Drilling It Down

The morning huddle may seem like a formality, but it can be one of your best tools to improve productivity in your dental office. Are you using it to its full advantage though? Wes and Liam sit down to discuss the morning huddle on today's episode, as well as other meetings you should be having in your practice to ensure everyone is on the same page and moving in the same direction.To chat with one of our advisors about your practice, contact us today!And stay on top of more practice management insights by reading our blog, subscribing to our newsletter, and attending one of our seminars!

Most dentists are overpaying in taxes… and don’t even know it.One of the simplest (and completely legal) ways to reduce your tax bill? Paying your spouse through your dental practice.In this video, Wes and Tyler break down how this strategy works, why it’s so effective, and what you need to do to implement it correctly. Done right, this can mean thousands in tax savings, increased retirement contributions, and a smarter overall financial setup.You’ll learn:✔️ How employing your spouse actually saves money✔️ What the IRS requires (and what to avoid)✔️ How to structure it the right way✔️ Why most dentists never take advantage of thisIf you’re a dental practice owner looking to keep more of what you earn, this is a must-watch.To chat with one of our advisors about this tax saving strategy and others you should be using, contact us here.And stay on top of more tax saving strategies by reading our blog, subscribing to our newsletter, and attending one of our seminars!

Today's episode of Drilling It Down highlights Trump's One, Big, Beautiful, Bill and some of the impacts it will make to the tax law. Wes and Mario highlight the changes that will affect dentists' tax bills, some of the entertaining provisions of the bill, and how Trump did compared to promises he made during his election campaign. Tune in to discover how this will affect you!Charlotte Seminar: https://www.mcgillhillgroup.com/Seminar/4302/The-Roadmap-to-Financial-Wellness-and-Practice-SuccessWant to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

On this episode of Drilling It Down, Wes and Tyler return to explore the intricacies of sale-leaseback arrangements, focusing on the dangers of inflated leases. Drawing parallels with the Toys R Us saga following its private equity buyout, they discuss how companies opt to sell real estate for immediate cash, often leading to financial downfall. They break down the pros and cons of sale-leasebacks, underscoring the risks when companies overreach in pursuit of capital. Tyler emphasizes robust research for potential commercial investments, warning against the traps of inflated rents and the perils of uninformed property acquisitions. They highlight the necessity of local market expertise, cautioning listeners to consult seasoned brokers rather than relying solely on online listings for viable deals. The conversation also touches on the pivotal role of cap rates and interest rates, offering insights into evaluating leases for long-term success. Wes and Tyler adeptly guide listeners through the complexities of commercial real estate investing, providing crucial lessons and strategies to avoid costly pitfalls. Their discussion arms both seasoned and aspiring investors with knowledge essential for safeguarding their financial future.Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com.If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter here to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off!Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In part 2 of our private equity discussion, Wes and Mario explore the complex relationship between private equity and dentistry, highlighting its implications for dental practices. They address concerning trends such as overtreatment driven by management pressure. They then discuss the ethical challenges of prioritizing profit over patient care. Through personal anecdotes, they emphasize the importance of seeking second opinions and informed decision-making. They also examine the structure of corporate dental practices and provide guidance for dentists considering working for dental service organizations (DSOs).Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

On this special episode of Drilling It Down, hosts Wes Lyon and Tyler Ott tackle a critical issue for business owners concerning a substantial $5.54 billion credit card settlement resulting from class action lawsuits against Visa, MasterCard, and several banks for price-fixing from 2004 to 2019. With a deadline of February 4, 2025, they urge listeners to take immediate action to claim their share of the settlement. Wes and Tyler outline the origin of these lawsuits, highlighting the significance of the settlement for businesses that processed payments via the mentioned credit cards. They assure listeners that this is a legitimate opportunity to recover losses from inflated fees and direct them to paymentcardsettlement.com to file a claim. The hosts also discuss potential challenges in the claims process, emphasizing the importance of meticulous financial records and providing strategies for retrieving necessary transaction data if initially unavailable. As they emphasize the urgency of acting quickly, listeners are encouraged to sign up for the McGill & Lyon Dental Advisory newsletter for ongoing updates and insights into the settlement process. This episode is an invaluable resource for business owners, packed with vital information about accessing untapped revenue from a significant class action settlement.Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

On this episode of Drilling It Down, Liam and Wes tackle the crucial topic of business owner policies in light of recent hurricanes, emphasizing preparedness for natural disasters. Wes shares personal experiences to highlight the disruption hurricanes can cause to everyday business operations. The hosts delve into aspects of insurance coverage, stressing the importance of comprehensive policies that cover physical damage and business interruption. They discuss the significance of documenting incidents to support claims and clarify the distinctions between replacement cost and actual cash value. The conversation extends to contingent business interruption insurance, addressing potential supply chain losses and service interruptions due to utility failures. They also outline civil authority coverage and the challenges posed by recent pandemic experiences on claims processes. Throughout the episode, Liam and Wes advocate for prompt claims filing, diligent documentation of recovery efforts, and the necessity of persistence if claims are denied. They encourage business owners to periodically review their insurance needs to adapt to changing conditions. This episode serves as an essential guide for business owners, particularly in hurricane-prone regions, underscoring the importance of being proactive in their insurance strategies.Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode of Drilling It Down, Jonathan and Wes speak about the importance of preparing for catastrophic events, including death and disability. They discuss life insurance—how to determine necessary coverage and the benefits of term policies over permanent ones. Wes emphasizes the need for disability insurance, particularly for dentists, and outlines options for obtaining it. They also highlight the importance of structured plans for practice transitions, ensuring a reliable contact for unforeseen circumstances. Lastly, they address the emotional impact of sudden loss and the necessity of proactive planning to ease burdens on loved ones.Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

Join Wes and Jonathan on this episode of Drilling It Down, where they discuss Dental Service Organizations (DSOs) with a focus on trends, tax considerations, and financial strategies. They explore challenges in selling dental practices, retirement planning, and leveraging technology for practice optimization.Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com. If you're not already, subscribe to The McGill Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode, Wes and Tyler explore strategies and tips for navigating IRS audits and maximizing tax deductions. They emphasized the benefits of meticulous documentation for business expenses, including utilizing the Augusta Rule and mileage logs. Clear communication with CPAs and honesty in reporting expenses are highlighted, along with structuring personal activities for tax deductions. The key takeaway underscores the importance of adherence to IRS regulations and proactive planning for optimizing deductions within legal limits.Want to submit a question that will be answered on the next episode? Submit them here or email us newsletter@mcgillhillgroup.com.If you're not already, subscribe to The McGill Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode of Drilling It Down, Wes and Tyler discuss the "Green Book" proposal and its possible tax implications for business owners, estate taxes, and expiring provisions of tax acts. They also explore the net investment income tax, potential increases in capital gains taxes, and their impact on individuals and businesses. Additionally, they touch on limits on 1031 exchanges and IRS enforcement of tax laws.They then jump into the disadvantages of permanent life insurance. They also share insights on tax-free income for college-age children, maximizing wealth without permanent life insurance, and the importance of transparency in financial products.Join us for upcoming seminars in Boulder, CO and Napa, CA on retirement planning, tax strategies, and legal considerations!If you're not already, subscribe to The McGill Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode of Drilling It Down, Wes Lyon and Liam Fitzgerald discuss long-term care insurance. They delve into the history and evolution of long-term care insurance, highlighting key mistakes made by insurance companies such as underestimating policy duration and rising healthcare costs. They caution against buying long-term care insurance due to unsustainable financial models and the potential for high premium increases. The conversation touches on the complexities of surrendering policies, the importance of assessing the policy's value, and the need for transparency from insurance agents.Wes and Liam emphasize the need for individualized financial advice and suggest considering self-insurance or alternative investment options.If you're not already, subscribe to The McGill Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode, Wes and Liam cover updates from the ERC article, the influence of interest rates on practice values, and the hurdles confronted by private equity firms in the dental sector. Additionally, they explore the bipartisan tax code agreement under scrutiny in Congress and its likely consequences. The conversation underscores prevalent errors in retirement plan structuring, like inaccurate owner salaries and plan classifications, stressing the significance of meticulous planning and optimizing spouse contributions.