The Dental Boardroom

In this episode of The Dental Boardroom Podcast, host Wes Read, CPA and financial advisor at PracticeCFO, talks with Brandon Hobson (Chief Investment Officer) and Paul Lipcius (investment committee member) about what’s happening in the markets and why it matters for dentists.They break down the recent Federal Reserve rate cut, explain how bond yields signal what might happen next in the economy, and discuss what the steepening yield curve could mean for growth and inflation. The team also looks at today’s stock market, where high valuations and a heavy focus on just a few big tech companies may bring new risks.Plus, they explore why international stocks are starting to outperform and how adding global exposure could strengthen your portfolio.Whether you’re saving for retirement or planning your practice’s financial future, this episode gives you practical insights to help guide smart, long-term investment decisions.Key topics include:What the Fed’s latest rate cut means for bond yields and future inflationWhy the yield curve’s steepening could signal improving economic conditionsThe risks of sky-high U.S. stock valuations and concentrated index exposureHow international and emerging markets are reshaping the global investment landscapeLong-term investing principles every dentist should follow

In this episode of the Dental Boardroom Podcast, host Wes Read, CPA and financial advisor at Practice CFO, continues the discussion on putting your kids on payroll as a smart tax and wealth-building strategy. This time, he dives deeper into how to maximize the benefits by pairing payroll with 529 education savings accounts and Roth IRAs.Key Takeaways:Shifting income for tax savings:Move income from a higher parent tax bracket to your child’s 0% bracket (standard deduction in 2025 is $15,750).Saves roughly $3,000–$4,000 per child per year. Over many years, that adds up significantly.Practical execution:Children can start as early as age 6–7 and continue through college years.Create job descriptions and light documentation (e.g., photos, office work, modeling fees) to substantiate employment.Use a modern payroll service (Wes recommends Rippling) to simplify compliance.How to use the payroll funds:Deposit paychecks into the parent’s checking account (simpler than setting up child accounts).Direct those funds toward:A custodial Roth IRA (tax-free growth).A 529 education savings account (tax-free growth + tax-free qualified withdrawals).529 Education Plans explained:State-administered plans with varying benefits Utah’s “My529” (Vanguard, low-cost index funds) is Wes’ favorite.Benefits:Tax-free growth and withdrawals for education.Potential state tax deductions in some states.High contribution limits.Parent-owned accounts are more favorable for financial aid and offer flexibility to transfer funds among siblings.Can cover not just college, but also K–12, trade schools, apprenticeships, and up to $10K in student loan repayment.Suggested split strategy:After payroll and FICA taxes, about $14K remains per child.Example: Fund $7K to a Roth IRA + $7K to a 529 plan, balancing retirement savings with education funding.Risk & compliance notes:Wes has never seen an IRS audit on this strategy in 17+ years, but stresses proper documentation.Pay a fair wage aligned with actual work performed.Always consult your CPA if unsure.Big picture:This is more than just tax savings it’s wealth building.Combining small strategies like payroll, home office, auto deductions, and retirement plans can collectively cut taxes by 30–60% (or more) and accelerate financial independence.Why This Matters:By intentionally leveraging tax rules, you can redirect money that would have gone to the IRS into your kids’ education, retirement, or family wealth. Over time, these small wins compound into major financial independence.

In this episode of the Dental Boardroom Podcast, host Wes Read, CPA and financial advisor at Practice CFO, dives into one of the most powerful  yet often overlooked  tax and wealth-building strategies for dentists: putting your kids on payroll and using that earned income to fund retirement and education accounts.Wes explains how hiring your children in your dental practice (for real, legitimate work) creates not only a tax deduction for the practice but also a springboard for long-term wealth accumulation in the child’s name. He emphasizes the Roth IRA as a uniquely flexible and tax-free account, often a better choice than a 529 education account, since the funds can be used for retirement, education, or other qualified purposes.He walks through how to handle payroll logistics, funding contributions annually to simplify administration, and how compounding growth turns even modest contributions into hundreds of thousands  or even millions  over a lifetime. Along the way, Wes shares investment allocation strategies, including why volatile, high-growth assets fit well in Roth IRAs and how “tax location” across different account types can meaningfully boost after-tax returns.The episode also compares Roth IRAs with 529 plans, outlining when each makes sense, and highlights the importance of aligning education funding with family philosophy  whether parents fully cover tuition, split costs, or expect children to pay their own way.This is part one of a two-part series on the Kids on Payroll strategy, with part two focusing more deeply on 529 plans.Key PointsPaying your kids from the practice creates a deductible expense and earned income for them.A Roth IRA for children offers unmatched tax-free growth and flexibility versus 529 accounts.Funding once a year avoids payroll admin headaches while still capturing the benefit.Compounding can turn $7,000 annual contributions into millions over decades.High-growth, volatile assets fit best in Roth accounts due to their tax-free nature.Tax location (placing the right investments in the right accounts) is a major driver of long-term wealth.Family philosophy matters  whether parents fully fund education or expect kids to share the cost.Hashtags #DentalBoardroomPodcast #DentalFinance #KidsOnPayroll #RothIRAForKids #DentalPracticeOwners #TaxStrategy #FinancialPlanning #PracticeCFO #WesReadCPA #WealthBuilding

In this episode of the Dental Boardroom Podcast, host Wes Read, CPA and financial advisor at Practice CFO, welcomes attorney Justin Morgan, JD, MBA, founder of Morgan Advisory Group, to share real-life “war stories” from dental practice transitions. Together, they unpack legal and financial pitfalls dentists should avoid—and opportunities that can change the trajectory of a career.From hidden Botox expenses in med spas to phantom patient credits wiped off the books, and even a “Bitcoin blowout” practice fire sale, Wes and Justin reveal how careful due diligence, smart deal structures, and the right advisory team can protect buyers while uncovering hidden value.Key discussions include:Why every practice transition carries risk—and how buyers should assess it.How undisclosed irregularities in expenses can lead to litigation.The importance of understanding accounts receivable (AR) vs. patient credits, and how mismanagement can derail a deal.The critical role of financial reports like aging AR in evaluating practice health.A shocking story of a dentist who used EIDL COVID relief loans for Bitcoin investments, lost it all, and was forced to sell at a massive discount.Why partnering with skilled advisors—legal, financial, and operational—is the best way to safeguard your investment.Justin also explains the legal frameworks behind dental transitions, including asset sales, goodwill valuation, and common structures for financing deals. Wes brings a financial lens, connecting these stories to practical lessons every dentist-owner should apply before buying, selling, or expanding a practice.This episode is packed with cautionary tales, legal insights, and practical takeaways to help dentists think like business owners and avoid costly mistakes.Key PointsEvery practice transition carries risk—smart buyers weigh risks against upside potential.Hidden expenses, irregularities, or non-disclosures can result in litigation.Accounts receivable (AR) and patient credits must be carefully reviewed before closing a deal.Proper due diligence includes analyzing aging AR reports and patient credit balances.Practices sold below market value may offer high upside but come with added risk.Misuse of EIDL loans highlights how financial mismanagement can create rare buying opportunities.Buyers need a strong team: legal, financial, and operational advisors.Asset sales focus on goodwill, not stock or tax IDs—key for understanding practice valuation.

