Dec 25, 2024
Listen as host David Mandell continues his conversation with dentist and coach Dr. Sue Keller.
Picking up where they left off at the end of Part I, David and Sue discuss the ongoing financial challenges of her specialty dental practice. Here, they tackle Sue’s difficult decision to file bankruptcy for the practice after more than 20 years -- and the legal, practical and emotional processes involved.
The discussion then turns to Sue’s transition after closing her practice – from working part-time for another dentist, serving patients as part of a non-profit and her eventual interest in, and transition to, coaching.
David and Sue conclude the conversation chatting about Sue’s role as a coach and how physicians and dentists could benefit from this type of advisor.
Key Points
- David discusses
the stigma around bankruptcy in the medical and dental fields and
how it can be a difficult but necessary decision.
- Dr. Sue opens up
about the emotional attachment she had to her practice, likening it
to one of her children, which made it hard to let go despite
financial struggles.
- By 2018, Sue
realized she was losing $7,000 per month despite working with
coaches, accountants, and business consultants.
- She shares that
her staff turnover and the irregular income of her practice
contributed to her financial distress, comparing the ups and downs
to a "gambling addiction."
- A business coach
encouraged Dr. Sue to explore bankruptcy, which led her to
interview multiple lawyers to understand her options.
- Sue highlights
the emotional weight of separating her identity from the practice,
realizing she wouldn't "die" if the practice failed.
- Once she accepted
the need for bankruptcy, Dr. Sue moved quickly, closing the
practice within a month and transitioning into part-time work at
another practice.
- Working part-time
at another dental practice, Sue found she earned more with less
stress and more time for herself than she ever did in her own
practice.
- The bankruptcy
process took several years to resolve, but Dr. Sue managed to repay
part of her debt and eventually moved on from the
practice.
- During the
COVID-19 pandemic, Sue worked with the Medical Reserve Corps,
vaccinating as part of a team, which she found rewarding and
different from the solo nature of running a practice.
- Dr. Sue
transitioned into life coaching after discovering her love for
helping people make positive life changes, drawing on her own
experiences of resilience.
- She explains the
distinction between coaching and therapy, emphasizing that coaching
focuses on helping clients take steps toward future goals, rather
than revisiting past traumas.
- Sue advocates for
the importance of balance in life, urging professionals to reflect
on whether their careers are enhancing or detracting from their
overall well-being.
- She notes the
value of mastermind groups and communities where professionals can
openly share challenges and vulnerabilities without
competition.
- The episode ends with Dr. Sue encouraging listeners to seek support, whether through coaching, therapy, or peer groups, as no one is truly alone in their struggles.
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