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Drilling It Down
Wes Lyon
27 episodes
3 months ago
More dentists than ever are seeking out independent, objective, financial advice. In a world recently flooded with private equity money, lower dental insurance reimbursements, and questionable tax advice, it can be tough to see through the fog and answer the most important question, how can a dentist make more money? Join your host Wes Lyon as he helps you see clearly through the fog of dental office financials, allowing you to concentrate on delivering quality dental care. Wes prides himself in offering independent, uncensored, objective advice to help dentists increase practice profitability, make better practice management decisions, and improve their personal financial planning.  Whether you’re a recent graduate, new owner, in the stride of your career, or considering a transition into retirement, the Drilling It Down Podcast will help you make more money, pay less tax, and reach financial independence earlier. About Us The McGill & Hill Group is an independently owned one-stop financial services resource for the dental profession, based on their "every step of the way" team approach. Their team offers financial consulting services and continuing education seminars exclusively for dentists nationwide.  Throughout the years more than 30,000 doctors nationwide have trusted The McGill & Hill Group for objective advice to reach their financial goals. Aside from their consulting, transition, and continuing education services, the group also publishes The McGill Advisory, a dental business newsletter that offers valuable insights for all dentists. The McGill Advisory provides strategies and advice to help minimize federal and state income taxes, maximize practice profits, reduce overhead expenses, and create and protect your wealth. Membership includes monthly issues, searchable archives, special reports and bulletins, Q&As, financial calculators, forms, guides, letters, and more! Wes and his guests are experienced dental advisors specializing in tax planning, business planning, financial planning, wealth management, and practice transitions, who take pride in providing independent advice that puts the independent dentists’ best interests first. Host Biography Wes Lyon: Wes helps dentists and specialists across the country achieve financial independence by improving practice profitability, slashing income taxes, managing dental insurance exposure, and making better personal financial decisions. Wes serves as President & CEO of Lyon Publishing Inc., President & CEO of McGill and Lyon Dental Advisors, and Managing Partner of Lyon Wealth Advisors Group, LLC. He is a highly sought after speaker making regular appearances at industry events, study clubs, podcasts, and McGill & Hill Group seminars. Wes is also published in other editorials periodically and writes a Financial Management column for the Academy of General Dentistry. Before entering the dental consulting world, Wes worked in institutional investment management. Prior to that, Wes was a financial advisor specializing in helping small business owners with their personal finances. Lyon Publishing, Inc., publishes the McGill Advisory, a monthly newsletter providing the latest information dentists must know, including tips on slashing your taxes, improving your financial planning, increasing your profits, and protecting your wealth.  In addition, Lyon Publishing produces webinars and podcasts providing an independent and uncensored view of breaking news and hot topics.  Be sure to visit www.McGillAdvisory.com to subscribe.  Use code Podcast20 for 20% off your initial year. McGill and Lyon Dental advisors is a consulting firm providing dentists and specialists independent, objective financial advice as it relates to tax planning, business planning, and financial planning.  McGill and Lyon Dental Advisors was founded in 1983 by Dr. Charles Blair and John K. McGill.  Since then, the company has helped over 1,
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Management
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All content for Drilling It Down is the property of Wes Lyon and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.
