If you're exploring the idea of entrepreneurship, never underestimate the power of relationships.

We all understand how making the right connections at the right time can lead to opportunities we didn't envision. When you're considering starting a small business, these connections become even more important--offering strategic alliances that can create greater success than you imagined.

In this episode of Private Practices in Maine, Michael interviews guest Michael Royer, MST, CPA. Michael moved to Maine from Texas 35 years ago to pursue entrepreneurship, leaving behind a position at a Fortune 100 company. Today, he is President of Royer Advisors & Accountants, a CPA firm in southern Maine that specializes in dental practices. Together, they discuss the initial struggles and challenges of owning your own practice, and what it takes to overcome those hard times.

Relationships matter, and they emphasize the importance of investing in and building strong relationships with your team, clients, and network. They can change your future if you're willing to recognize their influence.

In this episode, you will hear:

• The pivotal moment that caused Michael Royer to become an entrepreneur and the struggles he endured as he tried to get his business off the ground
• The power and value of strong connections with clients and business partners and how it impacts the ability of a business to provide comprehensive services
• The process and significance of rebranding a business, including insights on the behind-the-scenes decisions that are involved.
• His foray into the dental industry and what led him to it
• Why it's important to have a team you can trust and rely on

Resources from this Episode

Website - malloyfirmmaine.com

Phone - (207) 333-6700

Follow and Review:

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Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.

What does it mean to be a part of a self-regulating profession? Why do people volunteer to participate in professional boards without pay?

In this episode of Private Practices in Maine, Michael answers some of those questions and more. He interviews Therese Cahill, Executive Director of the Maine Dental Association. Therese's varied background in education and healthcare helped prepare her for the position she holds today, and she's passionate about bringing more dental care options into Maine.

You'll hear how legislation at the state level can impact dentistry even though the profession wasn't the target. Therese explains why it can be difficult to convince dentists to move into rural Maine and why it has so much to offer, and she shares that if you're passionate about something and want to create change, you have to be willing to put your time and money where your mouth is.

Therese's passion and enthusiasm for her industry are infectious, and you won't want to miss her insights into the role of professional boards.

In this episode, you will hear:

• Therese Cahill's career background and how it prepared her to become the Director of the Maine Dental Association
• Why she developed such a great respect for dental professionals, and how her experience reshaped how she felt about dentistry
• Who serves on the Maine Dental Association board, and how much time the board members devote to their responsibilities
• How the desire to give back motivates the board members to take on additional responsibility as well as promote the field
• The bills in the Maine legislature that will have the greatest impact on the profession and why legislators aren't always aware of the effects on the dental profession
• What the legislative advocacy committee does, and how you can get involved
• The MDA's efforts to attract dentists to rural practices and Maine
• The holdups people have about living in rural Maine and why Maine has so much to offer them than they may realize

Resources from this Episode

Website - malloyfirmmaine.com

Phone - (207) 333-6700

Follow and Review:

We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.

Letters of intent are an important part of acquiring a business, but if you don't understand their purpose, it can leave you open to legal issues in the future. A letter of intent is a guiding document for the deal, and once it's signed, stepping outside of those parameters can present a whole host of problems later.

When you think about letters of intent, you probably think of them as non-binding. That's true but with caveats. If it moves forward, it's an outline of the deal, and if those terms are misinterpreted or ignored, you'll potentially leave yourself open to expensive and lengthy legal proceedings.

In this episode of Private Practices in Maine, Michael outlines the purposes of letters of intent, why they're akin to wet concrete, and why having legal counsel can save you headaches later on.

If you're considering a business acquisition, you don't want to miss this episode on the true power of a letter of intent.

In this episode, you will hear:

• What a letter of intent is, and when they're used
• The role of the letter of intent in relation to a definitive agreement and its impact on a transaction
• Some examples of cases where a letter of intent led to legal action when the terms of the letter of intent didn't come to fruition
• When a letter of intent is useful and the importance of a confidentiality or nondisclosure agreement
• Why you should treat a letter of intent as a binding agreement

Resources from this Episode

Website - malloyfirmmaine.com

Phone - (207) 333-6700

Follow and Review:

We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

One of the most common questions for professionals starting their own practices is how to form a business entity. It's a fundamental, bread-and-butter issue but an important one. Knowing what kind of entity you need can impact your tax liabilities and act as a veil of protection around your personal assets.

