The Drilling It Down Podcast

Drilling It Down is back in our brand new studio! Thank you for bearing with us as we work through all our technology upgrades!Today, Wes and Mario sit down to talk about a proposed tax bill, named "The One, Big, Beautiful Bill." Please note that this is just a proposed bill, and not set in stone yet. Mario and Wes discuss what MAY change for Americans if this bill is passed. Some changes include tax rates, 100% bonus depreciation, eradicating of clean vehicle credits, and more. While changes most likely won't be major, tax planning will become more important if this bill is passed, so make sure you're aware of all possible changes!Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

On this episode of Drilling It Down, Wes and Tyler return to explore the intricacies of sale-leaseback arrangements, focusing on the dangers of inflated leases. Drawing parallels with the Toys R Us saga following its private equity buyout, they discuss how companies opt to sell real estate for immediate cash, often leading to financial downfall. They break down the pros and cons of sale-leasebacks, underscoring the risks when companies overreach in pursuit of capital. Tyler emphasizes robust research for potential commercial investments, warning against the traps of inflated rents and the perils of uninformed property acquisitions. They highlight the necessity of local market expertise, cautioning listeners to consult seasoned brokers rather than relying solely on online listings for viable deals. The conversation also touches on the pivotal role of cap rates and interest rates, offering insights into evaluating leases for long-term success. Wes and Tyler adeptly guide listeners through the complexities of commercial real estate investing, providing crucial lessons and strategies to avoid costly pitfalls. Their discussion arms both seasoned and aspiring investors with knowledge essential for safeguarding their financial future.Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com.If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter here to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off!Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

On this special episode of Drilling It Down, hosts Wes Lyon and Roger Hill dive into the complexities of partnership transitions within the dental industry. They begin by exploring common challenges partners face, often stemming from financial stresses and flawed operating agreements. Wes shares personal insights on the ramifications of unmet expectations, while Roger draws from his extensive consulting experience to underscore the value of meticulous planning and preparation before welcoming new partners. The discussion shifts to partnership pathway planning ,a strategy developed by Roger to mitigate partnership risks. He clarifies that successful partnerships require clear financial expectations and robust legal agreements to prevent misunderstandings. Wes adds that assessing a practice's profitability is crucial to finding the "trigger point"— the point at which the revenue growth is satisfactory to meet both partners' financial needs. They illustrate this with real-world scenarios, emphasizing the importance of early financial planning. Roger provides reassurance regarding concerns partners may have about losing control after a sale, explaining that thoughtful structuring can preserve operational autonomy. They also compare the benefits of partnerships vs. selling practices to Dental Service Organizations (DSOs), revealing that well-structured partnerships can yield greater financial returns for dentists. The episode concludes with practical advice on establishing transparent buy-in and buy-out processes, with Roger highlighting the necessity of clear cash flow projections. Wes reiterates the significance of comprehensive planning for successful partnerships, encouraging listeners to thoughtfully assess all options for their dental practices' futures.Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In part 2 of our private equity discussion, Wes and Mario explore the complex relationship between private equity and dentistry, highlighting its implications for dental practices. They address concerning trends such as overtreatment driven by management pressure. They then discuss the ethical challenges of prioritizing profit over patient care. Through personal anecdotes, they emphasize the importance of seeking second opinions and informed decision-making. They also examine the structure of corporate dental practices and provide guidance for dentists considering working for dental service organizations (DSOs).Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

On this episode of Drilling It Down, Wes and Mario dissect the intricate world of private equity, particularly its repercussions for the dental sector. The discussion is initiated by the thought-provoking article "Slash and Burn: Is Private Equity Out of Control?" which serves as a catalyst for examining the dual nature of private equity investments. Mario reveals that these investments may not yield superior returns compared to traditional options such as low-cost index funds, challenging the narrative of private equity as a surefire wealth generator. The hosts further clarify how private equity firms typically utilize considerable debt to acquire businesses, often placing financial strain on the companies involved. They cite examples of major brands like Toys R Us and Sears, which collapsed under the weight of leveraged buyouts. Emphasizing transparency, Wes highlights the often concealed fees that diminish true investor returns, raising questions about the overall benefit of private equity in various industries. Wes and Mario address the controversial carried interest loophole that allows private equity insiders to pay lower taxes than ordinary earners, contributing to economic disparity.Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com.If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off!Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