More dentists than ever are seeking out independent, objective, financial advice. In a world recently flooded with private equity money, lower dental insurance reimbursements, and questionable tax advice, it can be tough to see through the fog and answer the most important question, how can a dentist make more money? Join your host Wes Lyon as he helps you see clearly through the fog of dental office financials, allowing you to concentrate on delivering quality dental care. Wes prides himself in offering independent, uncensored, objective advice to help dentists increase practice profitability, make better practice management decisions, and improve their personal financial planning.  Whether you’re a recent graduate, new owner, in the stride of your career, or considering a transition into retirement, the Drilling It Down Podcast will help you make more money, pay less tax, and reach financial independence earlier. About Us The McGill & Hill Group is an independently owned one-stop financial services resource for the dental profession, based on their "every step of the way" team approach. Their team offers financial consulting services and continuing education seminars exclusively for dentists nationwide.  Throughout the years more than 30,000 doctors nationwide have trusted The McGill & Hill Group for objective advice to reach their financial goals. Aside from their consulting, transition, and continuing education services, the group also publishes The McGill Advisory, a dental business newsletter that offers valuable insights for all dentists. The McGill Advisory provides strategies and advice to help minimize federal and state income taxes, maximize practice profits, reduce overhead expenses, and create and protect your wealth. Membership includes monthly issues, searchable archives, special reports and bulletins, Q&As, financial calculators, forms, guides, letters, and more! Wes and his guests are experienced dental advisors specializing in tax planning, business planning, financial planning, wealth management, and practice transitions, who take pride in providing independent advice that puts the independent dentists’ best interests first. Host Biography Wes Lyon: Wes helps dentists and specialists across the country achieve financial independence by improving practice profitability, slashing income taxes, managing dental insurance exposure, and making better personal financial decisions. Wes serves as President & CEO of Lyon Publishing Inc., President & CEO of McGill and Lyon Dental Advisors, and Managing Partner of Lyon Wealth Advisors Group, LLC. He is a highly sought after speaker making regular appearances at industry events, study clubs, podcasts, and McGill & Hill Group seminars. Wes is also published in other editorials periodically and writes a Financial Management column for the Academy of General Dentistry. Before entering the dental consulting world, Wes worked in institutional investment management. Prior to that, Wes was a financial advisor specializing in helping small business owners with their personal finances. Lyon Publishing, Inc., publishes the McGill Advisory, a monthly newsletter providing the latest information dentists must know, including tips on slashing your taxes, improving your financial planning, increasing your profits, and protecting your wealth.  In addition, Lyon Publishing produces webinars and podcasts providing an independent and uncensored view of breaking news and hot topics.  Be sure to visit www.McGillAdvisory.com to subscribe.  Use code Podcast20 for 20% off your initial year. McGill and Lyon Dental advisors is a consulting firm providing dentists and specialists independent, objective financial advice as it relates to tax planning, business planning, and financial planning.  McGill and Lyon Dental Advisors was founded in 1983 by Dr. Charles Blair and John K. McGill.  Since then, the company has helped over 1,
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Management
Business,
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Entrepreneurship
Episodes (20/27)
Drilling It Down
One, Big, Beautiful Bill Update: How Will It Affect You?
Today's episode of Drilling It Down highlights Trump's One, Big, Beautiful, Bill and some of the impacts it will make to the tax law. Wes and Mario highlight the changes that will affect dentists' tax bills, some of the entertaining provisions of the bill, and how Trump did compared to promises he made during his election campaign. Tune in to discover how this will affect you!Charlotte Seminar: https://www.mcgillhillgroup.com/Seminar/4302/The-Roadmap-to-Financial-Wellness-and-Practice-SuccessWant to submit a question that will be answered on the next episode? Submit it here (https://www.mcgillhillgroup.com/Contact/Form) or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill & Lyon Dental Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.
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3 months ago
32 minutes 34 seconds

