First Month - Intro

Associates. Welcome back. I'm really excited about this next series of modules because we're going to talk about that first month when you step into ownership in your dental practice, you're going to feel like there are things coming at you from every angle and you know what? There are. But if you go into it with the plan and understanding what those areas that need attention are, you're going to feel a lot more confident about your ability to handle that first month and even those first six months and those first couple years. But right when you step into ownership, there is just a lot going on. So I want to talk about some of the key financial variables that need to be addressed as you step into ownership. Let's look at a, at a roadmap and here are the seven areas that I want to discuss with you. The first one is your legal entity structure. Now, truth is, you need to set that up before you actually close. But it's one of those things that as you go into ownership, you need to have the right legal entity in place from day one. So we're going to talk about the different types of legal entities that you might be. And which one am I going to recommend for you as a dentist? Number two is we're going to look at your banking and your banking relationship. It's important that you configure your accounts correctly for ease of access, for ease of accounting, for ease of transferring money to and from different accounts. So I really want to talk with you about banking. The third thing is your accounting. The accounting acts as the X ray of the financial health of your practice. I want you to understand your accounting at a basic level, if not more, so that you can make good financial decisions. The next is payroll. And let me tell you, you don't want to get payroll wrong when you step into ownership because you've got your whole team depending on you, depositing the right amount of money in their account to sustain their confidence in you. Then you've got the ar, the accounts receivable. You may have bought the AR as a part of the purchase. You may not have bought the AR and need to route the AR that's coming in to the seller. If you're not familiar with what accounts receivable is, don't worry. When we get to the module, I'm going to talk with you about that. Also, merchant processing, which basically is how do you take payments from your patients as they come in and they pay and they swipe their credit card in that little device. It's called a merchant terminal. It's called a terminal, and you need to be set up to be able to receive those payments so that they deposit in your corporate checking account in in the right timing and in the right way. So let's talk about merchant processing, because there's a lot of deceptive sales practice in this sphere of merchant processing, and there's a lot of good people recommending the right types as well. So I want to discuss that with you. And then lastly, a few comments on your practice management software. There's a lot of them out there. They have various features. I just want to go over some of the basics with each of those. And so that's what we're going to talk about in these next few modules. I'm really excited about it. So gear up and get your notebook out, because it's some really good content.