Associates on Fire: A Financial Podcast for the Associate Dentist

Welcome back to The Dental Board Room Podcast! In this episode, we continue our multi-part series on financial planning for dental practice owners. Phase 1 covered building the right financial team. Now in Phase 2, we shift the focus from the business to you personally — developing a Personal Plan for Financial Independence.In today's episode, we deep dive into Step 2 of Phase 2:Creating a Personal Spending Plan – or how to design a smart, sustainable approach to how you use your money today.You'll learn how to separate your business cash flow into short-term personal spending and long-term savings, why most dentists mistakenly reverse this process, and how you can proactively plan for both your current lifestyle and your financial future.

Welcome back to The Dental Boardroom Podcast! In this episode, we continue our deep-dive series on financial planning for dental practice owners — turning financial chaos into true financial freedom.Today, host Wes Read, CPA and CFP, explores Phase Two of the financial planning journey: Developing a Personal Plan for Financial Independence. Wes shares his unique approach, combining technical expertise and life planning philosophy, to help dentists create a personalized roadmap toward their ideal lifestyle — whether it's a simple, peaceful life or one filled with travel and luxury.This episode emphasizes that every dentist has two financial clients: the current you and the future you. And balancing both is key to achieving long-term independence.

In this kickoff episode of a brand-new series, host Wes Read shares the foundation of financial planning tailored specifically for dental practice owners. Drawing from his widely presented talk, Dental Financial Planning: Turning Chaos into Financial Freedom, Wes explains why every dentist—regardless of age—should have a personal financial plan. He discusses the importance of building a roadmap for your future, even if life takes unexpected turns, and outlines how thoughtful planning today leads to financial independence tomorrow.Check this out: Leadership Team Diagram – Download PDF

In this episode, Wes Read dives deep into a topic that keeps many dental practice owners awake at night: embezzlement. Drawing from real-life cases and his years of experience working with dentists, Wes explores how trusted team members can sometimes become the source of financial harm. He emphasizes the importance of "professional skepticism", a principle he adopted early in his career at Ernst & Young, and how applying this mindset can help dentists protect their finances without damaging team morale.Download the Embezzlement Protection Guide for Dentists from Practice CFO:https://practicecfo.com/wp-content/uploads/PracticeCFO-Embezzlement-Protection-Guide.pdf

In this quarter's deep dive, Wes Read unpacks the latest insights from the ADA Health Policy Institute's Q2 2025 report—a comprehensive look at the state of the U.S. dental economy. Using AI to summarize key findings, we explore economic confidence among dentists, patient spending patterns, workforce trends, and the paradox of continued investments despite growing uncertainty. Whether you're a dental professional, healthcare investor, or simply curious about the business of smiles—this episode is for you.

In this episode of The Dental Boardroom Podcast, host Wes Read, CPA CFP®, is joined by Myles Davis, founder of Dentrec—a platform designed to bring clarity and consistency between dental practice management systems, bank accounts, and accounting software like QuickBooks.Wes and Myles explore the common yet often overlooked issue of reconciling collections data with actual deposits. They dive deep into how disorganization or gaps in reconciliation can lead to embezzlement, financial misstatements, patient trust issues, and inefficiencies in team performance tracking.Myles shares how Dentrec is helping DSOs and solo practices alike automate reconciliation, allocate deposits correctly (especially across multiple offices or tax IDs), and keep all systems—from PMS to bank accounts to financials—in sync. Learn why this simple yet powerful solution is transforming dental practice accountability, financial health, and team transparency.Key PointsDentrec helps reconcile collections data from PMS (like Open Dental, Dentrix, Eaglesoft) with actual bank deposits and QuickBooks.Lack of reconciliation can lead to embezzlement, financial misstatements, tax underreporting, and loss of patient trust.Dentists often don't catch missing funds or misallocated deposits due to lack of time, process, or tools.Dentrec is especially useful for DSOs with centralized banking or shared TINs across practices.Automation and accountability reduce human error and increase practice efficiency.Embezzlement remains alarmingly common—40% of dentists experience it at least once.Dentrec also tracks whether payments were correctly posted to patient ledgers.The “fork test” analogy shows how disorganized workflows cost teams time and money.Aligning PMS, financial reporting, and bank data helps owners stay informed and in control.#DentalBoardroomPodcast #Dentrec #DentalFinance #DentalEmbezzlement #PracticeManagement #DSO #DentalTech #FinancialReconciliation #WesReed #MylesDavis #QuickBooksDental #OpenDental #DentalAccounting #CashFlowManagement #DentalPracticeGrowth

In this quarterly market update, Wes Read is joined by Chief Investment Officer Brandon Hobson and investment committee member Paul Lipcius to unpack the swirling forces shaping the markets in mid-2025. From geopolitical tensions and legislative changes to the explosive innovation in AI, the team explores why this year has been anything but predictable.They discuss the surprising resilience of markets, the impact of currency fluctuations, and why disciplined diversification across small caps, value stocks, and international equities is paying off for investors. Whether you're curious about why international stocks are leading or how Practice CFO strategically tilts portfolios to manage risk and seize opportunity, this episode provides clarity and perspective for investors navigating uncertain terrain.Key PointsBetter Than Expected Performance: Despite early-year uncertainty, markets have performed more strongly than most anticipated.Volatility Remains High: After a volatile start, recent months have stabilized, though many unknowns persist.International Equity Surge: International developed and emerging markets are outperforming U.S. equities, buoyed in part by currency effects.Small Caps Poised for Upside: With expected Fed rate cuts, small cap stocks are positioned for potential outperformance.Value Over Growth: In this phase of the cycle, portfolios are tilted toward high-quality value stocks to manage risk.Disciplined Diversification: Practice CFO avoids market timing and instead uses tactical tilts to align with long-term objectives.Currency Dynamics Matter: Dollar weakness has amplified international returns, demonstrating the importance of currency diversification.Recency Bias Caution: The temptation to overweight recent winners is strong, but buy-low-sell-high discipline remains critical.Long-Term Focus: While tech-led growth has dominated for a decade, historical trends favor value and small caps over time.#DentalBoardroomPodcast #MarketUpdate #InvestmentStrategy #Diversification #InternationalEquities #SmallCaps #ValueInvesting #FinancialPlanning #PracticeCFO #DentalFinance

In this important episode, Wes Read walks dental and healthcare practice owners through the major tax provisions of the sweeping “One Big Beautiful Bill,” passed just before July 4th. This landmark legislation includes hundreds of provisions designed to extend prior tax cuts, adjust deductions, and shape the future of business and personal tax planning. Wes distills the dense legislation into clear, actionable takeaways to help you make informed decisions for your practice.Who This Is For:Dental and healthcare practice owners, business managers, and anyone interested in staying ahead of tax law changes that can affect practice profitability and personal finances.Special Note:This episode focuses exclusively on the tax-related provisions of the bill. Other elements, such as savings accounts or unrelated policy changes, are not covered.Key PointsExtension of 2017 Tax Cuts: The bill makes the 2017 Tax Cuts and Jobs Act tax brackets “permanent,” preventing them from reverting to pre-2017 higher rates in 2026.National Debt Concerns: Despite extending lower rates, the U.S. continues running significant deficits, adding trillions in debt—raising questions about long-term fiscal sustainability.SALT Deduction Increase: The state and local tax deduction cap rises from $10,000 to $40,000, especially benefiting practice owners in high-tax states like California and New York.Pass-Through Entity Tax (PTE): Practice owners still have the option to deduct state taxes via their business entity rather than personal Schedule A—requiring careful planning to choose the optimal strategy.Phase-Out Thresholds: SALT benefits phase out for married couples earning over $500,000 ($600,000 for full phase-out), making PTE elections more favorable for higher earners.Child Tax Credit Increase: The credit increases slightly from $2,000 to $2,200 per child through 2028, with income phaseouts beginning at $400,000 for married filers.Tax Planning Imperative: Proactive tax forecasting is critical to maximize deductions and avoid missed opportunities in this evolving tax environment.#DentalPractice #TaxPlanning #SALTdeduction #DentalFinance #PracticeCFO #DentalBoardroomPodcast #HealthcareFinance #TaxLawUpdate #SmallBusinessTaxes #PassThroughEntityTax

