Lifestyle Dentist Podcast With Scott Worley Full

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Summary

In this episode of the Lifestyle Dentist podcast, host Dr. Garth Hatch interviews pediatric dentist Dr. Scott Worley. They delve into Dr. Worley's multifaceted journey, from overcoming personal challenges with addiction to achieving professional success and creating a lifestyle that balances work and personal interests. The conversation covers Dr. Worley's diverse experiences in dentistry, his ventures into real estate, and his commitments to helping others through charity work. Dr. Worley's story reflects resilience, continuous learning, and the pursuit of horizontal income to achieve freedom and fulfillment.

Highlights

Dr. Worley's journey through addiction recovery and how it shaped his life 🛤️
Tips on practice transitions in dentistry and working with family 💼
How real estate investing and tax strategies can enhance financial security 🏘️
The significance of mentorship and being open to learning from others 🌟
Starting 'A Daily Reprieve' to support individuals struggling with addiction 🎗️

Key Takeaways

Dr. Scott Worley shares his journey from overcoming addiction to thriving in dentistry 🦷
The importance of creating horizontal income for financial freedom 📈
Investing in real estate and leveraging historic renovation tax credits for wealth building 🏡
The role of continuous learning and surrounding yourself with smarter people 💡
Starting a nonprofit to help others maintain sobriety and give back to the community 🤝

Overview

In this invigorating episode, Dr. Garth Hatch introduces us to Dr. Scott Worley, a pediatric dentist with an inspiring tale of recovery and success. Dr. Worley candidly shares his early struggles with drug and alcohol addiction and the pivotal moment he sought help. His transformation is a testament to the power of resilience and the support of family and community.

Dr. Worley dives into his career in pediatric dentistry, offering insights on practice management and the dynamics of working within family-owned practices. His approach to dentistry is characterized by compassion and an understanding that both patients and their families are integral to healthcare. He also shares his wisdom on investment, particularly in real estate, and how it complements his professional life.

Towards the end of the episode, Dr. Worley reveals his passion for giving back. Having founded 'A Daily Reprieve,' a nonprofit aimed at helping those battling addiction, he discusses the importance of contribution. This aligns with the podcast’s theme of living an epic life on one’s terms, underscoring how personal and financial freedom can be pursued through dedication and strategic choices. 🌟

Chapters

00:00 - 02:30: Introduction and Background of Dr. Scott Worley This chapter provides an introduction to Dr. Scott Worley, emphasizing his humility and achievements. It highlights his venture into multi-family investments, inspired by his first significant earnings from a pilot show. The discussion brings into focus the concept of creating horizontal or passive income, which is a core principle at Gobunitz. This principle aims to establish financial security, allowing one to potentially shift away from traditional careers, such as dentistry, towards a lifestyle that doesn't rely on active professional engagement for income.
02:30 - 10:00: Challenges with Addiction and Recovery Journey The chapter titled "Challenges with Addiction and Recovery Journey" features a transcript starting with a motivational introduction targeted at dentists. Dr. Garth Hatch hosts the episode, emphasizing living epic lives with freedom and fulfillment. He highlights the excitement for the current podcast episode and introduces the guest, an incredible pediatric dentist, whom he describes as amazing.
10:00 - 19:30: Experience and Practice in Pediatric Dentistry The chapter titled 'Experience and Practice in Pediatric Dentistry' features insights from Dr. Scott Worley, an accomplished expert in pediatric dentistry based in Lake Charles, Louisiana. The chapter delves into Dr. Worley's diverse experiences, not only in his professional field but also in real estate investment and personal challenges. Notably, it touches upon his journey through overcoming drug and alcohol addiction, showcasing his inspirational resilience and ability to conquer significant personal obstacles. This narrative highlights themes of professional expertise, personal growth, and the power of overcoming adversity in life.
19:30 - 41:00: Financial Independence and Real Estate Investments The chapter introduces Dr. Scott Worley, a pediatric dentist with a notable career spanning 35 years. Coming from a family where his father also practiced pediatric dentistry, Dr. Worley discusses how this background provided him with a life of abundance. He acknowledges both the successes and challenges he has faced throughout his career and expresses a willingness to share these experiences.
41:00 - 55:00: Mentorship and Continuing Education in Real Estate The chapter features an introduction and discussion with a guest, Scott, who shares his journey into dentistry, tracing part of his background to his roots in Lake Charles, Louisiana, midway between New Orleans and Houston. The guest suggests a familial link to healthcare that influenced his career path.
55:00 - 75:00: Involvement in Quantum Capital and Philanthropy The chapter 'Involvement in Quantum Capital and Philanthropy' begins with a personal reflection by the narrator, who talks about the influence of their father, a pediatric dentist, on their life path. They describe their father as a wonderful, amazing man who played a crucial role in guiding them. The narrator also touches on the impact of their childhood experiences, particularly noting a defining moment when they were 11 years old. During this time, despite feeling loved by both parents, they witnessed the separation of their mother and father, a significant event that shaped their perspective.
75:00 - 88:00: Conclusion and Contact Information The chapter discusses the narrator's family dynamics and personal struggles as a child. The narrator's mother moved to the West Coast, leaving them with their father who remarried a mean-spirited, verbally abusive woman. This situation led to feelings of abandonment and anger, indicative of the complex emotional challenges faced during their adolescence around the early 1970s.

Lifestyle Dentist Podcast With Scott Worley Full Transcription

00:00 - 00:30 And super cool guy, I'm sitting at the table with him, just a humble guy, and hearing his story, and he talked about quantum capital. And he's been doing multi-family since his first check he got for the first pilot show. Yeah. And you know, the biggest thing that we haven't mentioned is probably our number one pillar in Gobunitz is creating horizontal income, creating passive income so that if I want to stop doing dentistry, I have enough income that I can stop doing dentistry. You are entering lifestyle dentist territory where
00:30 - 01:00 healthy, wealthy, generous dentists choose to live epic lives on their terms with freedom and fulfillment. I'm your host, Dr. Garth Hatch. Buckle up for another exciting episode. Hey, lifestyle dentists. Super excited for our podcast today. Got an amazing pediatric dentist, amazing guy, Dr.
01:00 - 01:30 Scott Worley coming to us from Lake Charles, Louisiana. Dr. Worley is an expert obviously in pediatric dentistry, but has also done a lot of different things. At varied life with his experience investing in real estate, growing his practice journey with drug addiction and alcohol addiction and overcoming that and just amazing inspiration out of people that are overcoming different challenges with addiction and just overall
01:30 - 02:00 amazing guy, Dr. Scott Worley. So glad to have you with us. Thanks Garth. Great to be here. Yeah, being a pediatric dentist for 35 years now and growing up in a household who my father was a pediatric dentist, you know, has afforded me a lifestyle that's just been full of abundance. I've had many, many successes and as you mentioned, I've had a lot of challenges too and look forward to sharing those
02:00 - 02:30 with your listeners today. Thanks for having me. No, thank you. Thank you. In fact, you might start with that just with your journey, Scott. What got you into dentistry and a little bit about your background. I know you've got health care in the genes and so tell us a little bit about your background. So born and raised Lake Charles, Louisiana, which is on the map. I am midway between New Orleans and Houston in Louisiana, about 30 miles from the Gulf of America. Yes.
02:30 - 03:00 And as I mentioned before, my father was a pediatric dentist and a wonderful, amazing man. Very blessed and fortunate to have him in my life and see his lifestyle that guided me in this direction. But started out, you know, when I look at my childhood, the defining moment was when I was 11 and I had a wonderful mother and father and they loved me, but they didn't love one another and they split up
03:00 - 03:30 and my mother moved out to the West Coast and lived out there and I stayed here with my father and, you know, I get into 12 years old, 13 years old. He marries a woman who was really mean spirited and she was verbally abusive. And so I was dealing with abandonment issues from my mother and, you know, anger and hatred for this new stepmother. And, you know, back then you look at 1972, 73, the
03:30 - 04:00 summer of love wasn't far removed from that and, you know, the hippies and drugs and alcohol and it was out there. And, you know, unfortunately, I made some bad choices in my early teens and hung out with a crowd that was making bad choices too. And it led me down a path where, you know, I feel like by the time I was 14 or 15 getting into high school, as I look back on it, I was addicted to drugs and alcohol at that time.
04:00 - 04:30 But I was kind of a jackal and hide. I could, you know, in high school, I took all advanced classes and studied hard and made A's and B's. And, but on the weekends, I was the wild man. I was a rebel. And then in college, the same thing. In my undergrad, you know, exact same pattern. When I got into dental school, it changed a little bit because, you know, it was harder. You know, and I may go two or three or four weeks and not drink or drug.
04:30 - 05:00 And then when it was time, I was, you know, I was always the one party in the hardest. I was leading the party. I was the one that was going to pass out first. And I was the one who was going to wake up and people were going to tell me what I did the night before. And, you know, I laugh now, but in looking back on it, you know, there was a pattern there. And what I was doing was, of course, I like the feeling, right? I mean, that's why most people get into drugs and alcohol.
05:00 - 05:30 They like the way it makes them feel. And like, you know, love having you at the party because it made a fun time. So, yeah, no, I hear that. Yeah, but as I look back on it, I was, you know, there's a void in me that I should be filling with my higher power, God, spirituality, love. And I'm feeling it, you know, the anger and hatred and abandonment that emotional issues I had, I'm masking them with drugs and alcohol. And that carried into, you know, even to my
05:30 - 06:00 residency, my life in Birmingham at my Peds residency. And, you know, it was kind of it's kind of like it wasn't dental school. Got out, came back to Lake Charles, joined my father's practice. And, you know, then we set up here in Lake Charles and started to raise a family. Couple things there. And yeah, that's I think there's a lot of people that deal with various addictions, be that drugs and alcohol, be that pornography, be that even healthy things, you know, gambling.
06:00 - 06:30 Well, I said, gambling is not necessarily healthy, but exercise or even just social media. I mean, there's so many things out there that can become addictive if we're not intentional about what we're doing. So, yeah, I think that is definitely a challenge that anybody with a type A personality like like dentists, you know, have to be aware of. You obviously made it work, you know, a functioning alcoholic type thing where you were able to do well to become a dentist and a pediatric dentist.
06:30 - 07:00 I mean, that's not easy to do those things. So you obviously could make it work. But we're dealing with the anger, the issues, you know, with your family. And then with that transition, what brought that to your attention finally, where he said, OK, I've got to make a change. Where was that road? Yeah, good point. And you said functional alcoholic. And that's what I was up until about my fourth year in private practice. I was in with my father.
07:00 - 07:30 And, you know, on the outside, things were looking good. You know, I was making good money. I had my first home. We'd had our first child, you know, nice cars in the driveway. All the stuff on the outside looked good. But we're back in before the opioid crisis. And I could call in and have a bottle of 100 opiates sit to me or 100 Valium. And I did that a few times. My patients didn't get any of them. And I got all of them. And what happened was the weekend party and began to fill into the week.
07:30 - 08:00 And I got into a situation where I could not control it anymore. It controlled me. And, you know, thank goodness for, you know, a loving wife and a father who saw that I was having issues. And he'd seen it all along. But now he's really seeing it at the office. And so they sat me down and said, you feel like you got a problem? And I said, yeah, I think I do. And they said, well, let's get you some help. So I went and checked in the 28 day treatment center.
08:00 - 08:30 We're looking at July of 1994. And when I got out, I started practicing the program of Alcoholics Anonymous. And to this day, I take an active role in my recovery. And that's, you know, I found a balance between staying spiritually fit through my Catholic faith. I'm a devout Catholic. And that's the spiritual part of my AA program.
08:30 - 09:00 And between the two of those, I have a balance that's worked for me for many, many years. But the key is that I have to take an active role daily in both of those. And for me to have the abundance and happiness and freedom from addiction. That makes sense. That makes sense. What are some things that help with that transition when you're able to overcome it, to find that spiritual wholeness? What were some things that helped with that journey?
09:00 - 09:30 First thing was, you know, at first I did not want to get I didn't want to go to AA meetings. I wanted to go to church. And because that's how my father raised me, you know, he saw me struggling and he put me in the pews with him and it worked. And so he planted that seed early on of my faith. And so whenever whenever I started going to AA right at first, it was like, I don't want to be a part of this. I'm not like these people in here. They've gone. They've hit rock bottom.
09:30 - 10:00 And and it took me a while. And finally, you know, as I got involved, I got a sponsor. I started working the steps of AA. My spiritual, my faith grew. My wife and I became Catholic. You know, we started raising our sons in the Catholic Church and they became altar servers. It just it took a while because, you know, I want to do things my way. And, you know, in so many things in my life, I've done things my way and it's worked and I've had success. But this is not one of those. I mean, it
10:00 - 10:30 was hard for me to the key word was surrender. I had to surrender and let go of my will so that, you know, so that God's will can move into my life. And, you know, I could grow spiritually and begin to help others through the program of AA. That's that's you know, when I look back on thirty four years ago, when I went to treatment, I was I was at rock bottom. And when I look back on it, thank God, my rock bottom wasn't as bad as others. But I feel like whenever I whenever I came out of it, it
10:30 - 11:00 was the worst thing that could have happened to me back then. It was the worst nightmare. And then now it's, you know, for my ability to help others through the program, through a nonprofit, which we'll talk about in a minute. It's become, you know, next to my family, it's become one of the crowning jewels of my life. Yeah, I couldn't agree more like like so many things. I think a lot of times God puts things in our life that could be a struggle, but then ends up becoming a strength that you can help others with because that you can relate to them.
11:00 - 11:30 And so, yeah, no, that's and I know you have. I know you've been a great source of inspiration and help to a lot of people and with what you're doing and just helping them through through different challenges they've got and with your charity that you're doing and everything else. So, no, that's that's awesome. Scott. And thanks for sharing that. Yeah, thanks for that. Yeah, no, absolutely. One thing, too, I want to hit with that transition with your dad and maybe if you wouldn't mind just kind of sharing.
11:30 - 12:00 First of all, just kind of the way your dad worked. We talked about that son this weekend and I love his schedule. And then also what was that like joining a practice? It was your dad, but still it was, you know, it's a it's a partner associate type transition. Would you mind kind of talking about both your dad's schedule and then also kind of how that that transition was when you when you joined him? Yeah, so I grew up in, you know, in a household that, you know, it was abundant with love and a faith that I, you know, I
12:00 - 12:30 took on but it was also abundant in affluence. We were poor. We did not I did not have a scarcity mindset. We lived on the lake. We played golf at the country club every day, had a boat fish, skied, took great vacations. I don't think we were my grandfathers were both in the insurance business, so they did well. And there was never generational wealth, you know, like we talk about in abundance and that we want to create for our family. But there was wealth and that way I didn't grow up with a scarcity mindset. And so
12:30 - 13:00 and I think I passed out on my kids, too. I don't see them in a scarcity mindset either. Now, his work schedule was unique. He was an avid golfer. And so was I. He worked six days a week and he was off at noon every day and was able to get to the golf course and join his group that he played golf with. And then when I got off school, I was on the golf course with him. And all that time we spent, we played competitively, we
13:00 - 13:30 played in tournaments together and against each other. And it really became a way for us to connect and for him to help me whenever I was going through those hard times. And, you know, I had another friend who his father was a heart surgeon and we played golf together all the time. And I would, you know, I looked at his father, you know, I was doing good in college and I was thinking, OK, I could be a heart surgeon. And we'd come in from partying about midnight at his house and his dad would be putting his scrubs on to head to the hospital, crack somebody's chest open.
13:30 - 14:00 You know, my dad would be asleep at home and ready to go to work till 12 o'clock the next day. No call. And so I looked at that lifestyle and I said, OK, I'll take that. That's a good one. And it's worked out. I mean, you know, we'll get into it. But after doing this for 35 years and now I only work part time. But for 31 years, I was full time. And just recently I took in this wonderful young lady, Dr. Saima Khan, is my associate. And she's been with me four years now.
14:00 - 14:30 And she's just been she's taken all over all the operative dentistry and has just been a blessing to me in my practice. And we could dive into that, too, because, yeah, I'm a big fan of having, whether it's a partnership, associate, whatever, but having more than one doc in the in the practice. I've said that one is the loneliest number in anything, especially in business. And it's also usually the choke point. Be that one dental assistant, one receptionist, one one dentist. You know, that you're only one person away from the whole chain break. And if somebody gets sick,
14:30 - 15:00 if there's an emergency, whatever reason, someone's on vacation, everything shuts down. And so with that transition, would you mind stepping back to because I know you had a bit of a transition with your dad and then and then kind of when you had Dr. Khan join you, would you mind kind of going over that a little bit first your transition with your dad and then your new associate? Yeah, so I started out with my dad in 1990. And the plan
15:00 - 15:30 was to be with him in his office and take over his practice. He practiced a different style of dentistry. He had the barbershop chairs, you know, where you step on a foot pump and it goes in the chair, goes up. And then there was a little cuspid or bowl on the side that you score in your mouth, you'd spit the bowl. I mean, he had it was old style dentistry and there was no central suction. So I went into an office that was not set up for, you know, what I was had been trained to do. So it was a step back in time for
15:30 - 16:00 me, somewhat frustrating, but we got me settled. He wasn't set up for doing sedations like I was trained in school either. So it worked out good, though. And what I learned from my father was not really anything about actual technical dentistry. He was just such a wonderful, calm, gentle, loving and kind man. And I would listen to him and how he dealt with the kids and how he dealt with the parents. And, you know, I can remember him saying one time I was struggling with doing a
16:00 - 16:30 filling on a young man. He was probably about seven or eight. You know, he kept raising up his hand and I guess he was hurting and put your hand down, you know, I was kind of giving him that. And then at the end of the day, we'd finished up and my dad said, you know, buddy, I find that I catch a lot more flies with honey than I do with vinegar. And that was it. You know, it's like, OK, let me get this. Let me get this message. And I started putting that into use. It took me a little while because I'm not like my dad. I'm more like my mom. I'm more hyper, high strung.
16:30 - 17:00 And for me to to follow what he did was such a, you know, it was such a great way of doing things. And it's how I do it now in my practice. You know, with Dr. Khan joining me, I go in now. I go in three. Well, I go in two half days and one full day. So I work basically about 12 hours a week and I do checkups only. I go in and, you know, I'm like the happy Walmart greeter. And I always have been. That was my deal. And I walk through that back door. We're
17:00 - 17:30 going to have some fun. We see a lot of kids. We'll see 40 to 60 kids in a day. My office is different than yours. You know, you're you know, you've got your microscope lenses on. You're digging in a hole for a few hours. It ain't that way. I check one patient. Five minutes later, I'm checking another one. And, you know, it's kids are kids are cool. They're young. Four or five, six year olds are always going to bring the magic. You know, they always say the craziest things. And it's just it's it's infectious.
17:30 - 18:00 You know, me and my staff will start laughing. It's something they said. And, you know, it's fun. And I'm not doing anything that's it's hard. You know, pediatric dentistry of all our specialties, pediatric dentistry is the easiest specialty if you're in the mindset of the challenge of dealing with kids. And I love that. So it's it's been great for me. That's awesome. Yeah, I know that a lot of different directions on that. But yeah, I totally agree. I mean, for one, just killing with kindness type thing, you know, in anything in dentistry, people are there.
18:00 - 18:30 They're scared. They're in. It's funny. You could they could be a five year old or a eighty five year old. And it's still a lot of times the same patterns. You know, I mean, even you'll have some big, burly guy that looks like he's been a biker for 40 years and muscles and tattoos and everything else like that. But when they get in the chair, a lot of times they're just a scared little boy or scared little girl, you know, that they're still the same pattern from something happened when they were a kid and they're scared to death. So, yeah, just trying to alleviate that fear, killing kindness and make it a good
18:30 - 19:00 experience. So, yeah, I know I can relate with that. Yeah, the goal was to let the kids leave with a good experience and come back not afraid. And so they come every six months. They're not afraid when they graduate out of my practice when they're 18. They go to their general dentist and they continue to have good experiences. And then they don't have to come see you later in life because things have broken down and they need root canals, right? Yeah, getting them early and getting a good experience that they enjoy. My kids,
19:00 - 19:30 they love going to the dentist now because of an amazing pediatric dentist. I was smart enough. I don't even treat my own kids. I did. Hopefully not, right? I've got plenty of buddies in town that, yeah, my oral surgeon friends will take out their wisdom teeth. Pediatric dentists will do their pedo dentistry. And if their wife or kids need a root canal, I'll do the root canals for free. So
19:30 - 20:00 it's a nice network and I value people's skill. I mean, could I do it? Sure. There's a lot of things I could do, but I'm not going to be as good as they are. And it's not like Ronald McDonald to when they go to their office. I mean, they got cartoons and videos and prizes at the end. And it's like going to an amusement park. So they love it. Yeah. And my office is a train station. Whenever I designed this office 25 years ago, I wanted a theme office.
20:00 - 20:30 And so I had my architect draw plans for what looks like a turn of the century train station. And I've got a red caboose that I bought in Colorado. It's a bobber caboose. It's the little red wooden caboose and it's attached to the side of my building. There's an entrance opening into it and the kids go in there. That's their playroom. I have trains running throughout the office. There's three trains that run. It's a theme that, you know, the kids come in and they're amazed with the train. And, you know, they get the prize and they leave and they want to come back. Now
20:30 - 21:00 I've got a son that of my four sons. So I've got four grown sons. And of course, my wife and I have been married, wonderful wife for 35 years. And we have four grown sons that are all doing well. One of them is a chiropractor. I'm in his office now talking to you. And one of them is about to finish dental school. And we go this weekend to Boston to watch him graduate from Tufts Dental School.
21:00 - 21:30 He will graduate out of 230 in his class. He graduates number 10. So he's a super smart young man. And he will start a two and a half year orthodontic residency in June. Awesome. Very proud of him. So wait, so he's doing ortho ortho or pedo ortho. So he's doing ortho. And what was his girlfriend doing? Because I know what you do in pedo. Yeah, she's about to do start a Peds residency at Harvard. So she's got a two year program. So we'll see at the end of that if they're graduating together.
21:30 - 22:00 So hopefully in two and a half years, they come back and there's my exit strategy. There you go. Comes to life. Yeah, that's got to be a great a great marriage either way or ortho and pedo. Yes, definitely. That's awesome. That's awesome. Hey, I've got a question too on any advice you would give for practice transitions because that's always, you know, be that at the beginning of your career, the end of your career, middle of your career, depending when that transition happens.
22:00 - 22:30 That that can also a lot of times be an amazing experience for dentists to find a better lifestyle. You know, our theme with our coaching and mastermind is being a lifestyle that's where you your practice supports your lifestyle, not takes away from it. And I think a big part of that is having doctor duplication where you're not the only doc in the box kind of thing, at least at some point in your career. But that can also be a lot of times a challenge when people are making that
22:30 - 23:00 transition. There's going to be different ideas of the way to practice, different cooks in the kitchen. And that a lot of times can cause stress, cause problems and cause breakups where a lot of partnerships or associates don't end well. And so what are some lessons you've learned both at the beginning of stage with your dad and then also now with with Dr. Con and sounds like likely with with your, your son, what are some some lessons that are advice you might give to people with that, you know, doing a transition.
23:00 - 23:30 Yeah, good question. My father, the intention there was to stay with him in his practice and grow that and then he would retire. But after being with him for four years, we had another pediatric dentist who had some health issues and he approached me to buy his practice. My father and I looked at the numbers and, you know, my dad's quote was Scott, this is a bird's nest on the ground. You need to pick it up.
23:30 - 24:00 And so, and so I did. And at that time I left my father and built my own practice. So that transition while, you know, we were thinking it was going to go one way, it didn't it went another way. But it was kind of nice because when I was with my father, I was always living under my father's it was like everybody loved my father. Here's Dr. Worley Jr. coming in now. Whereas when I went on my own, it became my own practice. And so I grew it. And
24:00 - 24:30 after five years, I built the dental depot and grew that. And, you know, I had a couple of associates come in. I had an orthodontist come in. He was doing a one day and I did orthodontics for 20 years, but I love doing it. I love studying it. I love pushing the envelope. I love the, you know, the success of seeing somebody smile so beautiful when you're finished. But I got busy with Pete's and so I had a phase the ortho out and then an orthodontist approached me to come in. And he worked in my office as a satellite. So he worked in my office as his
24:30 - 25:00 satellite one day a week. And, you know, the practice instantly grew. And he was there until his practice in his other, you know, in his main, his main practice got big enough that he didn't need to come anymore. I had a general dentist come in for a while who was doing my teens because I didn't want to do teen restorations anymore. And he was driving in from a pretty good
25:00 - 25:30 distance away. So that phased out. And I really wasn't looking for anyone. And then after the hurricanes hit us in 2020, I was approached by Dr. Khan. And the building she was in got destroyed by the hurricane. So she was looking for work. And I was looking to slow down. And so when I took her in, it's been a year. We just celebrated four years. I took the staff. I've got a staff of 11 and her is 12. And we
25:30 - 26:00 all went and had lunch and celebrated her four years with us. But taking her in that transition, it was not something I was aggressively looking to do. I felt like it was just, you know, God put that opportunity before me. And I was open to it. I was ready for it. And then when she joined, I watched her, you know, I showed her how I do my sedations. She was already doing a lot of hospital cases. So she took over those right away. And after she, I saw her that she could do it exactly like I did it or better. I
26:00 - 26:30 gave it all to her. Of course, I'd had a few spine surgeries too. So I was, you know, physically, I was ready to give it to her. And mentally too, because I was at the point where that was my challenge each day, was dating and going to the hospital. And I wanted to be what I do now, just do checkups. Yeah. Yeah. So basically the hardest thing I've done for the last four years is grab a mirror, take a look in the mouth, you know, give the kid high five and talk
26:30 - 27:00 to mom, look at x-rays and just kind of a win-win. Yeah. And that's beautiful. You both can do your area of genius. And I know with Pito, that's a big process, all the checkups, all the conversations with mom and everything else. So yeah, I'm sure that helps keep the load evened out, but also you're comfortable. You're not in some contorted area if you've got any kind of, you know, back or spine issues. So that's probably helping across the board
27:00 - 27:30 with that too. So yeah, no, that's fantastic. What do you see as far as the next transition? I know your son's going to be coming out soon. Do you see yourself at some point phasing out and completely stopping? Or still doing what you're doing for 10, 20 years, or as long as you want to, because it's easy, you enjoy it. What do you foresee on that? Well, it's easy and I enjoy it and I love it. I mean, I only work Tuesday,
27:30 - 28:00 Wednesday, Thursday. I'm excited to go in. I always leave the office excited. And so I could do this into eternity, but I'm 63 and I'm ready to do something else. And if, you know, God willing, my son does come in, which has always been the plan. As an orthodontist, he could take over doing my checkups and refer himself the
28:00 - 28:30 orthodontic patient. If the patient needs restorative procedures, refer it to Dr. Khan. And I'd stick around for a couple of cycles, a couple of six month cycles. So I get to introduce them to everybody. And then after a year, it would be, you know, call me if you need me. And my son, that son is really, really independent. And I think he would come in and be ready to take charge and he's very bright. He had me there to show him how I
28:30 - 29:00 manage it. And then it'd be like, okay, dad, see you later. No, that's awesome. Talking about retirement, things like that. If you don't mind, let's transition a little bit now on what's the other side too of your independence. And meet your financial needs. I know there's a lot of dentists and professionals in general that are rich on paper. At least we make good money. And yet many are a couple weeks, a couple months away from being broke if they
29:00 - 29:30 couldn't go into the office for whatever reason, be that a health issue, be that a family emergency or just retirement. You know, there's plenty of docs that are in their late fifties, late sixties that would like to retire, but they financially cannot retire. What are some things that you did and are still doing, you know, to kind of help with that, to reach that financial freedom? Yeah, good question. I feel like a lot of dentists that I know are very
29:30 - 30:00 conservative on how they invest their money. I am. I consider myself. I don't think I've ever had a bad investment that I've done. I really study it. And I started from the beginning and put money in SEP IRA when I was with my father. Then when I started my own practice, I started a 401k profit share, grew that, putting in the max I can every year. I think back then it was between me and my wife is about 75,000. And then the last
30:00 - 30:30 10, 15 years, I started a cash balance plan through my retirement. And it's just a different plan where I match rather than match 4%, I match up to 8%. But I can put away double, you know, I was putting away 144,000 a year in the cash balance plan. We started a little, you know, my wife and I, her father was a contractor and a fireman. So on his days off for the fire department, he did construction. So she had that in her jeans.
