navigating the business side of dentistry j. brooks peacock cpa*/pfs/abv/cff/cgma a registered...
TRANSCRIPT
THE DENTAL PRACTICE ROADMAP ……
AN INTRODUCTION
Navigating the Business Side of Dentistry
J. Brooks PeacockCPA*/PFS/ABV/CFF/CGMA
A Registered Investment Advisor in Oregon*Licensed in Oregon & Washington
The Origins of the Roadmap
21 YEARSTAX/ACCOUNTING & CONSULTING
6 YEARSINVESTMENT MANAGEMENT
Tax returns & planning Accounting/QuickBooks Fee analysis Practice Benchmarking Startup practices Practice transitions Practice valuations
Investment portfolios Retirement plans Retirement/estate planning Financial planning Retirement income planning
A Registered Investment Advisor in Oregon
The Dental Practice Roadmap: Peacock’s 4 Phases of Practice
I graduated from USC School of Dentistry in 1973 – when my dadcarried me across the stage (at age 5)
THE ROADMAP IS A WAY OF NAVIGATING THROUGH AN OWNER-DENTIST CAREER FROM GRADUATION TO
RETIREMENT – AND BEYOND
Understanding the issues, the coaches, and the
tools while recognizing the events experienced along the journey
The Dental Practice Roadmap: Peacock’s 4 Phases of Practice
The Dental Practice
Roadmap
How to think & visualize the
career path of owner-dentists
from graduation to retirement
The Dental Practice Roadmap: Peacock’s 4 Phases of Practice
Phase 1:Associateship
Starting a career as an owner-bound
dentist
The Dental Practice Roadmap: Peacock’s 4 Phases of Practice
Phase 1: AssociateshipTHE ISSUES THE COACHES & TOOLS
Pay off student loans Working as an associate –
with no supervision Building clinical speed Growing family New location (?)
Spouse/Family Senior dentist Financial Advisor
Begin financial/investment planning & learning
CPA (?) Tax return
Supply/Equipment Rep Finding a practice
Insurance Agent Life insurance & malpractice insurance
The Event: Buying or Starting your own practiceThe Dental Practice Roadmap: Peacock’s 4 Phases of Practice
Phase 2:Ownership
Buying or starting your
practice
The Dental Practice Roadmap: Peacock’s 4 Phases of Practice
Phase 2: OwnershipTHE ISSUES THE COACHES & TOOLS
Starting as the Boss Managing processes Learning the Business
Side of Dentistry Paying off practice debt Planning for
growth/retirement/college education, etc
Spouse/Family Supply/Equipment Rep Financial Advisor
Investment/Financial plans CPA
Tax returns & tax planning Practice valuation advice
Attorney Entity formation/contracts
Practice Broker & Banker Insurance Agent Practice Consultants
Marketing, operationsThe Event: Remodeling or Moving the
OfficeThe Dental Practice Roadmap: Peacock’s 4 Phases of Practice
Phase 3:Leadership
Leading your practice to meet your personal and professional goals & vision
The Dental Practice Roadmap: Peacock’s 4 Phases of Practice
Phase 3: LeadershipTHE ISSUES THE COACHES & TOOLS
Leading the practice Physical change or
relocation Creating the patient
experience Building a practice
brand/image
Spouse/Family Supply/Equipment Rep Financial Advisor
Investment/Financial FUNDING Estate FUNDING College education FUNDING
CPA Tax returns & tax planning Estate plan
Attorney Contracts, estate documents
Insurance Agent Life, malpractice, business, fire,
building, lost profits, employee bonding, etc
Practice Consultants Marketing, operationsThe Event: Finding the Next Generation
The Dental Practice Roadmap: Peacock’s 4 Phases of Practice
Phase 4:Legacy
Leaving a personal and professional legacy for the next generation
The Dental Practice Roadmap: Peacock’s 4 Phases of Practice
Phase 4: LegacyTHE ISSUES THE COACHES & TOOLS
Leading the practice to the next generation Preparing patients Preparing staff Preparing the office
Finding meaning outside the practice
Preparing the family for real change
Spouse/Family Supply/Equipment Rep Financial Advisor
Investment/Financial FUNDING Estate FUNDING College education FUNDING Retirement income planning
CPA Tax returns & tax planning Estate plan Valuation advice
Attorney Contracts, estate documents
Insurance Agent Practice Consultants
Marketing, operations, broker, valuationThe Event: Real Change
The Dental Practice Roadmap: Peacock’s 4 Phases of Practice
The Typical Path
Phase 1
Phase 2
Phase 3
Phase 4
The Dental Practice Roadmap: Peacock’s 4 Phases of Practice
Example: Bringing on an AssociateSenior dentist deals with moving a practice forward, developing staff, preparing a legacy
Identifying & Understanding Each
Other
New associate dentist deals with HUGE student debt, developing hand speed, adjusting to independent practice
New Associa
te
Senior Dentist
The Dental Practice Roadmap: Peacock’s 4 Phases of Practice
Thank You
CPA/CONSULTING INVESTMENT MANAGEMENT
A Registered Investment Advisor in Oregon
Phone: 503-269-2424Email: [email protected]
www.peacockcpaworx.com & www.peacockinvestmentworx.com
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