Drilling It Down
The One, Big, Beautiful Bill
Drilling It Down is back in our brand new studio! Thank you for bearing with us as we work through all our technology upgrades!Today, Wes and Mario sit down to talk about a proposed tax bill, named "The One, Big, Beautiful Bill." Please note that this is just a proposed bill, and not set in stone yet. Mario and Wes discuss what MAY change for Americans if this bill is passed. Some changes include tax rates, 100% bonus depreciation, eradicating of clean vehicle credits, and more. While changes most likely won't be major, tax planning will become more important if this bill is passed, so make sure you're aware of all possible changes!Want to submit a question that will be answered on the next episode? Submit it here (https://www.mcgillhillgroup.com/Contact/Form) or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill & Lyon Dental Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.
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5 months ago
49 minutes 7 seconds

Drilling It Down
Avoid Inflated Sale Leaseback Arrangements in Commercial Real Estate
On this episode of Drilling It Down, Wes and Tyler return to explore the intricacies of sale-leaseback arrangements, focusing on the dangers of inflated leases. Drawing parallels with the Toys R Us saga following its private equity buyout, they discuss how companies opt to sell real estate for immediate cash, often leading to financial downfall. They break down the pros and cons of sale-leasebacks, underscoring the risks when companies overreach in pursuit of capital. Tyler emphasizes robust research for potential commercial investments, warning against the traps of inflated rents and the perils of uninformed property acquisitions. They highlight the necessity of local market expertise, cautioning listeners to consult seasoned brokers rather than relying solely on online listings for viable deals. The conversation also touches on the pivotal role of cap rates and interest rates, offering insights into evaluating leases for long-term success. Wes and Tyler adeptly guide listeners through the complexities of commercial real estate investing, providing crucial lessons and strategies to avoid costly pitfalls. Their discussion arms both seasoned and aspiring investors with knowledge essential for safeguarding their financial future.Want to submit a question that will be answered on the next episode? Submit it here (mcgillhillgroup.com/contact/form) or email us at newsletter@mcgillhillgroup.com.If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter here (mcgillhillgroup.com/join) to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off!Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.
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9 months ago
22 minutes 22 seconds

Drilling It Down
Avoiding Partnership Pitfalls
On this special episode of Drilling It Down, hosts Wes Lyon and Roger Hill dive into the complexities of partnership transitions within the dental industry. They begin by exploring common challenges partners face, often stemming from financial stresses and flawed operating agreements. Wes shares personal insights on the ramifications of unmet expectations, while Roger draws from his extensive consulting experience to underscore the value of meticulous planning and preparation before welcoming new partners. The discussion shifts to partnership pathway planning ,a strategy developed by Roger to mitigate partnership risks. He clarifies that successful partnerships require clear financial expectations and robust legal agreements to prevent misunderstandings. Wes adds that assessing a practice's profitability is crucial to finding the "trigger point"— the point at which the revenue growth is satisfactory to meet both partners' financial needs. They illustrate this with real-world scenarios, emphasizing the importance of early financial planning. Roger provides reassurance regarding concerns partners may have about losing control after a sale, explaining that thoughtful structuring can preserve operational autonomy. They also compare the benefits of partnerships vs. selling practices to Dental Service Organizations (DSOs), revealing that well-structured partnerships can yield greater financial returns for dentists. The episode concludes with practical advice on establishing transparent buy-in and buy-out processes, with Roger highlighting the necessity of clear cash flow projections. Wes reiterates the significance of comprehensive planning for successful partnerships, encouraging listeners to thoughtfully assess all options for their dental practices' futures.Want to submit a question that will be answered on the next episode? Submit it here (https://www.mcgillhillgroup.com/Contact/Form) or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill & Lyon Dental Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.
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9 months ago
46 minutes 14 seconds

Drilling It Down
A Deep Dive Into Private Equity - Part 2
In part 2 of our private equity discussion, Wes and Mario explore the complex relationship between private equity and dentistry, highlighting its implications for dental practices. They address concerning trends such as overtreatment driven by management pressure. They then discuss the ethical challenges of prioritizing profit over patient care. Through personal anecdotes, they emphasize the importance of seeking second opinions and informed decision-making. They also examine the structure of corporate dental practices and provide guidance for dentists considering working for dental service organizations (DSOs).Want to submit a question that will be answered on the next episode? Submit it here (https://www.mcgillhillgroup.com/Contact/Form) or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill & Lyon Dental Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.
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9 months ago
41 minutes 2 seconds

Drilling It Down
A Deep Dive Into Private Equity - Part 1
On this episode of Drilling It Down, Wes and Mario dissect the intricate world of private equity, particularly its repercussions for the dental sector. The discussion is initiated by the thought-provoking article "Slash and Burn: Is Private Equity Out of Control? (https://www.theguardian.com/business/2024/oct/10/slash-and-burn-is-private-equity-out-of-control)" which serves as a catalyst for examining the dual nature of private equity investments. Mario reveals that these investments may not yield superior returns compared to traditional options such as low-cost index funds, challenging the narrative of private equity as a surefire wealth generator. The hosts further clarify how private equity firms typically utilize considerable debt to acquire businesses, often placing financial strain on the companies involved. They cite examples of major brands like Toys R Us and Sears, which collapsed under the weight of leveraged buyouts. Emphasizing transparency, Wes highlights the often concealed fees that diminish true investor returns, raising questions about the overall benefit of private equity in various industries. Wes and Mario address the controversial carried interest loophole that allows private equity insiders to pay lower taxes than ordinary earners, contributing to economic disparity.Want to submit a question that will be answered on the next episode? Submit it here (https://www.mcgillhillgroup.com/Contact/Form) or email us at newsletter@mcgillhillgroup.com.If you're not already, subscribe to The McGill & Lyon Dental Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off!Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.
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10 months ago
30 minutes 4 seconds

Drilling It Down
File Your Credit Card Settlement Claim
On this special episode of Drilling It Down, hosts Wes Lyon and Tyler Ott tackle a critical issue for business owners concerning a substantial $5.54 billion credit card settlement resulting from class action lawsuits against Visa, MasterCard, and several banks for price-fixing from 2004 to 2019. With a deadline of February 4, 2025, they urge listeners to take immediate action to claim their share of the settlement. Wes and Tyler outline the origin of these lawsuits, highlighting the significance of the settlement for businesses that processed payments via the mentioned credit cards. They assure listeners that this is a legitimate opportunity to recover losses from inflated fees and direct them to paymentcardsettlement.com to file a claim. The hosts also discuss potential challenges in the claims process, emphasizing the importance of meticulous financial records and providing strategies for retrieving necessary transaction data if initially unavailable. As they emphasize the urgency of acting quickly, listeners are encouraged to sign up for the McGill & Lyon Dental Advisory newsletter for ongoing updates and insights into the settlement process. This episode is an invaluable resource for business owners, packed with vital information about accessing untapped revenue from a significant class action settlement.Want to submit a question that will be answered on the next episode? Submit it here (https://www.mcgillhillgroup.com/Contact/Form) or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill & Lyon Dental Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.
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10 months ago
10 minutes 13 seconds

Drilling It Down
No More Impending Tax War?
In this special episode of Drilling It Down, Wes and Tyler delve into the intricate world of taxation in the wake of recent election outcomes. Initially set to deliver a detailed analysis dubbed "The Great Tax War," the hosts pivot to discuss the repercussions of a potentially unified Republican government on future tax policies. They unpack the ramifications of the continuation of tax reforms initiated during the Trump administration, particularly concerning individual tax provisions set to expire in 2025. Lyon and Ott explore the significance of the Tax Cuts and Jobs Act, highlighting the urgent need for small business owners and professionals to comprehend tax strategies that minimize liabilities. They emphasize the importance of the Qualified Business Income Deduction (QBI) and its nuanced impact on profitability within dental practices and small businesses. With an eye on proactive tax planning, the duo encourages listeners to develop a written tax plan and seek expert guidance. As they wrap up with levity surrounding the post-election climate, Lyon and Ott inspire optimism for potential tax reductions while reminding their audience of the importance of preparation amidst economic uncertainties.Want to submit a question that will be answered on the next episode? Submit it here (https://www.mcgillhillgroup.com/Contact/Form) or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill & Lyon Dental Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.
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12 months ago
23 minutes 37 seconds