Anyone can start a business, but unless you properly form a separate legal entity, there is no separation between you--the person--and you--the business. This is when the benefits of forming a business association come into play.

In this episode of Private Practices in Maine, Michael outlines the benefits of forming your practice, the two most common types of incorporation people use, and why it can help create a more efficient business model.

If you're considering starting your own practice and wondering whether you should form your business, this episode is for you.

In this episode, you will hear:

• The confusion surrounding forming a business entity for a practice
• Why you should form a business association and how it can protect your personal assets
• The two basic types of business associations most commonly used in Maine and what their differences are
• How an LLC can be structured to suit almost any legal arrangement and can be changed and scaled as the business changes
• How a corporation differs from an LLC
• Tax considerations for business entities
• How to choose the type of tax law to apply to your corporation and the most common setup Michael sees
• The importance of having good relationships with your accountant and lawyer
• The tax code and state business association statutes are two separate sets of rules

Resources from this Episode

Website - malloyfirmmaine.com

Phone - (207) 333-6700

Follow and Review:

We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.

Some are content to punch a clock and work for someone else. Others dream of something different--something greater that can shape their lives in ways they've dreamed of.

In order to create the life and practice you desire, you have to be willing to step outside of your comfort zone and create a value proposition for your clients that sets you apart. Your career doesn't have to be drudgery, but it can be hard to know where to begin.

In this episode of Private Practices in Maine, Michael outlines his vision for this podcast, what he hopes to accomplish for listeners, and why there is so much value in becoming a part of the solution.

Begin to demystify the experience of working with an attorney with Michael to start setting and achieving your goals.

In this episode, you will hear:

• The purpose of this podcast
• Who the podcast is for
• Why Michael started the podcast and the role podcasts have played in his journey
• Value proposition and its role in becoming a part of the solution
• Cynics by training, optimists by choice, and a measured approach

Resources from this Episode

Website - malloyfirmmaine.com

Phone - (207) 333-6700

Follow and Review:

We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.

If you're a licensed professional, you probably understand better than most what it means to feel trapped by the golden handcuffs of working for someone else. You went to school for years and probably took out student loans to get where you are, but you don't love what you do every day.

Being willing to take some risks can help you unlock those handcuffs. The discomfort is often where we find the most growth and opportunity.

In this inaugural episode of Private Practices in Maine, host and founder of The Malloy Firm in Auburn, Maine, Michael Malloy, outlines his background, why he became an attorney, and what he wants you to take away from the show.

This podcast is designed for you--the rare professional willing to get out there and take a chance.

In this episode, you will hear:

• An introduction to Michael Malloy, the host of the podcast and a business lawyer in Auburn, Maine
• His philosophy about attorney-client relationships and how intimate those relationships can be
• His background as the child of a police officer/insurance agent and a labor and delivery nurse and how he eventually settled in Maine as an attorney
• What he learned as he made connections in his community and where that led his legal career
• Why he started his own practice in 2016 in his backyard and discovered his ideal clients
• Michael's experience during the pandemic as a cloud-based business and why it was the best thing that ever happened to his business
• His goal for the podcast and what you can expect from it

Resources from this Episode

Website - malloyfirmmaine.com

Phone - (207) 333-6700

Follow and Review:

We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.

Are you a licensed professional such as a dentist, attorney, chiropractor, veterinarian, or eye doctor who is working to build an independent practice? Did you spend years in school only to find yourself unprepared for the business of your practice? This podcast can help fill the gaps. Hosted by Michael Malloy, an experienced business lawyer and entrepreneur who has assisted hundreds of Maine private practices, we have thoughtful conversations and provide actionable information for Maine's independent professionals. Each episode discusses how to build a thriving business for your practice so you can get past the anxiety and get on with your legacy.