In this episode of The Dental Boardroom, host Drew Phillips sits down with Adrian Lefler, Co-Founder and CEO of My Social Practice. Adrian has been helping dental practices master digital marketing since 2009—long before “dental TikTok” became a thing.They explore how generative AI and automation are fundamentally transforming the marketing landscape for dentists—from content creation and SEO to real-time patient engagement. Adrian shares how tools like Google's Gemini and large language models are driving the cost of content nearly to zero, reshaping how practices get found online and build trust with patients.Whether you're wondering how AI-generated web agents like Annie can fill your schedule overnight or how to future-proof your website against AI overviews, this conversation is packed with insights you won't want to miss. Key PointsAI tools like ChatGPT and Gemini are making content creation (blogs, videos, images) faster and nearly cost-free.Google's new AI Overviews (AIO) are replacing traditional search result clicks with direct answers, disrupting SEO strategies.Tools like Annie, an AI-powered scheduling agent, enable 24/7 patient communication and appointment booking.Website storytelling and content must evolve to remain competitive against AI-generated search summaries.Ranking in local search (Google Maps/business pack) is now influenced by how well your content integrates with AI tools.Paid ads and traditional SEO still matter, but only as part of a comprehensive AI-informed marketing strategy.Dental practices must use AI to improve team efficiency while continuing to build authentic, trust-driven content.#DentalMarketing#AIDentistry#GenerativeAI#DentalSEO#MySocialPractice#DentalBoardroomPodcast#PatientEngagement#DigitalMarketing#GoogleGemini#DentalPracticeGrowth

In this insightful episode, Drew Phillips continues the special series on AI in Dentistry with a deep dive into how Next Health is helping practices modernize patient experiences. Kyle Johnson shares his journey from early-stage team member to driving growth and solving some of the biggest challenges in dental technology—especially data integration. They explore why true AI transformation starts with clean, accessible data, how Next Health built tools that connect fragmented practice management systems, and the very real ways this is reducing front office burdens and improving care delivery today.

In this episode of The Dental Boardroom Podcast, host Wes Read, CPA, CFP, and owner of Practice CFO, sits down with Mike Buckner from Pearl AI—one of the frontrunners in AI-powered clinical analysis for dentistry. Together, they explore how artificial intelligence is transforming dental practices across the country.Mike shares his deep experience with dental tech giants like Solutionreach, Dental Intel, and Weave, and how Utah has become a surprising hub for innovation in dental technology. The discussion highlights the game-changing role of AI in diagnostics, case acceptance, and practice efficiency. They also cover how Pearl AI helps both dentists and patients better understand treatment needs through enhanced imaging and intelligent analysis.Key Points:AI vs. Traditional Software: Traditional SaaS tools are rule-based. AI adds analytical “thinking” capabilities that improve accuracy and efficiency.Pearl AI's Advantage: Pearl uses computer vision to analyze past and current X-rays, surfacing untreated issues and enhancing diagnostic confidence.Boost in Case Acceptance: By overlaying visuals on digital X-rays, Pearl AI helps patients understand their clinical needs—leading to a 20–30% increase in case acceptance.Operational Efficiency: AI helps dentists "do more with less" by optimizing workflows and uncovering treatment opportunities they may have missed.Financial Impact: With 75–85% of dental practice costs being fixed, improvements in efficiency and case acceptance can dramatically affect the bottom line.Patient Communication: Visual clarity offered by AI tools reduces patient hesitation and improves treatment compliance.Hashtags:#DentalAI #PearlAI #DentalTechnology #ArtificialIntelligence #CaseAcceptance #DentalPracticeGrowth #DentalInnovation #DentalXrays #DentalEfficiency #PracticeCFO #DentalBoardroomPodcast #DentistryFuture #AIinDentistry #DentalLeadership #SmartDentistry

In this eye-opening episode, host Wes Read, CPA, CFP welcomes Vivek Kinra, founder and CEO of Verific, for an in-depth conversation about artificial intelligence in dentistry.The discussion starts off unscripted and fresh, as Vivek shares his unique journey from software engineering to creating multiple dental technology companies—PPO Profits and now Verific. He details how Verific uses genuine AI to tackle the notoriously complex problem of insurance verification.Together, Wes and Vivek unpack the difference between real AI applications—like machine learning and large language models—and the marketing buzzwords that many companies use to inflate their valuations.Key Points Vivek Kinra's background: Software engineer turned dental technology entrepreneur; built PPO Profits (acquired) and now leads Verific.Insurance verification problem: Decades-old challenge with no single source of truth—Verific uses AI to gather and standardize disparate data.Deterministic vs. Non-Deterministic Software:Deterministic = same output every time (ideal for appointment reminders).Non-Deterministic = varied output (necessary for natural language and understanding context).True AI examples in dentistry:Machine learning for x-rays.Large language models parsing complex insurance documents.Virtual receptionists handling natural conversations.Marketing Hype: Many companies label simple software workflows as “AI” for better valuations and branding.How to spot real AI:Does the system generate new outputs based on context and training data?Is it using models like LLMs or neural networks to understand and adapt?#DentalAI #DentalTechnology #PracticeManagement #InsuranceVerification #ArtificialIntelligence #DentalBusiness #DentalPodcast #MachineLearning #Verific #DentalInnovation #DentistryHypeVsReality #DentalSoftware #DentalBoardroomPodcast

In this episode of the Dental Board Room Podcast, Wes Read CPA, CFP, continues AI in Dentistry series with a very special guest, Dr. Wardah Inam, founder and CEO of Overjet AI. With a background from MIT and Harvard, Dr. Wardah Inam is at the forefront of AI innovation in dental care.Overjet is the first FDA-cleared dental AI platform for both caries detection and bone level measurements. It's used by solo practitioners, DSOs, insurers, and dental schools alike.Dr. Wardah Inam walks us through how AI is reshaping diagnosis, patient communication, insurance verification, and revenue cycle management inside dental offices. We explore the use cases, adoption challenges, and the exciting path ahead for AI in dentistry.Whether you're a dentist, DSO leader, or simply AI-curious, this episode is packed with actionable insights.Key PointsWhat is Overjet AI:First FDA-cleared dental AI for cavities and bone measurementsTrusted by clinicians, DSOs, insurers, and educatorsMission: Standardize diagnostic precision and elevate patient careOverjet's Core Offerings:Smart Imaging: AI-integrated radiograph analysis from image capture to diagnosisAI Overlays: Enhances existing imaging and PMS softwareRevenue Cycle Management Tools: Insurance verification, real-time treatment cost estimatesReal-World Use Case:Insurance verification days before the appointmentCo-diagnosis in the operatory using AI visualsTreatment plan clarity with insurance coverage breakdownsSupport for morning huddles, treatment follow-ups, and care consistencyAI for Diagnosis and Patient Communication:Color-coded visuals improve patient understanding and trustBoosts treatment acceptance by 10–20%Helps uncover underdiagnosed conditions like periodontal diseaseWhere AI is Going in Dentistry:Moving beyond the operatory into operations and admin efficiencyFuture possibilities in note-taking, billing, and clinical support#DentalAI #OverjetAI #AIinDentistry #DentalTech #DSO #DentalInnovation #PatientExperience #DentalBoardRoomPodcast #SmartDentistry #DentalDiagnosis #CaseAcceptance #FutureOfDentistry

In this thought-provoking episode of The Dental Boardroom, host Wes Read CPA and CFP continues his AI in Dentistry series by diving deep into one of the most transformative technologies shaping dental practices today—AI agents. Wes welcomes Mitch Hersche, founder of FOJI, a leading innovator in operational AI tools designed for dental offices. Together, they explore the what, why, and how of AI integration, breaking down complex concepts like generative AI, neural networks, and AI agents—all while keeping it relevant to the everyday challenges and opportunities faced by dental professionals.

