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Not Just Taxes: Why Your Cash Flow Problems Run Much Deeper · The Millionaire Dentist™

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  Hello, everyone, Welcome to the Millionaire Dentists Podcast, brought to you by
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  four Quadnan's Advisory. On this podcast, we break down the world of dentistry,
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  finances and business practices to help you become the millionaire dentists you deserve to
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  be. Please be advised we do speak with an honest tongue and may not
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  be safe for work. Hello and welcome. This is Casey Hires back at
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  the Millionaire Dentnist Podcast in studio with co host Jared Bridgeman. Casey, how
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  are you? We didn't have to ice skate in here today. We thought
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  we'd have some slick roads, but the temperature is just high enough that it's
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  just puddles. Still a crappy day. But you know, last night I
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  was looking at my phone at the weather and there was a you know,
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  severe weather, you know, warnings and stuff like that. Oh weather fear
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  porn, Yeah, lots of it. I only like one of those words
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  you just said. But that's fine weather weather. Casey. You you came
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  in today fired up, ready to chat with me, and it was about
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  CPA's and tens and tax planning and all that stuff. Laid on me.
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  Brother. Well, the Great philosophers TLC. No, that's don't go chasing
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  waterfall. Yes, the great philosophers, the Spice girls, tell me what
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  you want, what you really really want, right, practice owners want more
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  money, more income, better and consistent cash flow, and advice and guidance.
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  I think that's what they really really want for sure, Yeah, deep
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  down and surface and surface. Yeah. And it's interesting what we found is
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  a lot of times, one of the catalysts why people that want to come
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  to our ce events or have conversations with us, is something happened tax wise,
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  like, for example, what this Saturday morning, we're presenting at the
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  Yankee Dental Congress for two hours for that Yeah, who doesn't like who doesn't
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  like Boston at the end of January, It's gonna be great thirty hours.
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  I'm in and out, man, that's right. But uh, I mean
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  you've been to the Yankee before and I heard it. It's a great event.
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  Oh, it's a It has historically been a very very good national compference,
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  very well run. Looking forward to going to the North End, getting
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  some third generation Italian food and sharing with practice owners how to master the business
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  side of dentistry. But so often a catalyst for that is tax tax management,
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  something tax related. I pay too much in taxes. I got a
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  tax surprise. My CPA is not giving me any advice, or he is,
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  but it's bad advice. Those things get people to move. But then
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  when I peel those the onion pack. Tax is important and you have to
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  master it. But they're almost giving a CPA too much credit for all that
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  they do or don't do. And so here, good accounting can make you
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  money. But if you just have a traditional right, But if you just
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  have a traditional CPA who fifteen of your dental friends use, most likely they're
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  not looking at your practice and giving you really good, proactive advice. It's
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  more transactional. You are potentially just one of how many ever clients they have
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  who all have different businesses and different types of industries and all that stuff.
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  So they're not super into knowing exactly what you can do. Yeah, they've
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  got a couple of tricks here and there, but it's fascinating that, yes,
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  your taxes and tax management personally and in the practice needs to be mastered
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  and mastered well. And we it's common for us to help reduce practice owners'
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  tax liability by ten twenty thirty forty fifty sixty thousand dollars. We see it
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  all the time. We don't hang our hat on that. Hey come to
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  us because of this, that's just what you get as part of it.
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  But mastering that's one thing. Then you go into okay, how do we
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  double your income? Right, how do we get your overhead down? Like
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  one person I'm talking to, their overhead is in the high eighties, but
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  they're attributing the majority of their frustrations with taxes. Okay, so they think
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  this particular person owner thinks that they're hanging their hat on the tax part of
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  it. If that all got cleaned up, let's say, how much of
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  a drop in the bucket is that for that overhead? Yeah, it's it's
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  a crucial and very import an aspect that might cover twenty five percent. And
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  so there's so many, so many more things that need address. But but
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  yeah, it's it's interesting even here. Sometimes our tax team, which they're
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  great Steve Levy pipes pipes, Yeah, they they get a ton of the
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  credit for some of the success that actually are planning. An advisory team that's
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  looking at all the things in the practice and all the systems and processes and
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  all these all the nuanced that the forty what do I get asked? How?
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  How how would you do? Give me three ideas? Well, the
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  fifty things we do in a year. I mean, the tax team is
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  doing a lot of them, but there's dozens that the other side of the
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  house is doing. But there's almost a misconception of well, I just need
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  a new tax person and they're going to fix it all. Now, it's
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  not gonna hurt. They get a new tax person that actually knows what they're
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  doing. But let me ask you this is you know, when you do
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  your presentations, when you go out there and speak, I've often heard you
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  mentioned silos and talking about people's external teams being siloed from each other. We're
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  here, we work together. Can you kind of go through how that may
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  may help an owner? Yeah, I think the same principle of that that
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  tax management silo sometimes can get too much, too much of the blame or
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  too much of the credit. Right. I guess maybe it's like the quarterback
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  of a team, where in reality it's incredibly important, but these other silos
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  really matter. So once tax is mastered, then you have to look at
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  all these other areas for Opportunity Insurance's business model. Gosh. And then when
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  you get into like, you know, the finance planning side, where you
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  get into like investing in all that, you need to know how much money
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  you can put into it. And if you're if your investment specialist is not
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  speaking with your accountants, speaking with everything else, they don't know right,
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  Well, yeah, you just hit on something. So okay, let's say
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  we double your income. Let's say you're making three point fifty and you can
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  and you should be making seven. Sure that's double, right about. You're
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  not an accountantant. Okay, Well that's going to affect your tax situation.
