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Navigating the Business Side of Dentistry J. Brooks Peacock CPA*/PFS/ABV/CFF/CGMA A Registered Investment Advisor in Oregon *Licensed in Oregon & Washington
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21 YEARS TAX/ACCOUNTING & CONSULTING 6 YEARS INVESTMENT 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 dad carried me across the stage (at age 5)
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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
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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
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Phase 1: Associateship Starting a career as an owner- bound dentist The Dental Practice Roadmap: Peacock’s 4 Phases of Practice
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THE ISSUESTHE 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 practice The Dental Practice Roadmap: Peacock’s 4 Phases of Practice
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Phase 2: Ownership Buying or starting your practice The Dental Practice Roadmap: Peacock’s 4 Phases of Practice
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THE ISSUESTHE 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, operations The Event: Remodeling or Moving the Office The Dental Practice Roadmap: Peacock’s 4 Phases of Practice
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Phase 3: Leadership Leading your practice to meet your personal and professional goals & vision The Dental Practice Roadmap: Peacock’s 4 Phases of Practice
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THE ISSUESTHE 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, operations The Event: Finding the Next Generation The Dental Practice Roadmap: Peacock’s 4 Phases of Practice
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Phase 4: Legacy Leaving a personal and professional legacy for the next generation The Dental Practice Roadmap: Peacock’s 4 Phases of Practice
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THE ISSUESTHE 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, valuation The Event: Real Change The Dental Practice Roadmap: Peacock’s 4 Phases of Practice
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The Typical Path Phase 1 Phase 2 Phase 3 Phase 4 The Dental Practice Roadmap: Peacock’s 4 Phases of Practice
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Example: Bringing on an Associate Senior 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 Associate Senior Dentist The Dental Practice Roadmap: Peacock’s 4 Phases of Practice
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CPA/CONSULTINGINVESTMENT MANAGEMENT A Registered Investment Advisor in Oregon Phone: 503-269-2424 Email: brooks.peacock@gmail.combrooks.peacock@gmail.com www.peacockcpaworx.comwww.peacockcpaworx.com & www.peacockinvestmentworx.comwww.peacockinvestmentworx.com Follow us on Facebook Also on Wordpress: The Dental CFO
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