In this thought-provoking episode of The Dental Boardroom, host Wes Read CPA and CFP continues his AI in Dentistry series by diving deep into one of the most transformative technologies shaping dental practices today—AI agents. Wes welcomes Mitch Hersche, founder of FOJI, a leading innovator in operational AI tools designed for dental offices. Together, they explore the what, why, and how of AI integration, breaking down complex concepts like generative AI, neural networks, and AI agents—all while keeping it relevant to the everyday challenges and opportunities faced by dental professionals. Key Discussion Points:AI is transforming dental operations, especially in larger practices.Mitch Hershey founded FOJI to automate dental admin tasks using AI agents.AI Agents vs SaaS: SaaS gives you tools; AI agents do the work for you.Clinical AI helps with diagnostics (e.g., X-rays), while Operational AI automates tasks like insurance and scheduling.FOJI uses large language models (like GPT) securely, without sharing client data.Generative AI creates content; Predictive AI forecasts outcomes.AI still needs oversight—hallucinations and errors can occur.Rapid adoption is expected in the next 2–3 years, especially for admin automation.#AIinDentistry #DentalBoardroomPodcast #FOJAI #DentalTech #ArtificialIntelligence #GenerativeAI #DentalPracticeGrowth #DentalInnovation #OperationalAI #DentalSoftware #DentalAutomation #MitchHershey #PracticeEfficiency

Welcome to another episode in our special AI in Dentistry series! As AI technologies rapidly evolve, so does their impact on dental practices — clinically, administratively, and technologically. Today, we're doing something a little different — and very exciting.In this episode, host Wes Read, CPA, CFP shares a live demonstration of how AI can simplify and clarify complex industry insights, using Google's Notebook LM. What makes this episode unique is that much of the content you'll hear is AI-generated — crafted in a conversational format between two virtual voices, discussing real, evidence-based applications of AI and AUI in dental care. From diagnostic imaging and treatment planning to dental lab workflows and insurance processing, this episode showcases the tangible ways AI is being used right now in practices across the country.Key PointsIntro to the AI in Dentistry Series and use of AI in podcast creationGoogle's Notebook LM used to generate a dialogue-based summary of an ADA white paperClear distinction between Artificial Intelligence (AI) and Augmented Intelligence (AUI)Use in business and admin functions (e.g., insurance claims processing, fraud detection)Challenges around image quality, training data bias, and the need for regulatory validationEthical and legal safeguards from FDA, WHO, and the White House AI Bill of RightsReassurance: AI tools are meant to augment, not replace, the expertise of licensed dentists#DentalAI #AugmentedIntelligence #AIinDentistry #NotebookLM #DentalTechnology #ADAWhitePaper #DentalInnovation #DentalPodcast #AIHealthcare #FutureOfDentistry #DigitalDentistry #DentalBoardRoom #PracticeGrowth #Teledentistry #DentalImplants #DentalRadiology #Endodontics #Orthodontics #DentalLabTech

In this episode of The Dental Boardroom Podcast, Wes Read, CPA, CFP, kicks off an exciting new series titled "AI in Dentistry." As artificial intelligence reshapes industries worldwide, Wes explores how dental practices can harness its power to improve efficiency, profitability, and patient care—without losing the human touch that defines quality service.Wes shares a foundational overview of what AI is, how it compares to traditional automation, and what it means specifically for small business owners and dentists. He discusses the three major categories of AI (predictive analytics, natural language processing, and computer vision), the tech giants behind leading AI tools, and how AI is beginning to influence everything from patient scheduling to marketing.As a practice owner himself, Wes offers a grounded perspective: AI won't replace dentists or financial planners, but it will change how their teams operate—and those who embrace it early will be positioned for success.Get ready for upcoming interviews with the innovators leading the AI revolution in dentistry.

In this episode of The Dental Boardroom, host Wes Read CPA and CFP welcomes special guest Kiera Dent, founder of The Dental A-Team, for a rich, unscripted conversation about what it takes to run a thriving dental practice in 2025.Kiera opens up about her unique journey—from high school dental assistant (yes, because of the scrubs!) to building multi-location dental practices, and eventually founding a high-impact consulting agency. She shares her philosophy that a successful dental practice is about more than revenue—it's about purpose, profit, and people.Wes and Kiera discuss why so many dentists are feeling burned out despite high production, and how the right systems, team dynamics, and financial clarity can change everything. With real stories, humor, and tactical wisdom, this episode is a must-listen for any dentist looking to reclaim balance and boost both their income and enjoyment.Key Points:Audit your team — Are you hiring creators or just task-doers? Look for people who solve problems, not just follow orders.Prioritize profit — Collections and take-home income are the real measure of success, not production numbers.Implement the YES model — Focus on your personal happiness, profit, and systematized practice operations.Get help early — Don't wait until your practice is struggling to bring in consulting help. Proactive coaching leads to exponential results.Stay open to AI — The tools are emerging. Stay ahead of the curve in technology and systems integration.#DentalPracticeGrowth#PracticeManagement#DentalConsulting#ProfitabilityMatters#DentalTeamBuilding#BottomLineFocus#DentalLeadership#DentalHygieneCrisis#YESFramework#DentalPodcast#WesReadCPA#KieraDent#TheDentalATeam#PracticeCFO#AIinDentistry#MoneyballMindset

From associate to multi-million dollar practice owner and now dental consultant, Dr. Megan Shelton joins Wes Read, CPA, CFP®, and Paul on this powerful episode of the Dental Boardroom Podcast to share the mindset, strategy, and systems that fueled her remarkable journey.Dr. Shelton opens up about purchasing a struggling $450K practice—while carrying $450K in debt—and how she transformed it into a thriving $3.2M business in just six years. She unpacks how combining data-driven strategy with heart-centered leadership helped her earn patient trust, grow her team, and lead with clarity. She also discusses the pivotal role Practice CFO played in helping her shift from debt reduction to strategic reinvestment—and why intentional ownership and personal development were critical to her success.Key Points:Ownership Journey: Bought a $450K underperforming practice while in debt—and believed in her ability to grow it.Financial Strategy: With Paul's guidance at Practice CFO, she shifted from paying down debt to investing in systems, coaching, and team development.Patient-Centered Care: Built trust through deep communication and values-based diagnosis—not scare tactics or minimizing language.Practice Culture: Used role-playing, systemization, and strong leadership to create a high-performing, aligned team.Outcome: Scaled to $3.2M in revenue and now helps other dentists achieve the same through coaching and consulting. #DentalLeadership #PracticeGrowth #DentalConsultant #FemaleDentist #PatientCare #DentalOwnership #DentalPodcast #PracticeCFO #EntrepreneurDentist #CaseAcceptance #HeartCenteredDentistry #BusinessOfDentistry

In this episode of the Dental Boardroom Podcast, Wes Read, CPA and CFP, breaks down the key elements of the newly passed House tax bill—H.R.1, also called the “One Big, Beautiful Bill Act.” While it still faces an uncertain path in the Senate, this bill aims to permanently extend many provisions of the 2017 Trump Tax Cuts and Jobs Act. Wes walks dentists through what matters most, including the preservation of lower income tax rates, an increased standard deduction, and the continuation of the SALT deduction cap and mortgage interest limits—provisions that have significant implications, especially for practice owners in high-tax states.He also explains temporary tax exemptions for overtime and tip income, a proposed auto loan interest deduction, and how these changes could affect employee expectations and HR management. Whether you're a practice owner, associate, or independent contractor, Wes shares insights to help you prepare for what's coming and highlights why staying proactive on tax strategy is more critical than ever.Key Takeaways:Overview of the "One Big, Beautiful Bill Act (H.R.1)", passed narrowly by the House on May 22, 2025.Focus on the tax policy provisions most relevant to dentists, associates, and independent contractors.Breakdown of the permanent extension of the 2017 Tax Cuts and Jobs Act, including lower tax rates, standard deduction changes, and SALT deduction caps.mWes explains how blue-state dentists may continue to feel the pinch from SALT and mortgage interest deduction limits.Commentary on temporary tax exemptions for tips and overtime pay — and how it may lead to HR challenges and enforcement complexity.Discussion on a proposed auto loan interest deduction and increased standard deduction amounts.Practical insights for dental professionals on how these tax changes could impact your bottom line.Caution on the uncertainty of final Senate approval — changes are likely.#DentalBoardroomPodcast #DentalCPA #TaxBill2025 #TrumpTaxPlan #DentalFinance #PracticeCFO #HRTaxTips #WesReadCPA #DentalPracticeOwners #DentistMoneyMatters #SALTdeduction #TaxStrategy

In this episode of The Dental Boardroom Podcast, Wes Read, CPA, CFP, sits down with Dr. Bob Marcus to unpack one of the most critical and misunderstood challenges in dentistry: case acceptance.Dr. Marcus—seasoned clinician, educator, and practice management consultant—shares what separates practices that thrive from those that just get by. From mindset to method, he reveals how confidence, communication, and bundling treatment can elevate both patient care and profitability.Together, Wes and Bob explore why many dentists unknowingly sabotage their own case presentations—and how to reverse that by shifting from features to feelings, and from hesitation to leadership. You'll also learn how the financial structure of a practice makes case acceptance not just a clinical skill, but an economic necessity.The Five Steps to Better Case Presentation1. The Care Scale Gauge the patient's investment in their dental health. Ask something simple: “Is it important to you to keep your teeth healthy?” That first "yes" sets the tone.2. Permission Ask if it's okay to share what you've found. This builds respect and reduces defensiveness. “Would you mind if I walked you through what I'm seeing?”3. Consequences Communicate what happens if nothing is done—without fear tactics. Focus on clarity.4. Outcomes Frame your recommendation around benefits. What will life feel like afterward?5. Feelings People remember how you made them feel, not just what you said. Build trust and human connection.Key TakeawaysEthical selling is essential: Private practice requires guiding patients toward smart, timely decisions—not just diagnosing.Comprehensive care creates real value: Don't settle for “cosmodontistry.” Reactive care keeps you busy, not profitable.Confidence is contagious: If you believe in the treatment plan, patients are far more likely to say yes.Track performance: Simple measurement of case acceptance and treatment conversions can spark major improvements.Bundle treatment to boost margins: Fewer appointments, less overhead, and greater financial return—for both you and the patient.Connect with Dr. Bob Marcus www.bobmarcusdmd.com#DentalBoardroomPodcast #CaseAcceptance #DentalPracticeSuccess #PatientCommunication #DentalLeadership #BobMarcusDMD #ComprehensiveDentistry #DentalBusiness #DentistTips #PrivatePracticeGrowth #DentalEconomics