On this special episode of Drilling It Down, hosts Wes Lyon and Tyler Ott tackle a critical issue for business owners concerning a substantial $5.54 billion credit card settlement resulting from class action lawsuits against Visa, MasterCard, and several banks for price-fixing from 2004 to 2019. With a deadline of February 4, 2025, they urge listeners to take immediate action to claim their share of the settlement. Wes and Tyler outline the origin of these lawsuits, highlighting the significance of the settlement for businesses that processed payments via the mentioned credit cards. They assure listeners that this is a legitimate opportunity to recover losses from inflated fees and direct them to paymentcardsettlement.com to file a claim. The hosts also discuss potential challenges in the claims process, emphasizing the importance of meticulous financial records and providing strategies for retrieving necessary transaction data if initially unavailable. As they emphasize the urgency of acting quickly, listeners are encouraged to sign up for the McGill & Lyon Dental Advisory newsletter for ongoing updates and insights into the settlement process. This episode is an invaluable resource for business owners, packed with vital information about accessing untapped revenue from a significant class action settlement.Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this special episode of Drilling It Down, Wes and Tyler delve into the intricate world of taxation in the wake of recent election outcomes. Initially set to deliver a detailed analysis dubbed "The Great Tax War," the hosts pivot to discuss the repercussions of a potentially unified Republican government on future tax policies. They unpack the ramifications of the continuation of tax reforms initiated during the Trump administration, particularly concerning individual tax provisions set to expire in 2025. Lyon and Ott explore the significance of the Tax Cuts and Jobs Act, highlighting the urgent need for small business owners and professionals to comprehend tax strategies that minimize liabilities. They emphasize the importance of the Qualified Business Income Deduction (QBI) and its nuanced impact on profitability within dental practices and small businesses. With an eye on proactive tax planning, the duo encourages listeners to develop a written tax plan and seek expert guidance. As they wrap up with levity surrounding the post-election climate, Lyon and Ott inspire optimism for potential tax reductions while reminding their audience of the importance of preparation amidst economic uncertainties.Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

On this episode of Drilling It Down, Liam and Wes tackle the crucial topic of business owner policies in light of recent hurricanes, emphasizing preparedness for natural disasters. Wes shares personal experiences to highlight the disruption hurricanes can cause to everyday business operations. The hosts delve into aspects of insurance coverage, stressing the importance of comprehensive policies that cover physical damage and business interruption. They discuss the significance of documenting incidents to support claims and clarify the distinctions between replacement cost and actual cash value. The conversation extends to contingent business interruption insurance, addressing potential supply chain losses and service interruptions due to utility failures. They also outline civil authority coverage and the challenges posed by recent pandemic experiences on claims processes. Throughout the episode, Liam and Wes advocate for prompt claims filing, diligent documentation of recovery efforts, and the necessity of persistence if claims are denied. They encourage business owners to periodically review their insurance needs to adapt to changing conditions. This episode serves as an essential guide for business owners, particularly in hurricane-prone regions, underscoring the importance of being proactive in their insurance strategies.Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

On this episode of Drilling It Down, Liam and Wes explore Indexed Universal Life (IUL) insurance, dissecting its complexities and common misconceptions. They clarify how IULs differ from term life insurance and critique the misleading marketing that positions them as safe investment vehicles. They examine eight key issues associated with IULs, highlighting the risks of embellished growth illustrations and the reality of loan implications against cash values. Emphasizing the need for thorough scrutiny, they advocate for conventional investment options that typically yield better returns. Join us for insights that equip you to make informed financial decisions regarding IULs.Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode of Drilling It Down, Jonathan and Wes speak about the importance of preparing for catastrophic events, including death and disability. We discuss life insurance—how to determine necessary coverage and the benefits of term policies over permanent ones. Wes emphasizes the need for disability insurance, particularly for dentists, and outlines options for obtaining it. They also highlight the importance of structured plans for practice transitions, ensuring a reliable contact for unforeseen circumstances. Lastly, we address the emotional impact of sudden loss and the necessity of proactive planning to ease burdens on loved ones.Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode of "Drilling It Down," Wes and Jonathan discuss the decline in dental practice ownership among younger doctors, dropping from 33% in 2020 to about 20% now, largely due to the appeal of Dental Service Organizations (DSOs). They explore the recent 30% increase in in-house inquiries for practice acquisitions, signaling a renewed interest in ownership. The conversation dives into the financial fears tied to student debt, the drawbacks of the “delayed sale” approach, and the continued viability of selling a practice. They encourage listeners to consider their options in the evolving dental marketplace.Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

