Dentaltown July 2021 - 55

by Tim Greaves, CPA
Tim Greaves is a certified public
accountant and investment
adviser representative. He is a
partner and financial planner at
Cain Watters & Associates. He is
also a member of its accounting
steering committee and
spearheads a team of financial
planners with whom he shares
his insights and expertise. In
addition to his role as a CPA and adviser for dental clients, he
is a mentor and leader in the recruitment and hiring efforts
of the firm.
A wide-scope overview of how
practice owners can bolster and
maximize financial considerations
in 2021 and beyond
T
he road to financial freedom is paved with good intentions, especially for dentists. Inherently driven,
not to mention intelligent, it's no surprise dentists are successful both clinically and professionally.
Those who go a step forward and choose a path of ownership typically share the same spirit for
growing their dental practice to reach their personal financial goals.
Although I'm not a dentist, I know how difficult it can be to juggle both patients and a business. For
more than 20 years, I've been able to guide many of Cain Watters & Associates' 2,600 dental clients along
their journey to reach their long- and short-term financial goals. I've had a front-row seat to see the life
cycle of dental practice owners, from overcoming dental school debt to buying a second or third location
and transitioning into retirement.
Clinically trained for an extra four to six years in postgraduate studies, dentists come out of school
prepared to hit the ground running-mostly. What could be lacking for these young and hungry professionals?
Business acumen and training on how to successfully run a multimillion-dollar practice.
For dentists to be effective in meeting their personal financial goals, they need to be successful in their
business. Which is usually not a problem for most practices, but then 2020 happened.
Dealing with last year's hurdles and unknowns is the perfect example of how business owners can take
their mind off long-term goals because they're distracted by a set of immediate new challenges. For example,
many doctors returned from the shutdown to busier-than-ever practices, government stimulus opportunities
and new state safety mandates. At times like that, it's easy to take one's eyes off staff management, accurate
accounting and retirement planning.
Practices could always be running more efficiently, just like there's always room for improvement in
a personal financial plan. Based on these observations and more, I've selected the top four mistakes I see
doctors making. They are a hybrid of personal and practice, because the health of the personal plan relies
heavily on the health of the business.
dentaltown.com \\ JULY 2021 55

http://www.dentaltown.com

Dentaltown July 2021

Table of Contents for the Digital Edition of Dentaltown July 2021

Dentaltown July 2021 - Intro
Dentaltown July 2021 - Cover1
Dentaltown July 2021 - Cover2
Dentaltown July 2021 - 1
Dentaltown July 2021 - 2
Dentaltown July 2021 - 3
Dentaltown July 2021 - 4
Dentaltown July 2021 - 5
Dentaltown July 2021 - 6
Dentaltown July 2021 - 7
Dentaltown July 2021 - 8
Dentaltown July 2021 - 9
Dentaltown July 2021 - 10
Dentaltown July 2021 - 11
Dentaltown July 2021 - 12
Dentaltown July 2021 - 13
Dentaltown July 2021 - 14
Dentaltown July 2021 - 15
Dentaltown July 2021 - 16
Dentaltown July 2021 - Insert_Riverside1
Dentaltown July 2021 - Insert_Riverside2
Dentaltown July 2021 - 17
Dentaltown July 2021 - 18
Dentaltown July 2021 - 19
Dentaltown July 2021 - 20
Dentaltown July 2021 - 21
Dentaltown July 2021 - 22
Dentaltown July 2021 - 23
Dentaltown July 2021 - 24
Dentaltown July 2021 - 25
Dentaltown July 2021 - 26
Dentaltown July 2021 - 27
Dentaltown July 2021 - 28
Dentaltown July 2021 - 29
Dentaltown July 2021 - 30
Dentaltown July 2021 - 31
