Avoiding Partnership Pitfalls

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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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Avoiding Partnership Pitfalls

Drilling It Down

46 minutes 14 seconds

9 months ago

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.

Drilling It Down