Many dentists feel trapped in the PPO system—working long hours, doing more dentistry, and still questioning, “Where's the money going?”In this episode of The Dental Boardroom Podcast, Wes Read, CPA and CFP, talks with Dr. Anissa Broussard about her powerful shift from PPO dependence to a thriving fee-for-service practice. Dr. Broussard shares how she reframed her mindset, leveraged social media to attract ideal patients, and built a brand rooted in authenticity and trust.They also discuss the financial and emotional challenges of leaving insurance behind—and how purpose, leadership, and smart marketing can lead to lasting success.Whether you're a dentist considering a fee-for-service model or want to better align your practice with your values, this conversation offers both inspiration and actionable insights.

Wes Read, CPA and CFP, returns from the CDA Convention in Anaheim and sits down with Practice CFO's lead CFO advisor, Paul Lipcius, and head of investments, Brandon Hobson, for an in-depth conversation on the current state of the economy and investing landscape in May 2025.Together, they dive into the market's reaction to global tariffs, recent signals from the Federal Reserve, macroeconomic trends, and how the Practice CFO investment committee is adjusting its strategies for clients amid uncertainty.This is a must-listen for dentists and professionals looking to stay ahead of economic shifts that impact their financial independence and investment goals.

If you're a dental practice owner—or planning to become one—this episode could save you thousands. Wes Read, CPA and CFP, breaks down the financial fundamentals every dentist needs to master, especially when it comes to getting money out of your business without triggering IRS penalties.Wes unpacks the critical role of choosing the right business structure—S Corporation, LLC, or sole proprietorship—and how that decision directly impacts your taxes. You'll learn why S Corps are often the go-to for dentists, and how your “stock basis” plays a central role in what you can legally distribute from your business.What's the danger? “Excess distributions”—taking more out of the business than your basis allows. Do this, and you could be looking at capital gains taxes and serious IRS scrutiny.Wes explains the three primary ways dentists take money out of their practices—payroll, direct distributions, and personal expenses—and how to do it smartly. If you're in the middle of a buildout, just bought a practice, or making big equipment purchases, this episode is a must-listen.With clear explanations and actionable advice, Wes helps you sidestep costly tax traps and plan your cash flow more strategically.What You'll Learn:How excess distributions work—and why they're a silent profit killerWhat “basis” really means, and how it affects your ability to take money outThe pros and cons of S Corps, LLCs, and sole proprietorships for dentistsThe three most common ways money exits a dental practice—and the tax implications of eachHow to work with your CPA to avoid penalties and optimize your income #DentalBoardroom #DentalCPA #DentalFinance #ExcessDistributions #SCorporation #DentalPracticeOwner #DentistTaxTips #DentalPo

Welcome back to The Dental Boardroom Podcast! Wes Read CPA, CFP dives deep into a critical and often misunderstood topic among dental practice owners: Should you buy or open a second location?Wes breaks down the real economics, hidden challenges, and common myths behind scaling your dental business by adding a second office. Drawing from years of client experiences and financial data, he explains why many dentists struggle — and why some succeed — in making this leap.Whether you're at the peak of your first practice and itching to grow, or just curious about expansion, this episode will help you approach the decision with eyes wide open.Key Points:The decision to open a second location is complex, especially for solo owners.Four common reasons dentists believe they should expand — and why they're actually myths.Fixed vs. variable costs in a dental practice — and why most costs are fixed.The power of increasing revenue within one practice versus opening another.Why delegation to associates often fails to meet expectationsThe true demands of managing multiple practices: leadership, operations, culture, and financesScaling is possible — but only with the right business infrastructure and mindset#DentalBoardroomPodcast #DentalPracticeGrowth #SecondLocation #DentalEconomics #DentalBusinessTips #PracticeCFO #DentalOwnership #SoloPractice #DentalExpansion #AssociateDentist #DentalPracticeManagement #ScalingYourPractice #DentistryBusiness

In this episode, Wes Read, CPA and founder of PracticeCFO dives into one of the most important financial terms in dentistry: EBITDA. Whether you're planning to sell your practice or simply want to manage it better, understanding EBITDA is essential. Wes explains what it is, how to interpret it from your P&L, and why every dental professional—owner or associate—should know the business side of dentistry.This episode is designed to help you start thinking like a CEO of your dental practice. Because yes, it's a practice—but it's also a business, with payroll, debt, taxes, benefits, and financial planning responsibilities.Key PointsEBITDA is a key financial metric every dental practice owner should understand.Even associates benefit from learning the business side of dentistry.Your dental practice operates like any other business—complete with payroll, taxes, and budgets.Understanding financials helps you become an effective CEO of your practice.Unlike large corporations, dentists provide services (not products), but the financial principles still apply.#DentalBusiness #DentalPracticeManagement #EBITDA #DentalFinance #DentistryPodcast #DentalCEO #DentalAssociates #PracticeOwnership #DentalEntrepreneur #FinancialLiteracy #P&LExplained #BusinessOfDentistry

In this insightful episode of The Dental Boardroom Podcast, Wes Reed, CPA, CFP and founder of Practice CFO, breaks down the real financial impact of staying in-network with PPOs versus transitioning to a fee-for-service (FFS) model. Using a crown-focused case study, Wes illustrates how fewer procedures can yield significantly higher profits under FFS — even with some patient attrition. If you're a dental practice owner evaluating your profitability strategy, this episode will give you a clear-eyed view of the numbers that matter.Key Points Covered:The purpose of PPOs: high patient volume but lower profit margins.FFS model: fewer crowns, less overhead, but more profit.Why many dentists feel trapped in PPOs despite shrinking reimbursement rates.A detailed crown-based financial comparison: 30 PPO crowns vs. 20 FFS crowns.Key overhead costs: fixed vs. variable and their implications in each model.Why switching to FFS can potentially double your net profit.The long-term sustainability challenges of staying in-network.How patient relationships and brand strength affect attrition rates when transitioning out-of-network.Practical considerations for associate-driven vs. solo practices.#DentalBoardroomPodcast #PracticeCFO #PPOvsFFS #DentalEconomics #FeeForService #DentalPracticeGrowth #DentalProfitability #OutOfNetworkDentistry #DentalCPA #DentalBusinessTips #CrownCaseStudy

Welcome back to The Dental Boardroom Podcast with Wes Read!In today's episode, we're pivoting from last week's discussion about reviewing your own financial statements to a powerful new focus: the 10 critical questions you should be asking your CPA every year — not just at tax time.Why is this so important? Most CPAs are historians by training — they look backward. But if you learn to engage them correctly, you can push your CPA into a more analytical, forward-thinking advisor role that will transform your practice's financial success and help you build lasting personal wealth.Key Points:Why Timing Matters: Waiting until year-end to talk with your CPA can cost you tax-saving opportunities. Meet proactively in Q2 and Q4!CPA as Historian vs. Planner: Most CPAs are trained to look backward, but with the right questions, you can push them to think forward.Financial Integration: The greatest value comes when your business cash flow planning connects directly to your personal financial goals.Personal Financial Independence: Route business profits smartly—either spend on personal expenses or build your balance sheet (assets).Avoid Financial Leaks: Without good cash flow control in the practice, money will leak away before strengthening your personal net worth.Schedule Smart Meetings: Ideal times to meet your CPA are after tax season (May-June) and after October 15th.3 Sections for CPA Questions:Profit & Loss: Understand your goals-based break-even and if you're hitting it.Taxes: Stay ahead of tax liabilities, deductions, and strategic opportunities.Financial Planning: Align your practice cash flow with your long-term personal financial goals.Key Concept: "Goals-Based Break-Even" — how much you must collect monthly to fund your current lifestyle AND save for financial independence.#DentalBoardroomPodcast#DentalCPA#FinancialFreedom#PracticeCFO#DentistFinance#TaxPlanning#DentalPracticeManagement#FinancialIndependence#CPAQuestions#BusinessCashFlow#DentistWealth#DentalPodcast

