Associates on Fire: A Financial Podcast for the Associate Dentist

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

For most practice owners, the dentistry is the easy part. What's hard is managing your team, especially with the current dental staffing shortage.So, what factors contribute to this shortage of staff? What can doctors do to solve this systemic issue?David Schwab, PhD, is a professional speaker, author and dental practice management consultant who helps dentists grow their practices, educate their patients and train their teams.On this episode of the Dental Board Room Podcast, David joins host Wes Read to explain what's behind the dental staffing shortage and how we might address it with virtual workers, part-timers and temps.David offers advice on addressing employees who chronically call in sick, conducting performance reviews, and responding to requests for a raise.Listen in for insight on the Ritz-Carlton concept of lateral service and learn David's top strategies for building and managing your team through the current dental staffing shortage.Topics CoveredWhy managing your team is the most difficult aspect of running a dental practice Why there's a shortage of dental staff and what doctors can do to solve the problemThe evolution of virtual work in dental practicesDavid's take on hiring virtual assistants from places like the Philippines or AfricaWhat dental office tasks are likely to be outsourced moving forwardThe advantages of hiring part-timers and people without a background in dentistryHow the emergence of online marketplaces might impact the dental spaceHow well-documented processes allow doctors to leverage temporary employeesDavid's advice on addressing employees who chronically call in sickDavid's ‘open book test' system for performance reviewsHow dentists should respond to employee requests for a raiseThe benefit of open-book management that allows staff to understand overheadWhat dentists can learn from the Ritz-Carlton concept of lateral serviceDavid's background and experience as a dental management business consultantConnect with David SchwabDavid Schwab Dental Practice Management ConsultingConnect with Wes Read & Drew PhillipsPractice OrbitEmail wes@practiceorbit.com or drew@practiceorbit.com Practice CFOPractice CFO on InstagramPractice CFO on FacebookPractice CFO on YouTubeResources TrainualSweetProcessThe E Myth by Michael E. GerberEntrepreneurial Operating System

In the aftermath of COVID, there was a massive boom in dental practice transactions. The market finally corrected itself in 2023. And while doctor-to-doctor private sales remained consistent, DSO sales slowed dramatically.So, what caused these market trends? What does the market look like so far in 2024? And how will understanding trends help you make informed decisions as you buy or sell your own dental practice?David Cohen is Managing Attorney at Cohen Law Firm, a legal practice with a unique focus on dentists and dental specialists. His team does between 300 to 400 practice transactions nationwide every year.On this episode of the Dental Board Room Podcast, David joins host Drew Phillips to discuss how the DSO and private practice markets have evolved since 2020.David shares his process for helping clients decide between DSO versus private practice deals and describes how deal terms are changing on the DSO end in 2024. Listen in to understand what's behind the uptick in private partnerships in recent months and learn how to make the best decision for selling your dental practice based on your circumstances and current market trends.Topics CoveredHow David's family background inspired his work with dentistsHow the DSO and private practice markets have evolved from 2020 to presentHow David helps clients decide between private and DSO dealsHow DSO deal terms are changing to favor the DSODavid's insight on the uptick in both private partnerships and 100% salesWhat's behind the rise of workbacks in private practice salesConnect with David CohenCohen Law FirmPractice Transitions [R]evolution Facebook GroupCohen Property Law GroupConnect with Wes Read & Drew PhillipsPractice OrbitEmail wes@practiceorbit.com or drew@practiceorbit.com Practice CFOPractice CFO on InstagramPractice CFO on FacebookPractice CFO on YouTubeResources Seattle Study Club

