It's Time to Replace Your Model
lot of small business owners are going through very difficult times today,
and that certainly includes my peer group in medicine and dentistry.
The whole country went through hardship, pandemic and now post-pandemic. We are still dealing with the aftermath.
So much has changed. As we move forward as business owners, we have increasing price and wage inflation occurring at the same time as businesses are struggling to get back on track again. There are supply chain issues and increased labor costs from what we’ve gone through in the last year. Last year’s CARES Act contributed to these cost and supply chain issues by pushing out so much money, and it is continuing to provide entitlement benefits to people long past when they should need it. It's creating a lot of issues.
As small business owners, entrepreneurs, and small capitalists, we are competing with the government. We don't stand a chance because they've got the printing press; they can do what they want, and, although I don't like to say this, the government with its current direction today would really like not to have small business entrepreneurs.
Look at their history. The government would like to take over as much of the private sector as possible. That is their goal. They can't take over the entire private sector, but in industries that are highly regulated they're already doing it. They consolidate and wrap it up like they did with the financial industry back in 2008; they rolled up and put a lot of mortgage brokers out of business.
The government wants the big banks. They want the large companies to be there because they can deal with them hand-in-hand. It's crony capitalism. It's hard for the government to deal with small business entrepreneurs, so they're going to work as hard as they can to put us out of business. That's what they did during the pandemic: the big companies got massive PPP loans, while many small businesses couldn't access any.
The government wants dependence – that's how they buy votes. That is as political as I want to get there. This is the trend though, and what you have to understand.
The issue at hand today is do you continue to repair the current model that you have now? I know you have a ton of time, education, student loan debt, and capital risk involved in your current business. I totally get that.
I'm not telling you that you need to sell out or get out. Some of you may be closer to that point, and this could be a message for you to make that leap (if you knew that you could). There is uncertainty there: If you sell your practice, do you have enough capital to create the passive annuity income stream that you need? Most don't understand how to do that, but you may be there.
If you're not there, then you need to be working as quickly as possible on creating those outside income streams.
Starting back when I finished dental school, that's what I did in my own life. I started building my portfolio, my Plan B, my free pass to freedom back before I was a dentist. Back in the ‘80s, when inflation was running as high as 14.5 percent and mortgage interest rates were as high as 17 percent. I did it then. I know how these markets work, and I know how to move and navigate through them. Today we're moving back towards that same marketplace.
If you've been looking for a better way to replace (rather than repair) your current income streams that are dependent upon you as the primary producer, then now is a really good time.
You've worked so hard to create what you have. You've been successful. You provide for your family, but there is the unknown of the uncertain economy ahead. Forecasts of massive inflation and higher interest rates ahead will not be kind to those who are not preparing and taking proactive action.
What action do you take? Who's your advisor? They probably haven't been through this either. They’re probably going to tell you the same advice: Just stay the course; work harder, keep practicing, then eventually retire.
Do you really want to keep playing that game?
Do you really want to go to one more CE course seminar that talks to you about how to have better staff and how to be more efficient and how to work faster and what technology to buy and how to market more, etc. etc.?
I understand that you need to do it for a while, but if you don't start fast-tracking to financial freedom soon, then you could be stuck on this treadmill much longer than you care to. It's not going to get better; it's going to get harder. Now is the time to make a change in your model, if you haven't done so already.
In Freedom Founders, this is what we do. I know the model works because not only has it worked for me – I am the product of the product – but also it has worked for hundreds of other dentists.
Freedom Founders has changed their lives.
I know you're going to be skeptical. You're thinking, this can't work; it's got to be a scam. I get it. Go ahead and Google David Phelps, Google Freedom Founders, and see what's out there. Look at the testimonials. They are real.
If you qualify to hop on a call with my team, you can actually come and check us out at a live event. I invite you to do so.
I'm here to help those who want help. They are going to be a small percentage of people, because most people want to do it themselves. It could be their pride, ego, whatever you want to call it; that's okay.
For those who want the help though, who want to change the direction of their life – we're here for them. If you’re ready to create true financial and time freedom, join me for the free webclass I’m hosting over the 4th of July weekend.
P.S. Whenever you’re ready, here are some other ways I can help fast track you to your Freedom goal (you’re closer than you think) :
1. Schedule a Call with My Team:
If you’d like to replace your active practice income with passive investment income within 2-3 years, and you have at least 1M in available capital (can include residential/practice equity or practice sale), then schedule a call with my team. If it looks like there is a mutual fit, you’ll have the opportunity to attend one of our upcoming member events as a guest. www.freedomfounders.com/schedule
2. Get Your Free Retirement Scorecard:
Benchmark your retirement and wealth-building against hundreds of other practice professionals, and get personalized feedback on your biggest opportunities and leverage points. Go to www.FreedomFounders.com/Scorecard to take the 3 minute assessment and get your scorecard.
3. Ready to Step Away?
“How Much is Enough?” This simple question keeps hard-working professionals at the hamster wheel of active income far longer than they need to be. Watch this free training, and discover a proven model for determining how much you really need before hanging up the handpiece! www.freedomfounders.com/training