So you’re considering retirement and feel your best option is to hire an associate then sell your practice to that associate when you’re ready to call it quits. Let me ask you this… Do you want to watch your perfect working relationship go from good to bad real quick? I’m guessing your answer is NO! One of the biggest mistakes made with this transition method is when an owner dentist hires an
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In an unprecedented 3 podcast run Dr. Scott Leune made the case that corporate dentistry is coming to take everyone out. No one will argue that we’ve seen more and more corporate groups pop up, but it’s really simple math that will prevent them from taking over unless Dentists simply wave the white flag. This math relates to Dentist Compensation. Let’s say you are a dentist that can produce $50,000 of collectible
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Over the past several months there has been quite a bit of grumbling about the state of lending in the dental industry. I’ve heard from clients and from listening to dental podcasts that it just seems like the banks are asking for way too much stuff these days and don’t seem as eager to help dentists these days. I think it helps to have some perspective. In my opinion, dental lending is
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A wise man named The Rock once said, “know your role and shut your mouth”. Another wise man named Jeff Vanden Heuvel once observed that “accountants are the glue guy for most practices”. As a CPA I am oftentimes the “glue-guy” for many of my practices and am often asked for my opinion on topics that are far outside my area of expertise. When I am asked these questions I try and
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As a private practice dentist, you have built a small business with a relatively reliable income stream, goodwill, and assets. Its value will provide you with a monetary gain in the year you decide to retire. Have you ever thought about how much your practice will be worth? Better yet, do you understand how it will impact your income in retirement?
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If there’s a constant concern we hear from young dentists it’s that they cannot compete with Dental Service Organizations (DSO’s) for available dental practices for sale. The perception is the DSO’s simply go out and overpay for practices, but the truth is that they are very good buyers. So how can an individual dentist be a good buyer:
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Of course you have, because you’re already aware of the need to protect your wealth—after you’ve earned it. But despite all your careful strategizing, you may have overlooked a very important piece of protection. None of these plans or products will protect the source of your wealth—your ability to earn an income. That’s why, in addition to all of the above, every successful person also needs the very best disability income insurance (DI) possible.
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This past week our dental practice managment experts met with 2 prospective clients. Each client complained about how much time that doing their books was taking them. Both admitted they were several months behind in their reporting because there were other more pressing needs in their practice and they just haven’t been able to get around to the accounting. Despite being an accountant, I completely get that. Doing dental practice accounting is
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If you are a reader of the website Dental Town, threads like this which decry the rise of corporate dentistry are common place. In many industries consolidation of companies has become the norm, but there are lessons to be learned in how corporations buy dental practices that any private buyer can use. Our dental consulting firm has a reputation for selling dental practices, but we also help people buy dental practices almost as
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The Wisconsin State legislature is considering introducing a bill to create a sales tax holiday. The sales tax holiday would take place over two weekends a year. One holiday would have a focus on back-to-school supplies and a second would focus on energy efficient appliances. Several States have holidays like this and some will make the argument that these holidays are revenue neutral because a person enticed to shop for some of
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