Latest / The Millionaire Dentist™ / Tax Troubles and Unexpected Expenses: Protect Your Practice

Transcript

Tax Troubles and Unexpected Expenses: Protect Your Practice · The Millionaire Dentist™

• 0:03
  Speaker 1: Hello everyone, Welcome to the Millionaire Dentist Podcast, brought to
• 0:07
  Speaker 1: you by four Quadnans Advisory. On this podcast, we break
• 0:11
  Speaker 1: down the world of dentistry, finances and business practices to
• 0:14
  Speaker 1: help you become the millionaire dentists you deserve to be.
• 0:17
  Speaker 1: Please be advised we do speak with an honest tongue
• 0:19
  Speaker 1: and may not be safe for work.
• 0:24
  Speaker 2: Hello, would welcome missus Casey Hires back at the Millionaire
• 0:27
  Speaker 2: Dentist Podcast in studio with co host Jared Bridgeman.
• 0:30
  Speaker 3: Okay, well you're not in studio, Casey. You're following your
• 0:34
  Speaker 3: company on the phone.
• 0:36
  Speaker 2: That is factual. I am not in our slanky podcast
• 0:40
  Speaker 2: studio with Rich Leather and Mahogany.
• 0:44
  Speaker 3: Yes, in our cigar lounge. Yeah, yeah, of course. Well, Casey,
• 0:50
  Speaker 3: I just wanted to say, you know, I haven't seen
• 0:52
  Speaker 3: you really, uh since before the break, but I hope
• 0:55
  Speaker 3: you had a great Thanksgiving. Did you have a good
• 0:57
  Speaker 3: time with your family?
• 0:57
  Speaker 2: It was nice. We had two Thanksgivings, one my sister's,
• 1:01
  Speaker 2: one of my wife's sisters. Got to see some friends.
• 1:03
  Speaker 2: It was RESTful, relaxing, lots of fun. How about you
• 1:07
  Speaker 2: that it was good?
• 1:08
  Speaker 3: We had, you know, one with my mom's side, and
• 1:10
  Speaker 3: then one with my dad's side. It was it's pretty good.
• 1:12
  Speaker 3: I made my new signature dish, I make up with
• 1:14
  Speaker 3: Sabby deviled egg. I'm thaying with like swayt sauce and
• 1:17
  Speaker 3: ginger and stuff like that. It's a pretty big hit.
• 1:19
  Speaker 2: So that's how long you've been making that.
• 1:22
  Speaker 3: I've made it. This is my third year making it.
• 1:25
  Speaker 2: Okay, and it is. It is a big hit, not
• 1:27
  Speaker 2: just a self proclaimed big hit.
• 1:29
  Speaker 3: No, it was gone before dinner even started.
• 1:31
  Speaker 2: And then you guys got into religion and politics pretty
• 1:33
  Speaker 2: quickly at the family as usual.
• 1:35
  Speaker 3: Yes, yes, my brother was there and he is the
• 1:37
  Speaker 3: exact opposite me, so that did come up a little bit.
• 1:41
  Speaker 2: I made that joke to a family member and they
• 1:44
  Speaker 2: didn't even get the joke. They didn't think it was funny.
• 1:46
  Speaker 2: They thought I was going to launch into those topics.
• 1:48
  Speaker 2: I'm like, no, no, we'll save those of the podcasts.
• 1:50
  Speaker 3: Yeah No, that's the funny part is making a joke
• 1:52
  Speaker 3: about the things we can't talk about.
• 1:54
  Speaker 2: Yeah, and seeing the people that laugh and are like
• 1:56
  Speaker 2: that's pretty good. People that get but hurt.
• 1:59
  Speaker 3: Yep, well casey, So there's a there's a reason why
• 2:05
  Speaker 3: you're not in the studio at the moment, So do
• 2:07
  Speaker 3: you want to kind of tell me what happened to you?
• 2:09
  Speaker 3: What's going on? Pal?