Is good help hard to find when it comes to staffing your dental practice?According to the ADA Health Policy Institute, staffing shortages, recruitment and retention are among dentists' top concerns moving into 2024. But what if you could easily find A players to fill your open positions? A players who will stick with your team for the long term?Dr. Michael Neal is Founder and CEO of Build My Team, an affordable, outsourced healthcare hiring service that provides highly qualified job candidates for your dental practice.A practicing optometrist in rural Pennsylvania, Dr. Neal created Build My Team to solve his own hiring challenges. Today, the platform serves healthcare providers in 40 states and Canada.On this episode of The Dental Board Room, Dr. Neal joins host Drew Phillips to share the Build My Team process for hiring staff in healthcare practices without resumes or traditional interviews.Dr. Neal explains how Build My Team designs an algorithm specific to your open position and collects data from job candidates to find A players for your practice.Listen in to understand how Build My Team solves for the supply issue in healthcare staffing and learn how Dr. Neal can help you find employees with the skills and talents to excel on your team. Topics Covered[0:23] The Build My Team process for hiring staff in healthcare practices[1:54] What data Build My Team collects from job candidates to find A players for a practices[4:21] How Build My Team creates an algorithm specific to each position[6:18] Build My Team's guidance around finding employees who will excel in a given role[8:23] How Build My Team collects the data they use to refine their algorithms[9:46] What inspired Dr. Neal to design the Build My Team process[11:14] Dr. Neal's advice on creating a culture that retains A players[12:05] How Build My Team solves for the supply issue in healthcare staffing[13:34] What language Build My Team uses in its job descriptions[17:52] How Build My Team informs a candidate that they're no longer in the running for a position[20:07] Why Build My Team asks applicants an open-ended question re: wage expectations[23:05] Success stories of practices that used Build My Team to fill open positions[25:07] Why you shouldn't be afraid to hire team members without experience (for non-licensed positions)[27:23] The typical timeline for filling an opening with Build My Team[28:44] How the Build My Team process serves rural clients with a small talent pool[30:23] How Build My Team helps a practice work with new team membersConnect with Dr. Michael NealBuild My TeamConnect with Wes Read, Matt Odgers & Drew PhillipsPractice OrbitEmail wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com Practice CFOPractice CFO on InstagramPractice CFO on FacebookPractice CFO...

You cannot sell a dental practice without clean books. And you definitely shouldn't buy a practice without having an accountant evaluate its potential profitability.But a good dental CPA has value beyond assisting with the basics of bookkeeping and price assessment.So, what is the full value proposition of an experienced CPA in the context of a dental practice sale?On this episode of our Dental Practice Transitions series, Dental Attorney Matt Odgers serves as guest host and interviews Wes Read on the role of a CPA in the practice transaction.Wes explains how a good dental CPA forecasts the range of profitability for a buyer, and he walks us through the process of financial due diligence in a dental transition.Listen in to understand how a CPA helps buyers make business decisions after closing and develop the mindset of a business owner to grow a financially successful dental practice.Topics CoveredAn overview of the CPA's role in a dental transactionHow a good dental CPA assesses the profitability of a practiceWes' approach to forecasting the range of profitability for a buyerHow Wes defines financial due diligence in a dental transactionUsing a seller's tax returns to validate data on a P&LHow a dental CPA might coach buyers on business decisionsWhat to do as a seller if your books are not in orderWhat a buyer should expect in terms of CPA fees for due diligencePracticeCFO's relationship with a buying dentist after closingWhat differentiates the mindset of a clinician vs. business ownerConnect with Matt OdgersOdgers Law GroupEmail matt@practiceorbit.comConnect with Wes ReadPractice OrbitEmail wes@practiceorbit.comPractice CFOPractice CFO on InstagramPractice CFO on FacebookPractice CFO on YouTubeResources What You Need to Know About Submitting an LOI on DPS EP003Must-Have vs. Nice-to-Have: Shaping the Terms of Your LOI on DPS EP004Practice Sales: The Role of Escrow on DPS EP010Practice Sales: The Role of an Attorney on DPS EP011Episode Promo Videos Video Promo 1

Every dental practice sale involves several legal documents. And that's why an attorney is a crucial part of the transition team for both buyers and sellers.But what, exactly, does a dental attorney do in the practice sale process? What should you look for in an attorney to help you buy or sell a dental practice?On this episode of our Dental Practice Transitions series, Dental Attorney Matt Odgers is back with host Wes Read to discuss the role an attorney plays in the dental practice transition.Matt and Wes walk us through the legal documents required in every practice sale as well as the deal-specific ancillary documents you might need.Wes asks why it's crucial to have a dental attorney review your LOI, and Matt explains what an asset sale agreement does and how it's negotiated. Listen in for insight on the attorney's role in negotiating either the lease or real estate purchase agreement and learn why it's beneficial to use a dental specific attorney for your practice transition!Topics CoveredThe documents a dental attorney addresses in a given practice saleWhy it's crucial to have a dental attorney review your LOIWhat provisions in an LOI are binding (and which ones are non-binding)How a good LOI includes timelines for due diligenceMatt's approach when a buyer has little money in the bank but needs an LOI reviewThe purpose of the asset sale agreement and how attorneys negotiate itWhy it's beneficial to use a dental specific attorney vs. a general business attorneyHow a good dental attorney moves the deal forward when the other side won't budge on a particular termThe attorney's role in reviewing a lease and negotiating with the landlordWhen to ask for a lease extension when the buyer takes overHow the process differs when a seller is at the end of their lease or owns the real estateWhen you need a workback agreement or seller financing noteConnect with Matt OdgersOdgers Law GroupEmail matt@practiceorbit.comConnect with Wes ReadPractice OrbitEmail wes@practiceorbit.comPractice CFOPractice CFO on InstagramPractice CFO on FacebookPractice CFO on YouTubeResources What You Need to Know About Submitting an LOI on DPS EP003Must-Have vs. Nice-to-Have: Shaping the Terms of Your LOI on DPS EP004The Role of Escrow in a Dental Practice Sale on DPS EP010Episode Promo Videos

