Monday Dental Practice Optimization

Trivia Question❓

How can community outreach benefit a dental practice?

Answer at the bottom of the newsletter

Retirement planning is a critical aspect of financial management for dental practice owners, ensuring long-term security and a smooth transition out of active practice. As a dental practice owner, preparing financially for retirement involves strategic planning, investment, and a thorough understanding of the unique financial landscape associated with running a practice.

It's essential to evaluate the value of your dental practice, which often constitutes a significant portion of your retirement assets. Engaging a professional appraiser can help determine the fair market value, considering factors like patient base, equipment, and location. Once the value is established, you can explore options for selling or transitioning the practice to a successor, such as an associate or a partner, which can provide a steady income stream.

Investing in a diversified retirement portfolio is another crucial step. Dental practice owners should consider tax-advantaged retirement accounts such as a 401(k), SEP IRA, or a Defined Benefit Plan. These accounts not only provide tax benefits but also ensure that your savings grow over time. Consulting with a financial advisor can help tailor your investment strategy to meet your retirement goals and risk tolerance.

Managing debt and maintaining a healthy cash flow is vital. Paying down high-interest debt and ensuring that your practice remains profitable will provide the financial stability needed to invest in retirement savings.

Consider your lifestyle and healthcare needs during retirement. Estimating expenses and factoring in inflation can help create a realistic retirement budget. Long-term care insurance and health savings accounts (HSAs) are also important considerations, given the rising costs of healthcare.

In conclusion, retirement planning for dental practice owners requires a comprehensive approach that includes valuing and transitioning the practice, investing wisely, managing debt, and planning for healthcare needs. With careful planning and professional guidance, dental practice owners can secure a comfortable and financially stable retirement.

Protect Yourself from the NEW Supreme Court 401(k) Liability

Do you own a business that has a 401(k) retirement plan for your employees?

Are you aware that last year the Supreme Court issued new guidance that made YOU as the business owner liable for your employees retirement mistakes?

Here is an extreme example:

Your employee puts 100% of their retirement money (401(k)), into the Russia technology fund 2 years ago. Russia invades Ukraine. The fund tanks. The employee sues YOU the business owner for "letting" them make a bad investment decision. Now, thanks to the new rules, YOU are liable for THEIR decision and have to come up with the money to bail the out, out of your own pocket!

There have been more than 90 class action lawsuits regarding this.

Recently ERISA and DOL recovered over $3.1 billion in fines, penalties, and lawsuit settlements!

75% of all business 401(k) plans have this issue, are you one of them?

See the most common mistakes business owners make in this area, and how you can overcome them.

You can reduce your liability in this issue 95% and possibly save money at the save time!

Click the link and fill out the form to register now and learn how to protect yourself (and your company) from the new liability you don’t even know you have yet.

Register now and we will see you on the training.

There will be no sales pressure on that training, we promise, that isn’t the way we do business here.

Date: Thursday, August 29th

Time: 11AM-12PM Eastern Time

Place: Zoom

Register HERE

Legacy Planning Virtual Lunch & Learn: Harness the power of Family Travel

Stan Miller is a nationally recognized estate planning attorney, a #1 Amazon best-selling author, the co-host of the Your Life Your Legacy podcast, and one of the cofounders of Wealth Counsel, the largest estate planning software program used by estate attorneys.

On this educational lunch and learn, Stan will share:

The insights gained from physically experiencing different, even strange, places cannot be replaced by reading about them or through any kind of online medium.

When we connect with people who think differently, believe differently and eat differently than we do, we are changed. We grow.

We discover that people of all beliefs and colors are very much like us, and are almost always kind, generous, and open.

Sharing that experience with family members, especially younger members, can be life changing for them.

Your lunch instructions will be in your confirmation email and text, so make sure to enter your correct email and cell phone numbers.

Date: Thursday, August 29th, 2024

Time: 12-1PM Eastern

Place: Zoom

Register HERE

Discover how to grow your business with a podcast and turn warm fuzzy feelings into cold hard cash.

Grab a copy of the Amazon best seller here

💡 Answer to Trivia Question:

Community outreach can enhance a practice's reputation, increase patient trust, and attract new patients through word-of-mouth and local engagement.