The PTE Deductions: Don't Miss Out!If you're a dental practice owner in a state with state-level income taxes—this episode is for you. Host Wes Read dives deep into the Pass-Through Entity (PTE) Tax Election, a tax-saving strategy that can turn your state tax payments into a federal tax deduction.This is especially important for dentists in high-tax states like California, New York, or any state with a 4%+ income tax. Wes breaks down what the PTE is, why it matters, and how to use it properly—so you're not leaving money on the table.Takeaways:Who needs to listen: Dentists in states with income taxes—especially high-tax states like CA, NY, NJ, etc.What is the PTE (Pass-Through Entity) Tax? A way to bypass the $10,000 SALT deduction cap on federal returns by paying state income tax through your business entity.Why it matters: Allows for a significant federal tax deduction for taxes you already have to pay.The IRS SALT Deduction Cap: Since the 2017 Tax Cuts and Jobs Act, there's a $10,000 cap on how much state and local taxes you can deduct when itemizing.How PTE helps: Paying taxes at the entity level converts those state taxes into fully deductible business expenses on your federal return.Watch out: There are rules and deadlines, and not every CPA proactively elects this. Be sure to confirm your CPA is doing this correctly.Standard vs. Itemized Deduction: Wes breaks down how deductions work and why understanding them is crucial for maximizing the PTE benefit.#DentalBoardroomPodcast #DentalCPA #PTETax #DentalPracticeTips #TaxStrategy #HighTaxStates #PracticeCFO #DentalFinance #DentalTaxPlanning #PassThroughEntity #DentistLife #DentalBusiness #PracticeOrbit

Welcome back to The Dental Boardroom Podcast with Wes Read.In this follow-up to our previous episode on structuring your Profit & Loss (P&L) statement, we dive deeper into the how of using your financials strategically.This episode walks you through 10 essential questions—or rather, areas of focus—to ask each month when reviewing your financial statements. These questions will help you uncover trends, evaluate performance, and guide your practice toward long-term financial health.Wes also breaks down how to align your collections with personal financial goals like retirement and financial independence. He shares real-world advice on navigating fluctuations in revenue and expenses.Whether you're a seasoned practice owner or new to analyzing financials, this episode is packed with actionable insights that will help you become a more financially empowered business owner.Key Points:How to read your P&L like a narrative, not just a spreadsheetMonthly collection tracking: comparing last month, YTD, and last yearHow to know if you hit your goals-based breakeven pointStrategies for consistent collection growth through marketing and operationsIdentifying outlier expenses and validating through the general ledgerWhy your practice financials should align with your life visionQuestion 1: What were my collections last month and year-to-date (YTD), and how do they compare to last year? Understanding variations in collections and what they indicateQuestion 2: Did I reach my goals-based breakeven point for the month and year? The importance of setting and measuring against personal financial goalsQuestion 3: How can I grow my collections consistently? The role of marketing, operations, and planning in revenue growthQuestion 4: Do any expense categories look too high or too low? How to review the general ledger to validate expensesMindset: Be intentional about aligning your practice's performance with your life goals.#DentalBoardroomPodcast #WesRead #DentalFinance #ProfitAndLoss #DentalPracticeManagement #FinancialPlanning #PracticeOrbit #DentalBusiness #DentalCFO #CollectionsGoals #DentalGrowth #PlanAndProfit #FinancialIndependence #DentistLife

In this episode with Wes Read, CPA and founder of PracticeCFO, explore a topic that is absolutely foundational to the financial success of your dental practice—your financial statements. Host [Your Name] (or "I") breaks down the importance of understanding your Profit & Loss Statement (P&L) and how it reflects the economic health of your practice.Whether you're preparing to sell your dental practice or simply want to make smarter financial decisions, this episode will help you interpret your numbers and transform your P&L into a powerful decision-making tool.Key Points:Financial statements are your practice's financial X-rays. They tell the story of all your effort.P&L (Profit & Loss) shows income and expenses; it's key to understanding your monthly performance.Balance Sheet shows assets and liabilities—important, but covered in a future episode.Your P&L should be reviewed monthly—ideally by the 15th–20th of the following month.Understand Net Operating Income: what's left after operational costs but before debt, taxes, and personal draw.A well-structured P&L is essential whether you're managing or selling your practice.Tools like QuickBooks Online and REACH Reporting can improve report clarity and benchmarking.#DentalPodcast #DentalFinance #DentalPracticeManagement #ProfitAndLoss #PracticeCFO #DentalBusiness #DentalAccounting #DentalSale #PlandL #BalanceSheet #DentalOwners #FinancialFreedomDentist #DentistLife #SellYourPractice #DentalConsulting

In this episode of The Dental Boardroom Podcast, Wes Reid, founder of a dental CPA and financial planning firm, dives deep into the Employee Retention Credit (ERC)—what it was, how it worked, and the lingering tax implications that dentists still need to address in 2025. From qualification rules and tax amendments to why the IRS is still behind on guidance, Wes breaks it all down with clarity and real-world insight. If you're a dentist who claimed the ERC or are still navigating its aftermath, this is a must-listen.Key Points Covered:What the ERC is: A government stimulus program that provided financial relief to businesses during COVID closures, especially valuable to dental practices.How eligibility was determined: Based on revenue drops and specific calendar quarters in 2020–2021.Claiming the ERC: Typically filed retroactively through amended 941 payroll tax returns.Why ERC resurfaced in 2025: The amendment window has closed, and many dentists are left wondering how to finalize tax treatment of ERC funds.Tax implications explained: Receiving ERC impacts labor expenses, corporate profits, and personal tax returns—requiring multiple amendments.When to file amendments vs. report ERC on current returns: Wes explains how to navigate reporting ERC on 2024 or 2025 returns if amendments weren't done in time.IRS delays and confusion: Lack of consistent IRS guidance caused delays and headaches for dental CPAs and clients.Important advice: Include the ERC in your current or next year's tax return if you're too late to amend previous years.#DentalBoardroomPodcast #DentalCPA #EmployeeRetentionCredit #ERCTax #DentalPracticeFinance #COVIDRelief #IRSUpdates #DentalTaxPlanning #PracticeOrbit #DentalBusinessTips #TaxAmendments

Selling a dental practice is one of the biggest financial decisions in a dentist's life—and it's easy to make costly mistakes. In this episode, Brian Hanks sits down with Wes Read, CPA and founder of PracticeCFO, to break down the top 5 most common mistakes dentists make when selling their practice. From bad timing to poor team assembly, Wes and Brian share the insights every seller needs to avoid leaving money (and sanity) on the table.Key Points:Why selling too late can hurt your practice valueThe hidden danger of “just listing with your CPA”What happens when your staff finds out too soonWhy selling to the first buyer is often a trapHow working without a strong team can sabotage your deal#PracticeSale #SellYourPractice #DentalBroker #DentalCPA #DentalFinance #PracticeCFO

In this powerful episode of The Dental Boardroom Podcast, host Wes Reed, CPA and CFP of Practice CFO, sits down with the dynamic Stacy Farley—former corporate sales leader turned dental practice powerhouse. Stacy shares her remarkable journey from business and sales into the world of dentistry, specifically her transformational work in her father's full arch dental practice.Together, they explore what it really means to “sell” in dentistry, how to guide patients toward life-changing decisions, and why understanding the real value of treatment is critical for both practice growth and patient outcomes. With proven techniques, real-world stories, and actionable advice, this episode is a must-listen for any dentist ready to boost case acceptance and scale up with full arch treatments.Key Points:Stacy's Background: From business and corporate sales (Jenny Craig/Nestlé) to transforming a leading dental practice.Sales in Dentistry: Why "sales" isn't a dirty word—it's about guiding patients toward better health and confidence.The 4 Core Benefits of Full Arch Dentistry:Emotional Decision-Making: How patients often hit emotional tipping points before committing to treatment—and how to be ready.Patient Communication Strategy: Asking the right questions and reframing value over price.Sales Funnel Breakdown:Unique Selling Propositions (USPs): Why standing out in a "full arch frenzy" market is crucial for private practices.Actionable Tips for Dentists Getting Into Full Arch#DentalPodcast #FullArchDentistry #CaseAcceptance #DentalSales #DentalMarketing #DentalPracticeGrowth #PatientCommunication #StacyFarley #PracticeCFO #DentalLeadership #PrivatePracticeSuccess #DentalBusiness #DentalBoardroom