Dentaltown July 2021 - 32
Dentaltown July 2021 - 33
Dentaltown July 2021 - 34
Dentaltown July 2021 - 35
Dentaltown July 2021 - 36
Dentaltown July 2021 - 37
Dentaltown July 2021 - 38
Dentaltown July 2021 - 39
Dentaltown July 2021 - 40
Dentaltown July 2021 - 41
Dentaltown July 2021 - 42
Dentaltown July 2021 - 43
Dentaltown July 2021 - 44
Dentaltown July 2021 - 45
Dentaltown July 2021 - 46
Dentaltown July 2021 - 47
Dentaltown July 2021 - 48
Dentaltown July 2021 - 49
Dentaltown July 2021 - 50
Dentaltown July 2021 - 51
Dentaltown July 2021 - 52
Dentaltown July 2021 - 53
Dentaltown July 2021 - 54
Dentaltown July 2021 - 55
Dentaltown July 2021 - 56
Dentaltown July 2021 - 57
Dentaltown July 2021 - 58
Dentaltown July 2021 - 59
Dentaltown July 2021 - 60
Dentaltown July 2021 - 61
Dentaltown July 2021 - 62
Dentaltown July 2021 - 63
Dentaltown July 2021 - 64
Dentaltown July 2021 - 65
Dentaltown July 2021 - 66
Dentaltown July 2021 - 67
Dentaltown July 2021 - 68
Dentaltown July 2021 - 69
Dentaltown July 2021 - 70
Dentaltown July 2021 - 71
Dentaltown July 2021 - 72
Dentaltown July 2021 - 73
Dentaltown July 2021 - 74
Dentaltown July 2021 - 75
Dentaltown July 2021 - 76
Dentaltown July 2021 - 77
Dentaltown July 2021 - 78
Dentaltown July 2021 - 79
Dentaltown July 2021 - 80
Dentaltown July 2021 - 81
Dentaltown July 2021 - 82
Dentaltown July 2021 - 83
Dentaltown July 2021 - 84
Dentaltown July 2021 - 85
Dentaltown July 2021 - 86
Dentaltown July 2021 - 87
Dentaltown July 2021 - 88
Dentaltown July 2021 - Cover3
Dentaltown July 2021 - Cover4
Dentaltown July 2021 - SI_Insert_1a
Dentaltown July 2021 - SI_Insert_1b
Dentaltown July 2021 - IAOS_Book_1
Dentaltown July 2021 - IAOS_Book_2
Dentaltown July 2021 - IAOS_Book_3
Dentaltown July 2021 - Smartbox_1
Dentaltown July 2021 - Smartbox_2
Dentaltown July 2021 - SI_Insert_1b
Dentaltown July 2021 - SI_Insert_2b
https://www.nxtbook.com/farran/dentaltown/dentaltown-april-2024
https://www.nxtbook.com/farran/dentaltown/dentaltown-march-2024
https://www.nxtbook.com/farran/dentaltown/dentaltown-february-2024
https://www.nxtbook.com/farran/dentaltown/dentaltown-january-2024
https://www.nxtbook.com/farran/dentaltown/dentaltown-december-2023
https://www.nxtbook.com/farran/dentaltown/dentaltown-november-2023
https://www.nxtbook.com/farran/dentaltown/dentaltown-new-grad-2023
https://www.nxtbook.com/farran/dentaltown/dentaltown-october-2023
https://www.nxtbook.com/farran/dentaltown/dentaltown-september-2023
https://www.nxtbook.com/farran/dentaltown/dentaltown-august-2023
https://www.nxtbook.com/farran/dentaltown/dentaltown-july-2023
https://www.nxtbook.com/farran/dentaltown/dentaltown-june-2023
https://www.nxtbook.com/farran/dentaltown/dentaltown-may-2023
https://www.nxtbook.com/farran/dentaltown/dentaltown-april-2023
https://www.nxtbook.com/farran/dentaltown/dentaltown-march-2023
https://www.nxtbook.com/farran/dentaltown/dentaltown-february-2023
https://www.nxtbook.com/farran/dentaltown/dentaltown-january-2023
https://www.nxtbook.com/farran/dentaltown/dentaltown-december-2022
https://www.nxtbook.com/farran/dentaltown/dentaltown-november-2022
https://www.nxtbook.com/farran/dentaltown/dentaltown-october-2022
https://www.nxtbook.com/farran/dentaltown/dentaltown-new-grad-2022
https://www.nxtbook.com/farran/dentaltown/dentaltown-september-2022
https://www.nxtbook.com/farran/dentaltown/dentaltown-august-2022
https://www.nxtbook.com/farran/dentaltown/dentaltown-july-2022
https://www.nxtbook.com/farran/dentaltown/dentaltown-june-2022
https://www.nxtbook.com/farran/dentaltown/dentaltown-may-2022
https://www.nxtbook.com/farran/dentaltown/dentaltown-april-2022
https://www.nxtbook.com/farran/dentaltown/dentaltown-march-2022
https://www.nxtbook.com/farran/dentaltown/dentaltown-february-2022
https://www.nxtbook.com/farran/dentaltown/dentaltown-january-2022
https://www.nxtbook.com/farran/dentaltown/dentaltown-december-2021