What role does escrow play in a dental practice transition? How does it benefit buyers and sellers alike? Should you use an escrow for your practice sale?Matt Odgers is a Dental Attorney with Odgers Law Group and VP of Business Development and Legal Operations with Practice Orbit.Matt has more than a decade of experience representing hundreds of dentists in the process of buying or selling a practice.On this episode of the podcast, Matt joins host Wes Read to discuss the purpose of escrow in a private practice sale, beginning with the financial security it affords sellers.Matt and Wes explain why buyers have a larger representation when an escrow is involved and how it significantly increases the probability of closing the deal.Listen in to understand how an escrow agent helps move a dental practice transaction forward and learn when you can avoid using escrow vs. when it is necessary to protect you in a dental practice sale.Topics CoveredWhat inspired Wes & Matt's podcast series on dental practice transitionsHow Practice Orbit simplifies the dental practice sale processHow using an escrow affords dental practice sellers financial securityWhy the buyer has larger representation when an escrow is involvedWhy Wes & Matt are advocates of earnest money in the escrow processHow escrow instructions should be built into the letter of intent How an escrow significantly increases the probability of closing a dealThe escrow agent's role in moving a dental practice transaction forward How an escrow statement makes things easier from an accounting, tax and legal standpointWhen it makes sense to hold back a percentage of the purchase price in escrow (and release it to the seller after certain conditions are met)When you might avoid using an escrow in a dental practice saleConnect with Matt OdgersOdgers Law GroupEmail matt@practiceorbit.comConnect with Wes ReadPractice OrbitEmail wes@practiceorbit.comPractice CFOPractice CFO on InstagramPractice CFO on FacebookPractice CFO on YouTubeResources What You Need to Know About Submitting an LOI on DPS EP003Must-Have vs. Nice-to-Have: Shaping the Terms of Your LOI on DPS EP004Episode Promo Videos Video Promo 1

Inflation is down and the stock market is rallying in response. But the Fed is exercising caution before it lowers interest rates.What does that mean for you and me? What should we be investing in right now?Paul Lipcious, CPA, serves as Partner and Senior CFO Advisor and Brandon Hobson, CFA, CPA, is Chief Investment Officer at Practice CFO.On this episode of The Dental Board Room Podcast, Brandon and Paul join host Drew Phillips for the continuation of The Dental Board Room Podcast's quarterly investment podcast series.Brandon, Paul and Drew explain why the current markets are overly optimistic and where interest rates are likely to go in Q1 and Q2 of next year. They go on to discuss what sectors they favor moving into 2024 and how they're making decisions around equity allocations based on the current economic environment.Listen in to understand what factors might create a softening of the real estate market and learn why Brandon, Paul and Drew recommend sticking to a long-term investment strategy versus trying to time the market.Topics CoveredHow the Fed might respond to the recent improvement in core inflation numbersWhy the markets are being overly optimistic by pricing in the Fed's next moveThe Magnificent 7 stocks that are driving market performance right nowWhy we can't count on the continued growth of the Magnificent 7What sectors Brandon, Paul and Drew favor moving into 2024Where interest rates might go from here and how they're influenced by employment, inflation and fiscal policyThe likelihood that quantitative tightening will hold through next yearHow to adjust portfolio allocations in lieu of the decrease in the 10-year yieldHow Practice CFO is making decisions around equity allocations based on the current economyWhat differentiates value vs. growth stocks (and why we prefer value over growth)How to assess the health of a company based on capitalization and debt loadsHow wage inflation is affecting dentists and dental specialistsHow interest rates and inflation influence real estate and what factors might create a softening in the marketWhy time in the market is more important than timing the marketConnect with Brandon Hobson & Paul LipciusBrandon at Practice CFOPaul at Practice CFOConnect with Wes Read, Matt Odgers & Drew PhillipsPractice OrbitEmail wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com Practice CFOPractice CFO on InstagramPractice CFO on FacebookPractice CFO on YouTubeResources

