In this episode Dentists, Puns, & Money, we visit with Dr. Jeff Priluck.Dr. Priluck is a semi-retired dentist from the Atlanta, GA area who has chosen to remain active with clinical dentistry, even after selling his private dental practice that he owned for 38 years. He's continued to practice part-time because he loves clinical dentistry. Learn more about his transition into semi-retirement in this episode. Among the topics Dr. Jeff and Shawn discuss: What Dr. Jeff learned during his transition from full-time owner dentist to part-time associate.How Dr. Jeff knew he was was financially-independent from practicing dentistry. How he's handled the physical demands of clinical dentistry for 40-plus years. How Dr. Jeff has put his customer service skills to work in the automotive industry. Plus, Dr. Jeff's joke at the end of our episode is an all-timer: As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab.  ----------------------------------------------More information about Dr. Jeff Priluck and this episode:LinkedIn: linkedin.com/in/jeffrey-priluck-3aa51b45/Email: drpriluck@aol.comLolabees Dental Coaching: lolabeescareercoaching.com---------------------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter--------------------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

In this episode Dentists, Puns, & Money, we visit with Robert Montgomery III, Esquire.Robert is an attorney with a specialty focus on the legal and business needs of dentists.In 1997, Rob founded Your Dental Lawyer, a boutique law firm based in Philadelphia, and he's been working with dentists ever since. Among the topics Robert and Shawn discuss: The legal considerations for a dentist selling their practice, including the exit paths most commonly taken.The legal documents necessary for a practice transition.How practice real estate factors into the deal. Rob has worked on over a thousand dental deals during his career, ranging from practice start-ups to equity buy-ins and complex practice acquisitions.Rob focuses his practice on the legal and business needs of the firm’s dental clients, advising on practice acquisitionsand sales, practice start-ups and lease negotiations, buy-ins, partnership agreements, employment matters, formingand structuring dental service organizations, operational issues, financing, real estate sales and acquisitions, as well asgeneral corporate and business matters.Rob regularly lectures to audiences across the country and is a frequent speaker for Ideal Practices, a highly regardednational dental practice start-up consulting firm.Rob is also the co-founder and co-host of The Dental Amigos Podcast.As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab.  --------------------------------More information about Robert Montgomery III and his dental-related connections:Firm Website: YourDentalLawyer.comConsulting Website: IdealPractices.comPodcast Website: TheDentalAmigos.comInstagram: yourdentallawyerFacebook: facebook.com/dentallawLinkedIn: linkedin.com/in/roberthmontgomeryiii-----------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter------------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

Health Savings Accounts don't often attract as much attention as Backdoor Roth IRA's or other tax savings strategies.But HSA's can be a valuable piece of a lifetime tax reduction plan with better understanding and better execution of a long-term contribution and distibrution strategiesIn this episode Dentists, Puns, & Money, Shawn Terrell shares the 13 Things You Might Not Know About Health Savings Accounts.Listen to learn more about:  How to calculate your maximum annual contribution to your HSA, based on your health insurance plan and your age. Why HSA's are often referred to as "triple tax advantage" accounts. How long someone can wait to reimburse themselves for medical expenses from their HSA. Find out more about how our firm helps dentists exiting clinical with tax planning and income optimization by visiting our website, which is dentistexit.com.-----------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter------------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

Hemmen and Associates helps dentists extract maximum value and cash flow from their dental practices. The owner and president of the dental brokerage, Tom Hemmen, is the guest on this episode of Dentists, Puns, & Money. Listen to learn more about: How far in advance of a dental practice sale should a valuation be completed.The benefit of updated dental practice valuations during growth years. The benefit of a letter of direction to put a practice on the market quickly in the event of a dentist's change in health. As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab. -----------------------------------------More information about Tom Hemmen: Hemmen and Associates Website: hemmenassoc.com Hemmen and Associates Phone: 800-745-1438 ---------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter--------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

It's common for dentists to defer clinical and dental practice owner income into a 401(k), Profit Sharing Plan, or IRA during their peak earning years.That's often a wise strategy to lower a dentist's lifetime tax bill.But the IRS won't let a dentist avoid that tax bill forever. Required Minimum Distributions begin at a certain age.If a dentist wants to play the long-term tax game to the best of their ability, it's critical they develop a strategy for RMD's well before they become mandated.In this episode Dentists, Puns, & Money, Shawn Terrell shares some strategies associated with Required Minimum Distributions. Listen to learn more about:  The benefits of planning and formulating RMD strategies. The downsides of being reactive instead of proactive with deferred tax accounts. How to think about the time window for executing RMD strategies. Find out more about how our firm helps dentists exiting clinical with tax planning and income optimization by visiting our website, which is dentistexit.com.-------------------------------To download a free copy of the 2023 Tax Reference Guide, click here. -----------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter------------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

Dentists often defer clinical and owner income into a 401(k), Profit Sharing Plan, or IRA during their peak practice years.That's often a wise strategy to lower a dentist's lifetime tax bill.But the IRS won't let a dentist avoid that tax bill forever. That's why its implemented something called Required Minimum Distributions beginning at a certain age.If a dentist wants to play the long-term tax game to the best of their ability, it's critical they understand all the rules associated with RMD's.In this episode Dentists, Puns, & Money, Shawn Terrell shares the 8 Most Frequently Asked Questions related to Required Minimum Distributions. Listen to learn more about:  The age at which RMD's begin.  How to calculate your RMD. The penalty for NOT taking an RMD. Find out more about how our firm helps dentists exiting clinical with tax planning and income optimization by visiting our website, which is dentistexit.com.-------------------------------To download a free copy of the 2023 Tax Reference Guide, click here. -----------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter------------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

In this episode Dentists, Puns, & Money, we discuss Direct Indexing as an investment strategy. Please note: This episode was originally released on March 15th. 2023.Many dentists are familiar with the strategy of buying index funds, or indirectly investing in an index. But directly investing in an index is a little different.  We’ll cover three things in this episode:  What’s are the differences between indirectly investing in an index vs. directly investing in an index, fundamentally? What are the benefits of directly investing in an index vs. indirectly investing in an index by buying an index fund? Why is direct indexing becoming available to more people and becoming more popular than it ever has been in the past?As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab. --------------------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter----------------------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

Dr. Brady Frank suffered a wrist injury when he was a D3 in dental school. It put his clinical dentistry career in jeopardy. So he focused on the business side of being a dentist, and quickly learned how to buy, build, and scale dental practices. Dr. Brady continues to be involved with Dental Service Organizations today, and he joins us to discuss the pros and cons of DSO's on the latest episode of Dentists, Puns, & Money. Listen to learn more about: The big differences between a corporate DSO and an autonomous DSO. How partnering with an autonomous DSO can help a dentist accelerate the timeline of their clinical exit.The nuts and bolts of the compensation structure when partnering with a DSO.As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab. -----------------------------------------More information about Dr. Brady Frank:  Freedom Dental Partners Website: freedomdentalpartners.com Become the DSO Website: becomethedso.com ---------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter--------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

Dr. Tom Reed is the first to admit he had the wrong mindset when he hired his first associate dentist. But now that he's spent 20-plus years as a private dental practice owner, he has a different perspective.In this episode of Dentists, Puns, & Money, Dr. Reed shares what he's learned about mentorship, and why he believes it's a critical piece of the long-term future of dentistry. Listen to learn more about: The benefits of mentorship in dentistry for both mentor and mentee.The mentorship system he built in his practice to create a symbiotic relationship between owner doc and associate.How mentorship can increase dental practice transition value and also leave a legacy.As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab. -----------------------------------------More information about Dr. Tom Reed: Coaching Website: dynamicdentalascension.com Dental Practice Website: citycenterdentalgroup.com Cell Phone: 303-906-4788 Email: dr.tcreed@gmail.com ---------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter--------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

Colin Carr launched his commercial real estate company after seeing the same issue over and over... healthcare professionals getting "manhandled" on deals for their practice space by shady landlords. Carr Healthcare Realty now represents dentists and dental practice tenants and buyers (and other healthcare professionals) all over the United States. In this episode of Dentists, Puns, & Money, Colin shares what he's learned during his two decades working in healthcare commercial real estate.  Listen to learn more about: How dentists can negotiate their lease renewals for lower monthly payments, tenant improvements, and free rent.The key language dental practices should have in the assignability clause of their lease agreement.How a dentist that owns their real estate can achieve maximum value in their practice transition.As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab. -----------------------------------------More information about Colin Carr and Carr Healthcare Realty:  Website: www.carr.us Facebook: @CARRHealthcare Instagram: @CARRHealthcare ---------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter--------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

