THE RECESSION IS STILL HERE: NOW WHAT? - RICHARD A. HUOT, DDS NW DISTRICT DENTAL ASSOCIATION CONFERENCE 18 FEB 12
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THE RECESSION IS STILL HERE: NOW WHAT?
RICHARD A. HUOT, DDS
NW DISTRICT DENTAL ASSOCIATION CONFERENCE
18 FEB 12
WHO IS THIS GUY?
WHAT IS HE HERE FOR?
2
DISCLAIMER
The opinions expressed in this lecture does not reflect the policy of the AFMS, and are
solely those of Richard A. Huot, DDS
Talking about personal financial matters can be sometimes emotional, so don’t kill the
messenger today!
The situations expressed in the lecture are factual, the names have been omitted to
protect the highly embarrassed!
LET’S HAVE FUN TODAY!!!!!!!!!
DISCUSSION TOPICS How Did We Get Here? Where Are We Going? Achieving Financial Independence Ways To Survive In A Tough Economy Business Metrics You Can Use Making The Transition Either As a Seller or Buyer
HOW DID WE GET HERE? 1. Overheated housing market created by low interest rates and surging demand 2. Higher prices encouraged people to “flip” houses, encouraging people to use “new equity” AND home equity loans to buy “stuff”. They purchased cosmetic dentistry also and a lot of other “things” 3. Consumer Goods become cheaper (Best Buy), and choices increase. 4. We reach the highest consumer debt level as a percentage of gross income since the Great Depression. Gov debt is >78% of GDP, highest since WWII 5. As people “bought” dentistry, dentists expanded their offices, increased staff, and bought new technology such as digital radiography, lasers, CAD/CAM, etc.
HOW DID WE GET HERE?
6. Economy shows signs of weakness as early as Jan 2007 in South Florida (ortho).
ARM mortgages start to “reset” in early 2007 (Port St. Lucie, FL)
7. Bear Stearns collapses in Mar 08. Excessive debt carried by homeowners starts to
spook market by summer of 08. FL dentists experience slowest summer ever.
8. Lehman Bros. collapses, AIG, Freddie and Fannie bailed out in Sep 08
9. CMO’s, CDO’s collapse which will make it tough on student loans and credit card
debt
10. Over 2 million mortgages are in foreclosure, and 25% of all mortgages in US are
“upside down”. ARM resets are not over until summer of 2012. Peak will be July
2010. 1 in 8 mortgages are considered in trouble according to realty stats, and 40%
of mortgages in South Florida are considered “underwater”WARNING SIGNS OF AN OVERHEATED ECONOMY 1. When your barber or hairstylist is quoting the “Wall Street Journal”, CNBC anchors, and tells you to buy all the stocks that Jim Cramer recommends 2. When the number of real estate broker licenses skyrocket 3. When everyone in your neighborhood is telling you the great deal they got on a vacation home or timeshare, and ask you to go in on one with them. RUN! 4. When a stockbroker who knew you from high school or college cold calls you with a hot stock tip, and says he (usually) will make an appointment with you any day now for dental care when he stops by your office 5. When your paid up car with 80K miles on it is the oldest one on your street or in the office parking lot (Sam Walton and Warren Buffett)
WHY PICKING INDIVIDUAL STOCKS IS A WASTE
OF TIME
1. Wall Street Journal has been running for 44 years the Investment Dartboard Contest
2. Six readers and contributors to the Wall Street Journal and other newspapers are asked to
select and keep track of the stocks for a whole year.
3. Six other people are asked to pick stocks randomly by throwing darts at a stock page hung up
on the wall
4. In 44 years, the dart throwers have beaten the readers in 26 out of 44 contests!
5. Ask your broker if he/she has heard of the WSJ’s Sunday Journal Investment Dartboard
Contest, and watch the expression on their face!WHERE ARE WE GOING? 1. Interest rates will rise as foreign governments will want higher rates to keep buying USA/EU debt (BRIC, Japan, UK and rest of G-20) PIIGS countries’ bond rates will go up. 2. Unemployment rate will stay in double digits until economy heats up, but many jobs will never come back (jobless recovery similar to 1990 and 2001). 7K Baby Boomers turn 65 every day and will continue to do so for the next 17 years (Medicare/Social Security) 3. Credit card companies will crack down on late or delinquent payments due to new Dodd/Frank regulations. Annual fees will reappear. Less of your patients will qualify (CareCredit) 4. Majority of Americans don’t have $1000 saved for an emergency according to market data. Dental care is considered in “emergency” category. Patients will put off major work 5. Health care reform will see employers/medical insurances “drop” dental insurance to save costs. Taxes may be imposed on MSA/HSA accounts. Patients will increasingly stay “in plan” when they chose dental insurance that is given to them as a benefit.