Join Wes and Jonathan on this episode of Drilling It Down, where they discuss Dental Service Organizations (DSOs) with a focus on trends, tax considerations, and financial strategies. They explore challenges in selling dental practices, retirement planning, and leveraging technology for practice optimization.Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

Drilling It Down is back after a technology-induced hiatus! Join Wes Lyon and Tyler Ott as they unpack the implications of the FTC ban on non-compete agreements, emphasizing its effects on practice sales and associates. They explore strategies like offering ownership stakes to associates for enforceability and stress the significance of retaining key team members to prevent turnover challenges. The hosts also discuss the legal landscape, upcoming lawsuits, and advise seeking legal counsel to navigate the changing regulations. Stay informed and await updates before making significant decisions in response to the non-compete debate.Want to submit a question that will be answered on the next episode? Submit them here or email us newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode, Wes and Tyler explore strategies and tips for navigating IRS audits and maximizing tax deductions. They emphasized the benefits of meticulous documentation for business expenses, including utilizing the Augusta Rule and mileage logs. Clear communication with CPAs and honesty in reporting expenses are highlighted, along with structuring personal activities for tax deductions. The key takeaway underscores the importance of adherence to IRS regulations and proactive planning for optimizing deductions within legal limits.Want to submit a question that will be answered on the next episode? Submit them here or email us newsletter@mcgillhillgroup.com.If you're not already, subscribe to The McGill Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode, Wes and Tyler debunk myths surrounding permanent life insurance, specifically whole life policies. They tackle misconceptions about using whole life as a retirement investment, the misleading nature of insurance projections, tax implications, and the myth of utilizing whole life for long-term care benefits.If you're not already, subscribe to The McGill Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off!mcgilladvisory.comListen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode of Drilling It Down, Wes and Tyler discuss the "Green Book" proposal and its possible tax implications for business owners, estate taxes, and expiring provisions of tax acts. They also explore the net investment income tax, potential increases in capital gains taxes, and their impact on individuals and businesses. Additionally, they touch on limits on 1031 exchanges and IRS enforcement of tax laws. They then jump into the disadvantages of permanent life insurance. They also share insights on tax-free income for college-aged children, maximizing wealth without permanent life insurance, and the importance of transparency in financial products. Join us for upcoming seminars in Boulder, CO and Napa, CA on retirement planning, tax strategies, and legal considerations!If you're not already, subscribe to The McGill Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode of Drilling It Down, Wes Lyon and Tyler Ott cover insights on the net investment income tax, signs of overstaffing in dental practices, and common mistakes in divorces.They emphasize the importance of accurate reporting for investments, balancing staff levels for productivity, tracking assets during divorces, selecting the right tax structure for partnerships,and seeking expert advice to avoid costly errors.If you're not already, subscribe to The McGill Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode of Drilling It Down, Wes Lyon and Liam Fitzgerald discuss long-term care insurance. They delve into the history and evolution of long-term care insurance, highlighting key mistakes made by insurance companies such as underestimating policy duration and rising healthcare costs. They caution against buying long-term care insurance due to unsustainable financial models and the potential for high premium increases. The conversation touches on the complexities of surrendering policies, the importance of assessing the policy's value, and the need for transparency from insurance agents.Wes and Liam emphasize the need for individualized financial advice and suggest considering self-insurance or alternative investment options.If you're not already, subscribe to The McGill Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

