Welcome to the Hey Docs! Podcast with your host, Jill Allen. Today, I have a special guest, Charles Loretto, from Cain Watters & Associates, joining me on the show. I know that financial planning can be a bit of an undertaking for us all, so Charles is here to break it down. From where you should start to market trends and the best pieces of advice, there is a lot to learn! Pull out your notebooks. 

Let’s get into it! 

Summary
 
Charles Loretto, a financial planner specializing in dentistry, shares his journey and passion for orthodontics. He emphasizes the importance of owning a business and provides insights into the financial aspects of starting and growing an orthodontic practice. Charles discusses the different stages of financial planning, from basic accounting to tax planning and wealth building. He also highlights current trends in the industry, such as lower down payments and the impact of private equity on practice valuations. In this conversation, Charles Loretto and Jill discuss the value of dental practices, trends in practice transitions, the role of technology in orthodontics, and the availability of practices for sale. They also touch on private equity and the financial planning considerations for young doctors. 
 
https://www.cainwatters.com/
https://www.facebook.com/CainWatters/
https://www.linkedin.com/company/cain-watters-&-associates/?trk=top_nav_home https://www.youtube.com/channel/UCCu1ZtPhTapsGg_-MPSxRng

Takeaways

• Owning a business offers financial benefits, including increased income, equity building, and tax planning opportunities.
• Financial planning should be tailored to the unique needs of orthodontic practices, including specific accounting practices and projections.
• As practices grow, it is important to graduate to more comprehensive financial planning services that address complex issues like pension planning and investments.
• Trends in the industry include lower down payments for treatment and the continued influence of private equity on practice valuations. Understanding the value of a dental practice is crucial when considering a sale or transition.
• Outsourcing and lean practices are becoming more common in the dental industry.
• Customized treatment plans and the use of technology are shaping the future of orthodontics.
• Private practice sales and private equity investments are impacting the industry.
• Financial planning and surrounding oneself with the right professionals are key for young doctors.

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Chapters
 
00:00 Introduction and Background
03:20 Passion for Orthodontics
09:58 Financial Planning at Different Stages
27:50 Trends in Financial Planning
33:08 Understanding the Value of a Dental Practice
34:02 Trends in Practice Transitions 35:35 Outsourcing and Lean Practices
36:27 Customized Treatment Plans 38:22 The Role of Technology in Orthodontics
39:25 Managing Team Costs and Lab Bills
40:22 Private Practice Sales and Private Equity
41:47 The Availability of Practices for Sale
43:10 Evaluating Practices from a Private Equity Perspective
45:39 Valuing Higher-End Practices 47:53 Taking the Money Off the Table
48:18 Financial Planning for Young Doctors
49:29 Three Pieces of Advice for Young Doctors
55:21 Speed Round 

Are you ready to start a practice of your own? Do you need a fresh set of eyes or some advice in your existing practice? Reach out to me- www.practiceresults.com.    

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Episode Credits:
Hosted by Jill Allen
Produced by Jordann Killion
Audio Engineering by Johnny Mitchell