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Are you feeling burned out or stuck in your profession? In this Monday Morning Episode, we're sitting down with Don Barden, an esteemed economist with over 25 years of experience on Wall Street who now dedicates his expertise to the dental industry. With a Ph.D. and deep understanding of financial markets, Don shares his unique perspective on the mental roadblocks that dentists face. He introduces a compelling framework that categorizes dentists into four types: failures, frustrated, traditionally successful, and transformative practitioners. Don's goal? To guide dental professionals in shifting their mindset, reigniting their passion, and paving the way for enduring success and fulfillment in their careers.
Drawing from his vast experience, Don lays out concrete strategies for developing the right mindset while steering clear of unproductive social expectations. He talks about the transformative power of focusing on personal and professional growth and stresses the importance of a self-managed practice. The discussion is packed with valuable advice for dentists aspiring to elevate both their career satisfaction and financial success. By the end of the episode, you'll be equipped with actionable insights to embark on a journey toward a thriving and lucrative dental practice.
Let's listen in to these transformative insights with Don today!
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You can reach out to Don Barden here:
Website: https://donbarden.com/
Email: don@dwbarden.com
LinkedIn: https://www.linkedin.com/in/donwbarden/
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Michael: Hey, Don, so talk to us before we jump into the one piece of advice. If you can give us a little bit about your background, who you are.
Don: Yeah, I appreciate this. First of all, before we even get going, I want to thank you for what you're doing. I tell you, this show is as good as it gets for getting people pumped up and ready to go and getting that information out quickly to people who need it the most.
So forget about me, man. I just want to thank you for for what you're doing. And yeah, I'll give you a quick background I'm a classically trained economist, Ph. D. S.25 plus years on Wall Street. I know economics inside and out, but I'm really a frustrated anthropologist.
So I care more about the decisions people make I care about yield curves and interest rates. So we can talk about that, but it's boring. What's important and I think this is so applicable to the dental industry. is what's happening. How does it make you feel? And most importantly, what do you want?
And I think that's one of the big struggles right now in dentistry. I've worked with dentists literally all over the world. It's my favorite group to work with. And for a couple of reasons one, most dentists out there are very frustrated right now. And they're frustrated because they fallen out of love.
With their first love or their first career love and that's dentistry and they didn't fall out of love with the active dentistry. They fell out of love with all the crap that comes with it, Cause nobody tells dentists how to run their business and what to do. money comes in, money goes out, you keep what's left over.
but then you wake up one day and you don't feel good and you're frustrated. But here's what I've learned is why I just love dentists. Dentists at their core are caregivers. They got into it with some unique path. Every dentist has got a cool story. But at the end of the day, when they get into it, they are caregivers and dentistry is a way to continue to care for people and the better they are at it and the more excited they are about it, the more the universe gives them opportunities and new patients and things to go out there and help and serve people.
Dentistry is a self fulfilling prophecy. for a love and it's a love that dentists have for their craft and for caring for people. Dude, of all the people I work with around the world, they're the best because they have that thing, that just makes them special. So, I've had a good career as a professor, as a consultant, as a wall street guy.
And at the end of the day, if I could just spend the rest of my days with dentists, I'd do it. Cause they're, that cool.
Michael: So like, what would be the one piece of advice you'd like to give us that can move the needle here?
Don: Yeah. When I say dentists are frustrated, a really unique proposition because there's only four times a dentist out there. There's the failures, the frustrated, the traditionally successful, and then transformatives. most people in the consulting world or whatever, they prey on. vendors are the same way that people are trying to sell you folks stuff.
They go after the failures because you're drowning and you'll do anything not to drown so they can sell you more stuff or they go after the traditionally successful. And those are the dentists that are just sitting around. They got a good, you're a member of the country club. Kids are in a private school.
You feel good about your spouse. Everything is good, but you're not going to do anything to disrupt that. Those folks take no risk. But what's interesting is where the market goes. Cause they think, everybody knows you, or, oh, you have a thousand new patients a month, or, oh, you got this. We need to do it.
The reality is you're not gonna do anything. It's because you're traditionally successful. You made it. Okay. You're not going to do it. The two types of dentists that I like are the other two, the frustrated, who are folks that are just raising their hand saying, I need help, but I don't know where to go.
Can you help me get from here to here? And then the transformatives. Those are the dentists that are always looking forward, always saying, I want to try something new. I want to continue to grow. I want to serve more people. How do I continue to transform? So I think the first thing dentists have to do right now is ask themselves, Are you a failure?
Or you're just frustrated. Are you a traditionally successful person, which means you're pretending, you don't want to risk anything. You're just going to pull up in your cocoon or are you transformative?
either way, the dentists that are going to survive and be happiest in the future or the frustrated and transformative, it's not going to be traditionally successful. It's certainly not going to be the failures. So if somebody's listening to this, they're like I'm a little frustrated.
Okay, let me tell you what to do. Or even if you're transformative, I'll give you the same advice. You might want to have to write this down. You need to change the way you think about how you think, about the way that you think about your thinking. You got that? So don't change your mind on something.
Change the way you think. About how you think about your thinking. And then what happens if you look out there and you realize, I need to get rid of all this social construct, this framework of what I read and what my buddies are telling me and what I see these other people who aren't even in the industry doing.
Forget that. Here's what dentists really want, whether they're frustrated or whether they're transformative, they want the same thing. They just don't know how to voice it. And this is what we try to help them go, wow, you're right. So many dentists right now are frustrated. They want out, they want to just quit.
They want to dump, they want to say, I'll sell it. I'll make a few bucks and I can brag to the country club that I sold my business and my spouse will be fine. And my kids will be okay. I'm not going to do the math about being broke when I'm 75 or 80, but we'll figure it out. I just want to go.
That's what the industry is telling you to do. You need to change the way you think about that. Maybe your frustration doesn't warrant selling and then transforming is the same way. When you're transformative, the universe brings every opportunity possible to you. And when that happens, you're going to get some people coming in and going, we love you.
We want to be a part of you. We'll pay you X amount more than what you're worth because we like what you build. And frankly, we think we can do it better. Yeah. Don't fall for that. So here's what I tell people when you're frustrated or when you're transformative, what you really want is a choice.
You don't want to say I can sell out and just put some money in my pocket. You want to commit to changing the way you think about how you think about the way that you think about your thinking and say, look, if I can roll up my sleeves and over the next 12 months, I really get back into this. I really put my head down.
I really start focusing on team development. I start focusing on the economics of what's happening. I start looking into the future and create a plan. First thing that's gonna happen is you're gonna fall in love again with the craft. You're gonna fall in love and say, Oh my God, when I start blocking all the noise out, I stopped worrying about the social construct or the framework about what everybody else is saying and doing.
I forget what my buddies at the country club are saying. I commit with enormous amounts of courage and capability. I commit to 12 months of real focus. Which means I'm going to become self managed as Dan Sullivan said. So I'm going to be a guy or lady in this business who I can walk away for a month, take my kids to Europe and Asia and Australia and come back and I made more money than I would have made if I was here.
That's what you want. But to do that, you got to change the way you think about how you think about the way you think about your thinking. what happens if you roll up your sleeves for 12 months and really get in, you're going to get some help. Sometime bring in people who are going to help you out.
Here's what's going to happen. You're going to wake up in 12 months. And 1st of all, you're gonna be in love with the business again, which is a beautiful, wonderful feeling. But number two, you're going to find that that choice has two sides to it. And it's both in your favor that you sit there and look at it and go, Oh my God.
Thankfully I've spent 12 months getting my life back together, focusing on my practice, team development, everything I need to do. I've got so many new pages coming in. I'm frankly in love again, and I'm making so much money. Why would I sell I'm making money when I'm not even here.
Why would I sell? Or when opportunity does knock, guess what? You're going to sit there and go, yeah, man, we're making a fortune. You don't even need me. This is a self managed practice. My name's not on the marquee. This is a machine that is just pumping out money. I'd sell it to you, but how serious are you?
And now you're gonna see a premium kick in. So imagine that in 12 months you went from frustrated or transformative to so unbelievably happy that you have a choice. I love my business again. I'm making so much money. It's crazy. I can take months off and make more money by not working than working.