Your credit score may not seem like a daily concern, but as a dentist, managing debt is an unavoidable reality. Whether it's student loans, a practice acquisition, or buying a home, your credit score can be the deciding factor in securing favorable loan terms. In this episode, we break down the essentials of credit scores, how they impact your financial future, and key strategies to improve and maintain a strong score. Learn why debt, when used correctly, can be a powerful tool for financial growth and how to leverage it wisely.Key Points Covered:✅ Why credit scores matter for dentists and practice owners✅ The role of debt in wealth accumulation and financial leverage✅ Common misconceptions about credit and debt management✅ The five key factors that determine your credit score✅ How to strategically use debt to build wealth and avoid financial pitfalls✅ Why leveraging assets like a dental practice can create long-term financial success✅ Practical steps to improve your credit score and increase lending opportunitiesResources & Links:

Summary:In this episode of The Dental Boardroom Podcast, Wes Reed, CPA and Certified Financial Planner, dives into the critical importance of having an emergency reserve fund both personally and for your dental practice. Wes breaks down why cash reserves act as "sleep insurance," offering peace of mind during financial fluctuations. He shares insights on how much money to set aside, how to manage it wisely, and how to generate returns without risking your financial stability. Whether you're dealing with unexpected expenses, equipment failures, or seasonal slowdowns, this episode will help you create a solid financial safety net.Key Points:Understanding the concept of an emergency reserve fundWhy financial stress is common among dentistsHow much to keep in your business and personal reservesManaging fixed costs and navigating cash flow fluctuationsAvoiding the debt cycle for unexpected expensesUsing financial reports to identify cash flow patternsPsychological benefits of having a reserve fundTips to earn a return on your reserve while maintaining liquidity#DentalFinance #EmergencyFund #FinancialPlanning #DentalPracticeManagement #CFOAdvice #BusinessFinance #CashFlowManagement #DentistLife #SmartMoney #DentalCPA #FinancialFreedom #BusinessPlanning #MoneyManagement #DentalPodcast

Episode Summary:In this episode of The Dental Boardroom Podcast, Wes Read, CPA and Certified Financial Planner, dives into the importance of establishing a spending plan to achieve long-term financial freedom. Wes discusses common financial pitfalls dentists face, the psychological challenges around budgeting, and actionable strategies for taking control of your money. Learn how effective spending and disciplined saving can set you on the path to a secure retirement and a fulfilling life.Key Points:The Importance of a Spending Plan: Why a spending plan is a more empowering concept than a traditional budget.Understanding Your Actual Spending: Most people underestimate their expenses by 40-50%.The Power of Saving: How saving $100,000 a year with 8% growth can lead to $7.3 million in 25 years.Delayed Gratification and Pent-Up Consumerism: Overcoming the urge to overspend after years of dental school.Financial Stress Among High-Income Earners: Why even high earners often feel financial stress and how to mitigate it.Avoiding Debt Traps: Recognizing the risks of easy access to credit and making smarter financial decisions.The Concept of ‘Enough': Defining your personal financial goals and resisting societal pressure to accumulate unnecessary wealth.Practical Steps: Implementing systems to automate savings, monitor spending, and align financial choices with long-term goals.Quotes to Highlight:"Rich people stay rich by living like they're broke, and broke people stay broke by living like they're rich.""Budgeting isn't about restriction; it's about aligning your spending with what truly brings fulfillment.""Your spending plan is the bridge between your income and your goals."Resources Mentioned:Book: Enough by John BogleWebsite: PracticeOrbit.com for buying or selling a dental practice#DentalBoardroom #FinancialFreedom #DentistFinance #SmartSpending #WealthManagement #PracticeOwnership #DentalSuccess #BudgetingTips #MoneyMatters #RetirementPlanning

Summary:Join us for an insightful discussion on the current state of dentistry in 2025. In this episode, we explore the latest financial trends, the best locations for dentists, and the biggest challenges facing the industry today. From compensation disparities between practice owners and associates to the growing influence of AI and teledentistry, we break down what every dental professional needs to know. Plus, we dive into how staffing shortages, insurance complexities, and rising operational costs are shaping the industry—and what can be done about it. Whether you're a seasoned practitioner or a new dentist looking to navigate the field, this episode is your go-to guide for understanding the evolving landscape of dentistry.Key Points:Financial Trends: Income differences between practice owners and associates, top-paying states, and the impact of specialization and location.Biggest Challenges: Staffing shortages, insurance reimbursement issues, and rising operational costs.Emerging Opportunities: AI-driven diagnostics, teledentistry, and digital impressions.The Role of Technology: How innovations are reshaping patient care and improving efficiency in dental practices.Patient Experience: The growing importance of personalization, convenience, and human connection in modern dentistry.The Future of Dentistry: Why adaptability is the most crucial skill for success in the coming years.#Dentistry2025 #DentalTrends #DentistLife #DentalCare #Teledentistry #AIDentistry #DentalPractice #DentalBusiness #HealthcareInnovation

Episode Summary:In this episode of The Dental Boardroom, host Wes dives into a vital yet often overlooked topic: the intersection of health, wellness, and dentistry. Joined by dental coach Steve Sperry and senior CFO advisor Andrew, the discussion highlights how dentists can integrate exercise, stretching, and stress management into their demanding schedules. From personal stories about back pain and family health to innovative wellness practices like stretching routines, yoga, and cold plunges, this conversation is packed with actionable insights to inspire healthier living.Whether you're a dentist battling the physical toll of the profession or simply someone seeking to optimize your health journey, this episode offers practical advice, personal anecdotes, and even a sneak peek into emerging wellness trends.Tune in to uncover insights, expand your horizons, and explore resources that could transform your perspective. Watch Limitless with Chris Hemsworth, Don't Die documentary and Poisoned documentary.Key Points:The Importance of Health for Dentists:The physical demands of dentistry often lead to back pain and other ergonomic issues.Why focusing on wellness can improve productivity, reduce stress, and extend longevity.Stretching and Mobility:Andrew shares his journey to prioritize mobility and functional fitness.The benefits of visiting a professional stretching center like StretchLab.The Mind-Body Connection:How stress impacts physical health, particularly back pain.Research linking stress levels to perceived pain, and strategies to manage it.Innovative Wellness Tools:Cold plunges as a tool for reducing inflammation and boosting recovery.Steve and Wes share tips on incorporating cold therapy into daily routines.Daily Wellness Habits:The role of sleep, hydration, and consistent morning routines in overall health.Insights into wearables and apps for tracking health progress.#DentalHealth #WellnessJourney #ColdPlunge #Stretching #DentistryLife #Ergonomics #HealthyLiving #StressManagement #Longevity #FunctionalFitness #MindBodyConnection

Podcast Summary:In this episode, we delve into one of the most critical aspects of running a successful dental partnership: profit allocation. Drawing parallels between marriage dynamics and business partnerships, we explore three core models for distributing profits among dental practice owners. These models — the 50/50 Model, Associate-Owner Model, and Full Allocation Model — are unpacked to help you determine the best approach for your practice. Whether you're a seasoned dentist or exploring partnerships for the first time, this episode provides valuable insights into structuring financial success in your dental business.Key Points:Podcast Summary:In this episode, we delve into one of the most critical aspects of running a successful dental partnership: profit allocation. Drawing parallels between marriage dynamics and business partnerships, we explore three core models for distributing profits among dental practice owners. These models — the 50/50 Model, Associate-Owner Model, and Full Allocation Model — are unpacked to help you determine the best approach for your practice. Whether you're a seasoned dentist or exploring partnerships for the first time, this episode provides valuable insights into structuring financial success in your dental business.Key Points:Importance of Profit Allocation in Dental Partnerships:Financial arrangements impact business success and partner relationships.Three Models for Profit Allocation:50/50 Model: Equal distribution of profits, simple but less flexible.Associate-Owner Model: Combines individual production rewards with shared profits.Full Allocation Model: "Eat What You Kill" approach; rewards are based solely on individual contributions.Factors Influencing the Right Model:Production levels, time commitment, and practice type.Balancing fairness with incentivizing productivity.Practice CFO's Expertise:Years of experience guiding dental partnerships.Customized solutions tailored to practice-specific dynamics.Special Considerations:Family practices often favor the 50/50 Model.Adjustments for specialists or varying partner roles.The Importance of Financial Reserves:Maintaining at least one month's expenses in working capital.Exploring Practice Orbit:Innovative platform for buying and selling dental practices.#DentalPartnerships #ProfitAllocation #DentalCPA #PracticeManagement #BusinessStrategies #EatWhatYouKill #AssociateOwnerModel #DentalBusiness #PracticeOrbit #DentistryInsights