What are the big financial pieces for a dentist to organize as they transition out of clinical practice?That’s a question Shawn Terrell was asked by Ken Kaufman (and answered) as a guest on DEO's Growth Secrets Podcast.This episode of Dentists, Puns, & Money is a replay of Shawn's guest appearance on the DEO podcast, which was originally recorded and released in February 2023. The podcast is hosted by Ken Kaufman, who has more than two decades of experience in the dental professional as an author, speaker and as a chief financial officer of various dental organizations. In addition to the big three things dentists should consider about their personal financial planning when exiting clinical, Shawn and Ken also discuss: How a dentist should evaluate a Roth IRA conversion strategy.How a dentist should analyze the options for the profit in their practice. Examples: distribute for personal investments, pay down debt, reinvest in practice, or scale to a DSO?Lightning round questions for Shawn about (mostly) random topics.As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab. ---------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter--------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

Dr. Alan Stern is a practicing owner dentist and the founder of a coaching business called Better, Richer, Stronger.After 42 years in practice, Dr. Stern is in the process of transitioning from clinical to coaching other dentists.Through his program, Alan works with dentists who want to create a workplace that is productive & profitable and a life that is rewarding and meaningful. In fact, Alan wrote the book, Enjoy the Ride for those who want to get out from the day to day grind and take charge of their roadmap to a better life.As a result of his work, people often share they have more focus, more energy, more momentum and get the resultsthey no longer thought were possible.In this episode Dentists, Puns, & Money, Dr. Alan Stern shares the number one thing he's learned in his career, and how he's approaching phasing out of clinical.As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab. -----------------------------------------More information about Dr. Alan Stern:  Facebook Group: Better, Richer, StrongerWebsite: BetterRicherStronger.com ---------------------------------Dentist Exit Planning Resources: Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter--------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

How should a dentist know if and when to seek professional help with their money?That’s a question Shawn Terrell was asked by Dr. Grace Yum as a guest on the Mommy Dentists in Business Podcast.This episode of Dentists, Puns, & Money is a replay of Shawn's guest appearance on the MDIB Podcast, which was originally recorded in the summer of 2022.Dr. Yum started as a pediatric dentist in Chicago, but has since relocated to California, where she’s currently growing her Mommy Dentists in Business empire.Dr. Grace and Shawn discuss how dentists of all career stages can think about financial planning, and why the most important piece of planning is first helping each dentist identify what they want out of life, broadly speaking.There’s also some casual banter about sports and music mixed in, so proceed with caution if you’re bored by either.As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab. ---------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter--------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

Dr. Shivani Kamodia Barto is a general dentist, yoga teacher, and wellness coach.Dr. Kamodia Barto put her clinical career on hold not long after dental school. She's using the clinical pause to build a separate business as a wellness coach and yoga instructor. Dr. Kamodia Barto has over ten years and 600 hours of experience teaching yoga asana, facilitating personal-development workshops, hosting wellness retreats, and lecturing on the science of well-being. She completed her 200-hour yoga teacher training in 2012 and graduated from the University of Michigan School of Dentistry in 2018.Dr. Shivani teaches others how to prevent burnout and build stress resilience through nervous system regulation and the practical applications of yoga, meditation, and breathwork. She teaches how to better manage stress through strategies to increase focus and productivity, build impactful habits, and develop a deeper self-understanding.In this episode Dentists, Puns, & Money, Dr. Kamodia Barto shares her story and her strategies. As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab. ------------------------------More information about Dr. Shivani Kamodia Barto:  Website: drshivasana.com  Instagram: @dr.shivasana -----------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter-----------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

Ken Kaufman is a sought-after speaker and thought-leader in the dental industry. Ken recently wrote his first book "Financial Secrets to Grow Dental Organizations," and he shares the key takeaways from the book in this interview.He's worked as a CFO and President in several dental organizations over the last 20 years. In that time, he's learned the keys for dentists to grow and scale their practices from one to multiple locations. Ken put all those secrets on paper when he co-wrote his first book, "Financial Secrets to Grow Dental Organizations," which was published in late 2022. In this episode Dentists, Puns, & Money, Ken shares the big takeaways from the book. As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab. ------------------------------------More information about Ken Kaufman: Book: Financial Secrets to Grow Dental Organizations LinkedIn: linkedin.com/in/kennethkaufman/  ----------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter-------------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