What are the most common legal issues a dental practice might face? How can dentists protect themselves from insurance audits? Board investigations? Or criminal charges?Justin Withrow is Partner at Flannery Georgalis, LLC, where he specializes in representing dentists in regulatory investigations, insurance audits, professional licensing matters and complex business litigation.Matt Odgers serves as Dental Attorney at Odgers Law Group, a firm with expertise in representing buyers and sellers in the purchase or sale of a dental practice.On this episode of The Dental Board Room, Justin and Matt join host Wes Read to explain how a dental practice should approach sensitive legal matters.Justin describes how a practice gets selected for an insurance audit, challenging dentists to put systems in place and conduct internal compliance checks to prepare for such an audit.Matt and Wes ask what triggers a state board investigation, and Justin offers advice on reaching out to malpractice and securing legal counsel for your dental practice.Listen in for insight on why a practice might find itself under criminal investigation and learn how the right attorney can help you navigate these challenging legal matters.Topics Covered[1:56] Justin's background representing dentists with sensitive legal matters[4:54] How a dental practice gets selected for an insurance audit[8:03] Examples of statistical outliers that might trigger an insurance audit[10:44] Variations in provider agreements among private insurance companies[12:14] How often private insurance companies turn over the findings of an audit to a state board for criminal action[13:41] 4 potential outcomes of an insurance audit and why it's crucial to respect the process and respond in a timely manner[18:52] The typical terms built into a contract between an insurer and provider (and how to terminate such an agreement)[21:08] Building systems into your dental practice to prepare for an insurance audit[22:39] How to properly document services provided and withstand the scrutiny of an insurance audit[24:51] The benefit of having Justin's firm conduct a compliance check for your practice[27:20] What triggers a state board investigation of a dental practice[30:03] Why a practice should take a state board investigation seriously from Day One[35:05] When Justin suggests reaching out to your malpractice provider[38:45] The quality of legal advice from on-panel providers for an insurance company[42:20] Justin's advice on how to secure legal counsel for a board investigation[43:59] What partner dentists in a DSO can do to protect themselves from a board investigation[47:16] Why a dental practice might find itself under criminal investigation[51:35] The challenge of rebuilding a practice after a search warrant is executed[53:17] Why Justin suggests consulting a lawyer before you answer any questions in a criminal investigation[56:01] Case studies of 2 dentists Justin represented in criminal investigationsConnect with Justin WithrowJustin on LinkedInFlannery GeorgalisConnect with Matt OdgersMatt on LinkedInOdgers Law GroupConnect with Wes Read & Drew...

If you see your hygienist as someone who simply cleans teeth, you're missing an opportunity.Steve Sperry characterizes hygienists as treatment coordinators who are licensed to clean teeth. And he suggests compensating them for motivating patients to improve their overall health.But what does that look like? How might you incentivize your hygienists to educate patients while they're cleaning their teeth?Steve is President of Inventive Dental Solutions and Coauthor of Hygiene Superstar. With 25 years of experience in dental practice management, Steve is passionate about helping dentists grow as leaders and build a successful business.On this episode of The Dental Board Room, Steve joins host Wes Read to explain how to quadruple the production of your hygienist.Steve challenges us to look at a dental practice as a subscription model business and compensate hygienists based on dollars scheduled coming out of the room.Listen in for insight on using real-time data to run a practice more effectively and learn how to leverage ‘hygiene superstars' to make your practice more profitable!Topics Covered[0:59] The differences among leadership, management and teaming[8:19] How dentists can use real-time data to run a practice more effectively[19:20] Why Steve sees hygienists as ‘treatment coordinators licensed to clean teeth'[26:01] The benefit of looking at your practice as a subscription model business[27:45] Compensating hygienists for their global impact on patients[41:03] How much revenue comes from hygiene vs. restorative work in the most profitable practices[44:06] How to build appropriate incentive vehicles for your staffConnect with Steve SperryInventive Dental SolutionsConnect with Wes Read, Matt Odgers & Drew PhillipsPractice OrbitEmail wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.comPractice CFOPractice CFO on InstagramPractice CFO on FacebookPractice CFO on YouTubeResourcesHygiene Superstar by Mike Czubiak and Steve SperryEOSThe 7 Habits of Highly Successful People by Stephen R. CoveyBryan Johnson BlueprintDr. Mark Costes on Dental Board Room EP054