30:30 - 31:00 And then we're watching Fixer Upper with Chip and Joanna and like, okay, we can do that. And so, you know, took their motto and we bought a raised cottage from the 1930s. We went in and took all the sheetrock off to, you know, pay the shiplap white, polished up the old oak floors, had some subs come in and change out the AC electrical and plumbing. And so we kind of did it slowly. We would buy one, we'd fix it up, pay all cash and
31:00 - 31:30 put renters in there. One of them was our kids, what we call frat house. When they got to college, they lived it. We did fix it up and they lived in it. We still have that one right now and three of them live in it and they rent it from it. And I'm sure that's going to be temporary because they're just getting started. But we, you know, it's kind of a slow growth. It took a couple of years, you know, where we'd save up and do another one. And our strategy was to hold them because they're great little houses. And, you
31:30 - 32:00 know, I joined a, you know, I joined an organization, you know, Gobundance that you and I are both in. And I got in the rooms with, with smarter people than me. You know, when I was in the room with dentists, it was like, okay, I can fit in. I've got, we went to the same level of school and I have some expertise. I like the saying that my mindset is never that of an expert, always that of a novice. Soon as I think I'm an expert is whenever I'm going to struggle. And I always want to be the novice who's continuing to learn no matter whether it's
32:00 - 32:30 dentistry, real estate, which I really jumped into. You want to come on that too Scott? Because I think that really is part of your secret sauce of how you've done so well is you are willing to continue to learn and not consider yourself. I'm an expert. I've learned it all type thing. And when you look at successful people, be that Warren Buffett, be that anything, they're, they're always learning. They're always trying to grow. And I think that's why they were so successful and
32:30 - 33:00 including you that when we, when we finally say, okay, I know it all. That's when our growth stops and we start going downhill. Exactly. So we started this little company called Donna's cottages and you've heard of the, we buy ugly houses. Well, our motto is we buy cute cottages. And so we would fix them up. We probably done about six or seven of them that we have in our portfolio. We began after I joined Gabundus and kind of got in the rooms with smarter people. I learned that you can do some of these that are historic with tax credits.
33:00 - 33:30 You can burn vests, which is by renovate, refinance, rent and repeat. So that's the B R R R R, which a lot of people heard of. But we did that for a few homes. But most recently, the, the ones that got me to a tax free status. And that's something that I'd never had before because for 31 years of my 35 years in practice on April 15th, I just grabbed my ankles and, and you know, it was, I
33:30 - 34:00 was grateful that I made enough money to pay all this taxes, but I didn't know that I had a conservative CPA. It's like you, these houses you're doing, you can't write them off. Well, I got into Gabundus. The first thing I learned was my wife can be a real estate professional. I just have to take her off my retirement at the office. She doesn't work there. So I just took her off of that. Now she's a real estate professional. We have to document 750 hours a year that she puts into our properties, which she does.
34:00 - 34:30 And so I can write all of our investments, real estate off of my W two. So that was the first key. Getting in the room with smart guys like you and guys who knew real estate and because that's not my expertise. Another guy met at one of my first events. I met, I had two very fortunate. My first event in Gabundus was summer of 2021. I met a guy from New Orleans. We just been hit with two hurricanes in Lake Charles here in 2020 and he was
34:30 - 35:00 restoring historic homes and getting tax credits. So I changed my strategy because there was some damaged historic homes that were on the historic register and I started restoring those with getting tax credits. What would you say as far as to others, you know, with your experience with mentorship or masterminds like getting in the right rooms? Any advice on that? Well, for me, I guess the right room to get in first was the rooms of AA.
35:00 - 35:30 So, and then opening that door really changed my life. And then, you know, if I could have joined Gabundus, I'm trying to get my kids in it right now and get them to the point where they can get in it because I feel like being in it for the last four years has completely changed my trajectory. Not only with my investing in real estate, which we'll get into multifamily here in just a second, but I've always been a goal setter for personal goals, spiritual
35:30 - 36:00 goals, relationship goals, bucket list adventures. But now being in a tribe like Gabundus, it's changed the trajectory. I mean, it has escalated what I do as far as my goal setting, my health. So, yeah, yeah, I wish I'd had this 10 years ago, 15 years ago, but I'm glad I have it now.
36:00 - 36:30 Yeah, I couldn't agree more. I think every big jump I've made in life, it's because of a mentorship or coach or consulting or a mastermind where I was able to expand my mind and learn about things I didn't even know were out there. And I thought I've had great CPAs, great tax attorneys, and a lot of times they're just not giving you the answers that are... I would say what's wrong because their advice was correct,
36:30 - 37:00 but it was just so small as compared to what can be done. And what's risky to one CPA may be very easy, middle of the fairway to another CPA just because they know the tax code. I mean, the tax code itself is whatever, 5,000 plus pages. And so if you don't understand something, then it's risky. But if you don't understand it, you've been through audits and protected people, then it's not a big deal. I think that's one area, especially as dentists, and any professional we get killed
37:00 - 37:30 with taxes with that usually being one of our biggest expenses. And so if we don't have a strategy that takes that into play, we're just shooting ourselves in the foot because I know Uncle Sam's grateful to take our $100,000 sometimes every year. But if you can use that to build generational wealth, what a better way to do it, and then use and give that back the way you see fit. Right. On that note, would you mind walking us through? What would
37:30 - 38:00 a typical historic fixer-upper rental investment look like? How'd you come across that and how would something like that look? Well, the first thing is it has to be on the National Historic Register. Typically, that's going to be in your downtown district. Then you have to... There's QREs, which is a Qualified Renovation Expense. Your QREs have to equal $1 more than the assessed value of the house.