Drilling It Down
Insurance Claims Following Hurricanes Helene & Milton
On this episode of Drilling It Down, Liam and Wes tackle the crucial topic of business owner policies in light of recent hurricanes, emphasizing preparedness for natural disasters. Wes shares personal experiences to highlight the disruption hurricanes can cause to everyday business operations. The hosts delve into aspects of insurance coverage, stressing the importance of comprehensive policies that cover physical damage and business interruption. They discuss the significance of documenting incidents to support claims and clarify the distinctions between replacement cost and actual cash value. The conversation extends to contingent business interruption insurance, addressing potential supply chain losses and service interruptions due to utility failures. They also outline civil authority coverage and the challenges posed by recent pandemic experiences on claims processes. Throughout the episode, Liam and Wes advocate for prompt claims filing, diligent documentation of recovery efforts, and the necessity of persistence if claims are denied. They encourage business owners to periodically review their insurance needs to adapt to changing conditions. This episode serves as an essential guide for business owners, particularly in hurricane-prone regions, underscoring the importance of being proactive in their insurance strategies.Want to submit a question that will be answered on the next episode? Submit it here (https://www.mcgillhillgroup.com/Contact/Form) or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill & Lyon Dental Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.
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1 year ago
36 minutes 4 seconds

Drilling It Down
IUL: Investment or Insurance?
On this episode of Drilling It Down, Liam and Wes explore Indexed Universal Life (IUL) insurance, dissecting its complexities and common misconceptions. They clarify how IULs differ from term life insurance and critique the misleading marketing that positions them as safe investment vehicles. They examine eight key issues associated with IULs, highlighting the risks of embellished growth illustrations and the reality of loan implications against cash values. Emphasizing the need for thorough scrutiny, they advocate for conventional investment options that typically yield better returns. Join us for insights that equip you to make informed financial decisions regarding IULs.Want to submit a question that will be answered on the next episode? Submit it here (https://www.mcgillhillgroup.com/Contact/Form) or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.
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1 year ago
32 minutes 17 seconds

Drilling It Down
How Do I Prepare for the Catastrophic?
In this episode of Drilling It Down, Jonathan and Wes speak about the importance of preparing for catastrophic events, including death and disability. They discuss life insurance—how to determine necessary coverage and the benefits of term policies over permanent ones. Wes emphasizes the need for disability insurance, particularly for dentists, and outlines options for obtaining it. They also highlight the importance of structured plans for practice transitions, ensuring a reliable contact for unforeseen circumstances. Lastly, they address the emotional impact of sudden loss and the necessity of proactive planning to ease burdens on loved ones.Want to submit a question that will be answered on the next episode? Submit it here (https://www.mcgillhillgroup.com/Contact/Form) or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.
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1 year ago
21 minutes 38 seconds

Drilling It Down
The Rise in Dental Practice Buyers
In this episode of "Drilling It Down," Wes and Jonathan discuss the decline in dental practice ownership among younger doctors, dropping from 33% in 2020 to about 20% now, largely due to the appeal of Dental Service Organizations (DSOs). They explore the recent 30% increase in in-house inquiries for practice acquisitions, signaling a renewed interest in ownership. The conversation dives into the financial fears tied to student debt, the drawbacks of the “delayed sale” approach, and the continued viability of selling a practice. They encourage listeners to consider their options in the evolving dental marketplace.Want to submit a question that will be answered on the next episode? Submit it here (https://www.mcgillhillgroup.com/Contact/Form) or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.
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1 year ago
35 minutes 20 seconds

Drilling It Down
Q3 2024 DSO Update
Join Wes and Jonathan on this episode of Drilling It Down, where they discuss Dental Service Organizations (DSOs) with a focus on trends, tax considerations, and financial strategies. They explore challenges in selling dental practices, retirement planning, and leveraging technology for practice optimization.Want to submit a question that will be answered on the next episode? Submit it here (https://www.mcgillhillgroup.com/Contact/Form) or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.
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1 year ago
33 minutes 16 seconds

