In this episode of The Dental Boardroom Podcast, host Drew Phillips breaks down how to fully use your dental practice’s provider and facility capacity to drive growth. Building on the last episode, Drew shows how to measure your true capacity, find gaps in your schedule, and use simple strategies to close those gaps.

Running a dental practice is about more than filling appointments—it’s about making every chair, provider, and day count. Drew shares a step-by-step approach to understanding your practice’s numbers, improving scheduling, and creating predictable growth.

Key Points:

• Learn how to calculate your true provider and facility capacity.
• Find and close the gap between your current schedule and full capacity.
• Improve reappointment and reschedule rates to grow your patient base faster.
• Discover scheduling changes that can take your practice from $900K to $2.6M revenue.
• Plan hiring and future growth based on clear, predictable data.
• Use technology to re-engage patients and fill seats.
• Focus on making one location highly profitable before expanding.

If you’re a dental practice owner or manager, this episode shows you exactly how to grow smarter, not harder. Instead of adding more locations or spending more on marketing, learn how to maximize the resources you already have. This clear, practical guide will help you create a profitable, predictable practice and reach financial independence faster.

In this episode of the Dental Boardroom Podcast, host Drew Phillips breaks down how your dental practice’s calendar is more than just a schedule—it’s your growth engine and valuation tool. This is the first of a two-part deep dive on practice capacity, focusing on how to measure, optimize, and leverage both provider and facility capacity to maximize revenue, improve cash flow, and set your practice up for long-term growth.

• Your calendar is your growth engine – it’s not just a schedule.
• Capacity = how many patients your practice can see.
• Facility capacity: What your building can handle (rooms, ops, equipment).
• Provider capacity: How many patients each doctor or hygienist can see.
• Personal capacity: Your own limits or preferences.
• Dentistry pricing is limited, so growing patient volume is key to increasing revenue.
• Small scheduling changes can create big growth (e.g., moving new patient exams out of hygiene chairs).
• Utilization gaps (open spots in your schedule) cost money—filling them boosts profit.
• You can grow revenue without adding staff or overhead by optimizing schedules.
• Next episode: How to grow your patient base and predict future needs.

118:Dental Financial Planning: Turning Chaos into Financial Freedom - Part 8

In this episode of The Dental Boardroom Podcast, host Wes Read, CPA CFP®, continues the financial planning series for dental practice owners by focusing on a critical phase three step: determining your payroll (W-2 income) as an S-Corp owner.

Wes explains how payroll fits into your broader business financial plan, why it matters for tax efficiency, and how it interacts with retirement plan strategies like 401(k)s and defined benefit plans. You’ll learn when to keep your W-2 lower to save on FICA taxes, and when to raise it to maximize retirement contributions and long-term wealth building.

What You’ll Learn in This Episode:

• The five-step sequence of financial planning for dental practice owners.
• Why S-Corp owners must pay themselves a W-2 salary and how the IRS views it.
• The relationship between W-2 income, K-1 distributions, and taxable income.
• How different retirement plan strategies (solo 401k, Roth 401k, profit share, defined benefit) affect payroll decisions.
• The three funding “buckets” in a 401(k): elective deferral, safe harbor, and profit sharing.
• Why Roth 401(k)s are powerful for building a tax-free retirement bucket.
• Guidelines for setting W-2 payroll:
• No retirement plan: Keep W-2 as low as possible ($75K–$100K minimum).
• Basic 401(k) without profit share: Stay around $100K–$125K.
• 401(k) with profit share and defined benefit plan: Increase W-2 up to IRS maximums (~$350K in 2025).
• The benefits and costs of defined benefit plans—and why they can be worth it for high earners.
• How “tax diversification” (tax-free, tax-deferred, taxable buckets) increases long-term flexibility and savings.