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  And then what are you going to do with that? How are you going
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  to utilize this better cash flow? Sticking to saving these account right under the
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  mattress, No mattress, What debt do we need to reduce? Let's start
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  saving more? It cracks me up. People want to retire at sixty and
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  they're not, you know, they're saving thirty or forty, right, and
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  they've got a couple hundred. Well, how do you there's no magic one.
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  How do you get there? I mean that might be that that's probably
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  a great number for a layment you know, someone not making X amount of
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  dollars, But if you're already used to a certain lifestyle when you retire,
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  you're probably not going to spend that much less. Well, it's just easy
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  to look at this and go, I'm frustrated I pay too much in taxes.
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  Sure like to just to just think that that singular thing is the reason.
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  Well, and I think that's psychologically that is just because it's they can
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  see and feel that, oh crap, I owe seventy five thousand dollars this
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  year versus you know, as you said, the dozens and dozens of things
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  that we do all add up to a hell of a lot more, but
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  on their own they may not be huge. Yeah right, Yeah, Well,
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  you know, I get the benefit of talking to something. Most people
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  I talk to are really, really nice, but it typically starts with tax
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  and then it gets to all this down the road and they're like, oh,
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  there's so many other areas that I need help with that matter. I'll
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  say, it's easy to get hung up on the biggest, baddest thing that
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  you can see. Everybody wants one to three things to just fix everything.
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  Yep, like my back sore. Well, I hope that if I get
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  an adjustment and soak in a tub, it's better. Well, maybe I
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  need to work on my core strength, Maybe I need to stretch right,
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  Maybe I need to be a little more active and take me up on my
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  back massage offers, and so, you know, that's just it's not just
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  one or two things. I probably need to do five things same thing in
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  a practice. But when practice owners don't know, and it's hard for people
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  to sometimes I just don't know, that's when they kind of go to that
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  tax lane and go it must be taxes. I'm paying too much. My
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  CPA is not telling me anything, and unfortunately a lot of times they're not.
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  And you know, my basis is all screwed up. What's basis?
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  Well, we've got a handful of podcasts on that. We've got one coming
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  out next week about that beautiful timing. But yeah, there's it's more complex
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  typically than just one thing. And typically tax is the one thing people don't
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  understand as much, and so they think, if I can just fix it,
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  everything's better. It's a great catalyst to get them engaged with our firm
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  to see if we can help them. But ultimately they quickly or sometimes not
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  so quickly learn that, Oh that is very important. However, there's all
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  these other areas that also need to be improved on. And the thing is
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  like, when you have a good CPA, good accounting team, you shouldn't
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  hear much in terms of they're doing their job and they're doing it right.
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  Well, so if you're not working with us, perhaps, but you know
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  a good accountant talking to our planning and advisory team that they're able to connect
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  everything. Yes, so you're just not getting a phone called in at the
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  tax time being like we're well ship your money. Yeah, this is the
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  time man, you know, as as a practice owner, end of the
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  year and then these these next three and a half months that you're having those
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  meetings, conversations, emails, frustrations and things of that nature. But yeah,
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  the answer is more than one thing could be true. Yes, you
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  most likely need a more proactive, better guidance in somebody that understands you and
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  your practice and your your vision and your business model and all that. But
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  there's so many other areas to do. It's you know, in these other
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  areas you talk about these in our in your presentation, don't you. I
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  do so like people are gonna be at Yankee. Can you hear this?
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  Yeah? Oh man, you know where else We're going to be, hopefully
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  somewhere warm. The Midwest is cold this time of year. I know we're
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  going to be in San Antonio. Okay, we're going to be in Tampa
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  soon as well. Well. That sounds that that's Florida geographical wizard over here.
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  Listen real quick, I just wanted to plug this. Go to four
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  quadransadvisor dot com slash events, and we've got places where you can register if
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  you're in those areas. Even if you're not in San Antonio, feel free
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  to fly in, get your ticket, come see Casey from anywhere in the
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  country. Now, we're going to get an influx of Wisconsin and Minnesota people
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  coming down. Yes, yes, Casey, I want to want to.
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  I really appreciate you coming in and imparting your wisdom on me. It really
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  is everything we do, really encompasses everything. It takes all of us.
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  It takes everybody working and looking into things and being proactive to really make these
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  uh these practices shine. And it's just like anything else in life, one
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  thing's not going to fix it. Sounds like a T shirt. That's right,
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  Thanks Casey, that's all the time we have today. Thank you to
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  our guests for their insight and for sharing some really great information, and thank
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  you to you the listener for tuning in. The Millionaire Dennis Podcast is brought
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  to you by four Quadrants Advisory to see if they might be a good fit
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  for you and your practice. Going over to four Quadransadvisory dot com and see
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  why year after year they retain over ninety five percent of their clients. Thank
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  you again for joining us and we'll see you next time.