Drilling It Down
FTC Bans Noncompete Agreements
Drilling It Down is back after a technology-induced hiatus! Join Wes Lyon and Tyler Ott as they unpack the implications of the FTC ban on non-compete agreements, emphasizing its effects on practice sales and associates. They explore strategies like offering ownership stakes to associates for enforceability and stress the significance of retaining key team members to prevent turnover challenges. The hosts also discuss the legal landscape, upcoming lawsuits, and advise seeking legal counsel to navigate the changing regulations. Stay informed and await updates before making significant decisions in response to the non-compete debate.Want to submit a question that will be answered on the next episode? Submit them here (https://www.mcgillhillgroup.com/Contact/Form) or email us newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.
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1 year ago
20 minutes 16 seconds

Drilling It Down
Are You Prepared for an Audit?
In this episode, Wes and Tyler explore strategies and tips for navigating IRS audits and maximizing tax deductions. They emphasized the benefits of meticulous documentation for business expenses, including utilizing the Augusta Rule and mileage logs. Clear communication with CPAs and honesty in reporting expenses are highlighted, along with structuring personal activities for tax deductions. The key takeaway underscores the importance of adherence to IRS regulations and proactive planning for optimizing deductions within legal limits.Want to submit a question that will be answered on the next episode? Submit them here (https://www.mcgillhillgroup.com/Contact/Form) or email us newsletter@mcgillhillgroup.com.If you're not already, subscribe to The McGill Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.
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1 year ago
33 minutes 59 seconds

Drilling It Down
Top Myths of Whole Life Insurance
In this episode, Wes and Tyler debunk myths surrounding permanent life insurance, specifically whole life policies. They tackle misconceptions about using whole life as a retirement investment, the misleading nature of insurance projections, tax implications, and the myth of utilizing whole life for long-term care benefits.If you're not already, subscribe to The McGill Advisory (mcgilladvisory.com) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off!mcgilladvisory.comListen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.
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1 year ago
28 minutes 51 seconds

Drilling It Down
DID Monthly: The Green Book Proposal, Permanent Life Insurance, and Tax-Free Money for College Age Children
In this episode of Drilling It Down, Wes and Tyler discuss the "Green Book" proposal and its possible tax implications for business owners, estate taxes, and expiring provisions of tax acts. They also explore the net investment income tax, potential increases in capital gains taxes, and their impact on individuals and businesses. Additionally, they touch on limits on 1031 exchanges and IRS enforcement of tax laws.They then jump into the disadvantages of permanent life insurance. They also share insights on tax-free income for college-age children, maximizing wealth without permanent life insurance, and the importance of transparency in financial products.Join us for upcoming seminars in Boulder, CO and Napa, CA on retirement planning, tax strategies, and legal considerations!If you're not already, subscribe to The McGill Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.
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1 year ago
30 minutes 4 seconds

Drilling It Down
DID Monthly: Net Investment Income Tax, Overstaffed Practices, and Costly Divorce Mistakes
In this episode of Drilling It Down, Wes Lyon and Tyler Ott cover insights on the net investment income tax, signs of overstaffing in dental practices, and common mistakes in divorces.They emphasize the importance of accurate reporting for investments, balancing staff levels for productivity, tracking assets during divorces, selecting the right tax structure for partnerships,and seeking expert advice to avoid costly errors.If you're not already, subscribe to The McGill Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.
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1 year ago
33 minutes 14 seconds

Drilling It Down
The Ins and Outs of Long-Term Care Insurance
In this episode of Drilling It Down, Wes Lyon and Liam Fitzgerald discuss long-term care insurance. They delve into the history and evolution of long-term care insurance, highlighting key mistakes made by insurance companies such as underestimating policy duration and rising healthcare costs. They caution against buying long-term care insurance due to unsustainable financial models and the potential for high premium increases. The conversation touches on the complexities of surrendering policies, the importance of assessing the policy's value, and the need for transparency from insurance agents.Wes and Liam emphasize the need for individualized financial advice and suggest considering self-insurance or alternative investment options.If you're not already, subscribe to The McGill Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.
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1 year ago
22 minutes 21 seconds

