Financial Planning for a Better Future with Glen Weaver

Time and again we speak with dentists whose careers were significantly impacted by financial decisions outside of the practice. Many were impacted for the worse, but those with a clear plan and the guidance of financial planners are significantly better off for having done so. With that in mind, we recently invited Glen Weaver of Capital Financial Partners to contribute. Glen has experience advising dentists and dental practice owners and so has a good perspective on the questions dentists should be asking themselves and their advisors.

Here is his summary of the important questions dentists need to be asking:

 

Every business professional generally thinks about the following:

• How can I grow and protect my business?
• How can I take care of and provide a rewarding future for my employees?
• How can I build wealth and protect my assets so I retire on my terms and leave a legacy for my family?
• How can I protect my principal from the volatility of the market?
• What financial strategies can I implement so when the market crashes again I don’t lose any money?
• How can I get guaranteed tax-free income for life?
• Did you know that over 450 banks across the US have failed since 2008?  How is that possible?
• Do you know who the best financial managers in the world are and have proven it through various depression eras over the last century?
• Do you have a Variable Life product?

If you do not have these answers then you need to speak with someone who does.

Keep in mind, rising inflation and tax rates can quickly erode retirement savings. You will need more money during retirement to purchase the same things you buy today. Tax rates are rising with plans in Washington to raise them even further. Do you have a plan that allows you to pay current tax rates, grow your money tax-deferred, and then enjoy tax-free income for life?

I am frequently asked, “How can I plan for my kid’s college that does not involve poor performing 529's? With higher education tuition rising at nearly 9% every year, how can I get more aid/grants/scholarships from colleges/universities for my kids education simply by moving assessed assets to non-assessed buckets?”

Did you know with the right plan your kids could attend a private school at or better than the price of a state school?

Regardless where you are in your practice and career if you fail to plan, you plan to fail.  One of the greatest motto's for success is: Plan Your Work and Work Your Plan!  You have objectives and goals for the future that fosters the professional, personal and economic growth of your business and staff members, but do you have a defined plan to get there?  Don’t kid yourself. Most people don’t.

Henry Ford had an 8th grade education. He also had an incredible belief that an 8 cylinder car was possible. He surrounded himself with a team of engineers, advisors, and together went to work on their plan. As we all know and see everyday on the roads, Ford created enormous wealth and legacy for generations.

Consider adding a financial planner to your team. We have the skill, experience, and resources to weather any market situation to keep you on the path of financial growth and prosperity for generations to come. With good people, like Morgan Pace at ETS Dental, we can plan a very rewarding future together. A simple no obligation phone call, email, or connection on Linkedin is all it takes to continue the journey.

For more information, contact:

Glen Weaver

Financial Services/College Planning Advisor
Capitol Financial Partners
703-222-1960
weagl01@gmail.com
http://www.linkedin.com/profile/view?id=22383898&trk=tab_pro

Owner Dentist seeks more vacation, shared responsibilities, and a structured plan for retirement.

The solution to this problem may be entering into a partnership with another dentist. Partnership can be a great opportunity for owner dentists to share responsibilities, give the freedom to take additional time off and create a structured plan for your retirement. Finding the right person to partner with is a very important part of this process, but there must also be a documented plan for building and maintaining this relationship.

In my experience as a dental recruiter, I often run across Associates who have spent several years working as a successful member of a group practice but left disappointed because they were offered the opportunity to buy-in to the practice only after they played a significant role in growing the practice to its current size. When this happens, the owner loses a valuable member of the team and the Associate often becomes discouraged and skeptical about joining another practice.

The key to avoiding this as an owner dentist is to have a detailed, documented plan in place when you hire the Associate. This process is not limited to, but should include:

· Having an appraisal done prior to the Associate joining the practice

· Documenting the payment terms and timeline for the buy-in

· Helping the Associate build their patient base as they are starting out

· Establishing your goals and timeline for retirement up-front

· Discussing management styles and clinical philosophies before you hire him/her

· Being an effective communicator

· Understanding the Associate's personal and professional goals

Establishing a partnership is not an easy thing to do, but the hard work will definitely be worth it as it can allow you to share some of the burdens associated with managing and running a business and significantly reduce the stress of ownership. With this freedom you can enjoy more quality time with family and relax knowing that you have a plan for the future.


Written by Marcia Patterson, Dental Recruiter at ETS Dental. You can reach Marcia at (540) 491-9118 or mpatterson@etsdental.com. Find out more at www.etsdental.com.