• 2:10
  Speaker 2: Yeah, as you're cutting your money Crystal number two cigar
• 2:13
  Speaker 2: in the podcast podcasts Sweet. Yeah. So we had we
• 2:17
  Speaker 2: had unexpected snow, very little, a light dusting yesterday. People
• 2:23
  Speaker 2: people that it normally takes forty minutes to get home
• 2:25
  Speaker 2: took them three hours. I was good to go. Uh
• 2:31
  Speaker 2: went and worked out last night, coming back to the neighborhood,
• 2:34
  Speaker 2: going a solid eight nine miles an hour. And there's
• 2:37
  Speaker 2: a roundabout and as you know, all nice, you start
• 2:40
  Speaker 2: to turn and you don't really turn. And I was
• 2:42
  Speaker 2: heading towards a tree and it was slow motion because
• 2:45
  Speaker 2: I wasn't going very fast. But I'm like, I'm gonna
• 2:47
  Speaker 2: I'm gonna take out this tree. This is not good.
• 2:49
  Speaker 2: So I turned hard right and the rim or the
• 2:51
  Speaker 2: flat part of my tire drilled the curb pretty pretty stoutly.
• 2:58
  Speaker 2: And then an incredible always occurred. As I drove to
• 3:02
  Speaker 2: my driveway. I was happy to just get it into
• 3:04
  Speaker 2: my driveway. So then I figure my tires flat. No,
• 3:08
  Speaker 2: everything looks perfectly fine, right appearances right, the appearances where
• 3:12
  Speaker 2: everything looks fine. So then I go just drive it
• 3:15
  Speaker 2: up up the road again and just terrible noise. I'm like, Okay,
• 3:18
  Speaker 2: maybe it's an alignment issue, not a mechanic, but I
• 3:21
  Speaker 2: hear a loud noise when I drive. It's probably a
• 3:24
  Speaker 2: bad sign. Probably there's probably some smoke there. So anyways, Yeah,
• 3:31
  Speaker 2: I'm currently waiting for a tow truck to take my
• 3:34
  Speaker 2: SUV to a place that can diagnose and hopefully fix
• 3:39
  Speaker 2: whatever the heck is wrong. The boy I was grateful yesterday.
• 3:45
  Speaker 2: I'm like, hey, I didn't hit a tree, and I'm
• 3:48
  Speaker 2: in my I'm at my house. You know, I got
• 3:50
  Speaker 2: my car back to my house this morning. Some of
• 3:52
  Speaker 2: those effects started to take place, though, like what well,
• 3:56
  Speaker 2: taking the kids to school, balancing vehicles, right, my, my,
• 4:01
  Speaker 2: my beautiful wife has things that she needs to do.
• 4:04
  Speaker 2: And then trying to call the tow truck and realizing
• 4:06
  Speaker 2: my morning is going to be hijacked. That's when anger
• 4:09
  Speaker 2: said in I think.
• 4:11
  Speaker 3: Right, and I mean and then you know, having to
• 4:15
  Speaker 3: call and then wait on a tow truck. Sometimes that
• 4:16
  Speaker 3: can take forever too.
• 4:17
  Speaker 2: Anywhere from twenty five to one and ten minutes.
• 4:21
  Speaker 3: That's that's that's a large window.
• 4:25
  Speaker 2: Oh, it's so good.
• 4:26
  Speaker 3: That makes me think you were prepared. You know, you're
• 4:28
  Speaker 3: no stranger to driving in winter in Indiana. Yeah, and
• 4:33
  Speaker 3: you weren't hot rodden around. You were going, oh slower
• 4:37
  Speaker 3: than normal. I would say, I've been in the car
• 4:38
  Speaker 3: with you, So you're going slower than normal. And and
• 4:42
  Speaker 3: you know, and something still happened. Like you you were prepared,
• 4:47
  Speaker 3: and as you said, like when you got home, all appearances,
• 4:50
  Speaker 3: your car looked fine, but there was something not I'm
• 4:55
  Speaker 3: gonna say under the hood. But it wasn't under the hood.
