Why PracticeCFO Exists

Practice CFO really has two reasons why we exist. And the first reason is because we are trying to help practice owners of different practices, dentists, oral surgeons, orthodontists, medical practice owners, to become financially independent earlier in life. The second reason is we're trying to protect the practice private practice space. There's a lot of large organizations and a lot of dental corporations that are really gaining a lot of market share. But we believe that most doctors still want to own their own practice, particularly in the dental field. And so we're trying to help them have a financial guidance in their practice and in their personal life that enables them to compete effectively with these larger organizations. Most, most businesses have a financial, what's called a cfo. CFO stands for chief financial officer. And we believe that practice owners, single doctor, two or three doctor practices, they really would benefit by having a CFO like role giving them financial guidance in their practice. But most of them can't afford to pay 10, $15,000 for a CFO full time in their business. So what we offer is a CFO like advice and role in their practice to help them structure a financial system that creates organization and helps them accelerate their financial growth and the financial health of their practice.

We're in business because a lot of practice owners go to school to learn how to be clinicians, but not business owners. And there's a big difference. And we're educated in finance, accounting, and have a network of business services that they may not. So we specialize in knowing how businesses should run, how they can be financially successful, and we fulfill the role of chief financial officer. And that's how we're different than a bookkeeper or a cpa, even though we do those things too. A bookkeeper just records what you've done. A CPA can step it up a notch and record and report what you've done.

And give you tax advice, that sort of thing. But we wrap a whole other level around it, which is planning and financial advice and business advice and business services. That's something that competitors or a typical CPA firm will not provide practice.

CFO exists really for financial peace of mind for our clients where typical practice owner has different service provider for the various financial aspects and challenges they face. You know, they might have a CPA doing their bookkeeping and tax work, they might have an insurance agent, you know, protecting the interests of them and their family.

And a financial advisor doing some of the personal planning and investments. And each one of those is probably really good at what they do. And they really specialize in that niche, but they're not overseeing a global system. You know, when you make a decision in one area, whether it be your investments, your retirement plan, your education funding, whether to invest in technology, in the practice, all of those decisions are all interrelated and each one of them has an impact on the other and ultimately an impact on your tax and cash flow situation. So we exist to really bring all those together and make sure that with each decision we make with our clients, we're optimizing a financial system that allows them to achieve what they want.

Personally, I've really got to know practice owners, their unique needs, the right tax structure, the tax deductions that relate to them, how to address the unique financing needs they have when they're doing a build out or financing equipment in their office, how to hire and compensate their staff, whether it's an associate, whether it's a hygienist, say, in a dental office. All of this unique language to the industry of practice owners. We've developed that specialty and then we can take that specialty and apply it into their financial planning to help them, to help them really thrive as a practice owner.