It's common for dentists to defer clinical and dental practice owner income into a 401(k), Profit Sharing Plan, or IRA during their peak earning years.That's often a wise strategy to lower a dentist's lifetime tax bill.But the IRS won't let a dentist avoid that tax bill forever. Required Minimum Distributions begin at a certain age.If a dentist wants to play the long-term tax game to the best of their ability, it's critical they develop a strategy for RMD's well before they become mandated.In this episode Dentists, Puns, & Money, Shawn Terrell shares some strategies associated with Required Minimum Distributions. Listen to learn more about:  The benefits of planning and formulating RMD strategies. The downsides of being reactive instead of proactive with deferred tax accounts. How to think about the time window for executing RMD strategies. Find out more about how our firm helps dentists exiting clinical with tax planning and income optimization by visiting our website, which is dentistexit.com.-------------------------------To download a free copy of the 2023 Tax Reference Guide, click here. -----------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter------------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

Dr. Karen Tindall and Dr. Laura Schwindt combine their love of people, transformations, and dentistry together in their partnership of The Mint Door. They share their story and how they help other dentists in this episode.Drs. Tindall and Schwindt believe the well-being of dentists and their team members is the key to a successful practice and, more importantly, a happy life.That's why both left clinical practice several years ago to pursue a different calling… providing total well-being programs and coaching for other dentists and their teams.  In this episode Dentists, Puns, & Money, they share their story of transformation. It led to a partnership called The Mint Door to help others like them.Listen in as Dr. Karen and Dr. Laura share how “the achievement trap of dentistry” as they call it, can lead to unhappiness, and also why they believe a healthy practice is a wealthy practice.As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab. ------------------------------More information about The Mint Door: Website: themintdoor.net Facebook Group: facebook.com/groups/themintdoorInstagram: @themintdoorclub Podcast: The Mint Door Podcast ----------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter----------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

Dentists often defer clinical and owner income into a 401(k), Profit Sharing Plan, or IRA during their peak practice years. That's often a wise strategy to lower a dentist's lifetime tax bill. But the IRS won't let a dentist avoid that tax bill forever. That's why its implemented something called Required Minimum Distributions beginning at a certain age. If a dentist wants to play the long-term tax game to the best of their ability, it's critical they understand all the rules associated with RMD's. In this episode Dentists, Puns, & Money, Shawn Terrell shares the 8 Most Frequently Asked Questions related to Required Minimum Distributions. Listen to learn more about:  The age at which RMD's begin.  How to calculate your RMD. The penalty for NOT taking an RMD. Find out more about how our firm helps dentists exiting clinical with tax planning and income optimization by visiting our website, which is dentistexit.com.-------------------------------To download a free copy of the 2023 Tax Reference Guide, click here. -----------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter------------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

How should you think about marketing your dental practice if considering a sale in the next 3-5 years? Grace Rizza, CEO of Identity Dental Marketing discusses that topic in this episode. Grace is the CEO and founder of Identity Dental Marketing. She's guided the growth of more than 1,500 dental practices since founding her company in 2009. Among the topics Grace and Shawn discuss: Why new patient flow matters when it comes time to sell. Branding advice for a dentist practice owner planning to sell in the next 1-5 years. How to market a practice for growth while a dentist is seeking to cut back on hours.Grace is known for her candor and relatable demeanor, and it shines through in this interview. Her speaking style is engaging and lighthearted. In addition, Grace is the host of the Facebook Group and Podcast "Dentistry's Growing with Grace" where she shares businessdevelopment solutions almost daily.As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab.  ---------------------------------------More information about Grace Rizza and her work within the dental industry:Company Website: identitydental.com Facebook Group: facebook.com/groups/DentalMarketingWithGrace Podcast: gracerizza.com/podcast -------------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter----------------------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn

Health Savings Accounts don't often attract as much attention as Backdoor Roth IRA's or other tax savings strategies. But HSA's can be a valuable piece of a lifetime tax reduction plan with better understanding and better execution of a long-term contribution and distibrution strategiesIn this episode Dentists, Puns, & Money, Shawn Terrell shares the 13 Things You Might Not Know About Health Savings Accounts.Listen to learn more about:  How to calculate your maximum annual contribution to your HSA, based on your health insurance plan and your age. Why HSA's are often referred to as "triple tax advantage" accounts. How long someone can wait to reimburse themselves for medical expenses from their HSA. Find out more about how our firm helps dentists exiting clinical with tax planning and income optimization by visiting our website, which is dentistexit.com.-------------------------------To download a free copy of the 2023 Tax Reference Guide, click here. -----------------------------------Dentist Exit Planning Resources:Website: dentistexit.comSchedule a Discovery Meeting with ShawnSign-Up for Dentist Exit Email Newsletter------------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsInstagramLinkedIn