What is an LOI and Why Do Dentists Need One?

Introduction Embarking on the journey of buying or selling your dental practice is a significant decision that requires careful consideration and strategic planning. An essential step in this process is the creation and negotiation of a Letter of Intent (LOI). While generally not legally binding, the LOI plays a pivotal role in shaping the details…

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New Year Resolutions: 15 Dental Goals For Financial Success

As a dentist, the start of a new year is the perfect time to set specific resolutions and dental goals to enhance both your professional practice and your personal wellbeing. It’s also a great time to reflect on what worked well in the previous year, and what didn’t. That way you can keep building on…

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Accounting For Dentists – Recommendations For Dental Practice Accounting

There are many facets of dental practice accounting. It requires a review of your historical and current financial data, a detailed plan of objectives and goals, and a strategic accounting budget. A well-crafted budget serves as a roadmap for business success, allowing you to allocate resources efficiently and understand the sales and expense targets needed…

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Selling a Dental Practice: How to Prepare Your Dental Practice for Sale

Selling a dental practice

Introduction As a dental practice owner, there comes a time when you may be contemplating the next step in your professional journey. Whether it’s retirement, a career change, or a desire to pursue other ventures, the decision to sell your dental practice is a significant one.   When selling a dental practice, it is important…

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The Role of Financial Planning in Retirement for Dental Practice Owners

Introduction Retirement is an important phase of life that requires careful financial planning and preparation. As a dental practice owner, it’s essential to understand the unique challenges you may face when it comes to retirement planning. It’s important to consider saving and investing, real estate ownership, dental practice transitions, succession planning, and business valuations to…

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Mitigating Tax Risks For Dental Practice Owners

Tax mitigation is essential as a dental practice owner. With increased funding to the IRS, your chances of being audited are increasing, especially if you have $400,000 or more in total annual income. At the same time, taxes are also going up.  Starting in 2022, research and development (R&D) expenses previously allowed as deductible items…

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Business Valuation

Knowing the valuation of your business is essential for acquisitions, exit-planning strategies and the general health and well-being of your company. And if your business is family-owned, you might not even understand the total value of what you have created. That can lead to a decline in value later during the selling process. What is…

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