To buy a new dental practice and learn to run it successfully, you’ll have to digest a lot of information in very little time. Along the way, you’re bound to make mistakes, but with guidance, you can avoid the most damaging.
Thinking of moving? Perhaps you just interviewed for a job with a new company. Or maybe your current employer set the wheels in motion telling you to relocate. Whatever your situation, before you pack your bags and head to a new city there are a few financial decisions you may want to consider before relocating for work. In a recent meeting I had with a client, they were trying to decide which town would offer them the best value of lifestyle for their income. In order to narrow down the field, they needed an actual cost of living comparison. So we took a couple of different towns into consideration before they loaded those boxes into a moving van. Here’s an example of what we did to make their decision more informed. Let’s say this client is a general dentist. So here is what we know about Dr. Smiles. He earns $160,000 a year in Knoxville, TN.Now he wants to sell his practice and migrate south to Cape Coral, FL. Using this simple calculator, Dr. Smiles now knows how this move will affect his lifestyle. The calculator lets you compare your current and possible new city with other major cities in the U.S. The first point to take note of is […]
One niche of small businesses that we often advise at Heritage Investors is an “entrepreneurial doctor”. Those are the doctors that work outside of a hospital and aren’t W2 employees. They own their practice and can be dentists, veterinarians, optometrist, etc. Before coming to us there are a variety of business mistakes doctors often make when it comes to the business side of their vocation. These guys are brilliant doctors with varying designations, however, most don’t earn MBA’s on top of that. Business is often not an easy model for these educated folks to understand. Here are nine issues I often see in their business models. 1. Negotiate for Themselves We have a tendency to think if we do it ourselves we will save a substantial amount of money and be better off. That’s just not really the case. A book I recently read, The Millionaire Mind by Thomas J. Stanley discusses this very topic. One of the top differences in those who obtain the title of millionaire, are they hire professionals to do the job. They’re not DIY guys. They want professionals to help them get the best results. The millionaires themselves focus all their time and energy into […]
If you’re a physician, then you attended one of the best medical schools in the world. Why? Because you live in the U.S. However, you may be struggling to make reach your financial goals, despite a hefty salary. Physicians are some of the most unique investors out there. Not only do physicians have a higher student debt, they also have higher liability risks, an above-average income, and a complex situation to start with. Here are the top financial mistakes self-employed doctors make and what you can do to change your future. What’s So Different for Physicians? First off, physicians go through years school, meaning they finally begin their career around 27. However, with a residency, it could even be as late as 30 before they potentially start. A much later start could hinder investment options early on leading to some poor decisions. Next, roughly more 60% of all physicians owe more than $150,000 by the end of their education; only 17% owe absolutely no debt whatsoever. Shockingly, three-quarters of doctors that specialize in low-risk areas receive some sort of malpractice claim against them before the age of 65. This statistic alone clearly shows the higher liability risk than most industries. Finally, an ever-changing […]