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.

1. 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.

1. Stretching and Mobility:

• Andrew shares his journey to prioritize mobility and functional fitness.
• The benefits of visiting a professional stretching center like StretchLab.

1. The Mind-Body Connection:

• How stress impacts physical health, particularly back pain.
• Research linking stress levels to perceived pain, and strategies to manage it.

1. 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.

1. 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

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.

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.

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:

1. Importance of tailored tax planning for dental practices.
2. Understanding 401(k) plans and payroll management.
3. Legal structures for dental partnerships: S corporations vs. partnerships.
4. Why dentists should avoid C corporations due to double taxation.
5. Role of the K-1 in S corporation tax filings and FICA tax savings.
6. Legal setup advice: consulting dental-specialized attorneys.
7. 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:

1. Understanding Dental Practice Valuations: Importance of cash flow, overhead, and goodwill in determining a practice's value.
2. Associate Buy-In Models: Different approaches for associates buying into a practice, including up-front 50% buy-ins and phased purchases over time.
3. Calculating Ownership Value: Methods for estimating buy-in costs for associates and considering contributions to the practice’s growth.
4. Equity Distribution and Decision-Making: Pros and cons of 50-50 ownership versus minority stakes, and how these impact authority and motivation.
5. Potential Pitfalls in Partnerships: The need for clear agreements around patient distribution, revenue sharing, and equity to avoid conflicts and financial imbalances.
6. 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:

1. Benefits of Dental Partnerships - Understanding the economic advantages of sharing cost to boost take-home profits and enhance wealth-building
2. Three Pillars of Successful Partnerships - Chemistry, shared clinical philosophy, and equitable profit sharing as the foundation for a harmonious business relationship.
3. Financial Insights on Cost Structures - Explanation of fixed vs. variable costs in dental practice and how partnerships can optimize expenses.
4. Navigating Challenges in Partnerships - The common reasons for partnership dissolutions and the complexities of handling conflicts.
5. 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.

1. Decision-Making Conflicts: Partnerships require mutual agreement on critical decisions like hiring, spending, and tax planning, which can lead to friction.
2. Differing Mission Statements and Values: Misalignment on long-term goals and practice strategies can create tension between partners.
3. Profit Allocation Complexities: Properly distributing profits is essential, and failure to do so transparently can lead to significant conflicts.
4. 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 Series

• Six-part series focusing on dental partnerships: pros & cons, valuation, legal structures, success elements, buy-in timeline, and partnership agreements.

Financial Efficiencies of Partnerships

• Explains fixed vs. variable overhead costs in dental practices.
• Categories of overhead: labor, labs, supplies, facility, marketing, and admin.

Breakdown of Overhead Costs

• Labor: Generally fixed, with potential variable elements like bonuses tied to production.
• Labs and supplies: Variable.
• Facility, marketing, and admin: Mostly fixed.

How Partnerships Reduce Overhead

• The 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 Practice

• Introduction 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:.

1. Beth’s Background – Journey from pharmaceutical and surgical sales to founding a virtual assistant company specializing in medical staffing.
2. Impact of COVID on Staffing – How the pandemic accelerated the adoption of virtual assistants in medical and dental practices.
3. Role of Virtual Assistants in Dental Practices – Integration of virtual assistants in front desk operations, billing, and patient communications.
4. Difference Between Outsourcing and Insourcing – Beth explains the unique model of insourcing and how virtual assistants become an extension of in-house teams.
5. Professionalism and Expertise – Addressing misconceptions about virtual assistants and highlighting their professional qualifications.
6. Industry Trends – Growing use of virtual assistants across multiple roles in practices, and the potential impact of AI on future staffing solutions.
7. Management Support – How Global Medical provides management support to practices, taking on the burden of training and coaching virtual assistants.
8. 
   

#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 Covered

• The legal documents a seller needs to prepare for a practice sale
• Why it’s crucial to negotiate vendor contracts and talk to your landlord before you list your practice
• What a seller can do to expedite the clinical due diligence of a practice sale
• What a buyer can do to accelerate the timeline for a practice sale
• 4 ways to determine the price of your practice and how the list price impacts the closing timeline
• Common delays in closing a practice sale associated with banks and landlords
• Why it’s the seller’s responsibility to negotiate the lease terms a buyer might need
• How much faster you can close a practice sale if it’s staged well
• How Practice Orbit accelerates the process of selling your dental practice
• Why you need a ballpark valuation of your dental practice and how to get it done for free
• 2 reasons you might use Practice Orbit to sell your dental practice

Connect with Matt Odgers

Odgers Law Group

Odgers Law on LinkedIn

Connect with Wes Read & Drew Phillips

Practice Orbit

Email [email protected] or [email protected] 

Practice CFO

Practice CFO on Instagram

Practice CFO on Facebook

Practice CFO on YouTube

Resources

Dr. Kevin Kenny on the Dental Board Room Podcast

The 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 Covered

• Common timelines for a practice sale and important mile markers in the journey
• Wes’ motorcycle analogy for the process of buying a dental practice
• Why it’s beneficial to hire your accountant and attorney at the point of NDA
• How Practice Orbit technology shortens the timeline for selling your dental practice
• Potential consequences when the LOI to close period extends beyond 60 days
• Why 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 sale
• How staging your practice for a sale is like preparing dinner for a family reunion
• Why Matt & Wes suggest having a weekly huddle with your team to drive the practice sale forward
• The primary financial and tax documents you need to prepare for a practice sale

Connect with Matt Odgers

Odgers Law Group

Odgers Law on LinkedIn

Connect with Wes Read & Drew Phillips

Practice Orbit

Email [email protected] or [email protected] 

Practice CFO

Practice CFO on Instagram

Practice CFO on Facebook

Practice CFO on YouTube

Resources

Dr. Kevin Kenny on the Dental Board Room Podcast

The Role of Escrow on the Dental Board Room Podcast