• 4:57
  Speaker 3: Youat know what I mean, there was something underneath that
• 4:58
  Speaker 3: chat as something was not right that's now affected the
• 5:01
  Speaker 3: rest of your your day or even weaker, how long
• 5:04
  Speaker 3: ever it takes well.
• 5:06
  Speaker 2: And the feeling of when you turn your steering wheel
• 5:08
  Speaker 2: to go one way on your vehicle goes the other way,
• 5:14
  Speaker 2: that is a helpless feeling.
• 5:15
  Speaker 3: And there's nothing scarier.
• 5:18
  Speaker 2: Really, No, it was. I think it turned out for
• 5:22
  Speaker 2: the best. But you and I were talking about it
• 5:24
  Speaker 2: this morning via phone. And there's some parallels here the
• 5:30
  Speaker 2: two dentistry and some of the challenges they.
• 5:32
  Speaker 3: Face right A big one and it's something that people
• 5:35
  Speaker 3: are going to start thinking about come come January through
• 5:38
  Speaker 3: through March and April, is taxes, tax situation and and
• 5:43
  Speaker 3: bills or other things that may arise even though you
• 5:46
  Speaker 3: thought you were prepared.
• 5:47
  Speaker 2: I was talking to a practice owner recently and they
• 5:50
  Speaker 2: were talking about how you had a great year, a
• 5:53
  Speaker 2: lot of a lot of upside, you know. We were
• 5:56
  Speaker 2: sharing how some of their friends and colleagues have had
• 5:59
  Speaker 2: staffing issues. The blessed to not have those. They they've
• 6:03
  Speaker 2: been growing, everything has seemingly been good. And then and
• 6:07
  Speaker 2: then they had two pieces of information hit. They owed
• 6:11
  Speaker 2: a property tax that was overlooked twenty five thousand dollars,
• 6:16
  Speaker 2: and because there had been some growth that they also
• 6:20
  Speaker 2: owed another forty five thousand uh in additional taxes beyond
• 6:25
  Speaker 2: beyond paying quarterly taxes.
• 6:27
  Speaker 3: So in their mind they were they were already they
• 6:30
  Speaker 3: were doing what they were supposed to do as they thought.
• 6:32
  Speaker 2: Yeah. Yeah, their their staff was simpatico, They're producing great dentistry.
• 6:38
  Speaker 2: There's a lot of good and then and then that
• 6:41
  Speaker 2: unexpected happens, right, and and they feel, you know, to
• 6:45
  Speaker 2: quote them, they basically said, I feel powerless about this.
• 6:48
  Speaker 2: I'm so frustrated. I guess this is just how it's.
• 6:51
  Speaker 2: I guess, I guess that's just how it is.
• 6:53
  Speaker 3: That's just one of those things. Again, on the surface
• 6:55
  Speaker 3: of everything, everything was fine, you're doing the right thing. Like,
• 6:59
  Speaker 3: for example, with you in the accident last night, if
• 7:02
  Speaker 3: you are a professional driver, maybe you would have known
• 7:05
  Speaker 3: a better trick to turn the wheel or something that
• 7:08
  Speaker 3: may have prevented the accident. And I think that's the
• 7:11
  Speaker 3: same thing that professionals in like the tax field and
• 7:14
  Speaker 3: a financial field, are much more equipped to deal with
• 7:18
  Speaker 3: than you or I or the normal practice owner. They know,
• 7:23
  Speaker 3: they have much more knowledge about how to alleviate and
• 7:26
  Speaker 3: fix these things before they even happen.
• 7:27
  Speaker 2: Well, a tax preparer, not one that works with fifteen
• 7:31
  Speaker 2: dentists and claims that they know dentistry, right, but a
• 7:34
  Speaker 2: tax preparer that does, you know dental only forensic accounting.
• 7:38
  Speaker 2: That's what they do. To parallel with my accident, the
• 7:41
  Speaker 2: only thing I could have done was at the last
• 7:42
  Speaker 2: second turn my wheel back where the rubber hit the
• 7:45
  Speaker 2: curb instead of my rent hitting the curb, because that
• 7:47
  Speaker 2: would that impact probably would have prevented whatever there's noise,
• 7:50
  Speaker 2: I'm about to find out it's going to cost me,
• 7:53
  Speaker 2: you know, and in tax and accounting again, so many
• 7:57
  Speaker 2: of these accountants they kind of do what I did.
• 8:00
  Speaker 2: They kind of threw their hands up. I don't know
• 8:01
  Speaker 2: what I could have done. It was slick, right, Well,
• 8:03
  Speaker 2: I don't know what I could have done. You grew. Well,
• 8:06
  Speaker 2: what you could have done is been tracking this monthly
• 8:08
  Speaker 2: and quarterly and gotten ahead of it. I didn't talk
• 8:10
  Speaker 2: to people recently they don't pay quarterly's quarterly tax estimates
• 8:14
  Speaker 2: and ask why, and they didn't have a good answer.
• 8:17
  Speaker 2: But then they started talking themselves into well, it's just
• 8:20
  Speaker 2: better for some cash flow. You know, I've got money
• 8:23
  Speaker 2: throughout the year before writing the big check. But then
• 8:26
  Speaker 2: there's no barometer on really to be able to track it.
• 8:28
  Speaker 2: If you do it quarterly, you kind of have a
• 8:30
  Speaker 2: feel for it, and then you know what that variance is. Well,
• 8:33
  Speaker 2: where if you're a practice owner just playing a lump
• 8:35
  Speaker 2: sum at the end of the year, sometimes that's driven
• 8:37
  Speaker 2: by empathy structure. But you really just don't know, right Like.
• 8:42
  Speaker 3: It's a dangerous it's a dangerous slope to get onto.
• 8:45
  Speaker 2: A black ice. A black ice, you you don't know,
• 8:48
  Speaker 2: you don't see it until you're on it. All these
• 8:49
  Speaker 2: practice owners they have a year and they just don't
• 8:53
  Speaker 2: know when they're told this, and then they settle. And
• 8:55
  Speaker 2: I can tell you I went through, well, I'm grateful
• 8:57
  Speaker 2: I didn't hit a tree. This isn't so bad this morning. Uh,
• 9:01
  Speaker 2: you know, I'm a little bit redded up and annoyed
• 9:04
  Speaker 2: because now I'm enduring the consequences of it. Too many
• 9:07
  Speaker 2: practice owners they just think, well, that's just how it is.
• 9:09
  Speaker 2: They endure the consequences of it, and it might take
• 9:14
  Speaker 2: a while, it might take a couple of years, God forbid,
• 9:16
  Speaker 2: a decade of terrible tax accounting, a standard of care
• 9:19
  Speaker 2: that is just unacceptable for them to not accept it.
• 9:23
  Speaker 2: I guess if that makes.
• 9:24
  Speaker 3: Sense, right, and like and even on top of that,
• 9:27
  Speaker 3: you and I had mentioned previously before this recording tax extensions,
• 9:31
  Speaker 3: so they know, you know, things may not be right,
• 9:34
  Speaker 3: and so that they're they're adding getting these extensions, these
• 9:37
  Speaker 3: things tacked on to try and fix it, and all
• 9:39
  Speaker 3: that is also doing really is eating into next year's
• 9:43
  Speaker 3: time as well.
• 9:44
  Speaker 2: Well. Once I had my car in the driveway, I
• 9:46
  Speaker 2: was like, yeah, I can get to it. You know,
• 9:48
  Speaker 2: maybe I'll just wait right kick the can down the road. Wait,
• 9:51
  Speaker 2: a couple of days because I'm real busy, and that
• 9:53
  Speaker 2: this was you know, it's not a good timing for
• 9:55
  Speaker 2: having to be down a car, right, But then I thought,
• 9:58
  Speaker 2: how many practice owners have I talk to that tell
• 10:00
  Speaker 2: me they always file extensions, And they have because it's
• 10:04
  Speaker 2: it's more strategic or there's a less probability of getting audited,
• 10:08
  Speaker 2: which we've had a podcast on that before. That's incorrect, correct,
• 10:11
  Speaker 2: But kicking the can down the road doesn't do anything.