38:00 - 38:30 So to give you an example, the last one we did two years ago, it was a 1890s colonial revival. Big house, big 4,000 square foot house, probably 1,500 square feet of porches. Just a beautiful home. And it had been sitting there for 15 years. Thirty windows were blown out, the roof leaked. These beautiful longleaf yellow pine floors were... There's termite infestation in three or four places. And it was a huge challenge to take on, but golly, now that we've done it, I have a
38:30 - 39:00 real estate company that rents it from me. But the first thing was to get an architect who came from the State Historic Preservation Organization, which was out of New Orleans. So she came and got on a Zoom call with the organization, walked them through it, said, "Here's what Dr. Worley's going to do." And they gave us the green light to get started. So that's the first thing, is you got to get an architect who's on board with the Historic Preservation Organization.
39:00 - 39:30 Then the next phase is they draw it up, create plans, what you're going to do in each room, on each wall and floor. Nothing on the outside, driveways, outbuilding, fences, that is not a Qualified Renovation Expense. This home, we had 600,000 in QREs. And I could have probably saved some. I could have probably made it 500. But I tried to restore it as it was in 1890s or better. And so that was all new
39:30 - 40:00 plumbing, all new AC, all new electrical. We were pulling all this pin and tube wiring and there was no AC actually. There was some window units, but there was no central air. Asbestos roof, it was a nightmare. But we've got chandeliers in there now. Everything is set for commercial. Beautiful new kitchen, which is modern. And so the way it works is once, you know, then I present the QREs in phase three,
40:00 - 40:30 she comes out, does the final walkthrough, and then I get my CPA to file everything with the state, with the State Historic Preservation Organization. The tax credits I get on that 600,000, we ended up getting 20% on against my federal, my W-2, and 25% from the state. So the 20% I wrote off, you know, against my taxes immediately. And then the 25%, there's a lady at the state that bought my
40:30 - 41:00 tax credits from me for 90 cents on the dollar. So I ended up getting a check for like 140,000 for my state tax credits. So basically what it does, it cuts the cost of my construction almost in half. Wow. Yeah. That's awesome. Yeah. And at the end of the day, you've got a beautiful place. You've helped your historic district. I mean, there's some pride that goes into that, that you've given back to, you know, to preserve in the history of your town.
41:00 - 41:30 And then with the next step, because I know you do syndications and a different journey with your investment. When did you go from buying your own properties and then now starting to do, well, not just starting, you've been doing it for a while, but different syndications or private equity type deals. Yeah. So I, the first event I went to, I told you that I met a, the young man from New Orleans with the historic tax credits. I also sat at the table with Mark
41:30 - 42:00 Hintaman. And Mark is our CEO at Quantum Capital. Mark is also the executive producer of The Family Guy, which is the cartoon you see on TV. And he's been on that for 28 years. He's been the original, one of the lead writers for, you know, that show's been on forever. Kind of like The Simpsons. Probably between two of those, those are two of the longest running shows in history. He's still, he's still doing it right now. And, and super cool guy. I'm
42:00 - 42:30 sitting at the table with him, just a humble guy and hearing his story. And he talked about Quantum Capital and that he's been doing multifamily since his first check he got for the first pilot show. And so then when it came time to invest, I reached out to Quantum Capital. And I invested in one of their deals December of 2021, that same year. And I put a little bit in just to get my toes wet. And then six months later, me and a Go Bro
42:30 - 43:00 sold a Destin house in Destin, a beach house and had a seven figure liquidity event. And just so happens Quantum Capital had a deal ready for me to roll that into. And after I did that, I kind of use that as leverage. I said, well, hey guys, I'd like to join your team. And do you need any help? I can, I mean, I got colleagues here, I could raise capital. And they welcomed me with open arms. So I joined Quantum Capital July of 2021 and
43:00 - 43:30 have been with them. So our, our strategy with Quantum Capital, we're a multifamily syndication team. We raise capital for deals that we do in Denver, downtown Denver. And our typical deal is about a $10 million deal. It could be one big apartment complex or two small ones. We're the number three company in Denver in the range of
43:30 - 44:00 15 to 50 units. So that's our niche is 15 to 50. And in the deals we do, we just finished one. I've been on nine of them now and I invest in every one. I mean, all five of us on the team, Mark, Nick, Cliff, Mike, and myself, we all have skin in the game. Right? So I would say if we're raising 10% of that 10 million, I mean, 35%, I'm sorry, we put 35% down. And as investors in our own deals,
44:00 - 44:30 we'll put about 10% of that up to 20%. And then we raise the rest of the capital from our investors. And then our deals are set up to pay out quarterly distributions. And then we usually do a cash out refinance around year three. We buy Class B properties, so we add value to them to work them up to Class B plus or A minus when we sell, typically in six years. We do a cash out refinance at year three,
44:30 - 45:00 and we usually return 40 to 50% of our investors capital then. So our typical deal is if somebody invests 100,000, say if I'm putting 100,000 in one of our deals, I get a 2x multiple at the end of it. After five or six years, however long we hold the property, I'm gonna, between the quarterly distributions, the cash out refi at year three, and then the final disposition of the property at year five or six, I'm gonna make 200,000 back on my 100,000. In addition, here's the big one.