https://www.nxtbook.com/farran/dentaltown/dentaltown-november-2021
https://www.nxtbook.com/farran/dentaltown/dentaltown-new-grad-2021
https://www.nxtbook.com/farran/dentaltown/dentaltown-october-2021
https://www.nxtbook.com/farran/dentaltown/dentaltown-september-2021
https://www.nxtbook.com/farran/dentaltown/dentaltown-august-2021
https://www.nxtbook.com/farran/dentaltown/dentaltown-july-2021
https://www.nxtbook.com/farran/dentaltown/dentaltown-june-2021
https://www.nxtbook.com/farran/dentaltown/dentaltown-may-2021
https://www.nxtbook.com/farran/dentaltown/dentaltown-april-2021
https://www.nxtbook.com/farran/dentaltown/dentaltown-march-2021
https://www.nxtbook.com/farran/dentaltown/dentaltown-february-2021
https://www.nxtbook.com/farran/dentaltown/2021January
https://www.nxtbook.com/farran/dentaltown/2020December
https://www.nxtbook.com/farran/dentaltown/2020November
https://www.nxtbook.com/farran/dentaltown/2020NewGrad
https://www.nxtbook.com/farran/dentaltown/2020October
https://www.nxtbook.com/farran/dentaltown/2020September
https://www.nxtbook.com/farran/dentaltown/2020August
https://www.nxtbook.com/farran/dentaltown/2020July
https://www.nxtbook.com/farran/dentaltown/2020June
https://www.nxtbook.com/farran/dentaltown/2020May
https://www.nxtbook.com/farran/dentaltown/2020April
https://www.nxtbook.com/farran/dentaltown/2020March
https://www.nxtbook.com/farran/dentaltown/2020February
https://www.nxtbook.com/farran/dentaltown/2020January
https://www.nxtbook.com/farran/dentaltown/2019December
https://www.nxtbook.com/farran/dentaltown/2019November
https://www.nxtbook.com/farran/dentaltownuk/2019OctoberNovember
https://www.nxtbook.com/farran/dentaltown/2019October
https://www.nxtbook.com/farran/dentaltown/2019NewGrad
https://www.nxtbook.com/farran/dentaltown/2019September
https://www.nxtbook.com/farran/dentaltown/2019August
https://www.nxtbook.com/farran/dentaltown/2019July
https://www.nxtbook.com/farran/dentaltownuk/2019JuneJuly
https://www.nxtbook.com/farran/dentaltown/2019June
https://www.nxtbook.com/farran/dentaltown/2019May
https://www.nxtbook.com/farran/dentaltownuk/2019AprilMay
https://www.nxtbook.com/farran/dentaltown/2019April
https://www.nxtbook.com/farran/dentaltown/2019March
https://www.nxtbook.com/farran/dentaltown/2019February
https://www.nxtbook.com/farran/dentaltownuk/2019FebruaryMarch
https://www.nxtbook.com/farran/dentaltown/2019January
https://www.nxtbook.com/farran/dentaltownuk/2018Winter
https://www.nxtbook.com/farran/dentaltown/2018December
https://www.nxtbook.com/farran/dentaltown/2018November
https://www.nxtbook.com/farran/dentaltownuk/2018November
https://www.nxtbook.com/farran/dentaltown/2018October
https://www.nxtbook.com/farran/dentaltownuk/2018October
https://www.nxtbook.com/farran/dentaltown/2018NewGrad
https://www.nxtbook.com/farran/dentaltown/2018September
https://www.nxtbook.com/farran/dentaltownuk/2018September
https://www.nxtbook.com/farran/dentaltown/2018August
https://www.nxtbook.com/farran/dentaltownuk/2018July
https://www.nxtbook.com/farran/dentaltown/2018July
https://www.nxtbook.com/farran/dentaltownuk/2018June
https://www.nxtbook.com/farran/dentaltown/2018June
https://www.nxtbook.com/farran/dentaltownuk/2018May
https://www.nxtbook.com/farran/dentaltown/2018May
https://www.nxtbook.com/farran/dentaltownuk/2018April
https://www.nxtbook.com/farran/dentaltown/2018April
https://www.nxtbook.com/farran/dentaltown/2018March
https://www.nxtbook.com/farran/dentaltownuk/2018March
https://www.nxtbook.com/farran/dentaltown/2018February
https://www.nxtbook.com/farran/dentaltownuk/2018February
https://www.nxtbook.com/farran/dentaltown/2018January
https://www.nxtbook.com/farran/dentaltown/2017December
https://www.nxtbook.com/farran/dentaltownuk/2017Winter
https://www.nxtbook.com/farran/dentaltown/2017November
https://www.nxtbook.com/farran/dentaltown/2017October