• 10:14
  Speaker 2: I realized, I got to get this fixed. I got
• 10:17
  Speaker 2: to get this fixed now. So many practice owners settle
• 10:20
  Speaker 2: for the extensions, filing, weight, the tax surprises that we
• 10:23
  Speaker 2: talk about, not having accurate quarterlies. Just super frustrated, like
• 10:28
  Speaker 2: I don't know how I annoyed I am at this
• 10:30
  Speaker 2: minor thing as a practice owner. Why are you putting
• 10:34
  Speaker 2: up with.
• 10:34
  Speaker 3: A beater driving a beater down the road every day? Yeah?
• 10:38
  Speaker 2: Yeah, And it's it's mind blowing to me that while
• 10:43
  Speaker 2: they're so many practice owners are producing great dentistry, but
• 10:47
  Speaker 2: yet they settle for subpar accounting. And again we've talked
• 10:51
  Speaker 2: about this. It's not just how much you pay for
• 10:53
  Speaker 2: your CPA services. What does poor accounting cost you? Right?
• 10:58
  Speaker 2: And and we know it. It's tens and tens of
• 11:01
  Speaker 2: thousands of dollars every year above what they pay on
• 11:04
  Speaker 2: many times, many occasions. But how's a dentist to know
• 11:08
  Speaker 2: looking at income structures and entity structures and quarterlies and
• 11:11
  Speaker 2: forecasting and making adjustments and all of the unique tax
• 11:15
  Speaker 2: strategies that our dental tax team utilize.
• 11:18
  Speaker 3: Right, and then all of a sudden they find out
• 11:19
  Speaker 3: they had a shareholder loan they didn't know about.
• 11:21
  Speaker 2: Yeah. Well, it's like if I go to a dentist,
• 11:24
  Speaker 2: I used to think they're all equal in the same
• 11:27
  Speaker 2: well wild example, but when you might go to one
• 11:29
  Speaker 2: that pulls the wrong tooth. Yeah, and you're like, well,
• 11:31
  Speaker 2: I guess that just happens. No, it doesn't. That's called
• 11:34
  Speaker 2: terrible dents hold the wrong tooth. Yeah. How many practice
• 11:37
  Speaker 2: owners tolerate sub our accounting. It's just it's easy for
• 11:41
  Speaker 2: us to get frustrated because we see it so often.
• 11:44
  Speaker 2: Where we kind of see the before snapshot of this
• 11:47
  Speaker 2: is just their tax picture. Obviously we do a lot more,
• 11:49
  Speaker 2: but we'll see the before. We'll see all the error's mistakes,
• 11:53
  Speaker 2: things that need should have been done, how much it
• 11:55
  Speaker 2: costs them, and it's just shocking to us to see,
• 11:57
  Speaker 2: you know, by just having good account you might have
• 12:01
  Speaker 2: thirty forty thousand dollars more every year. And it's not
• 12:04
  Speaker 2: it's not tricks, right, I'm gonna run my kids to
• 12:06
  Speaker 2: the practice in my car and I'm gonna do all
• 12:09
  Speaker 2: those tricks are gimmicky. Yes, there's there are opportunities to
• 12:13
  Speaker 2: implement some of those strategies, but so many people they
• 12:17
  Speaker 2: just they love that they can run a massage through
• 12:20
  Speaker 2: their business. And I think that's just so cool, right
• 12:23
  Speaker 2: right a couple hundred bucks, Like you know, in the meantime,
• 12:26
  Speaker 2: they had a thirty eight thousand dollars tax of price,
• 12:30
  Speaker 2: but they got to run something fun through the practice
• 12:32
  Speaker 2: and they and they almost just feel they just makes
• 12:34
  Speaker 2: them feel better.
• 12:35
  Speaker 3: It's like throwing a dixie cup of water on a bonfire.
