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Show Notes

In this episode, Wes Read, CPA and financial advisor, highlights a common mistake among dental practice owners: treating financial planning as a one-time task instead of an ongoing cycle. Just like dental hygiene requires regular checkups, financial hygiene needs consistent monitoring, updating, and adjustment.

Wes explains the fourth phase of financial planning: Implement → Monitor → Revise → Repeat. Following a structured rhythm ensures clarity, accountability, and faster progress toward financial independence.

Seven Key Activities for Dental Practice Owners:

1. Review monthly financial statements (profit & loss, balance sheet, cash flow).
2. Update long-term personal financial plan annually (ideally in January).
3. Revisit personal spending plan annually to track expenses accurately.
4. Complete tax projections twice yearly (June and October/November).
5. Update family payroll annually in January to optimize taxes and 401(k) contributions.
6. Adjust doctor payroll three times yearly (January, June, October) for taxes and retirement.
7. Complete cash flow forecasts and allocate surplus capital in June and October.

Wes notes that traditional CPAs often focus on historical data and compliance, while dental-specific financial advisors help align practice cash flow with personal financial goals, creating real traction toward wealth.

Key Takeaways:

• Financial planning is an ongoing cycle, not a one-time event.
• Monthly reviews and annual updates keep you proactive.
• Semi-annual tax and cash flow planning prevent surprises.
• Working with a dental-specific advisor accelerates wealth building.
• Consistency compounds into financial freedom and lifestyle flexibility.

Resources Mentioned:

Financial Activity Cadence