June 6, 2016

VIDEO: Dentist, Business, Planning, and Net Worth Increase

Dentist, Business, Planning, and Net Worth Increase How do you measure the success of your dental practice? Justin Goodbread, CFP(R), Co-CEO of Heritage Investors, a Wealth Management Firm in Knoxville, TN answers a client question. How should a dentist judge the effectiveness of their wealth advisor? If you are a dentist, then we are sure you have often wondered about the state of your business. Where are you going and what are you trying to achieve. Your debt load can seem insurmountable. The day to day grind can leave you frustrated. This is where a private CFO can help. Heritageinvestor
May 30, 2016

What’s the worth of a CFP ®? – Financially Simple

In a meeting this last week, a client asked me, “How can I measure the worth of a financial planner?” This client is a very knowledgeable and informed client, trying to understand a quantitative measurement for the hiring of a wealth manager.  This question resulted in an intense research for quantitative measuring tools.  Here is what I discovered…. What you don’t know can definitely hurt…especially when it comes to comprehensive wealth and retirement planning. That’s why working with a CERTIFIED FINANCIAL PLANNER™ could make all the difference in the world. Here’s how  CFP’s® are making a difference for those that choose to work hand in hand with one. According to a recent survey, of those that are within 15 years of retirement, a whooping 76% are stressed when it comes to their savings and investments. However, those working with a CFP® aren’t experiencing the same lack of confidence. With and Without Investors Confident with plan Happy with plan With an advisor 91% 92% Without an advisor 44% 44% Not only are those that work with an advisor stressing less about their future, they’re also seeing higher returns on their investments. While past performance is not indicative of future results, I found […]
March 12, 2016
first year of your new dental practice

Surviving the first year of your new dental practice

Surviving the first year of your new dental practice Young dentists know a lot about teeth—taking care of them, repairing them, making them look beautiful. What these young professionals don’t know a lot about is running a successful business. If this describes you, don’t worry; help is available!! Let’s say you’re fresh out of residency and you just bought your own practice. (Finding and purchasing a dental practice is another process you shouldn’t tackle without guidance; we go into the details here). Heritage Investors has helped many young dentists get off on the right foot. You don’t need to wade into the business world without guidance, and there’s no reason why you should. Your new practice: Year 1. Your first year in business won’t just be about taking care of teeth; that will be the easy part. That first year will also be a crash course in business: planning, budgeting, accounting, tax strategies, patient relations, employee relations. We won’t turn you into an accountant, but we’ll make sure you’re comfortable around a spreadsheet. We won’t turn you into a diplomat, but you’ll come out of the experience better able to get along with the people around you. Here are a […]
March 3, 2016
BUYING A NEW DENTAL PRACTICE? AVOID THESE FIVE PITFALLS

BUYING A NEW DENTAL PRACTICE? AVOID THESE FIVE PITFALLS

BUYING A NEW DENTAL PRACTICE? AVOID THESE FIVE PITFALLS 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. Here are five pieces of advice to keep you from getting too battered and bruised as you climb your very steep learning curve. Don’t buy if you’re not ready. You can be a brilliant young dentist and still not be ready to buy your own practice. The reasons will probably be financial: If you left school with a lot of credit card debt, for instance, you may be better off taking a few months and shoring up your personal finances before you take on major new debt. Don’t alienate your new staff. Unless your dental school offered an education in employee relations, you will want to go into your new business with a light touch, especially at first. If you did learn about employee relations, then you already know to step softly. Getting up to speed with your new practice will be difficult under the best of circumstances. It will get […]