Our team works hard serving the orthodontic community throughout the year; however, we do have a little fun every now and then! Tag along and enjoy some of the fun and laughter with the Bentson Clark & Copple team as they embark on a musical journey through Greensboro, North Carolina.
Without further ado, we are excited to share the 2016 holiday video for your viewing enjoyment! Click here to watch Bentson Clark & Copple’s 2016 Holiday Carpool Karaoke.
We are excited to announce the launch of our new and improved website, www.bentsonclark.com.
The new mobile-friendly website features a modern design and an easy-to-navigate interface. Created with the user experience firmly in mind, the website has been developed using responsive design so it is compatible with today’s browsers and mobile devices to deliver a better cross-device experience.
“Bentson Clark & Copple is continuously looking for ways to deliver the best experience to our current and potential clients,” said Chris Bentson, Partner of Bentson Clark & Copple. “The website was created to allow easy access for visitors to obtain the information they need when considering the future of one’s orthodontic practice, across any device.”
Over the past few years, the Bentson Clark & Copple team has experienced growth in the Recruiting/Placement Services portion of their business. The new website provides orthodontic clients and candidates valuable resources and information regarding recruiting and placement of orthodontists who are seeking associateships, equity-minded associateships and permanent placement services.
The website also includes the following:
To access our new online experience, simply visit www.bentsonclark.com from your desktop or mobile device. Let us know what you think!
As you may know, consolidation in the dental industry is occurring at an accelerated pace. To remain relevant and competitive, owners of both solo and small group practices should increase their level of business sophistication. Chris Bentson will be presenting this information and much more during his lecture titled, Dental Marketplace Consolidation: Effects on the Private Practice Orthodontic Owner during the MKS Forum on November 5, 2016.
Additionally, Chris will address the current pace of dentistry consolidation and its effects on today’s orthodontic practice owners. He will briefly review current trends in partnering with other orthodontists or pediatric dentists, financial and operational trend data for the specialty as well as how economic and generational trends are affecting practice owners. The goal of his 45-minute presentation is to equip attendees with the data needed to stay competitive and make strategic decisions about the future of one’s practice.
The MKS Forum will be held at the Hilton Anatole Dallas located in Dallas, Texas. To find out more information or to register for this high-sought event, please visit the official event website.
This editorial was written by Patrice Connor, Circulation Manager of the Bentson Clark reSource, and previously published on LinkedIn.
Money is an echo of value. – Bob Burg
I have enjoyed getting to know Bob through his books and podcasts. I have even had the pleasure of visiting with him on the phone. He is a great inspiration in many ways.
One podcast in particular, with Lisa McLeod discusses selling with noble purpose…noble purpose. I thought about that for days. Can I use the word “noble” to describe anything I do? NO! The first time I thought about it I actually laughed. Ha!
Then I thought some more. My thoughts ran from the industry, orthodontics, to our company, to my bosses, what we do, how much I admire them for their knowledge of this industry, for the way they do things, our clients (orthodontists), how hard we all work to improve the lives of these doctors during the most important times in their lives, how lucky I am to be a part of a company where its leaders use integrity in all things, my role in all of it, leading to our publication. Therein lies my task – to increase its distribution – but how? Noble, there’s that word again.
I have learned so much about orthodontists, the industry, and the education, what it takes just to attain this level of education. I have read some great articles on outstanding doctors and practices in orthodontics. Many of them do wonderful things to help so many in and out of their communities. They are creative, smart, family-oriented and of course, they love kids. Still thinking about my role in all of it.
What finally hit me is really what should have been on my mind first and foremost – my children – three girls to be exact. Two of them wore braces. My youngest it seems wore braces for her entire childhood, well actually from about 5th grade through her freshman year in high school. Her teeth were a mess. She is now 21, absolutely beautiful, with four years of college behind her and a teaching degree to be coming soon. She has an amazing smile. I will NEVER forget the day her braces came off. As I write about it and any time I think about it, I tear up. Every time. The glow of happiness, confidence and satisfaction that was in her face, all because she had an orthodontist. Noble! What a profession, to be able to give that to someone especially a child. What a gift. Yes, the gift giver is noble, as is this profession.
