Nelson Rockefeller once said, “The secret to success is to own nothing, but control everything.” Obviously, Mr. Rockefeller had a “tongue in cheek” approach to handling personal risk. Some excellent advice can be extracted from what this legendary titan of industry had to say about protecting what you own and have worked so hard for.

What Is Asset Protection?

Not too many years ago, “asset protection” was a relatively new area that not many dental professionals spent much time thinking ......

You’ve decided to buy another practice and expand your business’ footprint. There’s a lot of work ahead, but you’ve found a practice to purchase and you’re excited about the future. Or, maybe you’re selling your practice. You’ve decided to downsize so your plate isn’t so full, or it’s time for retirement and you’re ready to relax after years of hard work. Amidst everything you have going on, one thing looms large: taxes. 

Whether buying or selling, ......

Dental practice write-offs are a critical piece to your business finances. And write-offs are complex; it’s about finding the right balance for your practice and market. 

Sound dental practice management means having insight into your write-offs and ensuring you have the correct ratio. Unfortunately, many practices don’t understand their write-off percentages and often record them incorrectly. This leads to inaccurate financial reporting, making it difficult to know how your business is performing. 

We’ll walk you through what you ......

Owning a dental practice may be something you’ve dreamed of before you were even admitted to dental school. But once you start your practice, the responsibilities of running the business, like filing taxes, can take up much of your time and create stress in your life. And dealing with taxes probably never appeared in your dental school dreams.

That’s okay. You’re a dentist, not a tax expert. That’s why you hire a Certified Public Accountant (CPA). Finding the right accountant ......

Measuring dental practice production with specific key performance indicators (KPIs) on a daily, weekly, monthly, and annual basis is fundamental when seeking to increase profit and foster long-term success in your dental practice. 

Opening a dental practice is much more involved than purchasing equipment, hiring a few people, and simply opening your doors. There is much to consider and plan for, especially in regard to cash flow. The American Dental Association suggests the average initial investment to start a practice is $500,000, which includes office construction, securing office equipment and dental supplies, paying employees, marketing expenses, and even legal consultation fees. This number varies greatly depending on location, owning versus renting your space, and the size of your practice – regarding square footage and the number of employees.

Dental practice cash flow primarily depends on billing patients and insurers. How much revenue your practice generates matters for both tax filings and external parties like banks and investors, but in the numerous challenges of running a dental practice, having enough cash on hand is a different matter altogether.