Navigating the Business Side of Dentistry J. Brooks Peacock CPA*/PFS/ABV/CFF/CGMA A Registered Investment Advisor in Oregon *Licensed in Oregon & Washington

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)

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

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

Phase 2: Ownership Buying or starting your practice The Dental Practice Roadmap: Peacock’s 4 Phases of Practice

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

Phase 3: Leadership Leading your practice to meet your personal and professional goals & vision The Dental Practice Roadmap: Peacock’s 4 Phases of Practice

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

Phase 4: Legacy Leaving a personal and professional legacy for the next generation The Dental Practice Roadmap: Peacock’s 4 Phases of Practice

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

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 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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