I can proudly say that what we have to offer is a tool to assist these doctors, these givers of happiness, in managing their practice. I can also proudly say it is the best in the industry. In any field, staying on top of trends and data is extremely important. We can help with that. Orthodontists create beauty and happiness. What a job! Our tool is an aid to help them do what they do. Maybe there is some nobility there after all.
To learn more about this tool, the Bentson Clark reSource, click here!
In 2006, Proctor & Gamble made a $56 Billion, with a “B”, investment in the razor blade market, purchasing the Gillette products and brand. With a 70% market share in the razor blade market and the advantages that Proctor & Gamble had in research and development, branding/advertising and distribution – who would or could compete with them?
Well…over cocktails at a holiday party in 2010, Michael Dubin, then 34 years old, found himself next to the father of one of his friends’ fiancée in a discussion that somehow meandered into complaining about what a rip-off $4.00 and up razors were and was there a better way. A year later, with Michael Dubin as pitchman and his now partner Mark Levine in operations, the two launched Dollar Shave Club (dollarshaveclub.com); selling razors on the internet for $1.00 plus $2.00 shipping and handling. Hardly a threat to the formidable Gillette brand that had recently launched the three blade Mach3 after spending $750 million in research and development on the product.
Dubin invested his life savings, about $35,000, to build a website that was launched in July of 2011. Working tirelessly, the early going was slow. He spent six months driving around trying to connect with media to spread the word and signed up the first 1,000 members without spending any other money. Then came the idea to create a goofy video to promote the brand and product at a cost of around $4,000, which launched in early 2012. The slightly irreverent video went viral – extolling convenience, price and featuring two cheeky slogans: “Shave Time. Shave Money.” and “Our Blades are F***ing Great.” In the two weeks following the initial YouTube post, over 12,000 new orders flowed in, and that was after the website crashed due to volume in the first hour and was down for twelve hours.
The rest is history. Dollar Shave Club gained subscribers, or as they like to call it “members,” for its razors with blades imported from Korean manufacturer Dorco. In 2015 sales surpassed $150 million and 2016 sales are on pace to surpass $200 million in razors costing about a quarter to buy and package and selling for a dollar. The punch line is this – two weeks ago Dollar Shave Club was purchased for over five times sales for one billion in cash by Unilever, Proctor & Gamble’s largest competitor.
Yes, David can take on Goliath in today’s business world. What are some takeaways from the story?
1. There are new ways to sell old products – Dollar Shave Club went to the consumer.
2. A form of guerrilla marketing is available today that can neutralize the advantages of older established brands. Dollar Shave Club content is hosted on Amazon Web Services (launched in 2006), YouTube (launched in 2007) made it easy and inexpensive to view their video, and Facebook (launched in 2004) made it possible to share the video to millions for free.
3. The established market leader could not change its model to compete. Proctor & Gamble simply wasn’t structured to drop their price on the Gillette razor line to compete with the new competitive threat. Their built-in overhead and delivery model ended up costing Gillette an 11% drop in market share to 59% of the razor market, down from a commanding 70% share in 2006.
4. Gillette essentially over-engineered the razor market. It turns out that two blades were enough to satisfy customers. After the launch of the three blade Mach3 came the five-blade Fusion from Gillette; which had a 40% premium to the Mach 3, but was met with slower than expected sales. No worries for Gillette, customers still purchased the Mach3, but the concept of more blades for more money was challenged.
5. Proctor & Gamble thought their market position was unassailable.
Questions for Orthodontic Practice Owners:
Food for thought from a modern day David and Goliath business tale.
The 2016 Graduate Orthodontic Residents Program (GORP) is quickly approaching and our team is excited about attending this year’s event. The meeting is being held in Ann Arbor on the University of Michigan campus, August 4-7, 2016.