Drilling It Down
All Things Employee Retention Tax Credit
In this episode of Drilling It Down, Wes hosts David Matthews, a sell-side representation expert, as they delve into the intricate world of the Employee Retention Tax Credit. They explore the nuances of claiming this credit, emphasizing the significance of staying updated amidst evolving IRS enforcement and regulatory changes. The conversation goes into into eligibility criteria, potential risks of non-disclosure, and red flags that could trigger IRS scrutiny. David and Wes stress the importance of seeking professional advice and participating in the IRS's voluntary disclosure program if discrepancies are suspected.If you're not already, subscribe to The McGill Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with the articles mentioned in the episodes. Use code Podcast20 for 20% off!Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.
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1 year ago
22 minutes 59 seconds

Drilling It Down
More dentists than ever are seeking out independent, objective, financial advice. In a world recently flooded with private equity money, lower dental insurance reimbursements, and questionable tax advice, it can be tough to see through the fog and answer the most important question, how can a dentist make more money? Join your host Wes Lyon as he helps you see clearly through the fog of dental office financials, allowing you to concentrate on delivering quality dental care. Wes prides himself in offering independent, uncensored, objective advice to help dentists increase practice profitability, make better practice management decisions, and improve their personal financial planning.  Whether you’re a recent graduate, new owner, in the stride of your career, or considering a transition into retirement, the Drilling It Down Podcast will help you make more money, pay less tax, and reach financial independence earlier. About Us The McGill & Hill Group is an independently owned one-stop financial services resource for the dental profession, based on their "every step of the way" team approach. Their team offers financial consulting services and continuing education seminars exclusively for dentists nationwide.  Throughout the years more than 30,000 doctors nationwide have trusted The McGill & Hill Group for objective advice to reach their financial goals. Aside from their consulting, transition, and continuing education services, the group also publishes The McGill Advisory, a dental business newsletter that offers valuable insights for all dentists. The McGill Advisory provides strategies and advice to help minimize federal and state income taxes, maximize practice profits, reduce overhead expenses, and create and protect your wealth. Membership includes monthly issues, searchable archives, special reports and bulletins, Q&As, financial calculators, forms, guides, letters, and more! Wes and his guests are experienced dental advisors specializing in tax planning, business planning, financial planning, wealth management, and practice transitions, who take pride in providing independent advice that puts the independent dentists’ best interests first. Host Biography Wes Lyon: Wes helps dentists and specialists across the country achieve financial independence by improving practice profitability, slashing income taxes, managing dental insurance exposure, and making better personal financial decisions. Wes serves as President & CEO of Lyon Publishing Inc., President & CEO of McGill and Lyon Dental Advisors, and Managing Partner of Lyon Wealth Advisors Group, LLC. He is a highly sought after speaker making regular appearances at industry events, study clubs, podcasts, and McGill & Hill Group seminars. Wes is also published in other editorials periodically and writes a Financial Management column for the Academy of General Dentistry. Before entering the dental consulting world, Wes worked in institutional investment management. Prior to that, Wes was a financial advisor specializing in helping small business owners with their personal finances. Lyon Publishing, Inc., publishes the McGill Advisory, a monthly newsletter providing the latest information dentists must know, including tips on slashing your taxes, improving your financial planning, increasing your profits, and protecting your wealth.  In addition, Lyon Publishing produces webinars and podcasts providing an independent and uncensored view of breaking news and hot topics.  Be sure to visit www.McGillAdvisory.com to subscribe.  Use code Podcast20 for 20% off your initial year. McGill and Lyon Dental advisors is a consulting firm providing dentists and specialists independent, objective financial advice as it relates to tax planning, business planning, and financial planning.  McGill and Lyon Dental Advisors was founded in 1983 by Dr. Charles Blair and John K. McGill.  Since then, the company has helped over 1,