117: Dental Financial Planning: Turning Chaos into Financial Freedom - Part 7

In this episode of The Dental Boardroom Podcast, host Wes Read, CPA, CFP®, breaks down how dentists can turn tax chaos into predictable, stress-free planning. He shares why relying on your CPA only at tax time often leads to big surprises and how a structured approach, meeting mid-year and again in Q4, keeps finances on track. By using payroll strategically to cover nearly all taxes, dentists can avoid penalties, manage their cash flow more effectively, and replace large, unexpected bills with a small, manageable refund.

Wes also explains why payroll is more than just a paycheck; it’s a tax strategy tool. From maximizing retirement contributions to putting kids or a spouse on payroll, timing expenses, and leveraging deductions like the home office, payroll decisions drive both tax savings and financial efficiency. Integrated planning across tax, payroll, and financial management ensures dentists stay ahead and build long-term wealth without the stress of last-minute fixes.

• Aim for a small refund ($1K–$5K), not big surprise bills.
• Forecast taxes 2–3 times per year (mid-year + Q4).
• Use payroll withholdings to cover 100% of taxes and avoid late penalties.
• Payroll drives key strategies: retirement savings, FICA planning, and paying family members.
• Most tax strategies must be implemented before December 31.
• Integrated planning avoids inefficiencies from juggling multiple advisors.

In this episode of The Dental Boardroom Podcast, Wes Reed, CPA, CFP, continues his financial planning series for dental practice owners by diving deeper into the concept of break-even levels and the importance of creating a business financial plan that supports your personal financial goals.

Wes revisits the three key break-evens every dentist should know:

1. Practice Break-Even – Covering fixed costs, variable costs, and debt.
2. Living Budget Break-Even – Covering your practice costs, personal living expenses, and taxes.
3. Financial Independence Break-Even – Covering all the above while setting aside money for your future.

From there, he outlines the five critical steps to building a business financial plan, with a special focus on Step 3: Completing a Tax Plan. Wes shares why tax planning is not just a one-time event but an ongoing process tied to your overall cash flow and long-term financial independence.

Whether you’re just starting your practice or have years of experience, this episode offers a practical roadmap for aligning your business and personal finances so that your work today fuels the life you want tomorrow.

• Recap of the three break-evens: Practice, Living Budget, and Financial Independence.
• Why defining your version of financial independence is essential before planning.
• Four core steps in the financial planning sequence for dentists.
• Five steps to creating a business financial plan
• Importance of structuring your practice as an S Corporation for tax efficiency (in most cases).
• Tax planning as an ongoing process, not a one-time task.
• Balancing current needs with future goals through strategic planning.

#DentalBoardroom #PracticeCFO #DentalPracticeManagement #FinancialPlanningForDentists #BreakEvenAnalysis #TaxPlanning #SCorporation #DentalBusinessPlan #DentistFinances #WealthPlanning #CashFlowManagement #DentalCPA #FinancialIndependence

In this episode of The Dental Boardroom Podcast, Wes Read, CPA, CFP, continues the series on turning financial chaos into financial freedom for dental practice owners. Building on previous episodes covering team assembly, personal financial planning, and implementation strategies, Wes dives deep into the third step: developing a business financial plan that supports your personal financial goals.

He explains why organizing your financial reporting is the foundation for success, how to interpret monthly financial “X-rays” of your practice, and why understanding your break-even points is critical for long-term wealth accumulation.

Whether you’re aiming to stabilize cash flow or strategically grow your practice, this episode offers the insights you need to take the next step toward financial clarity and independence

Visual Reference: Break-Evens Chart

• Developing a business financial plan is step three in the dental financial planning journey.
• Organizing financial reporting (balance sheet, income statement, forecast) provides a monthly “X-ray” of your practice’s health.
• Practice CFO’s monthly CFO Analysis offers in-depth trend data, industry comparisons, and a “Where Did My Cash Go?” report.
• Understanding break-even points helps track when collections start contributing toward personal wealth.
• Fixed costs (rent, labor, marketing, administrative expenses, debt) make up 75–85% of a dental practice’s expenses.
• Variable costs (labs, supplies, merchant fees) fluctuate with production and collections.
• Dental practices’ high fixed cost structure can amplify the impact of slow months on cash reserves.
• Hitting break-even levels for obligations, debt, taxes, and personal pay is necessary before wealth accumulation begins.

