May is Disability Insurance Awareness Month

Did you know that May is Disability Insurance Awareness Month? Disability insurance is often the forgotten part of securing your financial picture. After all, who likes the idea of potentially paying years and years for a product that may never be needed. However, this coverage becomes essential should you be unable to work due to injury or illness. And for a dentist or dental specialist, because motor skills play such an important part in your ability to your job, having adequate protection is...Read More

Associate Pay for Invisalign

This article addresses two factors related to Invisalign: Should I offer it in my general dentistry practice? How should I pay an associate that does Invisalign? Should I offer Invisalign in my general dentistry practice? Many of our general dentists are asking us about Invisalign.  Should they introduce it into their practice? Our answer is this: Invisalign may be profitable for you. The answer is determined by how deep of a plunge you take with Invisalign, and whether it fits within your...Read More

Budgeting for Real Estate

Real Estate Investing (Part I – budgeting for your primary residence) Having a diverse set of clients ranging from retirees to those just beginning to establish their nest egg, we see it all. The results of good financial decisions. And the not so good ones. As an advisor I can’t help but notice some commonalities in real estate. It’s often the folks with the largest nest eggs who are well primed for a fruitful retirement own multiple properties. And I can’t count how many times I’ve...Read More

Pitfalls of Buying a Satellite Office from a Multi-Office Practice

As we’ve written here before, we rarely encourage doctors to buy multiple offices.  The reason for this is the number of failures we’ve seen in the added offices.  And eventually these failing satellite offices go back on the market while the multi-office practice owner retreats to her/his strong “home base” office.  Deal-seekers, this is a good way to get a discounted office, but there’s a reason the price is likely low.  Here’s what to look for:   1.Financial...Read More

The Best Way to Reduce Tax and Increase Your Net Worth

I often get asked by my clients, ‘what’s the best way to save big on taxes?’  Well, for most people, here it is.  Saving for retirement saves on tax and improves your net worth immensely.  There are a lot of numbers below, and for the most part I’m going to let them speak for themselves.  If you have a little extra cash in your business (<$20K in this example), you can reduce your tax $18K and better your net worth by $56K….$56K!!  That adds up over the years.  Some (but not...Read More

To entertain or not to entertain…

The Tax Cuts and Jobs Act implemented changes that were enormously beneficial for our clients in 2018.  The basic condensing of tax brackets and lowering of just about all tax rates, as well as the vastly improved AMT exemptions, proved to lower the marginal tax rates for a large majority of our client base.  The implementation of the Qualified Business Income Deduction also served to lower the amount of taxes paid by many.  But before I sing the bill’s praises too loudly, I must mention...Read More

Reasons to Hire PracticeCFO Transitions even if you have an Interested Buyer

Proper Valuation: We have underwritten hundreds of practices and can help accurately estimate a practice’s true market value.  Having a 3rd party valuation expert involved helps both buyer and seller feel comfortable with the price and come to an agreement quickly.  In addition, our practice valuation expertise makes it easier for banks to underwrite the practice and stretch to achieve the highest possible loan amount (loan amount being synonymous with purchase price). Transition...Read More

The Ultimate Sophistication is…..

Pop Quiz Doc. What was it Da Vinci Said About Sophistication? Well, I can’t give you the answer just yet, but let me preface it. Compare these two doctors: Alright, here’s the answer to our little quiz: The ultimate sophistication is simplicity – Mr. Leo DV My examples above aren’t made up. The data is clear. Those doctors with a simple financial structure and healthy practice progress toward financial independence faster. And, doctors that keep it simple, tend to have less stress....Read More
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