Dentists, Puns, and Money

Hemmen and Associates helps dentists extract maximum value and cash flow from their dental practices. The owner and president of the dental brokerage, Tom Hemmen, is the guest on this episode of Dentists, Puns, & Money. Listen to learn more about: How far in advance of a dental practice sale should a valuation be completed.The benefit of updated dental practice valuations during growth years. The benefit of a letter of direction to put a practice on the market quickly in the event of a dentist's change in health. As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab. -----------------------------------------More information about Tom Hemmen: Hemmen and Associates Website: hemmenassoc.com Hemmen and Associates Phone: 800-745-1438 ---------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter--------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

It's common for dentists to defer clinical and dental practice owner income into a 401(k), Profit Sharing Plan, or IRA during their peak earning years.That's often a wise strategy to lower a dentist's lifetime tax bill.But the IRS won't let a dentist avoid that tax bill forever. Required Minimum Distributions begin at a certain age.If a dentist wants to play the long-term tax game to the best of their ability, it's critical they develop a strategy for RMD's well before they become mandated.In this episode Dentists, Puns, & Money, Shawn Terrell shares some strategies associated with Required Minimum Distributions. Listen to learn more about:  The benefits of planning and formulating RMD strategies. The downsides of being reactive instead of proactive with deferred tax accounts. How to think about the time window for executing RMD strategies. Find out more about how our firm helps dentists exiting clinical with tax planning and income optimization by visiting our website, which is dentistexit.com.-------------------------------To download a free copy of the 2023 Tax Reference Guide, click here. -----------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter------------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

Dentists often defer clinical and owner income into a 401(k), Profit Sharing Plan, or IRA during their peak practice years.That's often a wise strategy to lower a dentist's lifetime tax bill.But the IRS won't let a dentist avoid that tax bill forever. That's why its implemented something called Required Minimum Distributions beginning at a certain age.If a dentist wants to play the long-term tax game to the best of their ability, it's critical they understand all the rules associated with RMD's.In this episode Dentists, Puns, & Money, Shawn Terrell shares the 8 Most Frequently Asked Questions related to Required Minimum Distributions. Listen to learn more about:  The age at which RMD's begin.  How to calculate your RMD. The penalty for NOT taking an RMD. Find out more about how our firm helps dentists exiting clinical with tax planning and income optimization by visiting our website, which is dentistexit.com.-------------------------------To download a free copy of the 2023 Tax Reference Guide, click here. -----------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter------------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

In this episode Dentists, Puns, & Money, we discuss Direct Indexing as an investment strategy. Please note: This episode was originally released on March 15th. 2023.Many dentists are familiar with the strategy of buying index funds, or indirectly investing in an index. But directly investing in an index is a little different.  We’ll cover three things in this episode:  What’s are the differences between indirectly investing in an index vs. directly investing in an index, fundamentally? What are the benefits of directly investing in an index vs. indirectly investing in an index by buying an index fund? Why is direct indexing becoming available to more people and becoming more popular than it ever has been in the past?As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab. --------------------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter----------------------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

Dr. Brady Frank suffered a wrist injury when he was a D3 in dental school. It put his clinical dentistry career in jeopardy. So he focused on the business side of being a dentist, and quickly learned how to buy, build, and scale dental practices. Dr. Brady continues to be involved with Dental Service Organizations today, and he joins us to discuss the pros and cons of DSO's on the latest episode of Dentists, Puns, & Money. Listen to learn more about: The big differences between a corporate DSO and an autonomous DSO. How partnering with an autonomous DSO can help a dentist accelerate the timeline of their clinical exit.The nuts and bolts of the compensation structure when partnering with a DSO.As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab. -----------------------------------------More information about Dr. Brady Frank:  Freedom Dental Partners Website: freedomdentalpartners.com Become the DSO Website: becomethedso.com ---------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter--------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