If you will be attending GORP, please take the opportunity to meet with Shannon Patterson, CPR, CMSR, Director of Practice Opportunities and Anthony Copple, JD, Transition Specialist. They will be happy to answer any questions you may have regarding practice opportunities, placement services, buyer representation services and current market trends.
If you are unsure about the direction of your orthodontic career, Shannon Patterson, our Orthodontic Placement Specialist, can provide guidance with your career choices and discuss current market trends in the orthodontic industry. She will have a list of our current practice opportunities, including associate positions, equity-minded associate positions and practices for sale throughout the United States. If you have identified a practice opportunity with equity, Anthony will be available to discuss and address questions you may have regarding buyer service representation. We look forward to meeting you Michigan!
Bentson Clark & Copple shows our appreciation for the service of orthodontists in the armed forces by providing complimentary Bentson Clark reSource subscriptions to all active duty military orthodontists. We owe an incredible debt of gratitude to the men and women of our Armed Forces and providing the reSource is a small token of our appreciation.
Supporting our troops is something personal for our company. Bentson Clark & Copple employs two very proud military moms. One child is serving in the Navy and the other in the Marine Corps. In addition, many of our team members’ parents or grandparents served in the past.
Our company is largely known for our valuation, transition, recruiting services and newly expanded career opportunities; however, for over a decade we have proudly published the Bentson Clark reSource. The reSource has featured over 220 timely articles and interviews contributed by Bentson Clark & Copple’s partners and team members, as well as the industry’s top leaders and consultants. The quarterly publication is written for orthodontists of all career stages, focused solely on the business aspects of running a successful practice. The newsletter can assist all orthodontists in making strategic decisions in managing their practice. Many doctors use the newsletter as a planning tool for the future – from opening an office, to practice growth, to planning for retirement.
The second quarter edition of the Bentson Clark reSource is now available. Each quarter, the reSource orthodontic newsletter publishes articles regarding the current issues and concerns within the world of orthodontics. This edition features six articles offering a strong focus on the Millennial generation, providing an update on the CDC’s sterilization rules and discussing the impact of adult patients in regard to practice management. Below is a brief overview of each article included in the latest Bentson Clark reSource (Volume XI, Issue II).
Embracing The Next Generation of Orthodontics
By: Shannon Patterson, CPR, CMSR
In the growing world of orthodontics, older generations are retiring and Millennials are entering the orthodontic workforce. Millennials do have different needs, expectations and working styles than the previous generations – Silent Generation, Baby Boomers and Generation X. In Shannon Patterson’s article, she discusses the diversity of each generation’s viewpoints and identifies the factors impacting today’s orthodontic residents’ career choices. By understanding the Millennial mindset, skills and background, you will be able to better engage with them to make a difference in your practice and community.
The Associate Income Divide
By: Chris Bentson
Chris Bentson examines two different scenarios that the Bentson Clark & Copple team hears frequently – one from the new and younger doctor demographic and the other from the established orthodontic demographic. Presently, there is a wide divide between what a young or newly minted orthodontist can make working for a DSO versus the traditional solo or small group practice. It appears debt fatigue is driving much of this interest in employee positions versus ownership.
The Millennial Mom: Her Native Tongue is Technology
By: Brenda Ashwell
Did you know that one in five moms is a Millennial? Brenda Ashwell of PracticeGenius discusses how and why it is important to cater to Millennial mothers through the beauty of technology. She analyzes why it is important to focus on marketing strategies to reach these mothers, and how it can bring success to one’s orthodontic practice.
Millennial Moms: What to Know About This Tech-Savvy Generation
By: Maria T. Bailey
There is an estimated 83.1 million Millennials in the United States alone; 42 million of those are women and 13 million are mothers. Today’s generation of mothers want speedy service, information and answers. In addition, they are highly connected with the world around them. It is critical for anyone who plans to do business with this group of women to understand what drives the Millennial generation. Maria Bailey presents a brief overview of Millennial Mothers, how to communicate with them accordingly and how to stay connected.
Percentage of Adult Patients Impacts Practice Management
By: Dr. Bob Haeger
Dr. Bob Haeger discusses the importance of keeping track of adult exams/starts in one’s orthodontic practice. He provides information focused on five essential areas in practice management: attracting new patients, converting patients to starts, treatment, employee management and revenue and expenses. He also focuses on the importance of statistical and factual information to help a growing practice thrive.
Sterilization Process: What You Need to Know for 2016
By: Andrea Cook
Sterilization is one of the most important functions of any orthodontic practice. Andrea Cook provides up-to-date facts, administrative measures and hygiene etiquette established by the CDC (Center for Disease Control) in her article. She also takes an in-depth look into the difference between sterilization and disinfection, as both are crucial to keeping your patients safe and remaining compliant with the CDC guidelines.
Click here to read a sample version of the second quarter 2016 Bentson Clark reSource. Not a subscriber and want to learn more about the publication? Click here to visit our website.
Patrice Connor has been named Circulation Manager of the Bentson Clark reSource newsletter, which is received by over 1,000 individuals each quarter. “Stepping into the role of Circulation Manager is truly exciting. I look forward to expanding outreach of the Bentson Clark reSource into the orthodontic community,” said Connor.
She has a long history of providing exceptional customer support and is excited about serving the reSource’s subscribers with the highest care available. Her one-on-one customer relationship philosophy will provide readers a high-quality subscription experience. Additionally, Patrice will focus on growing the publication’s readership/subscriber base.
“People know Bentson Clark & Copple as an orthodontic valuation and transition company; however, the Bentson Clark reSource was created over a decade ago with the mission of providing orthodontic owners with information regarding how to run a successful practice. We use our valuation data for some articles and publish a vast amount of guest contributor content. In a recent readership survey, most subscribers responded that they read each edition of the reSource cover-to-cover each quarter. Patrice truly understands who we are as a company and is a perfect fit as our Circulation Manager,” said Chris Bentson, President of Benson Clark & Copple.
About the Bentson Clark reSource
The Bentson Clark reSource is published for orthodontists of all career stages, focused on the business aspects of running a successful practice. It allows readers to stay up-to-date on trends within the orthodontic industry, provides exclusive data extracted from successful practices, offers a wide range of content – from marketing advice to insight on new products from the world of orthodontics and is often used as a tool in planning for the future. Over the past 11 years it has featured over 200 articles and interviews contributed by 41 different writers. For information on how to subscribe, visit here, call 800-621-4664 or e-mail Patrice@bentsonclark.com.
Chris Bentson will be speaking in Brooklyn, New York on June 11, 2016 at the Aloft New York Brooklyn, along side Dr. Hisham Badawi and Dr. Michael Scott for Ormco’s 2016 University Day. Chris will introduce orthodontic residents to new concepts, resources and tools available to jumpstart one’s orthodontic career.
Chris is scheduled to present “Residents Need to Know: The New Golden Age of Orthodontics is About Less and More,” at 1:00 pm. The multi-point presentation will focus on the trends in the specialty and why both new practitioners and current consumers will find fewer obstacles and more options as they begin their orthodontic journey. Chris will likewise discuss the rapidly changing dental industry undergoing accelerated consolidation. He will conclude by breaking down the who, what, when, where and why for your practice transition, including the most important facts and data that an orthodontic resident needs to understand in making a future orthodontic practice transition successful.
If you are interested in registering for the event on June 11, 2016 in Brooklyn, New York, please contact your Ormco representative today! Entry is free for current orthodontic residents (and includes course materials and meals). This will be a fun and factual presentation for all residents in attendance.
Chris Bentson has been working with orthodontists regarding the business aspects of their practices for over twenty-seven years. As a Partner of Bentson Clark & Copple, LLC and Editor-in-Chief of the Bentson Clark reSource, he enjoys lecturing and educating the orthodontic community on the many aspects of valuation, transition and orthodontic career opportunities in settings such as Ormco’s 2016 University Day.
