Established Dentists

Dr. Michael has been practicing dentistry for 15 years. He is married with three children who are 13, 10, and 7 years old. His wife, Becky, is a registered nurse at a local hospital. Dr. Michael feels like he brings home a lot of money from his practice, but it never seems to be enough to maximize his retirement savings. He has always thought that he and Becky would be able to pay cash for his children’s college costs, but is now having doubts and would like to start saving for college. Dr. Michael’s practice is booming and he is considering finishing two additional operatories and hiring an associate. He is not sure if it would be in his best interest to hire an associate with the vision of offering the new doctor an ownership stake in his practice.

Before CBG

• Never seems to be able to max out his retirement plan
• Always seems to struggle to set aside enough money for taxes
• Family at significant risk if something was to happen to Dr. Michael
• No plan to pay for college
• Not sure if they are saving enough for retirement

After CBG

• Restructuring practice debt with a lender that understands dentistry allowed for increased cash flow and a vision for when the debt will be paid off
• Increased cash flow from debt restructure allowed for optimal retirement plan funding, which in turn reduced their tax burden
• Adequate disability income and business overhead insurance provide peace of mind
• Savings targets for both retirement and college savings are in place
• Retirement vision has been discussed with a preliminary plan in place that will be reviewed and modified as needed