Summary:In this episode, we explore the financial and legal intricacies of dental partnerships. Learn about the pros and cons of various legal structures, including S corporations and partnerships, and why selecting the right setup is crucial for tax efficiency and liability protection. Our host also shares tips on payroll, 401(k) planning, and navigating IRS requirements. Plus, discover how PracticeOrbit.com simplifies dental practice sales and connects you with expert advisors.Key Points:Importance of tailored tax planning for dental practices.Understanding 401(k) plans and payroll management.Legal structures for dental partnerships: S corporations vs. partnerships.Why dentists should avoid C corporations due to double taxation.Role of the K-1 in S corporation tax filings and FICA tax savings.Legal setup advice: consulting dental-specialized attorneys.Selling a dental practice through PracticeOrbit.com.#DentalPartnerships #TaxPlanning #DentalPractice #SCorporation #PracticeOrbit #DentalBusiness #401kPlanning #TaxEfficiency #SmallBusinessTips #FinancialFreedom

Episode Summary:In this episode, we dive deep into the intricacies of valuing dental practices, particularly in the context of partnerships. We break down key valuation concepts for general practitioners (GPs) and how factors like cash flow, overhead, and goodwill contribute to a practice's overall worth. We also explore different partnership models, including associate buy-ins and common pitfalls when transitioning from associate to partner. Gain insight into how practice owners and associates can fairly assess and negotiate valuations to build equitable and sustainable partnerships.Key Points:Understanding Dental Practice Valuations: Importance of cash flow, overhead, and goodwill in determining a practice's value.Associate Buy-In Models: Different approaches for associates buying into a practice, including up-front 50% buy-ins and phased purchases over time.Calculating Ownership Value: Methods for estimating buy-in costs for associates and considering contributions to the practice's growth.Equity Distribution and Decision-Making: Pros and cons of 50-50 ownership versus minority stakes, and how these impact authority and motivation.Potential Pitfalls in Partnerships: The need for clear agreements around patient distribution, revenue sharing, and equity to avoid conflicts and financial imbalances.Importance of Professional Guidance: Engaging accountants, attorneys, and other professionals to ensure fair valuations and sustainable partnership structures.#DentalPracticeValuation #DentalPartnership #AssociateBuyIn #DentalBusiness #DentalFinance #PracticeGrowth #DentalPartnerships #Goodwill

Episode Summary:In this episode. we dive into the essentials of forming a successful dental partnership—a vital strategy in today's challenging economic landscape for dental practices. Our host draws on over 15 years of experience to highlight the financial and personal benefits of partnerships, explaining how joining forces can alleviate cost pressure, increase profitability, and create a supportive work environment. Key discussion points include the importance of chemistry, shared clinical philosophy, and fair profit allocation between partners. Tune in to learn how to navigate potential pitfalls and maximize the benefits of a dental partnership.Key Points:Benefits of Dental Partnerships - Understanding the economic advantages of sharing cost to boost take-home profits and enhance wealth-buildingThree Pillars of Successful Partnerships - Chemistry, shared clinical philosophy, and equitable profit sharing as the foundation for a harmonious business relationship.Financial Insights on Cost Structures - Explanation of fixed vs. variable costs in dental practice and how partnerships can optimize expenses.Navigating Challenges in Partnerships - The common reasons for partnership dissolutions and the complexities of handling conflicts.Evaluating Chemistry and Communications Skills - Why strong interpersonal skills and tryst are crucial for long-term partnership success.

In this episode of The Dental Boardroom Podcast, host Wes continues his deep dive into dental partnerships, focusing on the potential downsides. Following the previous discussion on the advantages of partnerships, Wes now addresses key challenges such as decision-making conflicts, differing mission statements, profit allocation issues, and the complexities of new patient distribution. Whether you're currently in or considering a dental partnership, this episode equips you with the knowledge to approach these arrangements with your eyes wide open, avoiding potential pitfalls that could lead to costly disputes down the road.Key Points:Decision-Making Conflicts: Partnerships require mutual agreement on critical decisions like hiring, spending, and tax planning, which can lead to friction.Differing Mission Statements and Values: Misalignment on long-term goals and practice strategies can create tension between partners.Profit Allocation Complexities: Properly distributing profits is essential, and failure to do so transparently can lead to significant conflicts.New Patient Distribution: Mismanagement of new patient allocation, especially when a new partner buys into the practice, can be a major point of contention.#DentalPartnerships #BusinessTips #Dentistry #DentalPractice #DentalBoardroom #SmallBusiness #PracticeManagement #DentalProfessionals #ProfitAllocation #BusinessStrategy

Episode Summary:In this episode of The Dental Boardroom Podcast, host Wes Reid kicks off a six-part series on dental partnerships. Whether you're in a partnership or considering one, this series is packed with insights. Today's episode focuses on the pros of dental partnerships, with a deep dive into how financial efficiencies, particularly in overhead costs, can benefit multi-doctor practices. Wes breaks down the different categories of overhead costs—labor, labs, supplies, facility, marketing, and admin—and explains which are fixed versus variable, providing a clear picture of how partnerships can reduce costs while increasing profitability.Key Points:Introduction to the Partnership SeriesSix-part series focusing on dental partnerships: pros & cons, valuation, legal structures, success elements, buy-in timeline, and partnership agreements.Financial Efficiencies of PartnershipsExplains fixed vs. variable overhead costs in dental practices.Categories of overhead: labor, labs, supplies, facility, marketing, and admin.Breakdown of Overhead CostsLabor: Generally fixed, with potential variable elements like bonuses tied to production.Labs and supplies: Variable.Facility, marketing, and admin: Mostly fixed.How Partnerships Reduce OverheadThe financial advantage of having multiple doctors to share fixed overhead costs.Example scenario: How overhead costs decrease when a second doctor joins a practice.Selling a Dental PracticeIntroduction to PracticeOrbit.com as a modern solution for dental practice sales, featuring various selling options.#DentalPartnerships #DentalPractice #DentalBusiness #DentalOverhead #DentalValuation #PracticeManagement #DentistLife #PartnershipSuccess #FinancialEfficiency #PracticeOrbit

Summary:In this episode of the Dental Boardroom Podcast, host Drew Phillips welcomes Beth LaChance, CEO of Global Medical Virtual Assistants, to discuss how virtual assistants are transforming dental and medical practices. With a growing need for staffing solutions post-COVID, Beth shares how her company is filling the gap by providing highly qualified virtual professionals. Learn how integrating these professionals into your practice can improve efficiency, reduce burnout, and streamline operations, all while maintaining high-quality patient care.Key Points:.Beth's Background – Journey from pharmaceutical and surgical sales to founding a virtual assistant company specializing in medical staffing.Impact of COVID on Staffing – How the pandemic accelerated the adoption of virtual assistants in medical and dental practices.Role of Virtual Assistants in Dental Practices – Integration of virtual assistants in front desk operations, billing, and patient communications.Difference Between Outsourcing and Insourcing – Beth explains the unique model of insourcing and how virtual assistants become an extension of in-house teams.Professionalism and Expertise – Addressing misconceptions about virtual assistants and highlighting their professional qualifications.Industry Trends – Growing use of virtual assistants across multiple roles in practices, and the potential impact of AI on future staffing solutions.Management Support – How Global Medical provides management support to practices, taking on the burden of training and coaching virtual assistants.#DentalBoardroomPodcast #VirtualAssistants #DentalStaffing #MedicalStaffing #BethLaChance #GlobalMedical #RemoteWork #PostCovidSolutions #DentalPractice #MedicalVirtualAssistants #HealthcareEfficiency #AIInHealthcare

