Grow Your Practice

A Dental Practice Owner’s Guide to Multiplying Capital Gains Exemption

Get answers to your questions about capital gains exemption and how to effectively multiply its outcome when factoring family members over the age of 18. Most dental practice owners understand the dynamics of a capital gains exemption. However, most dental practice owners may not know that there is a lifetime capital gains exemption (LCGE) available for each family member (including their parents).  Now if your parents owned a business and it has been sold, they may no longer have their Capital Gains Exemption. Now, the dentist then will be allowed

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CEBA Loan Q&A For Dentists

Effective April 9, 2020 the application for Canada Emergency Business Account (CEBA) became available and practices have the ability to apply for Government relief online. Effective June 26, 2020 additional measures have rolled out to allow for newer practices and even associates who previously didn’t qualify to now access this program. Here are the details to see if you qualify for it: What is the CEBA Program? The Canada Emergency Business Account is a government guaranteed loan of up to $40,000 that is interest-free until December 31, 2022. The loan

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Taking a Bite Out of Employment Law

What to look for when transitioning employees between practice owners Dentists usually preach good oral hygiene to prevent gingivitis and tooth decay, but preventative maintenance applies equally to employment law and, in particular, buying or selling a practice. Strategic planning, enforceable contracts, effective workplace policies, and properly implemented procedures are the employment-law equivalent of brushing and flossing, and can be tremendously beneficial in avoiding legal claims from employees.  This is true of both day-to-day practice operations and practices in transition. The sad reality is that in many, if not most, cases

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Is Your Dental Practice Ready For Sale

Your practice value is worth more than just numbers, it represents your life’s work. It’s more than just knowing what your practice is worth when you are ready to retire.  The reason you should know your current practice value is to be prepared for planned and unexpected events that may occur at any time of your practice cycle/career.  Your practice should always be in a maximum value position.  We cannot see into the future and you never know when a practice transition may occur.  Here are just a few reasons

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Got a New Dental Practice?

Congratulations on starting your own small business! Yes, that’s what your new dental practice is – a small business. Like any other small business, you have chosen a name, logo, hired staff members and found your perfect location. But once you open those doors for the first time you are in the next important stage of being a business owner; expediting lead generation to build your patient file. Which will ultimately lead to your business’ success. But wait – before you open the door there are still a couple important decisions

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Google My Business

Everyone wants to be seen; it just all depends on how you go about getting that attention, and of course whether it garners the type of attention you want. Marketing for lead generation is about doing things to get seen in the marketplace, and then engaging people to want to learn more about you. Whether a potential client has received your promotional mailer card or a referral from a friend, that person will always want to do their own due diligence by checking out your online presence before making a

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Dental Staff Bonuses Vs. Benefits – What Do They Really Prefer?

Hiring “the right people” can be tough work but it is arguably the most important function you will ever perform. You must have a top performing team in place to give you the peace of mind that your patients are being well taken care of and that you are able to do what you do best – practice dentistry. To attract and retain high quality staff, employee compensation must include fair practices and reward employees based on the merit of each individual’s performance. What happens if your practice has top

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Is Your Practice in Maximum Value Position?

Your practice value is worth more than just numbers, it represents your life’s work.   Your practice should always be in a maximum value position so you are  prepared for planned or unexpected events that may occur at any point of your practice cycle/career. Here are just a few reasons to be ready: Unexpected/sudden illness Family needs to relocate Another business opportunity arises (clinical/non-clinical) Bringing in an associate Bringing in a partner Going through a divorce -asset determination Considering selling and staying on yourself as an associate Considering selling and

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Top 10 Dental Office Management Solutions for Dental Offices

Harness the Power of Your Practice Have you tried being in two places at the same time? Running an efficient practice, while you are providing dental services is challenging, to say the least. It’s important to have the right business systems in place that are sustainable and easy to follow.  Dental teams need to have practical solutions in place that fit with their daily action plans and they need to enjoy their daily activities. Here are ten simple solutions to help your practice run efficiently: Empower your employees. Establish a

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