How much cash should you keep on hand? Beyond an emergency fund, what are the advantages of maintaining adequate liquidity? And at what point have you accumulated too much cash? In this episode of Dentist Money™ Reese & Ryan dive into a calculation called “Liquid Term” from the periodic table of financial Elements® and recap findings from last month’s client performance analysis. They raise common questions around cash management, highlight the lesser known advantages of having enough liquidity, and describe how a dentist should expect liquidity to grow over the course of a career.
What does it take to build a business beyond yourself? Even if you’re the only producer, how can you maintain the humanity of your practice as you grow? In this Dentist Money™ interview recorded at the Greater New York Dental Meeting, Reese welcomes Peter Shallard, Founder of Commit Action, and personal coach to entrepreneurs from Silicon Valley to Wall Street. Peter discusses the intersection of business and psychology, and explains why it’s so easy for dentists to become their own worst enemy when trying to grow a practice. He talks about the lies business owners often tell themselves, how burn out usually sets in, and the danger of an all-or-nothing thinking.
The listeners asked, and we responded. But it was mostly by email, and the people who asked the questions were the only ones who got the advice. So we had an idea: “Let’s choose the best financial questions from our loyal listeners and answer them on air.” Then we high fived each other and made this episode. You’ll hear Reese & Ryan answer a liquidity question from a graduating dental student, an entity structure question from a mid career dentist, and a retirement plan question from a practice owner in his 60’s.
How would you rank the building blocks of a valuable practice? Are there certain assets within your business that carry more weight than others? In this episode of Dentist Money™ Reese welcomes Steven J Anderson, co-founder of Crown Council and the TOPS Institute. Steven describes the foundation of every great practice and the leadership qualities exemplified by the best owners. He also shares his view on the new standard of care in dentistry.
Has your schedule gotten away from you? Have you thought about hiring another dentist to help you shoulder the load? In this episode of the Dentist Money™ Show, Reese & Ryan discuss some of the most common reasons dentists feel overworked and underpaid. They also explain why the source of the pain might not always be what you think it is.