Wes is joined by Liam Fitzgerald on this episode of Drilling It Down: The Investment Corner. The discussion covers retirement plans like SEP IRAs, Simple IRAs, and 401ks, emphasizing the importance of personalized plan design based on individual circumstances. Details on retirement plan intricacies for dentists, including profit sharing and cash balance plans are explored, with insights on maximizing contributions for high producers. The episode concludes with a look at tax credits under the Secure Act for starting a retirement plan. If you have investment questions for our hosts, please submit them here.If you're not already, subscribe to The McGill Advisory newsletter to keep up with the articles mentioned in our episodes. Use code Podcast20 for 20% off!Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode of "Drilling It Down: The Investment Corner," Wes Lyon and co-host Liam Fitzgerald explore the intricacies of investment fees. Liam draws from his experience in financial planning, emphasizing fee transparency and the risks associated with high front-end loads and annuities.They discuss advisor fees, expense ratios, and offer practical advice on analyzing and tracking investment fees to make informed decisions. The conversation extends to retirement plan fees, advisory costs, and how expense ratios impact overall investment returns. The episode sets the stage for further insights on optimizing investment strategies in the upcoming discussion on retirement plan design, promoting transparency and wise financial choices for long-term success.If you're not already, subscribe to The McGill Advisory newsletter to keep up with the articles mentioned in our episodes. Use code Podcast20 for 20% off!Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode of Drilling It Down, Wes hosts David Matthews, a sell-side representation expert, as they delve into the intricate world of the Employee Retention Tax Credit. They explore the nuances of claiming this credit, emphasizing the significance of staying updated amidst evolving IRS enforcement and regulatory changes. The conversation goes into into eligibility criteria, potential risks of non-disclosure, and red flags that could trigger IRS scrutiny. David and Wes stress the importance of seeking professional advice and participating in the IRS's voluntary disclosure program if discrepancies are suspected.If you're not already, subscribe to The McGill Advisory newsletter to keep up with the articles mentioned in the episodes. Use code Podcast20 for 20% off!Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode, Wes and Liam cover updates from the ERC article, the influence of interest rates on practice values, and the hurdles confronted by private equity firms in the dental sector. Additionally, they explore the bipartisan tax code agreement under scrutiny in Congress and its likely consequences. The conversation underscores prevalent errors in retirement plan structuring, like inaccurate owner salaries and plan classifications, stressing the significance of meticulous planning and optimizing spouse contributions.

Drilling It Down host, Wes Lyon, is joined by dental practice transitions advisor, Jonathan Martin. Jonathan has nearly 20 years of experience in the transitions space with McGill & Hill Group.On this episode, Wes and Jonathan specifically highlight the changes that have occurred in recent years in the Dental Service Organization (DSO) market. They also touch on financial struggles, broker motivations, and the importance of planning early for a successful transition. Stay tuned for more insightful discussions on dental practice transitions, and many other topics pertinent to dentists and specialists today.

On this episode, Wes and Mario discuss the challenges dental practices face in hiring and retaining hygienists, what to do to avoid estate taxes, and the IRS' crack down on ERC claims.How should you determine your hygienists' pay structure? Mario discusses our preferred method: a hybrid structure of base pay plus bonus based on production. The guys go into the details of how this looks in practice.They then discuss the new estate tax rules going into effect in 2026. Some of your estate may be exempt if you pass away soon, but that limit will be cut in half in the coming years.Lastly, the guys briefly touch on the ERC. A full webinar and podcast article were released on this topic, so make sure you listen and watch those as well!

In this episode, Wes and Tyler discuss withdrawing an ineligible employee retention credit (ERC) claim, making accurate amendments, and consulting a CPA.They also mention the voluntary disclosure program for those who received fraudulent checks. The deadline for self-reporting is March 22nd, 2024. Cooperation with the IRS and relying on a CPA is crucial. The voluntary disclosure process is recommended. Stay updated through our podcast and have a fantastic new year.

