One of the fastest ways to increase your net income without spending any additional time at the dental chair is by legally decreasing your tax liability.
Over the years, there’s been some debate over the length of the tax code, but according to Andrew Grossman, an attorney at Congress’ Joint Committee on taxation, the current tax code is approximately 2,600 pages long.
And hidden within the pages of the enormous tax code of the United States are many legitimate strategies that American dentists can legally use to decrease the amount of money that they’re forking over to Uncle Sam every year.
In this episode of the Dentalpreneur Podcast, I interview Craig Cody. Craig is a 17 year veteran of the New York Police Department who went on to become a CPA and later a tax coach.
During our conversation, we discuss:
The most common mistakes that dentists make that lead to them overpaying on their taxes
Real life tactical tips that will immediately decrease your tax liability
The financial and liability risks of incorrect entity selection
How to legally use your own primary residence to significantly decrease your taxes
How to legally use your depreciated dental equipment to create an income vehicle for family members
Master these three pillars and you will have an exceptional dental practice.
But as a practice owner, the CEO of your organization, unless you take the time to cultivate one personality trait, there will be a perpetual struggle to continue to grow, progress, and implement the three pillars.
That trait is Leadership.
In this episode of the Dentalpreneur Podcast, you can listen to a live address that I gave on the E-6 Leadership Framework.
This framework, authored by Brendon Burchard in his book, The Student’s Guide to Leadership, is one of the most comprehensive, effective and straightforward leadership guides that I’ve ever found.
During this presentation, I cover:
The importance of visualization in leading your team
How giving your team authorship in the systemization process will lead to lasting results
How to embody your message and lead by example
The subtle art of empowering your team
The correct way to objectively evaluate your team
The importance of consistent encouragement and recognition of your team
Visionaries who actually execute are some of the rarest individuals in the world to find.
But occasionally, I get the good fortune to cross paths with one of these unicorns.
In this episode of the Dentalpreneur Podcast, I interview Dr. Roshan Parikh. A 2008 graduate of the University of Illinois at Chicago, Roshan is the founder and President of the Chicagoland Smile Group.
Dr. Parikh bought his first 650 square foot, two operatory practice in 2008 and since then has expanded his group into a growing network of 12 multi-specialty dental practices.
During the interview, we discuss:
How Roshan was able to grow his group in such a short period of time
How he has been able to overcome the most common hurdle that most multiple practice owners face: limited access to capital
The benefits and drawbacks of Group Dentistry
How his upbringing has created a unique perspective that differs from many others in his generation
Roshan’s view on the benefits of scratch start/de novo practices versus acquisitions
In a wildly chaotic and competitive marketplace, sometimes it’s nice to be able to quiet the noise and to get back to the basics such as building and maintaining an organized, sustainable, and profitable dental practice.
In this episode of the Dentalpreneur Podcast, I interview Dr. Jesse Green, the host of the Savvy Dentist Podcast.
Jesse and I had a great conversation about some of my favorite topics; growth, patient retention, and operational systemization.
Specifically, we discuss:
Jesse’s 7- Steps to maximum dental practice performance
How any practice owner can integrate certain habits that will create increased profitability, highly performing teams and solid processes for success
How to overcome the most common challenges that dentists and business owners are faced with today
The differences and similarities between the Australian vs. American dental markets; their challenges and opportunities
When I opened my first dental practice, I had no idea how much I didn’t know about practice ownership and operating and growing a successful business.
Back then, information geared towards the new practice owner with basic questions about practice ownership was non-existent.
Even today, many of the resources available regarding dental practice management and ownership focuses on the struggling and frustrated mid to late career dentist.
In this week’s episode of the Dentalpreneur Podcast, I interview Dr. Cole Brenny. Cole is a practice owner, millennial dentist and the founder of PracticingDentist.com. During the interview, Cole and I discuss:
What makes millennial dentists different from the generations preceding them
The potential obstacles that new dentists must be aware of when starting and growing their dental practices
The steps to a successful practice launch
Why Cole believes the millennial generation is misunderstood
The importance of developing your soft skills and leadership ability when scaling your dental practice
When it comes to developing a successful dental practice, I’m sure that we can all agree that it’s imperative to create a strong team culture, develop tight operational systems, and keep cash flow and overhead under control. But what is the thread that holds it all together? In a word: Leadership.
According to Bill Bradley, “Leadership is unlocking people’s potential to become better.”
In this episode of the Dentalpreneur Podcast, I interview Dr. Kara Maloley. Kara is the co-founder of the Relentless Dentist Podcast, and founder of beingabossdental.com which specializes in helping dentists to become better leaders.
During our interview we discuss:
The importance of recognition and why it is a more powerful motivator than compensation
How to cultivate great leaders
The tangible steps to integrating leadership into to culture of your practice
Why other elements of practice management cannot be implemented unless there is a strong leader at the helm