WHERE ARE WE GOING?
6. Health Care delivery will be like the choice between Wal-Mart and Nordstrom’s. Wal-Mart
efficiencies are hard to achieve in health care. “Hourglass Effect “ by Wal-Mart. Where will
your office be?
7. For a good preview, read “Middle Class Millionaires” by Russ Prince and Lewis Schiff
8. More small business regulation will increase costs and make it tougher to remain in solo
practice. Increased pressure to go to EDR/Paperless Office driving up office overhead
9. Competition increasing from DSO’s (Heartland, Aspen Dental), and they are increasingly
making it attractive for young dentists to start with them instead of buying your practice
10. Student Loan debt and new bank underwriting rules make it hard for buyer to get 100%
financing for existing practices, and older dentists will have to sell to DSO’s
11. It will take at least 7 years at the rate of the last recession to gain back jobs lost in this
one. Keep in mind this recession is already classified “tougher” than the last in 1982!“DIFFUSION THEORY” BY EVERETT RODGERS The social strata for adoption Rogers stated that the individuals in a social system do not adopt an innovation at the same time. Rather, they adopt in an over-time sequence, so that individuals can be classified into adopter categories on the basis of when they first begin using a new idea. ♣ Innovators account for 2.5 percent of individuals in a system. ♣ Early Adopters account for 13.5 percent. ♣ The Early Majority account for 34 percent. ♣ The Late Majority also accounts for 34 percent. ♣ Laggards make up the remaining 16 percent. Source: Robert Patterson blog July 10, 2004 Read the book “Tipping Point” by Malcolm Gladwell for more information on diffusion theory “You have to be on the cutting edge , not the bleeding edge , of innovation” Quote by Kevin Sheehan, CEO, Norwegian Cruise Line in the Wall Street Journal commenting on the new “Megaship” construction going on with RCL and Carnival. (Cost structure)
ACHIEVING FINANCIAL INDEPENDENCE
SIMPLE WRITTEN GOALS AT START OF CAREER OR STATED ENDPOINT (IT WORKS)
RULE OF 72
TIME HONORED “MONEYSUCKERS” TO AVOID
OWNING DENTAL PRACTICES AFTER 50
ALLOCATION AND REBALANCING OF RETIREMENT PORTFOLIO
HOW TO AVOID MID LIFE CRISIS AND DENTAL MAUSOLEUMSQUESTIONS?
SIMPLE WRITTEN GOALS AT START OF CAREER OR
STATED ENDPOINT (IT WORKS)
In 1985 after my marriage proposal, this is what “we” worked out for written goals:
1. Practice in Maine for 25 years, sell the practice, and live part time in Florida for the rest of
our lives
2. Own a 200K house free and clear, and either buy or rent a home in Florida depending on the
economy
3. Have a million dollars of retirement funds available to grow by the age of 50. Tap it at age 59
4. Do part time teaching work, and teach at a dental school of our geographic choice once the
kids are out of the house. Volunteer in our interest fields
5. Stay in the AF Reserves as long as I can and fill in at overseas bases during the summer
breaks
THE POINT IS TO HAVE GOALS WRITTEN DOWN AND THEY CAN CHANGE!RULE OF 72
BRAVE VOLUNTEER FROM THE AUDIENCE NEEDED
1. What age do you want to be when you retire? How old are you now?
2. How much money do you think you will need annually?
3. Will college tuition be in play in future? When will mortgage be paid off?
4. What types of future goals do you have in mind outside of dentistry?
ONLY 11% OF AMERICANS HAVE > 250 K SAVED FOR RETIREMENT!!!!!!!!!!
49% of Baby Boomers now expect to work past 65 and 72% anticipate to continue
to work after they reach retirement ageFACTS ABOUT 401K’S 1. For those who have 401K’s, median balance is about $60,000 2. Only 0.2% of 401K savers have socked away more than $1,000,000 3. Even among employees with > 20 years in a 401K, just 2% have saved $1,000,000 4. Employee who earns $35,000, saves 12-13% (including company match), annual raise of 3.5%, and annual return of 7% would save $1,000,000 over a 40 year career 5. While IRS raised contribution cap to $17,000 (more for > 50), only 9% of plan participants are at that level 6. The trick is “how do you get there?”
TIME HONORED “MONEYSUCKERS”
TO AVOID
1. Credit card debt of any kind. Use HELOC if you have to fund business (not home) expenses
2. Non business car in excess of 30K. Leases not wise unless 80% business use, low mileage
3. Timeshare/vacation home you bought to “write it off”. Take the vacation instead with savings
4. Excessive lifestyle items such as jewelry, watches, golf clubs, unpaid boats, and clothes
5. Women spend more, but men spend more per item (Ask Best Buy or GOLF pro shop)
6. Post college support of children. Use special needs trust if you have that situation
7. Any type of loan with family or friends that don’t have strict payback provisions. Have to
claim income anyway. Watch IRS rules for loan forgiveness
8. Bartering with patients for work done on office or home. IRS Form 1099-BOWNING DENTAL PRACTICES AFTER
50
1. If practice is sold, seller can become independent contractor and have both a defined benefit
and defined contribution plan if you need to save a lot.
2. Solo 401K plans also now allowed. $22,500 can be put in defined contribution, and at least
$125,000 or so can be put in defined benefit plan (CPA/actuary can give you details). Also
gives you the option of hiring your children or spouse for your business.
3. Around 50, your body is telling you to slow down, so peak years are probably over, and
overhead is still going up, while you want to take more time off. Toughest time to be a solo
practitioner
4. Usually time for equipment upgrades, and I guarantee you will not make the same technology
choice as your young associate or potential buyer would. (cell phone choice for teenagers)
5. IMPORTANT! You have to be able to “walk away” from the sale if office production slows
or the “climate” changes in the office after the new buyer is in charge. Adapt or leave.ALLOCATION AND REBALANCING OF RETIREMENT
PORTFOLIO
1. As owner, you can reallocate your “pie” as you progress to about 5 funds: one large cap stock,
one small cap stock, one total bond fund, one international fund, one short term Treasury fund
2. Easy rule of thumb for what % of stock is “110 minus your age” to include 5% ST Treasuries,
10% international, and the remaining three funds.
3. This can stay the same until you reach your first million dollars. Only financial advisors
worth their expertise are CFP’s and RIA’s. CFP is all you need for your first $2 million.
4. Once a year, (May is good), rebalance to original percentages, relax and stop watching the
news! This is how the “pros” do it, including John Bogle, former CEO of Vanguard
5. Vanguard mutual fund company has the lowest cost because it is “owned” by shareholders so
profits are passed back to them by way of lower fees. Index funds have low fees to start
6. After you have $500, 000, Vanguard has a yearly free analysis by a CFP on staff to help you
meet your goals, and your costs go down at $1 mil level also. www.vanguard.comHOW TO AVOID MID LIFE CRISIS AND DENTAL
MAUSOLEUMS
1. Tendency at mid life to “go for the new office”. Cash flow at that time of life doesn’t permit
you to build a Taj Mahal, and right now is the perfect time to rent if you must move, and let
the landlord pay for the leaseholds.
2. Some of the most successful dentists have never owned their space, preferring to have long
term leases, CPI rent increases built in, and the promise from landlord to do cosmetic changes
every 10 years to keep looking up to date.
3. Dental equipment costs and computer costs have increased to the point where you are
constantly buying replacement equipment. “Stand up” dentist would buy their chairs out of
dental school and retire with the same equipment! Patients demand you stay current!
