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Episode #4: Howard Farran’s Best Advice for a Successful Career in DentistryPractice Management

The Best Practices Show with Kirk Beherendt Episode #4: Howard Farran's Best Advice for a Successful Career in Dentistry

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Summary

Today’s Episode:
Dr. Howard Farran is on the show today! He is the master at getting great people in dentistry connected. He has done over 633 podcasts and is the founder of Dental Town. He graduated from UMKC in 1987 and then got his MBA in 1989 from ASU. Howard is someone who has managed to merge dentistry, business, and technology to create an empire around dentistry and dental business information.

He is the founder and CEO of Today’s Dental a practice he has had for over 30 years. He is also the founder and CEO of Farran Media, Dentaltown, Orthotown, and Hygienetown. This is an amazing episode as he shares his love of dentistry, and how he got started in dentistry and business. He shares fun stories and practical advice for having a successful career in dentistry.

You can find Dr. Howard Farran here:
Dentaltown
Today’s Dental
Howard Farran Website
Farran Media
Howard Farran Facebook
Howard Farran LinkedIn
@HowardFarran Twitter

Show Notes
[00:02:46] Growing up Howard’s family was poor, but then his dad bought a Sonic franchise. Then his dad opened a new Sonic every year for 9 years.
[00:03:22] By the time Howard’s dad had five franchises they moved to the richest neighborhood in Wichita.
[00:03:24] Their next door neighbor was Kenny Anderson the dentist. After seeing Kenny at work, Howard fell in love with dentistry in the sixth grade and eventually went on to dental school.
[00:03:46] After dental school, Howard followed his dad’s example and treated his practice like a business.
[00:05:56] How the first thing in business people need to learn is demographics. Before opening his practice, Howard looked at demographics and economic projections.
[00:10:16] It took Howard 4 months to open his first practice. There is no good time to have a child or start a business. Don’t be fear driven.
[00:11:27] The best time to open a business is when you are young and dumb. The only reason you would fail would be a personal failure from something like drugs.
[00:12:18] Acquisition can be better than opening up an office from scratch. There is less competition by purchasing or buying out a retiring dentist.
[00:15:14] When selling to women it is all about trust.
[00:16:25] When young dentists buy practices and get rid of the experienced team they lose the trust of the original brand.
[00:17:52] The dentist who unleashes their staff to communicate has far higher treatment acceptance.
[00:19:35] The importance of focusing on dentistry and what matters.
[00:19:55] The most successful dentists were the ones who take the most CEs.
[00:20:23] How we are a summary of our 5 best friends or our 5 best dentist friends.
[00:22:31] The importance of finding the right neighborhood of people to hang around with such as the community at Dentaltown.
[00:23:41] Dentists that are in the game like a coach at a game.
[00:24:40] How at a staff meeting the team needs to be able to talk.
[00:30:23] Freeing or firing someone who isn’t a good fit. Finding the right person to do the hiring and do it right.
[00:35:23] There is a difference between a friend and a boss just like there is a difference between a friend and a father.
[00:42:04] How important it is to work at or go to or be in an office that people trust and like.
[00:44:04] Hire slow and remember it is a game of trust. Having a practice is an opportunity to show people that you care.
[00:44:40] Buying technology doesn’t always mean you will make money. Have trustworthy long-term staff and put money in labor and build trust.
[00:46:09] The importance of finding what you are really good at and doing that.
[00:46:41] How people with million dollar practices put their money into consultants.
[00:47:12] There is no comparison to the value of a $50,000 consultant over a $50,000 piece of equipment.
[00:49:32] Thinking like a business person and outsourcing the expensive things that you don’t have the equipment to do instead of trying to do everything.
[00:50:58] How women make 95% of the appointments and control how the money is spent.
[00:52:52] Triple the trust and you triple your treatment plan presentation. The number one cause of treatment plan acceptance is trust.
[00:58:26] Having more debt in consumption than you do in business debt.
[00:59:14] Minimalism is less stress. Why have all of the overhead, taxes and maintenance.
[01:00:28] Millionaires invest money in income producing assets.
[01:01:26] Buying something big makes you feel good, but it is better to quit spending money.
[01:03:13] The importance of putting money into yourself and taking care of yourself.
[01:09:00] The importance of investing in yourself and your education.
[01:12:30] How exercising for an hour a day makes you a different person when you go into the office.
[01:13:07] Setting up a recurring system so that you can take care of yourself and be a better person.
[01:13:56] Stimulants in the morning and alcohol at night were bad for you.
[01:17:46] Firing a bad client or patient. We have to take care of ourselves and keep stress levels low.
[01:19:55] How all leaders are readers. Howard reads a book a week.
[01:24:09] How people who took off three days a week spent the most money.
[01:24:56] If you have debt, you should be working more hours.
[01:29:19] Finding where the marketplace fails and capitalize it. Open on Sunday or some other unique aspect.
[01:33:12] The advantage of loyalty programs over advertising.

Links and Resources:
Only the Paranoid Survive
Uncomplicate Business
Dentaltown
Today’s Dental
Howard Farran Website
Farran Media
Howard Farran Facebook
Howard Farran LinkedIn
@HowardFarran Twitter
Dentaltown App

Best Practices Show itunes

“Hands down the best dental coaching team and seminar on the planet. Absolutely hilarious, entertaining, and engaging with practical application of action items to begin implementing on Monday morning. My team and I are fired up and looking forward to more ACT dental events.”

Hal Rider ACT Dental
Dr. Hal Rider
General Dentist, New Iberia, Louisiana

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