’s in the OB, and how do you bill insurance, what metrics should I be watching? What percent of your production should come from your hygiene? What is a good acceptance rate on your treatment plans? What should I be producing per patient, or per hour? I didn’t know how to keep score. What percent should my lab fees be or my supplies? What should staff salaries be? I didn’t know all of that stuff. I had a consultant for years that is here locally. She was great. Our friend also gave me a lot of feedback. I needed to understand things specific to dentistry. Even though I liked business, I didn’t understand dentistry enough to specially dial it in.

Reese Harper: Ya, I don’t know anyone who does coming right out of school. What advice would you give to somebody who is unsettled about the way there practice is ands been that way for quite a while?

Jared Pope: I just had this conversation with a good friend of mine. He looked at his practice where he is doing a million and five a year, but his overhead was just crazy. Unfortunately, some of these seasoned dentists, my friend was in his fifties, they get there for a long time and they have let their staff salaries creep up so high and they don’t’ watch things as close. They have a good relationship with their sales rep and they don’t care what they are spending. They buy everything from him because they have a relationship. So his overhead was at 75%. He wants more money, he wants to focus on retirement. We met and broke it down for him and showed him where we are and where other offices are his size and there was a $250,000 difference just controlling overhead, that was all. That wasn’t initially working harder, it was just working smarter to keep more of this. He says, “I want to open up another practice. I want to get an associate. I want to own multiple practices.” I helped him realize that maybe that’s not what he wants to do. You have got to make this one profitable first. Everyone thinks it’s a great idea to bring in an associate. My first question is, ok, can you give up half of your income to that associate? When I brought in an associate I had to back off, you have to feed your associate! That means that your personal income drops quite a bit because you are feeding your associates. Most guys cannot afford to cut their income in half for two years while they build up production for an associate.

Reese Harper: Isn’t that the raw truth about expanding. I remember going through this myself several times. I think that especially early on the first associate you hire might even get paid more than you do starting day one.

Jared Pope: Ya!

Reese Harper: I think you have to ask yourself the question, “how bad do I want to build a business?” I find that dentists will often tell me, “I really, really want to open another location. I want to get bigger. I want to grow my collections from one million to two.” Then when I tell them, “ok, all that you have to do is cut your income by $150,000, so you can pay someone to come in and start helping you and give up some ownership.” They are just flabbergasted. “Are you kidding me? I don’t want to do that? I want to do it a different way. Maybe I will have them come in and they have to find their own stuff.” I think that if you are trying to grow a business, not grow your own production at some point you have to say, “my job is to help other people get to where they are productive. My job isn’t to take the production myself and take home cash.” The value of your practice will grow if you are willing to take some of that money and invest it in people around you. Your overall net worth will get larger. Doesn’t necessarily mean everyone needs to get bigger. I do think that if you have aspirations or desires, then the simple truth is that you have got to initially make less money. You will start investing in people instead of taking the cash home. Take some comfort in the fact that if you take the cash home you are just going to pay 40% in taxes anyway. If you invest in someone else for a while it is essentially 40% off.

Jared Pope: Yes, and it is usually a substantial number but we were able to look at it and say if you allow us to come in and help you, and partner with you, we are going go to throw an extra 250 or 300 thousand to the bottom line and now we can afford to pay somebody because there is more money there. The business model works much better at 45% instead 72%.

Reese Harper: You guys are at scale now where that is possible, but that first location that you expand to or that first associate is probably when it is the most painful right?

Jared Pope: Yes, it is. It is hard. There were days when I sat there and let him have the exams and I fed him dentistry that I would diagnose. Go in there and do that, and I’m paying him 30% of it. You have to be willing to give up. You have got to help the guy win, look our for his best interest, not your own. That is why I came up with the 50/50 model. I give them half ownership and they are happy. I don’t need to share the production with them because I’m in a position where I don’t have to do that. Most 50/50 partnerships both guys are fighting over a million dollars of production and neither one of them are making enough money.

Reese Harper: We only have a few more minutes before I know you are going to get your door knocked down. I just wanted to ask you for some thoughts on balancing life and keeping life feeling like it is going in the right direction as you pursue growth in dentistry. Do you feel like you have anything that you could add in that area?

Jared Pope: So I am sitting in a 1900 square foot townhome. We have two cars that are paid off, I have ten offices, we are going to do ten million or twelve in 2017, but I am in a 1900 square foot town home, right? That is where I have been. We have aggressively saved and paid down debt. Wells Fargo really likes me because they see that and they have given me lines of credit and they say, “oh, Doctor Pope, you don’t go out and buy a new house and a Mercedes every time you make money because we know you aren’t going to spend it on stupid crap we will loan your money.” Now, I can go out and buy practices and that has really helped too. It has enabled me to be able to move quickly on things.

Reese Harper: That is super insightful. That is one major takeaway that I was trying to get at. I think that has been a hallmark of your career and the way that you have tried to do things is by living with a little bit more frugality today and maybe delaying some of the expected gratification that everyone wants. It is a bigger home in most cases. A faster, nicer, better neighborhood, better acreage. You can have all of that at some point and it won’t be when you are 65, you don’t have to wait that long. But if you can give yourself the first decade of your career to the first 15 years of your career to really focus on your career and not focus on taking money out of your business and taking money out to consume? If you can just really focus on growth then the back end of your career will be exponentially more profitable and you will have a lot moe control. I am telling you when you really care about this is when your health starts to decline a little bit and your family starts being spread around and you want to travel more and you want to back off and try some other hobbies. It is really nice to know that the first half of your career you took care of business so the back half you can kind of enjoy your net worth and the business that you have built.

Jared Pope: Absolutely.

Reese Harper: I think whether you are single location, an associate, or multi location group, that lesson is still applicable to any category of dentist. Alright man, I’ll give you one last chance to tell the most important lesson you want people to go away with from what we have talked about today. What is the one thing you want them to take away from this?

Jared Pope: I think that it is just work hard like we just talked about, there isn’t one thing, but work hard and live conservatively and therein you will find peace and you’ll get where you want to go long term.

Reese Harper: That is great advice man. Well, you heard it here on the dentist money show. Jared Pope, thanks so much for taking the time, we will look forward to having you back on soon.

Jared Pope: Thanks, Reese.

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