• 12:37
  Speaker 3: Yeah like that?
• 12:39
  Speaker 2: Like that?
• 12:39
  Speaker 3: Yeah, I just made that up. Well, Casey and talking
• 12:42
  Speaker 3: about you know, these tax situations and you know ways
• 12:46
  Speaker 3: that a dental only firm can really help a practice owner,
• 12:50
  Speaker 3: really help them succeed a lot. That brings me to
• 12:54
  Speaker 3: one of the big projects I've been helping work on
• 12:57
  Speaker 3: is you know where you and your team of speakers
• 13:01
  Speaker 3: will be next year. It's gonna be a really exciting
• 13:03
  Speaker 3: I'm really excited for We're going to a lot of
• 13:05
  Speaker 3: really cool areas. I'm not going to cover the entire
• 13:08
  Speaker 3: year right now because I don't want to bore everybody,
• 13:10
  Speaker 3: but I do want to kind of cover our first
• 13:11
  Speaker 3: quarter here and get people in those areas excited and
• 13:14
  Speaker 3: and who that listened to us, and uh, you know,
• 13:17
  Speaker 3: if you know somebody that could benefit from one of
• 13:20
  Speaker 3: these events, feel free to send them along as well.
• 13:23
  Speaker 3: Starting in January, on January twenty third, we're gonna be
• 13:26
  Speaker 3: in Fort Myers and Jacksonville, Florida. That's gonna be a
• 13:29
  Speaker 3: really really cool event.
• 13:30
  Speaker 2: You know.
• 13:31
  Speaker 3: There's gonna be bourbon, there's gonna be food, there's gonna.
• 13:33
  Speaker 2: Be se When is that one?
• 13:36
  Speaker 3: January twenty third?
• 13:37
  Speaker 2: Okay, So in Indiana Rmal where we're at yep in January,
• 13:42
  Speaker 2: it's typically cold.
• 13:43
  Speaker 3: Correct.
• 13:44
  Speaker 2: We're gonna be in Florida in January, that's right. That
• 13:46
  Speaker 2: is great news.
• 13:50
  Speaker 3: Yeah, but a week after that we'll be in Boston,
• 13:52
  Speaker 3: so that'll be cold again.
• 13:53
  Speaker 2: Yeah. The Yankee Dental Congress what a great you know,
• 13:55
  Speaker 2: there's a lot of great dental meetings, and we've really
• 13:58
  Speaker 2: enjoyed going to the Dental Congress. We uh we present
• 14:02
  Speaker 2: two hours uh wink. Our lecture is on Thursday this year,
• 14:06
  Speaker 2: typically to a sold out room. Again if people who
• 14:10
  Speaker 2: in the put of their stomach, feel that they might
• 14:12
  Speaker 2: be missing the mark on the business and financial side
• 14:14
  Speaker 2: of things. And and what what a what a great event.
• 14:17
  Speaker 2: Now Boston is cold in January. But other than that
• 14:20
  Speaker 2: beautiful city, the North End has some amazing Italian restaurants.
• 14:23
  Speaker 2: We love that meeting. What a great meeting.
• 14:25
  Speaker 3: Well, and what's a really fun thing we're doing this
• 14:27
  Speaker 3: year is the night before that Wednesday night, we're gonna
• 14:30
  Speaker 3: be having us a little social That's right.
• 14:32
  Speaker 2: We're gonna have a get some friends, colleagues and people
• 14:36
  Speaker 2: we don't know. We're just going to get together at
• 14:37
  Speaker 2: a very nice venue and ye maybe taste some taste
• 14:40
  Speaker 2: some bourbon, have some nice snacks, but no no lecture,
• 14:43
  Speaker 2: just spend time together. I know we've got multiple clients
• 14:46
  Speaker 2: and friends going to join us there. And uh, for
• 14:49
  Speaker 2: for people in that that Boston area, uh, we're gonna
• 14:53
  Speaker 2: we're going to reach out and invite people to come.
