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

Opportunities and Leadership

Working with practice owners every day, I’m impressed by the scale of opportunity that exists for them to thrive, to be profitable, and to enjoy their career as a rewarding experience. And importantly, to use the profitability of their practices to further their personal life goals. So many of our clients are true seekers of financial independence. I applaud them for their efforts. I personally derive great satisfaction in helping them and witnessing them succeed. I acknowledge the pressures...Read More

Hiring in 2019

It was a chilly January evening and the room was bursting with optimism as prideful families watched teary eyed as students became graduates. Among the group were your future and very eager Dental Assistants & Dental Hygienists ready to join the work force. I was fortunate to be sitting on stage alongside the faculty and staff of a prominent career college that had invited me to deliver the commencement speech. I spoke about perseverance and strategies for the job hunt ahead of them. But...Read More

Tesla Credit

Buying a Tesla?   Might want to do it now. You will never, ever, hear me tell a client to buy a Tesla as a tax savings opportunity.  Well, except for maybe right now… At the date of this writing, December 11, 2018, there are 20 days left to buy a Tesla and receive the full $7,500 federal tax credit.  The hybrid auto credit available for each hybrid manufacturer is set by law to decrease, and ultimately expire, once 200,000 sales occur.  For Tesla, this mark was reached in September of...Read More

Protecting Production

Let’s face it. Dentistry is can be rewarding, very lucrative and fun. What other profession allows you to hand out free toothbrushes and, at the same time, change the lives of thousands of your friends who visit you throughout the year?  But dentistry can also be challenging, tedious and strenuous, especially physically. Some of you out there will want to practice until the day before your funeral while some of you are thinking, “Can yesterday be my last day?”  Eventually though, the...Read More

Clearing up some common Cash Flow Misconceptions

Draws Versus Taxable Income   Business owners often believe that they get taxed on the cash they withdraw from a business.  Generally speaking, withdrawals (aka draws, distributions) don’t drive taxation.  Rather, taxable income is driven by the profits earned by the business, whether distributed or not.  The one exception to this rule is when distributions exceed a taxpayer’s “basis”.  In its simplest form, basis is the accumulated (and previously undistributed) profits and...Read More

The art and science of Social media marketing for dentists

To successfully market a dental office on Facebook, Instagram or any other social media platform, you need to spend a good amount of time creating and posting different forms of media and messaging. The beauty of the digital age is that you no longer have to guess what your audience wants because through data they WILL tell you! In this article I will provide you with a few things you can do to see immediate results in you online marketing efforts. When building an ad the first thing is to try...Read More

Paid Sick Leave

Paid Sick Leave is the Law, which you probably know already.  Unfortunately, it is a complicated law with multiple ways to comply, which means multiple ways to make mistakes. In addition, some cities – including San Diego – have added provisions that make it even more onerous for small employers, especially independent dental practices. Under the state law, you must provide paid sick leave benefits to all employees who will work at least 30 days in a year.  You may frontload the greater...Read More
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