#DentalBoardroomPodcast #DentalFinancialPlanning #DentalPracticeManagement #DentalBusinessTips #DentistWealth #BreakEvenPoint #DentalCFO #FinancialFreedomForDentists #DentalBusinessGrowth #DentalPracticeOwners   

Welcome back to another episode of the Dental Boardroom Podcast, where we help dental practice owners break down the world of finance and build a path to financial independence.

We’re now entering Phase 3 of our series Financial Planning for Dental Practice Owners: Turning Chaos into Financial Freedom. This phase focuses on developing your business financial plan, and today’s episode dives deep into Step 1: Organizing Your Practice Financial Reports.

You’ll learn how your financial statements act as "financial X-rays" for your business and why reviewing them monthly is essential—not just for tax filing, but for understanding and strengthening the economic health of your practice. We explore the history of financial reporting, how it revolutionized commerce, and how the right structure can help you make better business decisions and accumulate wealth.

Whether you're a numbers person or not, this episode will help you see your P&L and balance sheet in a whole new light—and help you start using them as tools for growth.

📥 Resources Mentioned:

• Ten Questions to Ask Your CPA
• Questions to Ask Yourself When Reviewing Financials
• Sample Profit and Loss Statements

🔑 Key Points:

• Phase 3 of financial planning focuses on your business financial plan
• Step 1 is to organize your practice financial reports
• Financial statements should be used to tell the story of your practice—not just file taxes
• Most dentists don't regularly review financial reports, but doing so is crucial
• Monthly reporting is vital to make informed financial decisions
• Good formatting of reports reveals financial health and wealth-building opportunities
• The historical context of double-entry accounting and its transformative power
• Financial statements can and should be customized for dental practices
• Reviewing reports consistently helps prevent fraud, optimize tax planning, and guide smarter spending
• Accountants and advisors play a key role in structuring meaningful, dentist-specific reports

#DentalBoardroom #DentalFinance #PracticeManagement #FinancialFreedom #DentalCPA #DentistBusiness #DentalPracticeGrowth #AccountingTips #CashFlowPlanning #ProfitAndLoss #DentalPodcast #SmallBusinessFinance #DentalLeadership #FractionalCFO #PracticeCFO

Welcome back to The Dental Board Room Podcast! In this episode, we continue our multi-part series on financial planning for dental practice owners. Phase 1 covered building the right financial team. Now in Phase 2, we shift the focus from the business to you personally — developing a Personal Plan for Financial Independence.

In today's episode, we deep dive into Step 2 of Phase 2:

Creating a Personal Spending Plan – or how to design a smart, sustainable approach to how you use your money today.

You’ll learn how to separate your business cash flow into short-term personal spending and long-term savings, why most dentists mistakenly reverse this process, and how you can proactively plan for both your current lifestyle and your financial future.

• Phase 1 was about constructing your financial team.
• Phase 2 is focused on your personal financial independence, not the business side (which comes in Phase 3).
• Step 1 of Phase 2: Create a long-term financial plan (covered in the previous episode).
• Step 2: Complete a Personal Spending Plan to manage today's spending.
• There are two main outflows from your business checking account:

→ Personal spending today (checking account)

→ Future savings (investment or savings accounts)

• Dentists often save what’s left after spending — but this should be reversed. Prioritize savings and plan spending based on what remains.
• Understand your business cash flow:

→ Collections → Minus Overhead = Profit

→ From Profit, subtract Debt, Taxes, and 401(k) contributions

→ What's left is your take-home amount

• Owners (S Corp) take money out either via W2 (payroll) or owner draws/distributions.
• Importance of separating operating costs from debt payments and understanding the tax implications of draws vs. dividends.

