The Players in a Dental Acquisition Dental Broker Banker (commercial lender) Lawyer (hopefully dental specific) Accountant and Financial Planner (dental specific needed) Buyer Representative The biggest take away from building your team of professionals is that you want them all to be competent in their specific roles. Not one person will know everything about....
In 2017, it was usually recommended to be a W-2 dentist. However, the 2018 Tax Cut and Job Acts no longer allows W-2 employees to claim tax deductions for “unreimbursed employee expenses”. For an associate dentist, this would mainly include C.E courses, dental equipment, professional organization dues, lab fees and malpractice insurance. Now that, all of....
Many times, I get asked, what does it take for a bank to loan you money for a dental practice and what are some of the key metrics for those types of loans. If I could summarize the main components, this is what truly matters to the Bank. In most cases you need at least 12....
Upon graduation, a lot of changes will occur. You will go to C.E conferences where individuals will treat you different because you are no longer a dental student. You will have individuals pulling at your new income that you are still becoming familiar with. Everyone will come out of the woodwork to try to sell you disability insurance....
One of the biggest concerns of soon to be Dental professionals is where they will work after dental school. This is especially true if you are going to school in one city and after graduation you are wanting to relocate to a different city to start your career. Here are my top 3 methods of....
Every year 1000’s of dental students graduate and find themselves with a multitude of options. Do I go into corporate dentistry, or accept that associateship contract? Usually each of these soon to be dentists are deciding between two or more dental offices. How do you know which contract to accept and which one to reject?....
This advice might sound too basic, but the overwhelming majority of dentists and doctors I meet with have a lot of work to do – they tend to be financially disorganized. Financial disorganization can delay many major milestones in your career and your personal financial life. You have a lot to keep up on, and....
One of the first items you need as a practicing dentist before you touch a patient is malpractice insurance. Though it is not a fun topic to discuss it is a necessary evil in order to protect your personal and business assets. The company we have used (personally) in the past is MedPro. They usually....
1.) Not Tracking what you Spend. You can’t fix what you don’t measure. Tracking what you spend is key to achieving financial security and making sound decisions about building your wealth. Your expenses shouldn’t increase as your income increases over time. Instead, extra income should be put toward retirement, debt, investments or if you are....
When you look back at previous generations of dentists, you usually find many stories of dentists paying their way through dental school. They would work summer jobs and maybe part-time jobs during the school year and are able to start a practice right out of dental school. Those days are long gone. I don’t think....