Cash Emergency Plan 2.0

Nate Williams COVID-19 Updates, General 1 Comment

With each passing day we learn more info about this “New COVID-19 World Order” that we live in. Our hope is to be as helpful to you as we can during this time. Here are some additional thoughts to share that we hope will be helpful: What should I do? Financial principles don’t change; the application of those principles – the strategy you should employ – will depend upon your circumstances. Some of our clients continue to operate their practices and don’t plan – at least for now – to shut down. If you’re open for business as usual, keep going as long as you can. Even in these circumstances, we recommend caution against the day when you do get shut down. But if your office is shut down, you’re in a completely different camp and you should employ an emergency cash strategy. The rest of this email is directed …

Nate WilliamsCash Emergency Plan 2.0

Coronavirus and Cash Preservation

Nate Williams COVID-19 Updates, General 1 Comment

Last week we sent out some guidance regarding your investments during a panic/crisis like the one we’re currently experiencing. During this crisis, many people will panic and sell at low values. During this crisis there will be very little real, long-term wealth lost; but there will be massive amounts of wealth transferred. This wealth will transfer from weak to strong hands and from scared to brave hands. But this note is not about investments, it’s about surviving in your practice during a time where business may stop. We are getting a lot of questions about cash flow and what to do with employee pay. Let me try to address those generally. To get specific answers, please contact your PFG advisor directly.

Nate WilliamsCoronavirus and Cash Preservation

PFG’s Investment Guide to the Coronavirus

Nate Williams COVID-19 Updates, General 2 Comments

  Dimensional Fund Advisors (DFA), who manages most of our clients’ money (including our own), recently released this article relating to COVID-19. I recommend you read it: The Corona Virus and Market Declines For years I have been advising clients to do the following with regard to their investments: Focus on investing as much as you can. Pray that the markets go down – another 2008 would be best. When it comes to #2, I get weird looks and snickers implying that I’m joking. I’m not. Unless you’re going to market to sell, market declines are the best indicator of future returns, and they are your friend. This isn’t my opinion or some contrarian perspective. It’s math.

Nate WilliamsPFG’s Investment Guide to the Coronavirus

Repost: Investing Strategically, Not Emotionally

Nate Williams General Leave a Comment

This article is featured in the fall edition of our 360 Insights Quarterly Client Newsletter. By J. William G. Chettle While many of us understand that our emotions can compromise our long-term financial goals, it isn’t always easy to ignore media hype. But letting emotions guide our investment decisions can have a real impact on our portfolios. Sometimes what seems like a reasonable investment strategy is actually emotions in disguise. We believe these emotional strategies can be particularly harmful, because at first glance they may seem like good, even rational, ideas.

Nate WilliamsRepost: Investing Strategically, Not Emotionally

Success in Practice Podcast Event Invitation

Nate Williams General Leave a Comment

Hi Everyone, I wanted to invite you to join an exciting and informative podcast event I’m participating in beginning Monday, July 17th. My friend Jill Parker, Practice Advisor, is the creator and host of this Success in Practice Event which brings to your inbox 19 dentistry experts over 19 days. Jill’s goal in creating this content is to provide valuable, free education to dental practice owners. Some of the experts and topics covered during the event include: Nate Williams, CPA, CFP® (The Future is Yours! Build It Now.) Dr. Howard Farran (Build Your Legacy!) Dr. Chris Salierno (Gross Profit Margin) Gary Takacs (Embrace 3 Easy Systems to Produce More!) Dr. Bruce Baird (Get Off the Dental Rollercoaster) Dr. Doug Carlsen  (Get Out of Debt & Plan Your Future) Adam Zilko (The How to for Internet Marketing) Laura Hatch (Front Office Rocks!) If you’re interested, click to learn more and register. …

Nate WilliamsSuccess in Practice Podcast Event Invitation

“I Hate Paying Taxes…”

Nate Williams General, Taxes 1 Comment

Congratulations to those who survived the tax deadline and thanks to the IRS for extending the deadline to April 18, 2017! I specifically want to acknowledge Chad Rogers and the rest of the tax team at PFG (Josh, Sara, Kate, Ryan, and Naomi). Most of you who are reading this benefited personally from their tireless work, laser-like attention to detail, and unnaturally high level of ownership. I wish each of our clients could see the inner workings of the well-run machine that Chad and his team have created. We’re always striving to get better, but wow! Good work guys. We’re all better off now that I’m not running that part of our business. After delivering the final news of how much one client owed to the IRS, he responded via email with this phrase: “P.S. I absolutely hate paying taxes, about more than anything!” This year we found this sentiment …

Nate Williams“I Hate Paying Taxes…”

Dental Marketing Gold – ASKING for Google Reviews

Nate Williams General 2 Comments

I recently met with a new client of ours; a very successful pediatric dentist with a thriving practice. I have learned a lot from this client about how to successfully run a practice, but one thing stuck out to me more than anything else… Upon reviewing his website, I noticed that he had over 100 5-star Google reviews (the Gold of marketing). He also commented that Google had recently removed an additional 100 of his 5-star reviews (for what reason we’re not sure). Then I asked the million-dollar question: “How did you get your patients to give you so many reviews?” I loved the simplicity of his two-part answer. He said: “We work hard to give our patients the best experience possible, and then we ask them.” The first part of his answer is the most important – actually giving your patients the kind of experience they can tell their …

Nate WilliamsDental Marketing Gold – ASKING for Google Reviews

The Art of Selling Dentistry

Nate Williams General, Practice Management 1 Comment

Recently I met with a client who had an amazing experience. He lived close to a military base and years prior to our conversation he had landed a government contract to provide dental services to returned veterans. This was a lucrative contract as these vets needed a lot of dental work. Then one day he got a call from the program director; they were cutting their budget and they would no longer be sending patients to my client. Overnight almost 50% of his practice literally disappeared. Fortunately, he had been wise in his financial decisions and was able to absorb the shock without going bankrupt. But for the next several months his practice struggled. Business was slow and he was not producing. Finally, months later, his lead assistant asked to speak with him in private. She told him she knows why he is struggling and how to fix the problem. …

Nate WilliamsThe Art of Selling Dentistry

How to Get a Bank Loan to Purchase a Dental Practice

Brian Hanks General 4 Comments

Buying a practice is, hopefully, something you’ll do just once in your lifetime and you’ll probably need to know how to get a dental practice loan to make it happen. Some dentists fear that, with how much they owe in student loans, they’ll never qualify for a practice loan. The truth of the matter is, that if you’re a dentist with at least a year of experience, a decent credit score, and demonstrated ability to produce some dentistry – chances are good you won’t have a problem getting a loan. But how do you make sure you’re getting the right loan? And how do you know you’re getting the best deal?

Brian HanksHow to Get a Bank Loan to Purchase a Dental Practice

Why Dentists Should Avoid Chasing Past Investment Performance

Brian Hanks General Leave a Comment

Most dentists make the mistake of chasing past investment performance. How do I know? Because dentists are just like other investors, and the data overwhelmingly show that investors consistently, year-in and year-out, make the classic mistake of chasing the last hot investment trend or fund manager. How do you decide how to invest your money? At PFG, we have a very defined, time-tested investment process that uses history, science and Nobel-winning research. We take that process and combine it with our knowledge of our clients to come up with a strategy that — while not guaranteed — is the best available option to help their investments grow over time. We believe you should avoid chasing past investment performance. But that’s not how most dentists do it. Not you, of course. I’m talking about those other dentists. How do I know? Because I see the IRA, 401k and investment account statements from …

Brian HanksWhy Dentists Should Avoid Chasing Past Investment Performance