#DentalBoardRoomPodcast #DentalFinancialPlanning #PersonalSpendingPlan #FinancialFreedomForDentists #DentalPracticeOwners #BusinessToPersonalCashFlow #OwnerDistributions #SCorporationTips #DentistWealthPlanning #PracticeProfitability #DentistMoneyManagement #FinancialEquilibrium

Welcome back to The Dental Boardroom Podcast! In this episode, we continue our deep-dive series on financial planning for dental practice owners — turning financial chaos into true financial freedom.

Today, host Wes Read, CPA and CFP, explores Phase Two of the financial planning journey: Developing a Personal Plan for Financial Independence.

Wes shares his unique approach, combining technical expertise and life planning philosophy, to help dentists create a personalized roadmap toward their ideal lifestyle — whether it’s a simple, peaceful life or one filled with travel and luxury.

This episode emphasizes that every dentist has two financial clients: the current you and the future you. And balancing both is key to achieving long-term independence.

📝 Download the companion worksheet to help you build your personal financial plan:

👉 Financial Goals and Spending Plan Worksheet (PDF)

Wes also shares insight into his own experiences working with hundreds of dentists and introduces the proprietary planning tools developed specifically for dental professionals by Practice CFO.

📌 If you missed the previous episode on Dental Financial Planning, make sure to go back and start there to get the full framework before continuing with this episode.

• There are four phases in the financial planning journey: assembling your team, developing a personal plan, building a business plan to support it, and implementing and revising as needed.
• As the CEO of your dental practice, it's essential to build a strong strategic team around you.
• Your financial team should include a CFO, a practice management consultant, and an operations manager.
• Set regular meeting cadences to keep your leadership aligned and focused.
• Personal financial planning starts by defining what a meaningful and fulfilling life looks like for you.
• You must consider both your present self and your future self when creating a financial plan.
• The first step is to create a long-term financial plan based on your ideal future life.
• The second step is to build a personal spending plan that aligns with your current financial reality.
• The third step is to reach financial equilibrium by balancing today’s needs with tomorrow’s goals.
• Download the Financial Goals and Spending Plan Worksheet to begin shaping your personal plan.
• Achieving financial independence often means making sacrifices today to gain freedom tomorrow.
• Your financial plan should be uniquely tailored to your lifestyle goals, values, and vision of success.

#DentalBoardroomPodcast #DentalFinancialPlanning #PracticeCFO #FinancialFreedom #DentistCEO #FutureYou #PersonalFinanceForDentists #DentalPracticeGrowth #FinancialPlanningJourney #CFP #DentalBusinessStrategy #MoneyMindsetForDentists #DentalSuccess #DentalPodcast

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

Check this out: Leadership Team Diagram – Download PDF

• New Series Launch: Introduction to a focused series on financial planning for dentists.
• Tailored to Practice Owners: Why generic financial advice often falls short for dental professionals.
• Importance of Planning: Even if your life doesn’t follow the plan exactly, the act of planning drives better decision-making.
• The Goal of Practice CFO: Help clients reach financial independence—where work becomes optional.
• Life and Money Interconnected: How life planning and financial planning go hand-in-hand.
• Stephen Covey Reference: Climbing the right “ladder” matters—choose your financial path intentionally.
• Complex Financial Ecosystem: Addressing the “chaos” of multiple accounts, debts, and financial instruments dentists manage.
• No One Too Young or Too Old: Whether you're 30 or 60, financial planning remains crucial.

#DentalBoardroomPodcast #PracticeCFO #DentalFinancialPlanning #FinancialFreedom #DentistMoneyTalk #DentalPracticeOwner #WesReed #WealthPlanning #LifePlanning #DentistFinance #DentalSuccess #SmartMoneyMoves