4. College and retirement savings way more important at mid life than having a modern office to
sell to a prospective buyer. Always fund retirement first, then college
5. No guarantee your neighborhood will be attractive to buyer(s) dental or otherwise at the time
you decide to sell your building.MAKE YOUR KIDS WORK! (we live in Florida)
WAYS TO SURVIVE IN A
TOUGH ECONOMY
EXCELLENT CUSTOMER SERVICE
INSURANCE NEEDS AND INSURANCE PLANS
TAKE A HARD LOOK AT ALL INTERNAL/EXTERNAL MARKETING
LOGO AND MARKETING SHOULD ALL POINT TO WEBSITE HUB
OUTSOURCE HR AND PAYROLL –WORK WITH DENTAL CPA
LOOK AT FEE SCHEDULE AND PPO/HMO PLANS
CONSIDER ASSISTED DENTAL HYGIENE
TRIGGER POINTS FOR ASSOCIATESHIP/MERGER/SALEEXCELLENT CUSTOMER SERVICE 1. Word of mouth advertising stems from excellent customer service. Read books on how to make the “new patient dental experience” different from other offices. No spas are needed! 2. Have someone call your office as a new patient and report back to you. Reexamine and role play how a new patient is supposed to be treated coming in the door. 3. Look at what they see in the reception area, and laying in your chair. No bugs in the lights! 4. Only 30% of practices do full periodontal probing exam. Why? Do you still have a separate time slot for exam and prophy? Why? Do you take a full dental history? Why not? 5. Use computer to store info such as email address, personal info about patient, and little things such as neck pillow for “spine curvature” patients (90% in FL) 6. Choose Specialist-GP team that delivers exceptional care with seamless transition. 7. Ask patient if someone else needs to be in the consult room
CareCredit’s Doctor Locator
Access from Your Desktop
Quick, Easy, Efficient
– Quick access icon
– Top functions available in 1 click
Real Time Information
– Easily updated, invisible to
practice
– No versions necessary
Users Tracked at All Times
“The Fastest and Easiest Way
to Use CareCredit”Financial Policy
“The Financial Policy has a
direct correlation to the ability
of patients to say ‘Yes’.”
- Jennifer de St.
George
• Practices who have reviewed
the Financial Policy
increased patience
acceptance of recommended
treatment
an average 12.6 %
- 2008 Internal StudyPractice Performance Review
Professional statement
that highlights:
• Practice’s CareCredit
Performance
• Total CareCredit usage
• Area Comparison
• Practice usage vs. avg
regional usage
• Total available credit within
a practice
• CareCredit Network Opportunity
• Usage from repeat use
and cross-shop
• # of Provider Locator hitsPractice Opportunity Assessment
Sample Dental Practice
XXXXXXXXXXXXXXXXAnother easy way for patients to apply
Introducing the CareCredit Mobile Website
• Clients go to carecredit.com on their smart
phones and select Apply for CareCredit
• Clients apply for financing with CareCredit
—
in your practice, at home or on the go
• If approved, clients receive their account
number and credit line amount immediatelyINSURANCE NEEDS AND INSURANCE PLANS 1. Protect your family and cash flow with life insurance and disability coverage (personal and office) 2. Chance of dying in any given year: 1 in 108 3. Chance of getting injured and not being able to work in any given year: 1 in 8 4. Great West Life Co. that is an ADA Member Advantage firm has the best term life rates. Get the $3 million policy while in ASDA or 1st year of practice. Preferred rate is cheapest in industry. Can requalify with additional 50K of insurance purchase 5. Great West Life also offers disability insurance. Has “Own Occupation” type desired 6. Other good companies for disability are Union Mutual, Guardian/Berkshire Life, and Northwestern Mutual
ADA Insurance Plans celebrating our 77year partnership with the ADA
Insurance plans designed by dentists for dentists
Exceptionally low ADA member-only rates
Buy direct – no sales commissions
Volume buying power of ADA membership base
Underwritten and administered by Great West Life & Annuity (Highest
rating from A.M. Best for financial strength.
*Rated A+ by A.M. Best Company, Inc. (Superior, highest category of ten categories) on factors of financial strength, operating performance and
business profile. Current rating, in effect since July 10,2003. Great-West Life & Annuity Insurance Company ratings do not pertain to the investment
performance of the underlying funds. ©2009 Great-West Life & Annuity Insurance Company. The inverse boomerang logo is the trademark of Great-
West Life & Annuity Insurance Company. All Rights Reserved. This ad is an outline only and not a contract. Benefits are provided under group
policies issued to the American Dental Association, filed in the state of Illinois, and underwritten and administered by Great-West Life. All policies are
subject to, governed by, and shall be construed in accordance with Illinois law. Eligible ADA members residing in any U.S. state or territory may
apply for coverage.
Protecting your family, your income, your practice. Life • Disability • Business Overhead • Hospital & Critical IllnessTAKE A HARD LOOK AT ALL INTERNAL/EXTERNAL
MARKETING
1. Billboards and TV ads are virtually useless, very expensive, and appeal to impulse buyers.
TIVO is making TV advertising challenging, and you’ll get a lot of shoppers. Review state
regulations on “specials” such as specific services. CDT-10 code must be listed
2. Yellow page ads cater to shoppers, emergency pts. If you must, get biggest in column “block”
ad only if you are alphabetically ahead of most in bold print listing location, website, and
services (BDA)
3. Full page ads (2) would run you >$3700. For that you can buy a practice for $300, 000 @
8.5% on a ten year loan, and everyone one of those patients potentially would need at least a
prophy in the next six months. ROI is key in advertising, and all forms must be tracked
4. Newspaper ads work, but best ones are the “free” weekly tabloids that might cater to a
specific zip code, and that neighborhood must geographically be in your office area (< 5 mi.)
