“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? Please follow and like us:

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

4 Common Mistakes Dentists Make with Student Loans

Brian Hanks Financial Planning, General Leave a Comment

A few weeks ago I had the chance to scratch an item off my bucket list when I flew to New York and saw the US Open tennis tournament live. As a casual fan and player, I loved the opportunity to sit as close to 10 feet away from Nadal, Murray, Djokovic and Williams – the best in the world. As I watched them play, I could predict who would win almost every time by looking at only one statistic: unforced errors. An unforced error is a lost point entirely the result of a player’s own blunder, and not because of how well the other player has played. As dentists struggle to repay record levels of student-loan debt, many are making unforced errors that threaten their long-term financial security and delay retirement. Unforced Error #1: Assuming Income-Based Repayment Plans are the Best Option Please follow and like us:

Brian Hanks4 Common Mistakes Dentists Make with Student Loans

5 Reasons a New Dentist Should Buy Term, and Not Whole Life Insurance

Brian Hanks General 3 Comments

Life insurance is a crucial topic for new dentists to get right. After such an enormous investment of time, money, energy and effort in school, should the unthinkable happen you want your family and/or loved ones to be taken care of. (You? Peacefully in your sleep, of course. Me? Wingsuit skydiving, probably!) You want to be able to replace your income if you’re not around to provide. I can hear the whole life insurance zealots now, “Whole life offers great returns!” and “It’s much safer than the stock market!” I’ve heard it all before. Every time I sit and analyze a client’s whole life policy they’ve been paying on for a number of years, what they were told they would have in their account is never even close to what they actually have. A few times a year I go to various dental schools and residency programs to talk with …

Brian Hanks5 Reasons a New Dentist Should Buy Term, and Not Whole Life Insurance

Why You Should Buy a Dental Practice BEFORE Your Student Loans are Paid Off

Brian Hanks General 1 Comment

“I am really interested in owning my own dental practice, but I think I need to pay down my student loans before I buy one.” said nearly every dental student and resident I’ve talked with across the country. It’s a common response I get when talking with students. But it’s not a wise one. If you’re coming out of dental school, you probably have a mountain of student loans. It feels daunting. And it only feels worse if you did a residency program. I get it. You need to face your fears. Stare the cold, hard facts in the face. Realize the quickest way for you to pay down your student loans is to own a good dental practice as soon as possible. Recently, a client of ours came out of dental school with just under $300,000 in student loans. He’s married, and has 3 kids. He worked for about 8 …

Brian HanksWhy You Should Buy a Dental Practice BEFORE Your Student Loans are Paid Off

4 Common Dental Practice Transition Mistakes and How to Avoid Them

Brian Hanks General 1 Comment

We’ve worked with a lot of clients to help them successfully transition to dental practice ownership. We’re proud of our track record with our clients, and the results of the good work we’ve done to ensure that both the buyer and seller are happy with the transition. We’ve seen, from time to time, a few common dental practice transition mistakes. If you, or someone you know, will ever buy a practice in the future, read through these four common dental practice transition mistakes and learn how to avoid them. Mistake #1 – Selling the Cow and Trying to Keep the Milk An owner of a practice in Utah thought she was ready to sell. She was the third-generation owner of a practice where she was the main source of production, and her father (the previous owner) was the associate now working two days a week. The practice grossed over $1.3 …

Brian Hanks4 Common Dental Practice Transition Mistakes and How to Avoid Them

2 Methods Every Dentist Needs to Know to Value Their Practice

Brian Hanks General 1 Comment

Do you know the two most common ways to value a dental practice? If you’ve ever bought, or considering buying a dental practice, did you pay too much? How would you know? Does it even matter? There is a secret to valuing your practice. Let me share what it is with a quick story. I learned how business are REALLY valued in a finance class in my MBA program, and it wasn’t close to what I expected. At the time, I was in one of the most difficult finance classes I’d ever taken learning from the feet of one of the foremost finance professors in the world, Dr. Gautam Kaul. (In fact, if you want to take his valuation class, click here for the free online version! I warn you – it’s painful!) Week in and week out Dr. Kaul drilled us in the various methods of valuing a business – …

Brian Hanks2 Methods Every Dentist Needs to Know to Value Their Practice