https://www.nxtbook.com/farran/dentaltownuk/2017october
https://www.nxtbook.com/farran/dentaltown/NewGrad2017
https://www.nxtbook.com/farran/dentaltown/2017September
https://www.nxtbook.com/farran/dentaltownuk/2017September
https://www.nxtbook.com/farran/dentaltownuk/2017August
https://www.nxtbook.com/farran/dentaltown/2017August
https://www.nxtbook.com/farran/dentaltown/2017July
https://www.nxtbook.com/farran/dentaltownuk/2017July
https://www.nxtbook.com/farran/dentaltown/2017June
https://www.nxtbook.com/farran/dentaltownuk/2017may
https://www.nxtbook.com/farran/dentaltown/2017May
https://www.nxtbook.com/farran/dentaltownuk/2017April
https://www.nxtbook.com/farran/dentaltown/2017April
https://www.nxtbook.com/farran/dentaltown/2017March
https://www.nxtbook.com/farran/dentaltownuk/dentaltownuk/2017march
https://www.nxtbook.com/farran/dentaltown/February2017
https://www.nxtbook.com/farran/dentaltown/2017January
https://www.nxtbook.com/farran/dentaltown/2016December
https://www.nxtbook.com/farran/dentaltown/2016November
https://www.nxtbook.com/farran/dentaltown/2016October
https://www.nxtbook.com/farran/dentaltown/2016nge
https://www.nxtbook.com/farran/dentaltown/2016september
https://www.nxtbook.com/farran/dentaltown/2016august
https://www.nxtbook.com/farran/dentaltown/2016july
https://www.nxtbook.com/farran/dentaltown/2016june
https://www.nxtbook.com/farran/dentaltown/2016may
https://www.nxtbook.com/farran/dentaltown/2016april
https://www.nxtbook.com/farran/dentaltown/2016march
https://www.nxtbook.com/farran/dentaltown/2016february
https://www.nxtbook.com/farran/dentaltown/2016january
https://www.nxtbook.com/farran/dentaltown/2015december
https://www.nxtbook.com/farran/dentaltown/2015november
https://www.nxtbook.com/farran/dentaltown/2015october
https://www.nxtbook.com/farran/dentaltown/2015nge
https://www.nxtbook.com/farran/dentaltown/2015september
https://www.nxtbook.com/farran/dentaltown/2015august
https://www.nxtbook.com/farran/dentaltown/2015july
https://www.nxtbook.com/farran/dentaltown/2015june
https://www.nxtbook.com/farran/dentaltown/2015may
https://www.nxtbook.com/farran/dentaltown/2015april
https://www.nxtbook.com/farran/dentaltown/2015march
https://www.nxtbook.com/farran/dentaltown/2015february
https://www.nxtbook.com/farran/dentaltown/2015january
https://www.nxtbook.com/farran/dentaltown/2014december
https://www.nxtbook.com/farran/dentaltown/2014decemberb
https://www.nxtbook.com/farran/dentaltown/2014november
https://www.nxtbook.com/farran/dentaltown/2014october
https://www.nxtbook.com/farran/dentaltown/2014newgrad
https://www.nxtbook.com/farran/dentaltown/2014september
https://www.nxtbook.com/farran/dentaltown/2014august
https://www.nxtbook.com/farran/dentaltown/2014july
https://www.nxtbook.com/farran/dentaltown/2014june
https://www.nxtbook.com/farran/dentaltown/2014may
https://www.nxtbook.com/farran/dentaltown/2014april
https://www.nxtbook.com/farran/dentaltown/2014march
https://www.nxtbook.com/farran/dentaltown/2014february
https://www.nxtbook.com/farran/dentaltown/2014january
https://www.nxtbook.com/farran/dentaltown/2013december
https://www.nxtbook.com/farran/dentaltown/2013november
https://www.nxtbook.com/farran/dentaltown/2013october
https://www.nxtbook.com/farran/dentaltown/2013newgrad
https://www.nxtbook.com/farran/dentaltown/2013september
https://www.nxtbook.com/farran/dentaltown/2013august
https://www.nxtbook.com/farran/dentaltown/2013july
https://www.nxtbook.com/farran/dentaltown/2013june
https://www.nxtbook.com/farran/dentaltown/2013may
https://www.nxtbook.com/farran/dentaltown/2013april
https://www.nxtbook.com/farran/dentaltown/2013march
https://www.nxtbook.com/farran/dentaltown/2013february
https://www.nxtbook.com/farran/dentaltown/2013january
https://www.nxtbook.com/farran/dentaltown/2012december
https://www.nxtbook.com/farran/dentaltown/2012November
https://www.nxtbookmedia.com