Dr. Tom Reed is the first to admit he had the wrong mindset when he hired his first associate dentist. But now that he's spent 20-plus years as a private dental practice owner, he has a different perspective.In this episode of Dentists, Puns, & Money, Dr. Reed shares what he's learned about mentorship, and why he believes it's a critical piece of the long-term future of dentistry. Listen to learn more about: The benefits of mentorship in dentistry for both mentor and mentee.The mentorship system he built in his practice to create a symbiotic relationship between owner doc and associate.How mentorship can increase dental practice transition value and also leave a legacy.As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab. -----------------------------------------More information about Dr. Tom Reed: Coaching Website: dynamicdentalascension.com Dental Practice Website: citycenterdentalgroup.com Cell Phone: 303-906-4788 Email: [email protected] ---------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter--------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

Colin Carr launched his commercial real estate company after seeing the same issue over and over... healthcare professionals getting "manhandled" on deals for their practice space by shady landlords. Carr Healthcare Realty now represents dentists and dental practice tenants and buyers (and other healthcare professionals) all over the United States. In this episode of Dentists, Puns, & Money, Colin shares what he's learned during his two decades working in healthcare commercial real estate.  Listen to learn more about: How dentists can negotiate their lease renewals for lower monthly payments, tenant improvements, and free rent.The key language dental practices should have in the assignability clause of their lease agreement.How a dentist that owns their real estate can achieve maximum value in their practice transition.As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab. -----------------------------------------More information about Colin Carr and Carr Healthcare Realty:  Website: www.carr.us Facebook: @CARRHealthcare Instagram: @CARRHealthcare ---------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter--------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

What are the big financial pieces for a dentist to organize as they transition out of clinical practice?That’s a question Shawn Terrell was asked by Ken Kaufman (and answered) as a guest on DEO's Growth Secrets Podcast.This episode of Dentists, Puns, & Money is a replay of Shawn's guest appearance on the DEO podcast, which was originally recorded and released in February 2023. The podcast is hosted by Ken Kaufman, who has more than two decades of experience in the dental professional as an author, speaker and as a chief financial officer of various dental organizations. In addition to the big three things dentists should consider about their personal financial planning when exiting clinical, Shawn and Ken also discuss: How a dentist should evaluate a Roth IRA conversion strategy.How a dentist should analyze the options for the profit in their practice. Examples: distribute for personal investments, pay down debt, reinvest in practice, or scale to a DSO?Lightning round questions for Shawn about (mostly) random topics.As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab. ---------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter--------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

Dr. Alan Stern is a practicing owner dentist and the founder of a coaching business called Better, Richer, Stronger.After 42 years in practice, Dr. Stern is in the process of transitioning from clinical to coaching other dentists.Through his program, Alan works with dentists who want to create a workplace that is productive & profitable and a life that is rewarding and meaningful. In fact, Alan wrote the book, Enjoy the Ride for those who want to get out from the day to day grind and take charge of their roadmap to a better life.As a result of his work, people often share they have more focus, more energy, more momentum and get the resultsthey no longer thought were possible.In this episode Dentists, Puns, & Money, Dr. Alan Stern shares the number one thing he's learned in his career, and how he's approaching phasing out of clinical.As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab. -----------------------------------------More information about Dr. Alan Stern:  Facebook Group: Better, Richer, StrongerWebsite: BetterRicherStronger.com ---------------------------------Dentist Exit Planning Resources: Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter--------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

How should a dentist know if and when to seek professional help with their money?That’s a question Shawn Terrell was asked by Dr. Grace Yum as a guest on the Mommy Dentists in Business Podcast.This episode of Dentists, Puns, & Money is a replay of Shawn's guest appearance on the MDIB Podcast, which was originally recorded in the summer of 2022.Dr. Yum started as a pediatric dentist in Chicago, but has since relocated to California, where she’s currently growing her Mommy Dentists in Business empire.Dr. Grace and Shawn discuss how dentists of all career stages can think about financial planning, and why the most important piece of planning is first helping each dentist identify what they want out of life, broadly speaking.There’s also some casual banter about sports and music mixed in, so proceed with caution if you’re bored by either.As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab. ---------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter--------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn