Wes Read (CPA, CFP®) introduces the free "Associates on Fire" curriculum aimed at helping dental associates transition to practice ownership. The program’s goals are to motivate associates, teach financial topics not covered in dental school, and prepare associates to compete as practice owners. Content includes videos, a podcast, downloadable resources, and a basic certification exam, organized into three "Fuel cell" modules covering associate-phase finances, acquisition/transition, and new-owner practice management.
Chapters
Hey, associates. I'm Wes Reed, dental CPA and financial planner and founder of Practice cfo. Practice CFO is a CPA and planning firm devoted exclusively to helping dentists manage their financial affairs effectively. Now, over the years, we've helped thousands of dental associates navigate the pathway from associate to practice owner. And in doing so, we've developed a clear set of guidelines and principles that enable dentists to safely and successfully make that transition into ownership. Now, we've packaged these guidelines and principles into this free curriculum which we call the Associates on Fire program. This program has three purposes. Number one, we want to fire you up as an associate to be excited about the career field that you've chosen for yourself. Number two, we want to give you the financial knowledge that generally speaking, dental schools do not teach and we want to do it in a succinct and understandable way. And number three, because we want you to compete effectively in the dental marketplace as a practice owner. Our desired outcome, it's simple. It's that you have a rewarding and satisfying professional experience as a dentist. Now, the Associates on Fire program has four elements to help you learn. Number one is we have educational videos and these are all accessible on our website@ass Associatesonfire.com Number two is we have a podcast platform. Now, this is also on our website and it's on all major podcast platforms available. Number three is we have downloadable resources. You can get these on on our website and there are things like checklists and timelines, things that will help you make important financial decisions as you go through your experience as an associate and new practice owners. And number four is a basic exam based certification just to help drive home your learning of these important financial topics. Now, all of this content is divided into three modules which we call Fuel cells. Fuel cell number one, ignite your way through the associate phase. In fuel cell number one, we're going to cover what is the overall timeline of events in the life of an associate. You can do things in the right order and you can do things in the wrong order. So we're going to talk about that. We're also going to talk about student loans. Extensively about student loans. We're going to talk about W2 versus 1099 independent contractors, the pros and cons of working in private versus corporate practice. We're also going to talk about budgeting and financial planning as a dentist and also managing your credit score. Super important. And more in fuel cell number one. Fuel cell number two is fire up a successful transition. So now we're going to talk about the actual process of acquiring a dental practice. And in this module we're going to cover finding your desired location or organizing your transition team. We're going to talk about the practice purchase process and how you can effectively handle your first month as a new practice owner. And again, other great topics in fuel cell number two, in fuel cell number three, which is be explosively successful as a new practice owner. We're going to cover developing a basic business plan for your new practice. We're also going to talk about dental practice. Accounting? Yes, accounting. Why? Because we want you to understand the financial reports of your practice. They are the language of the finances. And as a business owner, it's important that you understand that language to a certain level to make the right decisions. We're going to talk about practice goal setting and defining break evens. We're also going to talk about planning for a successful hygiene program and important things like taxes and and 401ks and ultimately financial independence. Now this is some rich content and it's the accumulation of years of knowledge and working with dentists to help them succeed. Now, besides me, let me introduce you to our other speakers throughout this course here at Practice cfo, we call them CFO Advisors. These are our CPA and financial advisors that play the role of business and personal CFO for our dentist. CFO stands for Chief Financial Officer. Now, they all specialize in working exclusively with dentists and all have impressive resumes. They are Greg Marvilla, Paul Ipsches, Drew Phillips and Justin Reed. Each advisor has prepared their content with great care and is excited to help you on your path to ownership. So associates, let's do this. It's time to get fired up.