• 14:55
  Speaker 3: Yep. And if you're in the Boston area, or if
• 14:56
  Speaker 3: you know you're going to the Yankee Dental Congress, we'd love,
• 15:00
  Speaker 3: would love for you to come and join us.
• 15:01
  Speaker 2: What have we got in February?
• 15:03
  Speaker 3: Yep, February, We've got Fayetteville, Arkansas, and Oklahoma City, which
• 15:08
  Speaker 3: is in Oklahoma.
• 15:09
  Speaker 2: I don't know if you knew that smaller venues.
• 15:10
  Speaker 3: I like it, yeah, followed up by Scottsdale, Arizona, and Henderson, Nevada.
• 15:15
  Speaker 3: I said, Nervada, it's Novada, my bad. Leading into March,
• 15:19
  Speaker 3: we've got Shreveport, Louisiana, Birmingham, Alabama. Then we're going to
• 15:23
  Speaker 3: be at the Thomas p Henman Conference and you'll be
• 15:25
  Speaker 3: speaking a right one.
• 15:26
  Speaker 2: Yeah, yeah, yeah, that's that's in Atlanta. I think it's
• 15:29
  Speaker 2: like the opening weekend of March Madness. Yeah.
• 15:32
  Speaker 3: Yeah, it's like the twentieth or the twenty second of March,
• 15:35
  Speaker 3: so that sounds about right.
• 15:36
  Speaker 2: Yeah. I'm going to do a lecture there and probably
• 15:38
  Speaker 2: do another call it a cocktail party or a social yeah,
• 15:42
  Speaker 2: for dentists and specialists. Going to do that with the Wednesday.
• 15:46
  Speaker 3: Before yep, and then wrapping up for March, we're going
• 15:49
  Speaker 3: to be in Northbrook, Illinois. In Springfield, Illinois, kind of
• 15:53
  Speaker 3: coming back to west a little bit. Yeah, So, I
• 15:54
  Speaker 3: mean that's just those are just the events in three months.
• 15:58
  Speaker 3: We're going to be all over the place the rest
• 16:00
  Speaker 3: of the year. This is really exciting and I know
• 16:03
  Speaker 3: you and your team are thrilled about some of these
• 16:07
  Speaker 3: new places that we're going to go to and and
• 16:10
  Speaker 3: and speak to, which is it's pretty awesome.
• 16:13
  Speaker 2: Well, Jared, a little inside baseball. We go to a
• 16:15
  Speaker 2: lot of different cities. We look at the map, we
• 16:17
  Speaker 2: figure it out right. But you know, the Orlandos and
• 16:20
  Speaker 2: the Dallases of the world, they have a lot of
• 16:22
  Speaker 2: opportunities for just tons and tons and tons of resources
• 16:25
  Speaker 2: and events because they're big cities. Some of the geographies
• 16:28
  Speaker 2: we go to they don't get catered to. They have
• 16:30
  Speaker 2: to travel long distances. So we thought let's sprinkle some
• 16:33
  Speaker 2: of those in. And we're also yes, we get into
• 16:36
  Speaker 2: cash flow and tax management and investing and retiring, practice advisory, insurance,
• 16:43
  Speaker 2: a whole bunch of different things. But we're going to
• 16:45
  Speaker 2: talk about how to conquer the dso and not and
• 16:48
  Speaker 2: not in a bad way that we've talked about it before.
• 16:50
  Speaker 2: How many practice owners they feel like they have one option.
• 16:53
  Speaker 2: They're upside down on their money. Somebody offers them a
• 16:55
  Speaker 2: big check and they feel like that's the only option.
• 16:57
  Speaker 2: And we want people to have more options. Yes, that's option.
• 17:00
  Speaker 2: How about getting your practice to sub sixty percent overhead,
• 17:03
  Speaker 2: a practice that isn't completely hijacked by insurance one that's
• 17:07
  Speaker 2: their profit law statement and balance sheet and income. Those
• 17:11
  Speaker 2: are really strong practice. If you have a practice like that,
• 17:13
  Speaker 2: you have options. We're going to get into that a
• 17:15
  Speaker 2: little bit.