In this episode of Drilling It Down, Mario and Tyler discuss the Employee Retention Credit (ERC) and provide important updates and warnings regarding its application. They highlight the recent guidance from the IRS and caution listeners about fraudulent submissions and contingent fees charged by some CPAs. The hosts stress the need for understanding the qualifying factors for the ERC and the potential for having to repay credits if audited. They also address the creative tactics used by promoters to meet the government order test and mention that clearer guidance from the IRS is forthcoming.The conversation then shifts to tax planning before the end of the year. The hosts discuss the Augusta Rule as a significant tax planning item, emphasizing the need to take advantage of it and explaining its three main aspects: business events, renting out a house for 14 days or less, and a reasonable rental rate. Documentation is emphasized as crucial in utilizing the Augusta rule. Staff compensation and renting out homes are also touched upon, with a caution against blind purchases for tax write-offs unless necessary. Profit sharing is recommended as another important tax planning item.Turning to investments, the hosts stress the importance of understanding fees and seeking advice from financial advisors with fiduciary duty. They also mention the need to follow rules when transferring funds from a 401k to an IRA. The conversation delves into the topic of doctors being sold products not beneficial to them, and the hosts emphasize the importance of finding a Certified Financial Planner™ operating under a fiduciary duty. Transparency in fees is crucial, as is investing in low-cost products.The conversation further explores improving patient satisfaction at practices, highlighting the challenges of payment collection and the need for improved processes and technology-based payment solutions. Automating payments, integrating with dental software, and storing credit cards on file are suggested as methods to streamline processes and improve the patient experience. The hosts mention how positive feedback from patients can set practices apart from the competition. By outsourcing tasks and investing in technology, dental practices can enhance efficiency, reduce costs, and improve overall operations.The episode then touches on optimizing profitability through patient experience and staff compensation. The hosts recommend aiming for a 10 rating and considering inflation when giving raises. Merit-based raises and bonuses are advised for high-performing employees, along with tax-advantaged benefits such as dependent care reimbursement. The importance of staff compensation in line with industry standards and providing clear communication of benefits is emphasized.To learn more about these topics, please visit mcgilladvisory.com.

In this episode of Drilling It Down, host Wes Lyon welcomes Liam Fitzgerald to discuss a series of articles. They primarily focus on the issue of PPOs (Preferred Provider Organizations) and the impact they have on dental practices. They mention that the value of a practice can be impacted by how money is handled, particularly when it comes to writing off expenses and dealing with insurance companies. Effective communication with patients regarding insurance changes is also highlighted, and success stories of young doctors who have purchased practices and implemented new models that patients appreciate are shared. The financial and time-related benefits of reducing reliance on PPOs are discussed, as well as the negative impacts of not paying attention to insurance-related matters.The conversation then transitions to a discussion about the Employee Retention Credit (ERC) and how some dentists are claiming large sums of money without a clear understanding of how they became eligible for such amounts. The hosts advise listeners to consult with their CPA and not trust promoters who claim to have a better understanding of the rules. They explain the conditions to be met in order to qualify for the ERC and caution against fraudulent claims.They also discuss the potential impact of rising interest rates on sectors such as auto dealers and commercial real estate. The hosts stress the importance of providing a good experience for dental patients and being flexible with payments during a potential recession. They urge caution when assuming everyone has the same financial stability as before and emphasize the need for a good plan to navigate through a recession.Diversification in investment portfolios is encouraged, with an emphasis on non-correlated assets and investments in small and mid-sized companies. The importance of bonds in providing stability during a poor sequence of returns is also highlighted. They further discuss the importance of choosing high-quality bonds with short to intermediate terms andcaution against reaching for higher yields by buying individual bond certificates. The importance of assessing the diversification, asset allocation, and actual holdings of bond funds is stressed to ensure they serve their purpose as a safety net for portfolios.

Have you ever wondered what the financial implications of aligning with a Dental Service Organization (DSO) might be? Understand the inherent risks and rewards as we dive deep into the turbulent world of dental services. We explore the impact of inflation and rising interest rates on the value of dental practices. Simultaneously, we bring to light the disappointing outcomes some dentists have faced due to unfulfilled promises from DSOs. In these transactions, we emphasize the importance of maximizing cash and minimizing risky components like stock and earn-outs. The landscape of dental practice transitions is shifting - with an incredible lean towards partnerships. We share insights into this remarkable transition, discussing the potential benefits, the significance of timing when selling a practice, and how early planning can make all the difference. If you're contemplating selling your practice or considering partnerships, this episode will provide a balanced perspective. Jonathan shares his wisdom on the potential of selling to a DSO, the attractiveness of a partnership, and the importance of understanding your financial situation early on to avail the best options. Finally, we tackle the crucial factors of cash flow management, retirement planning for doctors, and the advantages of money market funds in an era of rising interest rates. We expose the risks of tax fraud when claiming employee retention tax credits, and discuss strategies for year-end planning. Don't miss out on this wealth of knowledge that is especially useful for those running a dental practice. Join us for an enlightening, and possibly life-altering, discussion on these critical financial topics.