North Texas Dentistry Volume 4 Issue 4 - Page 8

Photo by Ray Bryant, Bryant Studios The team at Bland Garvey, PC provides evidence-based, client-centered guidance for dentists in all phases of the practice life cycle. tists to start well before the doors are open. “We help new dentists develop a solid business plan. We also support them at key decision points such as how many operatories to equip in a new facility, when to hire another hygienist, whether to purchase or lease equipment, and whether to set up as an LLC or sole proprietor. We walk them through an evaluation of their financing and debt service options and make sure they fully understand the benchmarks and ratios that are important to the practice.” For dentists who are considering purchasing an existing practice, Bland Garvey provides purchaser representation and can assist with practice valuation. “Buyers face a myriad of decisions that will impact their business for years to come,” notes Garvey. “They must weigh financing options – whether to select a 5, 7, or 10-year (or longer) loan term – and how each option will affect the ultimate price of the practice. They must weigh the risk of each option and determine whether the payoff is appropriate for the level of risk. They need to have a clear vision of how much income they can expect after servicing their debt so they have sufficient cash flow to operate the practice efficiently, pay a minimum amount of taxes, save for retirement, and meet their life goals. We help them formulate an investment and savings strategy. We coach them and help them develop the keen business sense required to be successful in today’s competitive marketplace.” Harnessing the strength of family are a good fit for one another, we determine the level of service based on the needs and expectations of the client. We focus on internal record-keeping and develop an accounting system that lets them look at monthly reports and get an instant snapshot of how they are doing. This system must be carefully tailored to the practice because every practice is different. The system takes into account all the unique financial features of the practice, like loans, debt service, long-term and short-term plans and other variables.” The advisors at Bland Garvey meet with clients regularly – usually annually or quarterly – to review the business’ tax situation. These numbers are also helpful to have in place for the practitioner who is positioning to eventually sell the practice. Since Bland Garvey works with clients through the life cycle of the practice, the relationship is ongoing. “Once a plan is in place, we help our clients stay on track with it, or help them adjust it if the circumstances warrant a course correction,” Lori notes. “We are always available if a question arises, and can be a helpful resource for lending, payroll and other issues that impact the practice.” Safeguarding the life of your practice – for the life of your practice Bland Garvey works with dentists at all stages of their professional careers, taking into consideration the unique aspects of each situation. For practices just starting up, John Garvey encourages den8 NORTH TEXAS DENTISTRY | www.northtexasdentistry.com Garvey points out that many dental practices are family businesses, a fact that poses both strengths and drawbacks. “We try to take the stress out of owning a business. We believe that owning a dental practice can and should provide a fantastic opportunity to take care of your family. We help our clients determine the appropriate amount of life insurance, disability and long-term care insurance so they can relax and have confidence in the future. We help develop a balanced approach to investing and risk-taking based on the willingness, ability and need to take risk of both the doctor and his or her spouse.” Garvey understands the workings of a family business – the firm itself is a second-generation family business. “It has been a privilege and a responsibility to follow in my father’s footsteps. He has been the best mentor ever, and our professional discussions are invaluable. We debate and challenge each other’s strategy at times, and it is a very healthy, productive process. I think the experience has also given me the ability to relate to my clients in second-generation practices with a much deeper level of understanding.” Garvey’s father, John Garvey, Sr. has been in the business since 1967 after joining Jim Bland. He brings a wealth of experience to the firm. He has witnessed nearly five decades of change in the field of dentistry, and has watched numerous practices evolve through the years, shepherding them through the various stages of their practice. He understands the factors that impact the business of dentistry and his expansive knowledge is a tremendous advantage for Bland Garvey’s clients. His understanding of poten-