There's nothing overly complex about the business of owning a dental practice.And while anybody who's graduated from dental school can understand the operational side of running a practice, you still need to take the time to learn how it all works.Dr. Mark Costes is Founder and CEO of The Dental Success Institute, a coaching program that helps dentists become more knowledgeable, more profitable and more fulfilled in their careers.On this episode of The Dental Boardroom, Dr. Costes joins host Wes Read to explain how associates can design their own internship in the business of running a practice—even if they're working for a DSO.Dr. Costes discusses the importance of identifying a purpose beyond money, describing how Smile Outreach International affords him fulfillment now that he's achieved financial freedom.Listen in as Dr. Costes shares the business framework he used to grow his practice from one dental office to 16 and learn where to go for coaching in the business of scaling your own dental practice!Topics Covered [0:13] What inspired Dr. Costes' interest in dentistry and entrepreneurship[8:31] Dr. Costes' early experience as a dentist prior to buying his own practice[15:21] What associates can do learn about the operational side of running a dental practice (especially if you're working for a DSO)[19:32] How to create your own internship in the business of running a dental practice[28:28] The business framework Dr. Costes designed as he grew his practice from one dental office to 16[37:06] Who's the right fit for Dr. Costes' Dental Success Institute coaching program[41:21] Dr. Costes' growing role as an advisor to dental business startups[43:58] What Dr. Costes has learned from building charitable dental clinics in Third World countries[47:57] The relationship between living your purpose and feeling fulfilled Connect with Dr. Mark Costes The Dentalpreneur Podcast with Dr. Mark CostesDental Success NetworkDental Success InstituteSmile Outreach InternationalConnect with Wes Read, Matt Odgers & Drew PhillipsPractice OrbitEmail wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.comPractice CFOPractice CFO on InstagramPractice CFO on FacebookPractice CFO on YouTubeResourcesWes Read on The Dentalpreneur...

Imagine receiving a phone call at your dental office from a government official implicating you in a drug case.The alleged official asks for sensitive information, and you're too anxious about clearing your name to question his legitimacy.That's exactly what happened to Dr. Ursula Levine, a dentist out of Irvine, California. Dr. Levine immigrated to the US from Germany 30 years ago and has had her own private practice since 2004.On this episode The Dental Boardroom Podcast, Dr. Levine joins host Wes Read to walk us through the call she received from a scammer posing as a DEA agent and explain why she initially believed he was legitimate.Dr. Levine considers why she may have been the target of fraud and describes what made her suspicious that the situation was a scam.Listen in for Dr. Levine's advice on safeguarding sensitive information and learn how to protect yourself and your practice from identity theft, phishing scams and other kinds of fraud!Topics Covered[1:12] How Dr. Levine immigrated from Germany and has had her own dental practice since 2004[3:20] The initial call Dr. Levine received from a scammer posing as a DEA agent[6:21] Why Dr. Levine initially believed that the caller was a legitimate DEA agent[8:08] What information the scammer asked for in his first few conversations with Dr. Levine[10:27] Why Dr. Levine may have been the target of this scammer[16:41] What made Dr. Levine suspicious that the DEA agent wasn't legitimate[21:51] How the imposter DEA agent attempted to get Dr. Levine to send him money[26:14] Dr. Levine's advice on what to do if you receive a call from an alleged government official[28:31] Dr. Levine and Wes' advice on how to protect yourself from identity theft[34:50] Wes' experience with sophisticated phishing scams directed at his teamConnect with Dr. Ursula LevineLevine DentistryConnect with Wes Read, Matt Odgers & Drew PhillipsPractice OrbitEmail wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.comPractice CFOPractice CFO on InstagramPractice CFO on FacebookPractice CFO on YouTubeResources FreeCreditReport.comLifeLockIdentityTheft.govLastPass

