The makings of an effective huddle meeting

Before any team can perform, they must first gather and create a game plan to execute and win the game. Your dental practice is no different. Having a morning huddle meeting each day is a must! Use your morning huddle to celebrate. To plan. To Improve. But most of all, take better care of your patients! The most successful practices build their huddles around team member responsibilities. No one is exempt, everyone has a part and simplicity is the key to a well-run team huddle. “The...Read More

Check your mirrors for financial blind spots

Dear Reader, I founded PracticeCFO a little over two years ago with the mission of helping private practice owners fight the uphill battle of achieving financial independence. By providing our clients a full 360-degree panoramic x-ray of their practice and personal financial health, we empower them to navigate the complex road towards financial freedom. Every now and again, I’m reminded of the importance of our mission and want to share with you a story which epitomizes our firm’s...Read More

President-elect Donald Trump calls for major tax reform

What will our tax system look like under a Donald Trump presidency?  Both the House Republicans and Trump Administration have outlined their proposed tax plans. Although there are slight differences between the two plans, they both aim to simplify the tax code and reduce taxes for all. Here are some of the major takeaways from the proposed reform. Photo by: Michael Vadon For individuals, the Trump tax plan includes: The number of individual tax brackets would be cut from the current amount...Read More

The bulletproof dental transition timeline for buyers

A dental transition is a daunting task for any buyer, let alone first-timers who make up the majority of buyers out there. Being a first time buyer, you’ve cut your teeth on the clinical side of dentistry and, through your Associateship, have hopefully picked up a thing or two on the business side of running a practice, but what about the transition? Where do you start? Who do you talk to? When? Not everyone has the luxury of associating with an aging Dr. looking to transition to them so...Read More

Dental Practice Transitions: Stock vs. Asset Sales

The legal structure of a dental practice transition caries unique advantages and disadvantages to both parties which should be carefully considered and negotiated. Most commonly, they are structured as either an asset purchase or a stock purchase. An asset sale transfers some or all of the assets of the business in a series of transactions. A stock sale is the transfer of an ownership interest from the seller to the buyer, with all of its incumbent benefits—and liabilities. Since each...Read More

8-step financial plan for dentists

Facts are facts. Dentists have a more condensed window for achieving financial independence when compared with other career paths. Before their first day as a practicing owner-doctor, the typical Dentist has racked up a few hundred thousand in student debt, been through dental school, residency program, and at lease 2 years of clinical work in  someone else’s practice before being eligible to receive bank funding for their first practice… Late start… Piles of debt…...Read More

Section 179 pitfalls for practice owners

Section 179 is a tax code which allows small businesses to take an accelerated tax write-off in the year of purchase for equipment which would otherwise be depreciated over time. Most of the equipment in a dental or medical practice qualifies and under the right conditions, it can be a great tool to reduce your tax liability while improving the technology in the practice. There are many folks out there preaching the benefits of Section 179 as an incentive for Doctors to invest in cutting-edge...Read More