We're pulling back the curtain on some of the most common financial oversimplifications that can hurt dental practices—ones that might surprise you! These seemingly small mistakes add up fast and can impact profitability and overall growth. We’ll also break down how to determine if it's the right time to bring on an assistant by analyzing your new patient flow, booking timeline, operatory capacity, and patient base. These are factors that can make or break your daily operations—if not managed well. I'll guide you on how to keep a pulse on these areas to ensure that your practice runs like a well-oiled machine.

So many practices fall into the trap of relying on generic benchmarks that don’t account for the unique aspects of their business—I'll explain why following these can sometimes do more harm than good, and what you should do instead. We’ll discuss why having a solid financial strategy is essential and how to avoid falling for quick-fix advice that won’t serve your long-term goals.

What you'll hear in this episode:

[0:25] Three Costly Oversimplifications in Dental Practices

[2:30] The 100K Means Hire Rule

[5:50] New Patient Flow as a Factor in Determining if You Need To Hire an Assistant

[7:15] Understanding the Booking Timeline

[07:45] Understanding Operatory Capacity

[08:30] Understanding Patient Base

[11:55] The Benchmark Trap

[15:50] The Fake CFO Phenomenon

Learn more about Tooth and Coin's services: https://www.toothandcoin.com/

Throughout this episode, we'll discuss the crucial lessons learned from Timmy's experience in the financial multiverse, focusing on the importance of making informed decisions and understanding the long-term implications of your financial partnerships. We'll explore Timmy's initial relationship with his traditional CPA, a decision rooted in familiarity but fraught with challenges. As we enter "Universe One," we’ll uncover the pitfalls of sticking with a conventional CPA firm, highlighting the limitations that many dental professionals face in navigating their financial landscapes.

Next, we venture into "Universe Two," where Timmy is drawn to the charismatic yet questionable Slick Steve, who promises to simplify the tax maze. Timmy's concerns about Steve's flashy promises and the true cost of his services are pivotal moments in our story. As we peel back the layers, we’ll reveal Steve's true identity and how it contrasts with his charming façade. Despite some initial successes, Timmy soon grapples with growing doubts as the dreaded audit nightmare descends upon him. Lastly, we explore "Universe 3," where Timmy finds his greatest advantage: a dental-specific CPA firm.

What you'll hear in this episode:

[00:20] The Tale of Timmy the Dentist Begins

[01:55] Universe One: Sticking with the Old CPA

[04:10] Challenges with a Traditional CPA Firm

[09:05] Universe Two: The Lure of Slick Steve

[11:05] Navigating the Tax Maze

[14:05] Timmy's Initial Success and Growing Doubts

[16:05] The Audit Nightmare Begins

[17:30] Timmy's Realization and Consequences

[18:30] Lessons Learned and Final Thoughts

Learn more about Tooth and Coin's services: https://www.toothandcoin.com/

If you’re a new practice owner, brace yourself for the potential tax shock that can come from unexpected expenses and obligations. Today I’ll break down tax estimates and projections to help you navigate the numbers more confidently. I’ll walk you through various scenarios that different practice owners face, from startups to acquired practices. I also highlight the unique tax implications that come with each.

Established practices aren’t off the hook either—there are plenty of tax surprises waiting around the corner. Together, we’ll explore strategies for navigating these challenges, ensuring you’re well-prepared. Finding the right tax professional is crucial, so I’ll share tips on spotting legitimate experts in dental taxation and the key credentials to look for. Experience matters, especially when it comes to working with dentists, so we’ll discuss what to prioritize when choosing your tax advisor.

I’ll emphasize the importance of being wary of professionals who might push investments without a solid strategy. You won’t want to miss the real-world examples of tax strategy scams and the high fees that often serve as a red flag. Finally, we’ll delve into comprehensive tax planning approaches, focusing on the modern strategies that ensure consistency in your tax planning efforts.

What you'll hear in this episode:

[1:45] Breaking Down Tax Estimates and Projections

[4:05] Tax Considerations for Acquired Practices

[5:20] Tax Surprises for Established Practices

[7:55] Navigating Tax Strategies

[9:40] Spotting Legitimate Tax Professionals

[11:00] Identifying True Experts in Dental Taxation

[12:40] Beware of Investment Pushing

[14:35] Red Flags

[15:25] Comprehensive Tax Planning Approaches

[18:05] The Modern Approach to Tax Planning

[19:35] Consistency in Tax Planning

Learn more about Tooth and Coin's services: https://www.toothandcoin.com/