{"id":9069,"date":"2020-01-31T15:34:28","date_gmt":"2020-01-31T21:34:28","guid":{"rendered":"https:\/\/www.cainwatters.com\/digitalblogs\/?p=9069"},"modified":"2020-02-11T13:28:36","modified_gmt":"2020-02-11T19:28:36","slug":"bigger-dental-practice","status":"publish","type":"post","link":"https:\/\/www.cainwatters.com\/digitalblogs\/bigger-dental-practice\/","title":{"rendered":"Case Study: The Bigger the Practice, the Better?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"9069\" class=\"elementor elementor-9069\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-55c690e1 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"55c690e1\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-18c69f8d ae-bg-gallery-type-default\" data-id=\"18c69f8d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1c24988c elementor-widget elementor-widget-text-editor\" data-id=\"1c24988c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Dentists dream big. When I have my first meeting with a client and we try to define their goals, it\u2019s common for their sites to be set on exponential growth for their practice.<\/p><p>I\u2019ll be honest with you, it\u2019s just as common to see more opportunity in effectively managing what they already have. Not only that, but with the undefined goal of a bigger, better practice, it may actually just be adding unnecessary stress to their lives.<\/p><p>There is an emotional side, and there is a technical (or mathematical) side to realizing one\u2019s financial potential.\u00a0 On the emotional side, you may feel you need to grow, grow, grow, but on the mathematical side, that may not necessarily be the case.\u00a0 Taking the time to stop and dive deep into your practice\u2019s numbers can many times offer the clarity needed to better define and achieve your goals.\u00a0<\/p><p><strong>\u201dThe Million Dollar Practice\u201d <\/strong><\/p><p>In 2014, a new client had the expectation of needing to have a \u201cmillion dollar practice\u201d in order to achieve their ultimate retirement goals.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-27c6eb76 blue-box elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"27c6eb76\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4ae6a670 ae-bg-gallery-type-default\" data-id=\"4ae6a670\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-63c8d83 elementor-widget elementor-widget-text-editor\" data-id=\"63c8d83\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>It\u2019s important to understand that a million-dollar practice is not a goal, it\u2019s simply a type of milestone. This client\u2019s real goal was to live comfortably now, while saving and preparing to live the same way upon retirement. Cash flow felt tight, both in the practice and at home. This was an issue I could help them with. The good news is she had everything she needed to where she wanted to go, it just needed fine tuning.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-f694262 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"f694262\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-64bd686 ae-bg-gallery-type-default\" data-id=\"64bd686\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1e6b291 elementor-widget elementor-widget-text-editor\" data-id=\"1e6b291\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5>CASE STUDY:<\/h5><ul><li>The client was in their late thirties<\/li><li>They had $57,000 saved for retirement<\/li><li>The practice collected $600,000 per year<\/li><li>Debt consisted of $290,000 of practice loans, $116,000 of personal mortgage, $25,000 of student loans, and $8,000 of an auto loan (which should have been a practice loan, but that is a different tax topic for a different day).<\/li><\/ul><p><strong>Key Concerns:<\/strong><\/p><ul><li>Cash feels tight at home and in the practice, and things feel like they are out of control<\/li><li>Concern with being nearly 40 years old and only $57,000 saved for retirement<\/li><li>Worried that they could not reach their goals with the practice only collecting $600,000<\/li><\/ul><p><strong>The Real Goal<\/strong><\/p><p>Rather than focus on what she wanted her practice to be, the client needed to set her eyes on how her practice could help her get to where she wanted to be in her life. Time and focus was needed to ensure the proper issues were being addressed both in the near term and for the future.\u00a0<\/p><p>The first issue was to figure out the immediate cash flow stresses.\u00a0 This involved a heavy scrub of practice overhead and living expenses at home.\u00a0 We compared the practice\u2019s expenses to <a href=\"http:\/\/www.cainwatters.com\/hdypc\">the averages for similar practices.<\/a> There were a few outliers that we were able to address quickly. For example, lab costs were higher than normal, leading the doctor to determine that she was likely being too lenient with fees for complex cases. We made plans to immediately adjust. \u00a0<\/p><p>We then examined the expenses at home. This entailed a hard look at absolute costs and \u201cfluff\u201d costs.\u00a0 There was some opportunity for structure around the fluff to ensure it did not get out of control, but for the most part the expenses at home were well-controlled.\u00a0<\/p><p>Routine living expenses were healthy at 40% of income, but lack of focus allowed for occasional splurges which would make things feel tight.\u00a0 Given this, a new strategy could maintain their lifestyle spending at its current level, while still lowering the stress related to cash.\u00a0<\/p><p>We determined that maintaining a certain level of cash on hand in the practice and at home would provide security and allow the doctor to relax, rather than stress over paying the monthly bills.\u00a0<\/p><p>For the practice, we recommended that one to two months of expenses and debt payments (when combined with accounts receivable) would provide enough cushion to absorb the ebbs and flows of cash.