What are the most common delays that prolong a practice sale?In general, the people who hold up deals are banks and landlords.But there are steps both buyers and sellers can take to prevent these delays and shorten the timeline for a dental practice sale!On this episode of the Dental Board Room Podcast, Dental Attorney Matt Odgers joins host Wes Read to continue their conversation on expediting a practice sale.Matt and Wes discuss how to fast-track legal and clinical due diligence, explaining why it's crucial to negotiate vendor contracts and lease terms before you list your practice.They also share 4 ways to determine the value of your practice and describe the relationship between list price and closing timeline.Listen in to understand why buyers and sellers should both reach out to the bank early on and find out if Practice Orbit can help speed up the sale of your dental practice.Topics CoveredThe legal documents a seller needs to prepare for a practice saleWhy it's crucial to negotiate vendor contracts and talk to your landlord before you list your practiceWhat a seller can do to expedite the clinical due diligence of a practice saleWhat a buyer can do to accelerate the timeline for a practice sale4 ways to determine the price of your practice and how the list price impacts the closing timelineCommon delays in closing a practice sale associated with banks and landlordsWhy it's the seller's responsibility to negotiate the lease terms a buyer might needHow much faster you can close a practice sale if it's staged wellHow Practice Orbit accelerates the process of selling your dental practiceWhy you need a ballpark valuation of your dental practice and how to get it done for free2 reasons you might use Practice Orbit to sell your dental practiceConnect with Matt OdgersOdgers Law GroupOdgers Law on LinkedInConnect with Wes Read & Drew PhillipsPractice OrbitEmail wes@practiceorbit.com or drew@practiceorbit.com Practice CFOPractice CFO on InstagramPractice CFO on FacebookPractice CFO on YouTubeResourcesDr. Kevin Kenny on the Dental Board Room PodcastThe Role of Escrow on the Dental Board Room Podcast

Once a dentist makes the decision to sell their practice, they want it done yesterday. So, how long does a practice sale usually take? What can you do to accelerate that timeline?On this episode of the Dental Board Room Podcast, Dental Attorney Matt Odgers joins host Wes Read to walk you through a typical timeline for selling a dental practice.Matt and Wes discuss common delays that prolong the process, describing how to avoid those issues and shorten the timeline for a practice sale.Listen in for insight on staging your practice for a sale and learn how to leverage Practice Orbit technology to fast-track the process of selling your dental practice.Topics CoveredCommon timelines for a practice sale and important mile markers in the journeyWes' motorcycle analogy for the process of buying a dental practiceWhy it's beneficial to hire your accountant and attorney at the point of NDAHow Practice Orbit technology shortens the timeline for selling your dental practicePotential consequences when the LOI to close period extends beyond 60 daysWhy it typically takes 4 months to sell a practice (once you've made the decision)What you can do to shorten the timeline for a dental practice saleHow staging your practice for a sale is like preparing dinner for a family reunionWhy Matt & Wes suggest having a weekly huddle with your team to drive the practice sale forwardThe primary financial and tax documents you need to prepare for a practice saleConnect with Matt OdgersOdgers Law GroupOdgers Law on LinkedInConnect with Wes Read & Drew PhillipsPractice OrbitEmail wes@practiceorbit.com or drew@practiceorbit.com Practice CFOPractice CFO on InstagramPractice CFO on FacebookPractice CFO on YouTubeResourcesDr. Kevin Kenny on the Dental Board Room PodcastThe Role of Escrow on the Dental Board Room Podcast

When is the best time to sell your dental practice? What factors should you consider to get the best price for your practice and have the best quality of life in retirement?On this episode of the Dental Board Room Podcast, recurring guest Matt Odgers joins host Wes Read to explain why you want to start the process of selling your practice when collections are on the upswing.Matt and Wes discuss the challenges of planning for a practice sale before there's a crisis, challenging you to consider the financial and psychological aspects of retiring from dentistry.Listen in for insight around selling your practice for reasons other than retirement and learn how to time the sale of your dental practice to get the best deal and ensure a smooth transition to the next phase of your life!Topics CoveredWhy you want to start the process of selling your practice when it's on the upThe psychological challenge of planning for a practice sale before there's a crisisWhy you should know what your practice is worth (even if you have no intention of selling)Crises that require an immediate sale vs. crises that expedite the timeline for a saleWhy financial independence is a primary factor in timing the sale of a practiceHow to know if you're psychologically ready to stop working as a dentistWhy Matt & Wes suggest planning what to do with your time once you retireHow rising collections impact the price of a practice and speed of its saleWhy it's easier to sell a million-dollar practice as opposed to a $500,000 oneWes' advice on paying off a 10-year practice loanWhat differentiates buying a dental practice from buying real estateSelling your practice to retire vs. selling your practice to pay off debtThe benefits of selling your dental practice when interest rates are lowWhy Matt recommends timing the sale of your practice with your leaseConnect with Matt OdgersOdgers Law GroupOdgers Law on LinkedInConnect with Wes Read & Drew PhillipsPractice OrbitEmail wes@practiceorbit.com or drew@practiceorbit.com Practice CFOPractice CFO on InstagramPractice CFO on FacebookPractice CFO on YouTube

Is a salesperson trying to talk you into claiming an R&D tax credit for your dental office? It can be tempting to trust a pitch like this and leverage research and development to reduce your tax liability.But how do you satisfy IRS criteria for the R&D tax credit? What documentation do you need? And what happens if you get audited?Andre Shevchuck serves as Partner at BPM, one of the country's top 20 accounting and advisory firms.Andre oversees the Specialized Tax Services Practice at BPM, helping clients identify, document and defend their R&D tax credit claims.On this episode of the Dental Board Room Podcast, Andre joins host Wes Read to discuss the four criteria for claiming the R&D tax credit and explain how it's calculated.Andre describes what the IRS can do to discredit a claim, challenging dentists to exercise caution before you let a salesperson talk you into taking the R&D tax credit.Listen in for insight on mitigating your tax liability without abusing the system and learn when it's appropriate to claim the R&D tax credit for your dental practice—and when it isn't!Topics CoveredAndre's expertise in specialized tax services and representing clients against the IRSThe 4 criteria for a business owner to claim the R&D tax creditWhy demonstrating technical uncertainty is key in qualifying for the R&D tax creditHow salespeople downplay the risk of claiming the R&D tax credit if you don't meet all 4 criteriaWhat the IRS can do to discredit an R&D tax credit claimHow your entity structure impacts your risk of being audited for an R&D tax credit How the R&D tax credit is calculatedHow the R&D tax credit allows for a deduction and tax credit on the same expensesHow the 2017 Tax Cuts and Jobs Act adversely affects business owners who want to start claiming the R&D tax creditWhy aggressive salespeople aren't necessarily on the hook if the IRS revokes your R&D tax credit Capitalizing R&D work vs. claiming it as an expense on your taxesHow to be aggressive on taxes for your practice without the abusing the system Connect with Andre ShevchuckAndre at BPMAndre on LinkedInConnect with Wes Read & Drew PhillipsPractice OrbitEmail wes@practiceorbit.com or drew@practiceorbit.com Practice CFOPractice CFO on InstagramPractice CFO on FacebookPractice CFO on YouTubeResources Amortizing R&D Expenses Under the TCJA

You've worked so hard for so long to build a private dental practice in your community. But now you're thinking about exiting the business.So, how do you know when it's time to retire? What can you do to plan for the next chapter of your life?Dr. Kevin M. Kenny is Adjunct Professor at the University of California, San Diego, and Founder of The Dr. Kevin M. Kenny Foundation, an organization that provides dental care at no cost to the working poor in San Diego and sponsors humanitarian missions overseas.Dr. Kenny ran his own large private dental practice in San Diego for many years before retiring seven years ago.On this episode of the Dental Board Room Podcast, Dr. Kenny joins host Wes Read to explain how he knew it was time to pass the torch and share his experience with selling a successful dental practice.Dr. Kenny discusses the team of advisors you need to plan a practice sale and challenges us to consider what retirement will look like before we walk away.Listen in for Dr. Kenny's advice to young doctors on buying a dental practice and learn his simple blueprint for a successful practice sale.Topics CoveredA high-level overview of Dr. Kenny's career as a dentistHow Dr. Kenny knew it was time to sell his practiceDetermining how much money you need for retirementHow bankers calculate the value of a dental practiceThe CPAs role in helping you plan for a practice saleMitigating your tax liability in a dental practice saleWhen to do a broker sale and when to sell your practice privatelyThe pros and cons of selling your practice to a DSOWhy you should hire an attorney who specializes in dental transitionsCleaning up your books before you sell your practiceHow to create a business plan for your retirementAdvice for young doctors who've just bought a practiceDr. Kenny's blueprint for a successful practice saleThe humanitarian mission of Dr. Kenny's foundationConnect with Dr. Kevin KennyThe Dr. Kevin M. Kenny FoundationConnect with Wes Read & Drew PhillipsPractice OrbitEmail wes@practiceorbit.com or drew@practiceorbit.com Practice CFOPractice CFO on InstagramPractice CFO on FacebookPractice CFO on YouTubeResources Dr. Kenny on Dental Board Room Podcast EP018McLerran & AssociatesGlobal Dental ReliefHow to Win Friends & Influence People by Dale Carnegie