45:00 - 45:30 We do an accelerated bonus depreciation. So we call segregate the building. We segregate down, or our CPAs do. They break down the cost of the building, and we accelerated bonus depreciate it in year one. Now that's dependent on some tax reforms coming up, which they should pass here this summer, but we should go back to 100% accelerated depreciation. So if I put 100,000 up,
45:30 - 46:00 typically I was getting a 50,000 off my W-2. That's awesome. That's kind of, when my K-1 came in in March, I was getting about half of what I put up against my W-2. Yeah, which that is so powerful. Be that in a fund or an individual property you're buying, if you can have half of your investment costs be covered by your taxes, I mean, that's such a wealth accelerator because you don't have to even get as high of a return, but you've already gotten a return from day one,
46:00 - 46:30 from your tax savings. So yeah, no, that's fantastic. What would that look like if somebody, maybe their spouse is not a real estate professional, but they want to invest, what would be the best way for them to do that? To do that just as a straight investment, to do that in their 401k, any recommendations on that? Typically, it would just have to be a straight investment because if you do it through your 401k, there's some tax strategies
46:30 - 47:00 that usually are counterproductive. There's some, it's hard to get into, you'd have to consult your CPA, but I would not recommend doing it through your 401k. We do some 1031 exchanges. If somebody has a liquidity event, they roll out of a property, if we can get them on board at the beginning of the capital raise and line up the banks and get our tenants in common with them, then we can bring a 1031 exchange into our deals.
47:00 - 47:30 As far as my wife being a real estate professional, that's what really helps against my W-2, as you know, yours is too. If your wife is practicing in your practice, she's a dentist, you might not have those same tax strategies. That's a CPA question. One of the things too that impresses me with your fund is that all the generals put their own money in. The GPs are putting their money in, not just the LPs, as far as limited partners. And so I don't care what anybody says,
47:30 - 48:00 when you have your own skin in the game, you're gonna pay more attention to that investment, make sure it works. And so I think that's saying a lot when the general partners are putting their own money in, is saying a lot in their faith in the deal and just overall their goal to make it a good return. And you know, the biggest thing that we haven't mentioned is probably our number one pillar in Gabunets is creating horizontal income, creating passive income
48:00 - 48:30 so that if I wanna stop doing dentistry, I have enough income that I can stop doing dentistry. And so that's been a goal of mine is through these investments I'm doing, whether it's a Red House, historic home, my 401k, and now the easiest one I've found, because there's no headaches with me wiring my money to Quantum Capital. I don't have to deal with the toilet that's overflowing or an air conditioner that stopped working in the middle of the summer
48:30 - 49:00 and the tenants dying of heat here in Louisiana. We have property management in place. We have our team manages the asset, manage the property managers. So everything's set up. All I gotta do is it's easy. I just wire my money and there's no headaches. And I get the quarterly distributions, which has become my horizontal income. Yeah, we're coming up. This has gone so fast, man.
49:00 - 49:30 We could go for another hour, Scott, but I wanna be respectful of your time. As we get close to wrapping this up, anything that I didn't ask that you would want to cover or tips for dentists that are coming along the journey to try and reach a real lifestyle with their practice? As my family grew and my four sons grew, I wanted to be actively involved in everything they did. I wanted their kids, their buddies
49:30 - 50:00 to come hang out at my house. So I created that. And then as I started carving off time that I wanted to stop working. I went from four and a half days to four days. A few days later, I mean, a few years later, I went from four to three and a half and three and a half to three. And I slowly made it so that I was fully with them and was able to be participating in all their activities. Taking them on bucket list vacations. When my son graduates next Saturday, the whole family's going to France and Switzerland
50:00 - 50:30 for three weeks. And so we take these bucket list vacations, a couple of them every year. And what's cool is now I've got my adult kids who wanna hang out with me. And even a grandson too now. One other thing I wanna throw in is, the benefits of being sober and being in abundance. And one of our big pillars is genuine contributions. A year ago, I set up a nonprofit. We have in Lafayette, Louisiana,
50:30 - 51:00 we have this wonderful treatment center that I go talk at sometimes. And it's a 12 step 42 day treatment center. And I've recommended a lot of people go there. They all came out with just a wonderful experience and they tend to maintain long-term sobriety. So I started raising, I set up a nonprofit and it's called A Daily Reprieve. That's out of the big book of AA. We were granted a daily reprieve from our addiction, contingent upon the maintenance of our spiritual condition. So I love that A Daily Reprieve, that's my nonprofit.
51:00 - 51:30 We raise money and we donate it to alcoholics and addicts who cannot afford to get into this treatment center. And then now I've also joined up, I partner up with a Go Bro, Todd Stumbo, who has just opened a treatment center last year in Marietta, Georgia. So we're also donating money to his clients there. So just, I can't keep it, I gotta give it away. For me to keep it, that's our saying. For me to keep it, I've gotta give it away.
51:30 - 52:00 And so this is my way to give back and help others. That's awesome. Well, man, Scott, you've dropped so much knowledge, so much wisdom and so grateful for having you on. If people would like to learn more about you or reach out and either contact you personally or to learn more about your charity, donate to your charity, helping people get sober, what would be the best way for them to reach out for it to you? Yeah, thanks Garth.
52:00 - 52:30 The charity is a daily reprieve.net. And as far as reaching out to me, it would be quantumcapitalinc.com. And they can reach me and set up a calendly appointment. So that's the best way to reach me. Fantastic, and we'll put those in the show notes as well so that people can learn more about you, about Quantum Capital and your charity. So Scott, thank you so much, my friend. This has been amazing.
52:30 - 53:00 And as always, each of you find one way each day that you can just improve your lifestyle that much more and live a life by design, not by default. So thank you so much. Have a great day, guys. Yeah, thank you, Garth. Appreciate you having me on. It's my pleasure. Thank you. Thank you, Scott. I'll talk to you soon, my friend. All right. All right. (keyboard clacking) (upbeat music)