5. Be careful with “Groupon” or similar programs offering deals on your first visit.HAVE YOU SEEN “NO NEEDLE” BEFORE?
LOGO AND MARKETING SHOULD ALL POINT TO WEBSITE 1. If allowed, put website on exterior signage, under your name not “DENTIST”. Try to use geographical term high up in the alphabet for your website URL. Avoid full name, but buy www.yourname.com and .org, .biz, and .net. Have it “point” to your website in case of Google search 2. Stationary, letterhead, business cards, and advertising should all be color synched to website design 3. Use toothbrush printing space to include website URL and office telephone number. 4. Use database of patient email addresses to market your practice, and encourage your existing patients to send friends and relatives to your website. 5. Patients should have the ability to download all new patient forms they need for the first appointment with you. Large print med history needed. Prior dentist can send digital radiographs.
OUTSOURCE HR AND PAYROLL –WORK WITH DENTAL CPA 1. Probably biggest source of headache for dentist and office manager is human resources mgmt 2. Impossible to be an expert on all labor laws and records requirement 3. Higher chance of lawsuit in this area than malpractice or patient relations. 4. Payroll has to be outsourced to 3rd party if you are using a 401K. Fiduciary responsibility 5. QuickBooks© is used by 85% of small businesses across the country. Can be set up to allow CPA to be a user, and all reports done electronically. 6. Work with CPA that has a lot of dental clients. 7. Report every dime you make, but be aggressive when it comes to deductions 8. Difference between “tax evasion” and “tax avoidance” is about 15 years in a federal prison.
Bent Ericksen and Associates, Inc.
Top 10 HR Mistakes
1. Failure to Correctly Follow Employment Policies &
Procedures
2. Failure to Keep Good Records
3. Failure to Conduct Performance Reviews
4. Failure to Follow Harassment/Discrimination Policies
5. Failure to Pay Overtime to Non-exempt Employees
6. Creating a Perception of Retaliation
7. Failure to Consider Disparate Impact in a Layoff
8. Failure to Manage/Resolve Conflict Before Litigation
9. Failure to Consider ADA/FMLA
10. Careless Use of EmailLOOK AT FEE SCHEDULE AND PPO/HMO
PLANS
1. If you participate in PPO/HMO plans, your “write off” amount (which you should track) is
essentially an advertising/marketing fee. How much does that cost you a year? What is the
production that is produced for that amount for each plan? Could you spend that in internal
marketing instead on the other existing patients, and get more non plan patients?
2. How far out are you booked? Can you see most emergencies on the same day? Can you see a
new patient inFIVE WAYS TO GET AN ACCURATE FEE
SCHEDULE
1. National Dental Advisory Service www.ndas.com Purchase a manual that comes out
yearly. Has 40-90th percentile fees with zip code adjustments, and CDT manual included
2. Download from ADA www.ada.org website free of charge the ADA Survey Center “2007
Survey of Dental Fees”. Has 10-95th percentile fees, and median and mode fees.
3. Contact American Dental Sales, and see if the local rep might be able to accommodate you
with a zip code specific fee schedule for your town.
4. Contact the specialists you work with to get an idea of what they charge (careful), since as a
GP you should not charge less since you will probably take longer to do a procedure.
Important if you need to send in a “yearly fee estimate” or filing with PPO’s.
5. Henry Schein Dental teamed up with ADCPA and Dental Economics to go to fee analyzer on
www.dentistryiq.com. Enter the first three digits of your zip code.CONSIDER ASSISTED DENTAL
HYGIENE
FNDC JUN 2011
ORLANDO GAYLORD PALMSIntroduction What is Assisted Dental Hygiene/Assisted Hygiene (AH)? Assisted Hygiene pertains to one dental hygienist working together with a designated dental assistant in providing optimum patient care out of two treatment rooms.
Value of AH 1) Patient Options for Care Increased 2) Hygiene Department Perception 3) Continuous Boost in Productivity
ASSISTED DENTAL HYGIENE
THE RIGHT DENTIST
THE RIGHT HYGIENIST AND ASSISTANT
THE RIGHT SUPPORT STAFF
THE RIGHT OFFICE DESIGN
THE RIGHT COMPENSATIONBiggest Fears Viewed as Accelerated vs. Patient Centered; Team Focused Warrant Hiring an Assistant Personality ~ Mismatched Protocol/Time-Micromanagement Burn out
Biggest Advantage Less Stress Increase Communication with Team (Utilizing 3 C’s Principle) Unlimited Potential for Quality Patient Care Productivity ~ Investing in Practice
SUMMARY
WIN-WIN SITUATION FOR ALL
NO LIMIT FOR AMBITIOUS AND SKILLED HYGIENIST
EMPOWERS HYGIENIST TO TREAT PATIENTS THE WAY
THEY WOULD LIKE TO BE TREATED
GIVES FLEXIBILITY TO SCHEDULE EFFICIENTLYQUESTIONS?
BUSINESS METRICS
Dental supplies – 5-7%
Office supplies - 2%
Rent – 5-7%
Laboratory – 10-14%
Payroll - 20%
Payroll taxes and benefits – 3-5%
Miscellaneous - 10%
For another view, download the free 2006
Survey of Dental Practice – Annual
Expenses of Operating a Private Practice
from the ADA websiteTEN THINGS TO KEEP TRACK OF AND REPORT MONTHLY ON 1. Monthly production and collection. How it compares to last year in that month. 2. Number of new patients 3. How many patients left, and go over the reasons why. Be brave doctor! 4. Percentage of production that comes from hygiene department (should be 30-40%) 5. How many quadrants of root planing/scaling done 6. Number of new bleach case by arch done 7. Top referrals in practice by number and production. Know your top referral sources cold
TEN THINGS TO KEEP TRACK OF AND REPORT MONTHLY ON 8. Dollar amount above or below the practice break even point. Make sure staff knows amount 9. Old Business items and unresolved items from the meeting. Who was tasked? Item closed? 10. New Business items and new problems brought up this month. Who will be tasked? Business meeting should be two hours max to include lunch paid by office, and employees have to be compensated in that time frame unless salaried or on production (check state law) Expecting someone to manage your finances or office like you is like expecting the babysitter to raise your children like you want them raised. The owner has to be “in the store”! (Greg Hund, owner of the 2nd highest grossing Mail Boxes, ETC)
ASSOCIATESHIPS, SALES AND
MERGERS
1. NEVER do any of the three above without a contract and legal advice. (90 day trial period)
2. NEVER increase the size of your building or practice without a signed contract.
3. If at all possible, have 100% financing done by the bank, preferably the one you use.
4. Don’t consider associateships until you gross collections exceed $800,000.
5. Make sure no passwords, address list change hands until the contract is signed
6. Consider a merger if you are willing to practice, but don’t have enough patients for two
7. Have an “exit strategy” in case things don’t work like you have planned. More than 40% of
all associateships fail.Feuding dentist saws partner's equipment in half
January 12, 2010
By: DrBicuspid Staff
A Massachusetts dentist embroiled in a bitter dispute
over splitting up a practice sawed a cleaning machine in
half, claiming he was entitled to half of the property in the
office, according to a story on wickedlocal.com.
Police in Brookline, MA, were called to a dental office on
Jan. 11 after one partner in the dental practice came in to
find half of a cleaning machine (reported to be an L&R
Ultrasonic Machine Cleaner) in her office, according to
the story.
The other half appeared to have been removed by a saw,
the story said.
The dentist told police that she and her partner have
been at odds over plans to split their practice.
Police declined to identify either dentist but said they plan
to charge the alleged perpetrator with malicious
destruction of property over $250, according to the report.
Copyright © 2010 DrBicuspid.comTRANSITION PREPARATION 1. Start thinking about a transition about 3-5 years in advance. Prepare your family 2. If you are the seller, you have to be financially able to walk away if the new structure does not work. Resist any type of “advice” for at least 6 months. Get away if you can. 3. Buyer should try to retain key staff but insist on a clause that does not guarantee future employees will be retained. 4. Avoid wholesale changes in the office in terms of policy, unless you have been advised by an outside consultant to make the changes immediately 5. Never forget the person whose name is on the payroll check is in charge until the name changes
Transitions ● Life Coaching ● Strategic Planning ● Retirement Plan Analysis
RICHARD A. HUOT, DDS
Consultant……Speaker……Author……Clinician
6001 N A1A ● PMB 8335 ● Vero Beach, Florida 32963
● Cell 772.913.3552
www.militarydentist.com ● drhuot@bellsouth.netKEEP BALANCE IN YOUR LIFE!
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