I am no expert, but I found three or four articles over the last month that answer questions that I am often asked. “Where do you invest your money?” I have traditionally invested in: 1. My office and staff 2. Tax free municipal bonds 3. Land, when I could pay cash These excerpts come from Bob Sytz, a CPA and CFP who writes for ...
Read MoreOver and over I see doctors overlook the most sensible investment that they could make in their dental careers. They will try real estate, the stock market, limited partnerships, gold…, only to fall short of their financial goals which in turn limits their future. Time passes, and 97% of these dentists end up being unable to retire. ...
Read MoreThis title appeared on Jon Gordon’s weekly newsletter. Basically he contends, and I would agree, that sometimes (most times), experience can be a curse. “Such as when your experience in business causes you to focus on the good ole days; when everyone was making money; when everyone was successful; when life was easier; when you ...
Read MoreFor 25 years, you have heard or read about my passion for transitions in a dental practice. No other strategy in dentistry can give you a 200 K 300 percent return on your investment. Done correctly, you can almost eliminate any downside to bringing in an associate leading to partnership. I plan to write a series of articles about different aspects ...
Read MoreSeldom do doctors ever ask me for help with their personal financial habits. With that said, I see hundreds of doctors every year that literally are held back by financial captivity in their practices. The spending habits within the practice and resulting high overhead prevent them from any aggressive strategic actions that would actually grow ...
Read MoreFive things you need to know about a recession They happen regularly, every 8 to 9 years During the last 4 recessions over 500,000 businesses failed Recessions are healthy because unqualified competitors are eliminated. It leaves the stronger ones standing They reward the nimble, not the slow. They do come to an end. They usually ...
Read MoreAn article I wrote entitled “Donor and Recipient Practices” was published in The Profitable Dentist Newsletter. We have had hundreds of doctors responding to the article and our offer to send information to reverse this trend in many offices around the US. (I suggest you read that article before reading this one — just click Quick ...
Read MoreIt is important for the practice to have a procedure for evaluating job performance on a regular basis. Again, a major deficiency in most practices is lack of effective communication between doctor (owner) and staff (employees). The staff wants to know what the job requirements and expectations are and how they measure up against ...
Read MoreThe Feel, Felt, Found Method The feel, felt, found method is an excellent way to deal with patient objections. It works equally well with concerns about fees, excessive fears, or concerns about being able to schedule appointments. The good part about this method is that it acknowledges your patients’ concerns and then handles ...
Read MoreI have had it explained to me how easy it should be for my doctors to seat my crowns. My favorite explanation came from none other than Dr. Mike Abernathy himself. He put it to me in a way that I could not possibly have misunderstood, sports. “I should be able to hook shot it across the room and it should hit nothing but net”. Having ...
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