The Power of Abundance: Choosing a Mindset of Plenty
DS World Main Stage Script
September 22, 2023
Doug Fettig and Carly Carlson
The Power of Abundance: Choosing a Mindset of Plenty
CARLY
We want you to pause for a moment and think about the most important decision you have ever made in your life ……
The most important decision you ever made isn’t where you went to college. It isn’t what profession you chose. It isn’t if, or whom, you chose to marry.
The most important decision of your life is one that you make, consciously or not, every single day.
It’s simply this.
Do you choose to live your life with a scarcity mindset? Or do you embrace an attitude of abundance?
DOUG
Thank you, Carly.
I’d like to share a personal example of abundance before shifting the focus to your dental practice.
Sometimes life hits you with an absolute gut punch when you least expect it. And your life is changed forever.
That’s what happened to my wife and I on a Wednesday morning 26 years ago. Catherine, who was pregnant with our middle son, suddenly went into premature labor at 23 weeks.
Parker was born weighing 1 pound, 6 ounces and entered the world fighting for his life. He lived for 7 days before he died.
After our son’s death, the emotional pain was devastating. Fortunately Catherine, an incredible mental health nurse, encouraged us to see a grief therapist, which was hugely beneficial.
We came to realize we had a choice to make. Would Parker’s legacy be defined by anger? Would we go through life with a sense of bitterness? Would we choose scarcity?
Or would our son’s legacy, his impact on this world, be one of love and joy? Of reinforcing, to us and others, how precious each day and each moment truly is?
We chose abundance.
And we co-founded a nonprofit that supported parents who were faced with the terrifying prospect of their child beginning life in the NICU.
The impact of Parker’s short life continues to ripple throughout the world – including at this very moment.
Having an abundant mindset didn’t protect me from the pain of losing my son. It determined how I would live my life going forward – how I would use that experience to grow and help others.
CARLY
Thank you, Doug, for sharing that moving experience and the positive benefit that grief therapy played in your journey.
It highlights the importance of the powerful message from Dr. Geisinger. Incorporating self-care and mental health awareness into your practice perfectly encapsulates an abundant mindset.
So, what do we mean when we refer to abundance vs scarcity?
A scarcity mindset is a belief that resources and opportunities are limited, and that you must compete with others to get your fair share. It’s characterized by a fear of failure, a reluctance to take risks, and a focus on protecting what you have. It is a belief that life is a pie that is static in size – if my slice gets bigger that means your slice must get smaller.
An abundant mindset is the belief that there are more than enough resources and opportunities available for everyone, and that your success doesn’t come at the expense of mine. It is characterized by a willingness to take calculated risks, and a focus on growth and opportunity. It is a belief that life is a pie that is constantly expanding, and that everyone’s slice will continue to get bigger.
We’re not fans of the cliché that asks whether the glass is half empty or half full. Why? Because both are passive mindsets.
Abundance isn’t concerned with whether the glass is half empty or half full.
It’s all about FILLING UP THE GLASS! What can you do, by collaborating with others, by taking risks, by embracing change and technology, to fill the glass. To expand the pie.
DOUG
Operating with an abundant mindset has never been more relevant in the dental industry. From student loan debt to practice consolidation to staffing shortages, it’s a never-ending sea of challenges.
Think about graduating with $500K in student loans. I know – too soon for some of you! A scarcity mindset says “How can I possibly own my own practice? I’ll never get out of debt”.
An abundant mindset says “Look at the earning power that my skills will provide me for the next 30 to 40 years. I can take on the world! The sooner I own a practice the better for my long-term wealth!”
The same holds true regarding consolidation. Scarcity sees a landscape where you are a victim of circumstances beyond your control.
With abundance you see an ocean of opportunity and choices, such as being an associate or practice owner, becoming a partner in a small group practice, or joining a DSO.
What about staffing shortages? The scarcity mentality sees a constant turnover of team members. And the thinking that a raise for your team means less take home pay for you.
When you think abundantly, you realize that your team yearns to work for an inspirational leader, so you invest in leadership training to create a dynamic environment that attracts, and retains, superstars! And, regarding raises, you say “When I inspire my team, they have a vested interest in the growth of my practice. Because they prosper, I prosper!
Now let’s shift our perspective from 30,000 feet to you and your colleagues on the ground. Carly?
CARLY
Thank you, Doug!
We wanted to share several stories from our interactions w/your dental colleagues over the years that highlight how their mindsets became self-fulfilling prophecies.
We’ve identified three attitudes among your colleagues:
The Protectors, the Perfectionists, and The Prosperous.
The Protectors.
We were called by a 62-year-old dentist who wanted to sell his practice. He did about $1M a year in production.
Walking up to his office we noticed the landscaping looked tired, and the waiting room needed a makeover. This extended to his operatories. Over the last 10 years he had minimized his “expenses” and didn’t invest in new equipment or technology. This dentist was trying to “protect” what he had.
He was trying to COST CUT HIS WAY TO PROSPERITY - a tactic that’s frankly never worked!
He was hoping to receive 100% of his annual production when he sold. But since he had stopped investing in his practice, he might only get 60%. So now he was down to only $600K. And that’s without considering taxes!
DOUG
When this dentist, this protector, realized he wouldn’t have the retirement life he hoped, the meeting took an emotional turn.