• 17:16
  Speaker 3: And I mean, and when all those things are going right,
• 17:18
  Speaker 3: it allows you to refocus on why you loved going
• 17:20
  Speaker 3: into dentistry in the first place.
• 17:22
  Speaker 2: That's right. So many people have that that, you know,
• 17:25
  Speaker 2: youthful energy of being a new practice owner. And the
• 17:28
  Speaker 2: sad thing is when they go to retire and they've
• 17:29
  Speaker 2: just been beat the hell and they're they're frustrated and industry.
• 17:34
  Speaker 2: You know, they loved industry, but man, it was it
• 17:37
  Speaker 2: was a tough go because they tried to do everything
• 17:39
  Speaker 2: on their own, the dentistry, the business side, financials, decision making.
• 17:45
  Speaker 2: And so we don't want people to be in that spot.
• 17:47
  Speaker 2: We want people be empowered.
• 17:48
  Speaker 3: So Casey, before I wrap this up, I just want
• 17:51
  Speaker 3: to tell everybody. If you're in the Fort Myers or Jacksonville,
• 17:55
  Speaker 3: Florida areas, tickets or you know, seats are now available
• 17:59
  Speaker 3: to register.
• 18:00
  Speaker 2: We just launched that yesterday, right we did, yep, And so.
• 18:03
  Speaker 3: We've got we've got, you know, some emails going out
• 18:05
  Speaker 3: and stuff. But if you if you're listening, go to
• 18:07
  Speaker 3: four Quaters dot com, four Quadrantadvisory dot com slash events
• 18:11
  Speaker 3: and they're on there. We're also within the next couple
• 18:15
  Speaker 3: of weeks, I'll be putting up some of the other
• 18:17
  Speaker 3: cities and towards the end of January.
• 18:19
  Speaker 2: So I'm a lot to look out for well, and
• 18:21
  Speaker 2: as a listener, here's what you can expect. At at
• 18:24
  Speaker 2: at minimum, you're going to have a great time. We
• 18:26
  Speaker 2: put on a pretty good show, not just the lecture part,
• 18:29
  Speaker 2: but we have some of the best food, uh you
• 18:32
  Speaker 2: know we've had. We've had chefs carving tomahawks, steaks medium
• 18:36
  Speaker 2: rare for people. We're drinking some of the best bourbon,
• 18:38
  Speaker 2: tasting it and responsible manner, but you know, really having
• 18:42
  Speaker 2: a good time. You're gonna see friends, you're gonna see colleagues,
• 18:44
  Speaker 2: you might see competitors, but people end up you know,
• 18:46
  Speaker 2: high five and having a good time. You know other
• 18:48
  Speaker 2: people that they might learn a tip or two, but
• 18:50
  Speaker 2: for some of those people it could change their life.
• 18:52
  Speaker 2: And I don't say that lightly. It might be that
• 18:54
  Speaker 2: they have to challenge their current existing external teams to
• 18:58
  Speaker 2: be better, or they may they may find there's a
• 19:01
  Speaker 2: better way. But regardless, people have a great time.
• 19:03
  Speaker 3: Well, Catie, thank you so much for spending some time
• 19:06
  Speaker 3: with me while you're waiting on that tow truck. And
• 19:08
  Speaker 3: I'll probably see you later on this afternoon at some
• 19:10
  Speaker 3: point fingers crossed. Thanks Jerry, you have a good one.
• 19:16
  Speaker 1: Hello everyone, Welcome to the Millionaire Dentist Podcast, brought to
• 19:20
  Speaker 1: you by four Quadnance Advisory. On this podcast, we break
• 19:23
  Speaker 1: down the world of dentistry, finances and business practices to
• 19:27
  Speaker 1: help you become the millionaire dentists you deserve to be.
• 19:29
  Speaker 1: Please be advised we do speak with an honest tongue
• 19:32
  Speaker 1: and may not be safe for work.