I am in love and I'm making a lot of money and there's no end in sight to it. Why would I leave? Somebody might come up and offer you so much money. It's ridiculous. Real money, adult money, because you've created a self managed business that runs on its own. It's growing and it's got so much enthusiasm that it's contagious.
That gets you a premium. So don't think about what am I going to do to sell. Don't think about what am I going to do because I'm miserable. Think about how can I change my thinking? How can I commit with courage to seek the capabilities necessary to go out and just rock it? And when I do, I'm going to have some ups and downs.
during this next 12 months, and I always tell people this, if you're really committed to doing this, You're going to learn the art of being a successful manic depressant. Because one minute you're up, one minute you're down. One minute you're up, one minute you're down. But then it starts shortening and then before you know it, you say to yourself, holy cow, these swings aren't like they used to be.
My company's running on its own and it's great. And you sit back and you're in love again, you're making money again, and now you have a choice. And I think that's the biggest thing dentistry is facing right now is they don't think they have a choice anymore, but the only person that owns that is you, the dentist.
And if you say, I'm willing to change the way I think about my thinking and I'm willing to commit with courage and I'm going to go for these next 12 months and roll up my sleeves. So I know in 12 months I'm either going to be making so much money and it's crazy that I wouldn't ever want to walk away from my first true professional love.
dentistry or because of that, these folks that are throwing money around and throw real money around and when they do, that's a good day too. But either way, you now have a choice. You've got the high ground and you're driving it, but it comes from commitment and courage to change the way you think about how you think about the way that you think about your thinking.
And it puts a bogey out there that if you do it, man, it's just like working out, 90 days. It's going to be better if you focus on yourself and your business to drive not to sell Not to not feel miserable, but to drive to a point of nirvana where you have a choice Dude, there's nothing wrong with that And I see dennis all the time And it usually changes the mind when I just say the one thing Would you like to fall in love again with your career see men and women tear up because the real answer is yes I All right, it's going to take some work.
It's going to take commitment and courage. We're going to get the capabilities out there. dude, in the blink of an eye, it's going to be 12 months down the road. And since you had the courage to change the way you think about how you think about the way that you think about your thinking, you now have choice.
And both those choices are good. And the ultimate scenario is when you're in a position where you can't make a bad decision. You stay and keep it? Great. You sell it for a super premium? Great. They're both good decisions. So that's it, You know, Change the way you think about how you think about the way that you're thinking.
Be honest with you. Am I a failure? Am I frustrated? Am I traditionally successful? Or am I transformative? Either way, if you're honest, and you say, I want to fall in love with it again, change the way you think about how you think about the way you think about your thinking. Have commitment and courage and go out there and rock it.
And there's so many scholars out there, Dan Sullivan, all of them, who talk about that. You get out there and do that, you'll be in love again, and that's all anybody wants, right?
Michael: Yeah.
Don: It's a great thing. And dentistry is set for some big economic upturns right now. But it's going to be those who follow that path.
there's nothing wrong with having a good choice.
Michael: Yeah, to change the mindset of it. Awesome, I appreciate your time. And if anyone has further questions Where can they find you?
Don: Yeah, they find me on LinkedIn. Just say, Hey Don, I heard you on this show. Anybody who I do a podcast for, and I'm happy to do this for your listeners.
we wrote a book years ago that's, I think in 39 countries that talks about this type of mindset. I'll send anybody a free eCopy of it if they want, but they can reach out to me on LinkedIn or you can just send me a direct email at don@dwbardon.com. It's DON at dwb. A. R. D. E. N. dot com. I answer every email myself.
I talked to everybody. We got a great team here, but man, I'd love to help anybody out if they want to reach out and you just need a kind word. I'll be happy to move you from failure to frustrated. Or if you say I'm stuck in this loop of being traditionally successful, and that's not really me, but I'm stuck.
I want to get back to being transformative. Love your work, man. And I really appreciate what you're doing here.
Michael: Awesome. So that's going to be in the show notes below and also on the dental marketer society, Facebook group. And Don, thank you so much for being with me on this Monday morning episode.
Don: Hey man, keep it up. You're doing great work and just thrilled and honored to be here. So thank you.