In this episode of the Dental Boardroom Podcast, host Wes Read, CPA and financial advisor at Practice CFO, continues the miniseries on the relationship between money and happiness and what it really means for dental practice owners.Wes begins by revisiting key lessons from earlier episodes: money can reduce stress up to a point, but beyond a certain level of income, happiness plateaus. True financial peace of mind comes from building reserves, delegating financial complexity, and resisting lifestyle inflation. He also reflects on insights from The Millionaire Next Door, where frugality, discipline, independence, and intentional spending separate wealthy professionals from those who simply earn more but save less.The focus of this episode is on Happy Money: The Science of Happier Spending by Elizabeth Dunn and Michael Norton, a landmark study that shows happiness is not about how much you earn, but how you spend. Wes outlines five core principles:Buy experiences, not things. Lasting joy comes from memories, not possessions.Make it a treat. Scarcity increases appreciation.Buy time. Use money to outsource tasks and free yourself for what matters most.Pay now, consume later. Avoid the stress of debt-fueled purchases.Invest in others. Generosity directly boosts well-being.Wes then applies these lessons directly to dentists. He encourages owners to use money to create margin, not busyness, and to invest in their teams even if it means paying above market for A-players who transform culture and patient experience. He shares personal reflections on choosing experiences over possessions, from family vacations in Europe to carefully planning how his time is spent.Quoting John Bogle’s Enough, Wes emphasizes the importance of defining what is truly enough” and aligning spending with values. Budgeting, he explains, isn’t about restriction, it's about directing resources toward what genuinely creates fulfillment.He closes with an equation: Real goal = Freedom of choice + Peace of mind. By avoiding marginal thinking, making intentional financial decisions, and nurturing relationships above all, practice owners can use money not just to build wealth, but to create a more fulfilling and happier life.Key PointsHappiness from money comes from how you spend, not just how much you make.Buy experiences, not things; scarcity makes luxuries more meaningful.Use money to buy time and reduce stress.Pay now, consume later to avoid financial anxiety.Invest in others generosity builds well-being.Align spending with your values to define “enough.”Budgeting is about purpose, not restriction.True wealth equals freedom of choice plus peace of mind.Strong relationships remain the #1 driver of lasting happiness.Hashtags #DentalBoardroomPodcast #DentalFinance #HappyMoney #DentistLife #FinancialFreedom #WealthMindset #PracticeCFO #WesReadCPA #MoneyAndHappiness #DentalPracticeOwners

In this episode of the Dental Boardroom Podcast, host Wes Read, CPA and financial advisor at Practice CFO, explores the mindset shifts and habits that separate high-income dentists who struggle financially from those who build lasting wealth and freedom.Wes begins by revisiting the connection between money and happiness. He explains that while money can reduce stress, it does not automatically create fulfillment. How you use your money matters more than how much you earn. Many dentists experience stress from debt, high overhead, and lifestyle creep, which erodes both financial stability and mental wellbeing.He encourages building strong financial hygiene early: creating personal and business cash reserves, delegating financial complexity to trusted professionals, and resisting the urge to overspend. True wealth, he explains, is measured not by income but by freedom of time and choice, the ability to live without needing to work.Drawing from the book The Millionaire Next Door by Thomas J. Stanley and William D. Danko, Wes outlines four defining traits of mass affluent millionaires:Frugality — live below their means, avoid lifestyle inflationDiscipline — save and invest consistently, use debt strategicallyIndependence — value time freedom over showing statusStealth wealth — quietly build net worth without outward displayHe warns that many dentists earn high incomes but remain asset-poor because they focus on appearances rather than net worth. Instead, he urges owners to maintain a personal balance sheet, grow appreciating assets, minimize liabilities, and track progress toward financial freedom.This episode reframes wealth not as a number, but as a mindset and discipline choosing simplicity, consistency, and intentional spending so that money supports your life rather than controls it.Key PointsMoney reduces stress only when used intentionally, not emotionally.Build reserves, delegate complexity, and live simply to lower financial anxiety.True wealth is time and choice freedom, not just high income.Millionaires tend to be frugal, disciplined, independent, and understated.Track net worth, not income, to measure real progress.Avoid lifestyle creep; prioritize saving, investing, and debt discipline.Focus on long-term security instead of short-term appearances.

In this episode of the Dental Boardroom Podcast, host Wes Read, CPA and financial advisor, explores how money impacts happiness, especially for dental practice owners facing financial stress and responsibility. Drawing on landmark studies by Daniel Kahneman, Angus Deaton, and Matthew Killingsworth, Wes uncovers the surprising truths about income, emotional well-being, and life satisfaction and how dentists can build both wealth and contentment.He explains that while money does increase happiness, it does so only up to a point, and then its effect plateaus. Beyond that threshold, happiness depends less on income and more on mindset, purpose, and how money is used. He warns that chasing more income without aligning it to personal values can lead to burnout, not fulfillment.This episode helps dental practice owners reframe how they view money as a tool, not the driver and offers practical guidance on creating both financial security and happiness.The episode breaks down five key concepts:Emotional well-being vs. life satisfactionEmotional well-being (daily happiness) improves with income until basic needs are met (~$100K), then flattens.Life satisfaction (big-picture fulfillment) continues rising with higher income.Diminishing returns of incomeAbove ~$200K especially in high-cost areas like San Diego, extra income produces smaller happiness gains.More money reduces stress, but doesn’t guarantee joy.Dentists’ unique challengesHigh student debt, business pressures, and lifestyle expectations create financial anxiety.Intentional planning, not just earning more, drives peace of mind.Money amplifies your mindsetQuote from Epictetus: Wealth consists not in having great possessions, but in having few wants.Quote from Ayn Rand: Money is a tool. It will take you wherever you wish, but it will not replace you as the driver.Purposeful financial planningAlign spending with values and long-term goals.Build systems that reduce stress, provide security, and support a balanced life.Key PointsMoney increases happiness only until basic needs are met; after that, returns diminish.Life satisfaction rises with income, but daily happiness levels out.More income alone doesn’t solve unhappiness; mindset and purpose are crucial.Dental practice owners face unique financial stress that requires intentional planning.Use money as a tool to support your values, not define your success.Build wealth through consistent habits (saving, reducing taxes, managing expenses).True fulfillment comes from aligning financial choices with personal priorities.

In this episode, Wes Read, CPA and financial advisor, highlights a common mistake among dental practice owners: treating financial planning as a one-time task instead of an ongoing cycle. Just like dental hygiene requires regular checkups, financial hygiene needs consistent monitoring, updating, and adjustment.Wes explains the fourth phase of financial planning: Implement → Monitor → Revise → Repeat. Following a structured rhythm ensures clarity, accountability, and faster progress toward financial independence.Seven Key Activities for Dental Practice Owners:Review monthly financial statements (profit & loss, balance sheet, cash flow).Update long-term personal financial plan annually (ideally in January).Revisit personal spending plan annually to track expenses accurately.Complete tax projections twice yearly (June and October/November).Update family payroll annually in January to optimize taxes and 401(k) contributions.Adjust doctor payroll three times yearly (January, June, October) for taxes and retirement.Complete cash flow forecasts and allocate surplus capital in June and October.Wes notes that traditional CPAs often focus on historical data and compliance, while dental-specific financial advisors help align practice cash flow with personal financial goals, creating real traction toward wealth.Key Takeaways:Financial planning is an ongoing cycle, not a one-time event.Monthly reviews and annual updates keep you proactive.Semi-annual tax and cash flow planning prevent surprises.Working with a dental-specific advisor accelerates wealth building.Consistency compounds into financial freedom and lifestyle flexibility.Resources Mentioned:Financial Activity Cadence 

In this episode of The Dental Boardroom Podcast, host Wes Read, CPA CFP®, shares key financial and tax strategies for dental practice owners. He covers retirement plans (401(k), SEP IRA, Simple IRA, defined benefit/cash balance plans) and explains how to maximize contributions while managing employee costs and staying compliant. Roth IRAs and backdoor Roth conversions are also discussed for tax-free growth.Wes advises a disciplined investment approach, highlights the risks of speculative investments, and explains how to evaluate debt, use tax deductions, and leverage payroll strategies for family members. He also explores fringe benefits, state-level tax breaks, and practical ways to improve practice profitability, like raising fees and moving toward fee-for-service models.Finally, he emphasizes automating savings, debt payments, and retirement contributions to secure long-term financial success. This episode gives practice owners practical tools to reduce taxes, boost cash flow, and grow wealth inside and outside their practice.Key PointsUnderstand the differences and trade-offs among 401(k), SEP IRA, Simple IRA, and defined benefit/cash balance plans.Use Roth IRAs and backdoor Roth conversions to secure tax-free retirement growth.Avoid risky, illiquid investments inside retirement accounts—stick to disciplined, diversified portfolios.Evaluate debt payoff vs. investing by considering interest rates, volatility, and financial goals.Use payroll strategies (kids, spouses) to reduce taxable income and build long-term wealth.Document home office deductions and leverage allowable fringe benefits cautiously.Maximize savings with state-level pass-through entity tax deductions.Regularly raise UCR fees and consider transitioning to fee-for-service to boost profitability.Automate savings and contributions to build financial resilience and consistency.Resources Mentioned📄 Financial and Tax Strategies PDF

121: Dental Financial Planning – Cash Flow Projection & Surplus AllocationIn this episode of the Dental Boardroom Podcast, host Wes Read, CPA, CFP® returns from a break to continue the Turning Chaos into Financial Freedom series for dental practice owners. This installment focuses on one of the most important pieces of financial planning: creating a cash flow projection and determining how to allocate surplus capital.Wes breaks down:Why identifying your “cash cushion” is essential for peace of mind and financial stability.How to forecast collections, overhead, debt payments, personal living costs, and taxes.The prioritization ladder for using surplus dollars—paying down debt, funding retirement accounts, reinvesting in the practice, or building personal wealth.How effective tax planning is built into cash flow forecasting (and why to avoid risky “too good to be true” tax schemes).The role of seasonality, budgeting for major life events, and automation in building long-term wealth.Why reinvestment, whether into equipment, facilities, or financial markets, accelerates financial independence.“Your cash flow projection is your financial x-ray. It tells you exactly where your money is going, what’s left, and how to put that surplus to work so you control your money—instead of your money controlling you.” — Wes Read📄 Supplemental Resource: Download the sample cash flow projection discussed in this episode here: Sample Cash Flow Projection (PDF)Whether you’re aiming to pay down debt, fund a 401(k) or defined benefit plan, or reinvest in your practice, this episode provides a practical framework for putting every extra dollar to work.

In this episode of The Dental Boardroom Podcast, host Drew Phillips breaks down how to fully use your dental practice’s provider and facility capacity to drive growth. Building on the last episode, Drew shows how to measure your true capacity, find gaps in your schedule, and use simple strategies to close those gaps.Running a dental practice is about more than filling appointments—it’s about making every chair, provider, and day count. Drew shares a step-by-step approach to understanding your practice’s numbers, improving scheduling, and creating predictable growth.Key Points:Learn how to calculate your true provider and facility capacity.Find and close the gap between your current schedule and full capacity.Improve reappointment and reschedule rates to grow your patient base faster.Discover scheduling changes that can take your practice from $900K to $2.6M revenue.Plan hiring and future growth based on clear, predictable data.Use technology to re-engage patients and fill seats.Focus on making one location highly profitable before expanding.If you’re a dental practice owner or manager, this episode shows you exactly how to grow smarter, not harder. Instead of adding more locations or spending more on marketing, learn how to maximize the resources you already have. This clear, practical guide will help you create a profitable, predictable practice and reach financial independence faster.

In this episode of the Dental Boardroom Podcast, host Drew Phillips breaks down how your dental practice’s calendar is more than just a schedule—it’s your growth engine and valuation tool. This is the first of a two-part deep dive on practice capacity, focusing on how to measure, optimize, and leverage both provider and facility capacity to maximize revenue, improve cash flow, and set your practice up for long-term growth.Key Points:Your calendar is your growth engine – it’s not just a schedule.Capacity = how many patients your practice can see.Facility capacity: What your building can handle (rooms, ops, equipment).Provider capacity: How many patients each doctor or hygienist can see.Personal capacity: Your own limits or preferences.Dentistry pricing is limited, so growing patient volume is key to increasing revenue.Small scheduling changes can create big growth (e.g., moving new patient exams out of hygiene chairs).Utilization gaps (open spots in your schedule) cost money—filling them boosts profit.You can grow revenue without adding staff or overhead by optimizing schedules.Next episode: How to grow your patient base and predict future needs.

118:Dental Financial Planning: Turning Chaos into Financial Freedom - Part 8In this episode of The Dental Boardroom Podcast, host Wes Read, CPA CFP®, continues the financial planning series for dental practice owners by focusing on a critical phase three step: determining your payroll (W-2 income) as an S-Corp owner.Wes explains how payroll fits into your broader business financial plan, why it matters for tax efficiency, and how it interacts with retirement plan strategies like 401(k)s and defined benefit plans. You’ll learn when to keep your W-2 lower to save on FICA taxes, and when to raise it to maximize retirement contributions and long-term wealth building.What You’ll Learn in This Episode:The five-step sequence of financial planning for dental practice owners.Why S-Corp owners must pay themselves a W-2 salary and how the IRS views it.The relationship between W-2 income, K-1 distributions, and taxable income.How different retirement plan strategies (solo 401k, Roth 401k, profit share, defined benefit) affect payroll decisions.The three funding “buckets” in a 401(k): elective deferral, safe harbor, and profit sharing.Why Roth 401(k)s are powerful for building a tax-free retirement bucket.Guidelines for setting W-2 payroll:No retirement plan: Keep W-2 as low as possible ($75K–$100K minimum).Basic 401(k) without profit share: Stay around $100K–$125K.401(k) with profit share and defined benefit plan: Increase W-2 up to IRS maximums (~$350K in 2025).The benefits and costs of defined benefit plans—and why they can be worth it for high earners.How “tax diversification” (tax-free, tax-deferred, taxable buckets) increases long-term flexibility and savings.

117: Dental Financial Planning: Turning Chaos into Financial Freedom - Part 7In this episode of The Dental Boardroom Podcast, host Wes Read, CPA, CFP®, breaks down how dentists can turn tax chaos into predictable, stress-free planning. He shares why relying on your CPA only at tax time often leads to big surprises and how a structured approach, meeting mid-year and again in Q4, keeps finances on track. By using payroll strategically to cover nearly all taxes, dentists can avoid penalties, manage their cash flow more effectively, and replace large, unexpected bills with a small, manageable refund.Wes also explains why payroll is more than just a paycheck; it’s a tax strategy tool. From maximizing retirement contributions to putting kids or a spouse on payroll, timing expenses, and leveraging deductions like the home office, payroll decisions drive both tax savings and financial efficiency. Integrated planning across tax, payroll, and financial management ensures dentists stay ahead and build long-term wealth without the stress of last-minute fixes.Key PointsAim for a small refund ($1K–$5K), not big surprise bills.Forecast taxes 2–3 times per year (mid-year + Q4).Use payroll withholdings to cover 100% of taxes and avoid late penalties.Payroll drives key strategies: retirement savings, FICA planning, and paying family members.Most tax strategies must be implemented before December 31.Integrated planning avoids inefficiencies from juggling multiple advisors.

In this episode of The Dental Boardroom Podcast, Wes Reed, CPA, CFP, continues his financial planning series for dental practice owners by diving deeper into the concept of break-even levels and the importance of creating a business financial plan that supports your personal financial goals.Wes revisits the three key break-evens every dentist should know:Practice Break-Even – Covering fixed costs, variable costs, and debt.Living Budget Break-Even – Covering your practice costs, personal living expenses, and taxes.Financial Independence Break-Even – Covering all the above while setting aside money for your future.From there, he outlines the five critical steps to building a business financial plan, with a special focus on Step 3: Completing a Tax Plan. Wes shares why tax planning is not just a one-time event but an ongoing process tied to your overall cash flow and long-term financial independence.Whether you’re just starting your practice or have years of experience, this episode offers a practical roadmap for aligning your business and personal finances so that your work today fuels the life you want tomorrow.Key PointsRecap of the three break-evens: Practice, Living Budget, and Financial Independence.Why defining your version of financial independence is essential before planning.Four core steps in the financial planning sequence for dentists.Five steps to creating a business financial planImportance of structuring your practice as an S Corporation for tax efficiency (in most cases).Tax planning as an ongoing process, not a one-time task.Balancing current needs with future goals through strategic planning.#DentalBoardroom #PracticeCFO #DentalPracticeManagement #FinancialPlanningForDentists #BreakEvenAnalysis #TaxPlanning #SCorporation #DentalBusinessPlan #DentistFinances #WealthPlanning #CashFlowManagement #DentalCPA #FinancialIndependence