Created by dentists, and exclusively for members, CDSPI helps you achieve financial well-being with tailored advice, insurance, and investments. Access to CDSPI is a benefit of your membership with your provincial or territorial dental association. Otherwise, it handcuffs your future career choices when you want to exit the practice. MICHAEL I don’t like these minority buy-ins. Unless you have a $10 million practice to buy in to, 15% or 25% to me doesn’t make sense. If the plan is to then buy another 15% or 25% down the road, you’re paying a lot of accounting and legal fees multiple times. Some dentists think that since they’ve been an associate at this practice for a long time, this is really the only practice and patients they know. I think it’s best to keep your mind open about other practices that you can buy after in another year or so. That practice that you thought was yours, maybe it’s not and the next one will be. But, if you really love that practice, you’ve still got to make a business decision on what’s best for you. Having the right team makes all the difference Deciding whether to buy, start, or join a dental practice is a significant career move requiring thorough self-assessment and careful planning. With the right team of experts to guide you, navigating the complexities of practice ownership becomes much more manageable, enabling you to follow your dream with confidence. Dr. Aisling Whitaker is a general dentist and co-owner of Bite House Dental in Toronto. She is also the co-founder of Dental Hive, a mobile app for dental professionals to find jobs, business solutions, network and be part of a community. Jordan Weinberg is a Partner and Business Advisor with MNP’s Professionals Services group focusing on dentists. He provides strategic advice on starting or purchasing a practice, develops projections and proposals, assists with tax planning to ensure practices are structured for maximum tax efficiency. Michael Kutner is a lawyer with KPK Law focusing on providing comprehensive assistance to dental professionals for their business needs, including facilitating the buying and selling of dentistry practices, as well as overseeing the incorporations and matters related to real estate law. Julie Berthiaume is an insurance advisor and a licensed general insurance broker at CDSPI Advisory Services Inc. She provides educational sessions on insurance and risk management strategies to dentists and dental students across Canada. Shane Dewling CFP, FMA is an Investment Planning Advisor at CDSPI Advisory Services Inc. Shane has over 20 years of experience working with high-net-worth clients in the areas of tax planning, estate planning, retirement, and wealth management. Shane also has expertise in helping dentists leverage their business assets through the incorporation or sale of their dental practice. ABOUT THE PANEL 40 | 2024 | Issue 4 SupportingYour Practice
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