What is the best approach to reaching capacity at your dental practice?We tend to equate ad spend with results, but the worst thing you can do is spend a lot of money on marketing when your systems are not set up to handle the leads that are coming in.So, how do you find the right balance between operational efficiency and marketing?Marketing Expert Ryan Gross is the founder of CMOShare, a data-driven dental marketing and consulting agency based in Lincoln, Nebraska. Ryan has more than 15 years of experience in marketing, brand management, communications and sales in the attraction industry and the dental space.On this episode of The Dental Boardroom Podcast, Ryan joins host Drew Phillips to discuss CMOShare's unique, operations-first approach to dental marketing.Ryan explains why it's crucial to optimize inbound call answer rates before you put money into marketing and challenges dental practices to track their phone and online conversions.Listen in for Ryan's insight on determining the right ad spend to reach your patient acquisition goals and learn how to find a marketing company that's the right fit for your dental practice.Topics Covered[0:52] Ryan's background in marketing and how he got into the dental space[2:00] What the client evaluation process looks like at CMOShare[4:11] How Ryan's team analyzes data to determine inbound call answer rates[8:14] Why it's crucial to optimize answer rates before you put money into marketing[12:11] Why your answer rate might be below Ryan's recommended goal of 85%[14:36] What to do if your conversion rate is lower than average[19:24] Conversion rates for insurance-based vs. fee-for-service dental practices[21:05] Ryan's advice on tracking and retargeting big-ticket dental services[24:02] How to set up conversion tracking on your website[28:08] The importance of making sure online scheduling is set up properly[31:18] How urging existing patients to schedule online frees up time for new patients[33:29] Ensuring your site is built to facilitate the highest conversion rate possible[39:12] The 3 components of a website set up to convert new patients[42:29] How Ryan thinks about using tech tools to capture leads on big-ticket services[44:06] How CMOShare builds out a focused ad campaign and measures its success[49:19] Why increasing your ad spend doesn't necessarily lead to better results[51:36] How Ryan's team determines the ad spend you need to reach your goals[53:06] Ryan's advice on setting realistic new patient goals to reach capacity[56:45] What to look at when your new patient growth stalls[58:49] How to interview a marketing company for fit with your dental practiceConnect with Ryan GrossCMOShareConnect with Wes Read, Matt Odgers & Drew PhillipsPractice OrbitEmail wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.comPractice CFOPractice CFO on InstagramPractice CFO on Facebook

You don't know what you don't know.And if you sign legal documents for a dental practice sale without the help of an experienced lawyer, you may be acting against your own best interests.So, what is a dental attorney looking for in the fine print that you might miss?Cecilia Chen is an attorney who specializes in dental practice transitions. She started her own firm in 2009 and has been focused on the dental niche since 2011.On this episode of The Dental Boardroom, Cecilia joins host Drew Phillips to explain how setting up a trust early on makes the sale of a practice much easier should the doctor pass away unexpectedly.Cecilia shares her experience helping dentists sell their practice to a dental service organization and offers advice on what terms to pay attention to if you're negotiating with a DSO.Listen in for insight on dealing with patient credits and prepaid treatment plans in a dental transition and learn how to ensure that the legal documents for a practice sale align with your interests.Topics Covered[0:40] Cecilia's background as an attorney and how she got into the dental transition niche[2:23] Why it's crucial to have a plan in place for transitioning a dental practice should the doctor pass away unexpectedly[5:40] What families can do to mitigate revenue decline while a dental practice is in probate[7:54] How to choose the best person to manage and sell your practice after you pass away (and why it might not be your spouse)[10:37] Why Cecilia recommends setting up a trust for your practice as part of the post-close process[12:08] The challenges families face in the deal process when a doctor has passed away[16:32] Cecilia's experience helping doctors sell a dental practice to a DSO[20:09] What terms a doctor should pay attention to if they're considering a sale to a DSO[24:34] How doctors can negotiate with DSOs to have a say in important decisions post-sale, i.e.: staffing[28:07] What differentiates private vs. DSO transactions in the pre-LOI stage[34:39] How to make sure legal documents align with what's promised in a DSO transaction[36:46] The danger in overlooking patient credits in a dental practice sale[40:50] Cecilia's take on why buyers should honor patient credits—even if they inherited them unknowingly[43:12] How Cecilia thinks about transferring prepaid treatment plans to the buyer of a dental practice[48:52] When and how to address a seller's preference to continue working in a practice after it's sold[51:30] Cecilia's advice on approaching the opportunity to buy or sell a dental practice with optimism but doing the work to protect yourselfConnect with Cecilia ChenThe Law Offices of Cecilia ChenConnect with Wes Read, Matt Odgers & Drew PhillipsPractice OrbitEmail wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.comPractice CFOPractice CFO on InstagramPractice CFO on Facebook