On this episode of NextGenDDS, Dr. Scott Menaker and Wes Lyon explore the critical link between dental practices and real estate investments. They discuss how many dentists may overlook the long-term implications of property ownership when purchasing a practice, sharing cautionary tales of financial disruptions caused by unexpected relocations. The hosts highlight the importance of controlling real estate assets, emphasizing the significant renovation costs that can arise in dental-specific setups. Listeners are equipped with valuable strategies, including negotiating rights of first refusal and understanding the risks of urban development areas. The conversation encourages dentists to evaluate their current practice locations against potential moving costs, advocating for careful due diligence and strategic real estate planning. Scott and Wes conclude by stressing the importance of consulting professionals for both practice and real estate evaluations to secure a stable future.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

On this episode of Next Gen DDS, Wes and Scott emphasize the "Three Ps" for long-term success in dentistry: patience, persistence, and perseverance. They explore how these principles guide dental professionals through the challenges of practice ownership, highlighting that success requires time and thoughtful effort. Scott discusses the importance of patience in establishing a solid practice foundation and shares his experience in evaluating team dynamics before making hiring decisions. Wes adds that societal pressures can create misconceptions about immediate success, urging listeners to focus on genuine effort over superficial validation. Moving to persistence, Scott recounts his early career and the significance of continuous community engagement for building a loyal patient base. Wes echoes this, illustrating how meaningful connections often stem from consistent outreach rather than paid marketing. Perseverance becomes the focal point as they address the inevitable challenges in practice ownership. Scott encourages embracing setbacks as growth opportunities, emphasizing flexibility and resilience in adjusting strategies for sustained success. Listeners gain practical strategies for incorporating the Three Ps into daily practice management, with a reminder that the commitment to quality patient care is paramount.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

On this episode of Next Gen DDS, co-hosts Wesley Lyon and Dr. Scott Menaker discuss the compelling benefits of dental practice ownership for young dentists, emphasizing the control and autonomy it provides. They address common concerns like student debt and the complexities of buying a practice while highlighting the long-term financial and personal advantages, including tax benefits. The duo identifies three key advantages: independence, enhanced income potential, and improved work-life balance. They also touch on how ownership creates a fulfilling lifestyle, allowing for family involvement and personal growth.

Want to submit a question that Wes and Scott will answer on the next episode? Submit them here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill and Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here.

Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.