<\/p><p>For the personal account, we recommended three-months saved in cash to cover emergencies. Three months is typically recommended as it is the average length of time before disability insurance takes effect. \u00a0<\/p><p>Once the bank accounts were sufficient, and there were no immediate needs for new equipment or staff, we could focus on the ultimate goal of preparing for retirement.\u00a0 We determined that maximizing a 401(k) and Roth IRAs for the doctor and spouse would get them to the retirement they desired.\u00a0 We maximized these accounts over the course of the next 12 months and have continued to do so ever since. With both the doctor and spouse contributing $18,000 from payroll, and the doctor able to contribute an additional $35,000 in profit sharing, leveraging tax-deferred retirement savings allowed them to reduce income taxes to help free up cash and essentially fund itself. Once the monthly bills, debt and taxes were paid, and 401(k) funded, there was enough cash remaining to enjoy life.\u00a0<\/p><p><strong>Milestones <\/strong><\/p><p>Four years later, the client and spouse remain on pace to reach their goals.\u00a0 Their cash balances have steadily grown, they have upgraded their home, and their retirement savings have grown exponentially.\u00a0<\/p><p>More significantly, stress levels are low and spirits are high.\u00a0 This client\u2019s financial plan is on cruise control, and the practice has grown at its own pace. With this strategy, the clients have their clearly defined end goal in sight while effectively managing one practice. The pressure to open another practice has lifted, and the client can relax and focus on her passion.<\/p><p>Remember your career is a lifelong journey.\u00a0 Just like anything else, dental practices need to be able to change strategies and direction depending on the conditions life serves us.\u00a0 No journey will be predictable, and no financial plan should be stagnant.\u00a0 Changes are part of the game, and doctors and financial advisors need to be united and ready for what comes next.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-1f9d16fe elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"1f9d16fe\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-56bc4cae blue-box ae-bg-gallery-type-default\" data-id=\"56bc4cae\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6ce6aafb elementor-widget elementor-widget-text-editor\" data-id=\"6ce6aafb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Ready to start reaching milestones along the journey to your financial goals? Contact a member of our team to help you get started.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4d4e8da elementor-align-center elementor-widget elementor-widget-button\" data-id=\"4d4e8da\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"http:\/\/www.cainwatters.com\/contact\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">GET STARTED<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-3bf5a2c elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"3bf5a2c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4f5c5df ae-bg-gallery-type-default\" data-id=\"4f5c5df\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-46bbcc2 elementor-widget elementor-widget-text-editor\" data-id=\"46bbcc2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-size: 12px;\"><em> Cain Watters is a Registered Investment Advisor. Cain Watters only conducts business in states where it is properly registered or is excluded from registration requirements. Registration is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. Request Form ADV Part 2A for a complete description of Cain Watters investment advisory services. Diversification does not ensure a profit and may not protect against loss in declining markets. Past performance is not an indicator of future results.<br \/><\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Dentists dream big. When I have my first meeting with a client and we try to define their goals, it\u2019s common for their sites to be set on exponential growth for their practice. I\u2019ll be honest with you, it\u2019s just as common to see more opportunity in effectively managing what they already have. Not only [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":9071,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16,41,18,20,21],"tags":[],"ppma_author":[48],"class_list":["post-9069","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital-news-feature","category-featured","category-financial-planning","category-practice-management","category-tax-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Bigger the Practice, the Better?<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cainwatters.com\/digitalblogs\/bigger-dental-practice\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Bigger the Practice, the Better?\" \/>\n<meta property=\"og:description\" content=\"Dentists dream big. When I have my first meeting with a client and we try to define their goals, it\u2019s common for their sites to be set on exponential growth for their practice. I\u2019ll be honest with you, it\u2019s just as common to see more opportunity in effectively managing what they already have. Not only [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cainwatters.com\/digitalblogs\/bigger-dental-practice\/\" \/>\n<meta property=\"og:site_name\" content=\"Cain Watters Blog\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-31T21:34:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-11T19:28:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.cainwatters.com\/digitalblogs\/wp-content\/uploads\/sites\/2\/2020\/01\/practice-size.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"CWA\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"CWA\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta 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