By going into “protection” mode, by having a scarcity mindset, this dentist had flatlined his production for 10 years, provided a lower level of patient care, reduced the value of his practice, and negatively impacted his retirement.
CARLY
Next, we have the perfectionist. Perfection – a word that should be banned from the English language!!!
First, can perfection ever be achieved?? And second, there is “the law of diminishing returns.” The time and effort required to get those final few incremental gains FAR outweigh any benefits.
During a Dentsply Sirona digital conference in San Diego we were sitting w/a table of dentists during lunch. One said, “I’ve been thinking of going digital for 5 years, but I’d like the technology to be perfected first.” A fellow dentist said, “You just lost 5 years of increased production and improved patient care.” BOOM. Mic drop!
The first I-Phone was released in 2007.
Is there ANYONE still waiting for smartphone technology to be “perfected”??? Technology is NEVER perfected. It keeps evolving and improving. The longer you wait to jump on the bandwagon the more time you have lost to improving both your practice and your level of patient care. As Dr. Harris said, “What’s the cost of NOT changing??”
DOUG
And then we have the dentists we call “The Prosperous”.
We were speaking at a Dentsply Sirona Tech Summit to a dentist who was excited by the technology and the potential for her practice, but her CPA said she didn’t have the cash flow to pay for it.
This is where Carly and I often get “triggered” by some fellow CPAs. One of our least favorite phrases, when considering an investment in new technology, is that it’s “not in the budget”.
NEWS FLASH! The budget is irrelevant to a new investment decision.
The budget – if one even exists – provides a forecast of anticipated revenues and expenses. Your budget can’t possibly include the potential value of a new investment.
Again - THE BUDGET’s IRRELEVANT!
What is relevant is the ROI (the return on investment) that the new technology will generate.
Wait – you said you wanted a primer on ROI? You got it 😉
The ROI formula is simple: Profit Minus Cost / Divided by Cost. So, if you invested $100K in digital equipment and you made $200K in additional profit, your ROI would be 100%. In this example, you doubled your money by investing in technology!
CARLY
Let’s return to our dentist and the CPA’s concern about cash flow. We said to the dentist, “Let’s break this down.”
Financing allows you to delay payments for the first 12 months. Then you can spread out the payments over 5 years. So, you receive the benefit of increasing the production and income of your practice FOR A YEAR before ever making a single payment.
Oh, and then there’s this thing called section 179 – your best friend as the CEO of a small business. It allows you to reduce your income by the cost of the equipment. By reporting less income to the IRS, you pay less in taxes. It’s effectively a rebate from the government for investing in your practice!
For those of you who missed that business class in dental school 😉 – here’s an example of the power of Section 179.
Let’s take that $100K that Doug had you invest during his ROI example. Section 179 allows you to deduct that $100K from the income we report – meaning that you reduce your taxable income by that $100K investment. If your combined tax rate is 30%, then you just had $30K returned to you from the IRS, potentially before ever making a single monthly payment!
So, in the example, if you invested $100K in digital equipment your short-term cash flow, because of Sec 179, has increased by $30 thousand dollars. AND your production is increasing. AND you are spreading the payments out over time. AND you are providing better patient care. AND your practice value is increasing!”
DOUG
Fast forward to the last day of the tech event.
The dentist said, “I just signed up for a $210K investment in digital technology!!”.
She joined “The Prosperous” by unleashing her abundant mindset and collaborating with her CPA who, after analyzing the numbers, determined that the ROI generated by the investment made it the best business decision for her practice.
An abundant mindset doesn’t mean making decisions spur of the moment, or with a blank checkbook – it means being open to change and growth.
CARLY
Do you practice differently now than 10 years ago. Will you practice differently 10 years from now? OF COURSE! Why?
What has been an ever-present and changing force in all our lives?
TECHNOLOGY!
Technology has driven the rapid advancement of mankind’s prosperity, starting w/the industrial revolution, leading to the computer revolution, and now as we embark on the AI revolution.
An abundant mindset embraces technology and the incredible impact it has had on creating wealth and improving living standards across the globe.
DOUG
Practice owners - we want to congratulate you!
By taking the risk to become a small business owner you are a CEO and an entrepreneur! YOU are the backbone of what has made America THE greatest economic success story in the history of the world!
CARLY
Doug and I want to leave you with these simple yet life-changing takeaways that can help you lead your practice, and live your life, with an abundant mindset:
PRACTICE GRATITUDE: Follow Dr. Geisinger’s recommendation, and keep that journal.
SURROUND YOURSELF WITH ABUNDANT MINDED ADVISORS (and Friends)!
CELEBRATE “FAILURES”: They are opportunities to learn and grow.
GIVE BACK: Practice Generosity and giving to others.
And watch the pie expand.
DOUG
And here’s your “Monday Morning Mindset” – contact your CPA and request an ROI analysis of digital equipment like an Axeos, a Primescan, a Primemill, and a PrimePrint.
Spoiler Alert! If your CPA doesn’t know how to run this analysis, you may have the wrong CPA.
And, if the ROI supports the investment, commit to incorporating the technology into your practice ASAP. Your future self, your team, and your patients will be forever grateful!
CARLY
Make no mistake. You CAN change the course of your life. Your mindset will impact your experiences and your life’s path. When you wake up tomorrow, and for the rest of your life, we challenge you to say to yourself, “I’m committed to living today with an abundant mindset!
The choice is yours and yours alone. We hope you will join us on Team Abundance!!
