Watch Intro Series

Why Higher Practice Value Can Lead to Better Investment Returns – Episode 124

How Do I Get a Podcast?

A Podcast is a like a radio/TV show but can be accessed via the internet any time you want. There are two ways to can get the Dentist Money Show.

  1. Watch/listen to it on our website via a web browser (Safari or Chrome) on your mobile device by visiting our podcast page.
  2. Download it automatically to your phone or tablet each week using one of the following apps.
    • For iPhones or iPads, use the Apple Podcasts app. You can get this app via the App Store (it comes pre-installed on newer devices). Once installed just search for "Dentist Money" and then click the "subscribe" button.
    • For Android phones and tablets, we suggest using the Stitcher app. You can get this app by visiting the Google Play Store. Once installed, search for "Dentist Money" and then click the plus icon (+) to add it to your favorites list.

If you need any help, feel free to contact us for support.

How does practice equity fit into your overall asset mix? As you build your net worth, do you consider how much your practice will contribute to your retirement? In this Dentist Money™ Show, Reese and Ryan explain how to prioritize your practice in relation to other assets like real estate, investments, and retirement accounts. They also explain how growth of one asset type can lead to growth of another.

Podcast Transcript:

Reese Harper: Welcome to the Dentist Money™ Show, where we help dentists make smart financial decisions. I’m your host Reese Harper, here with my trusty old and sometimes rusty old co-host, Sir Ryan Isaac.

Ryan Isaac: Feeling a little more rusty than trusty today.

Reese Harper: I wore a tie, and you did not, so technically, I am in charge.

Ryan Isaac: (laughs) that is what I call nonverbal dominance in the office.

Reese Harper: I am wearing Allen Edmonds and a tie today. That means I mean business. As my son would say, “dad, are you off to do your financial business today?” He told me that this morning. I said, “yes!” And he started singing a song. It was something from this PBS show, and he was inserting financial business into the business into the lyrics. It was like, “wake up, wake up! Get out and do your financial business!” That is what he was singing to me this morning.

Ryan Isaac: Can we have that be the theme song for the show?

Reese Harper: And I was like, where did you learn this? Financial business? So, I just thought I would share that briefly, because it was an interesting morning.

Justin: It’s business time.

Ryan Isaac: On that note, my daughter was writing a project for school, and she said that when she grows up, she wants to be a dentist advisor.

Reese Harper: Oh really? Interesting!

Ryan Isaac: Yeah, because whenever she comes here, my office is quiet, and she hates noise, and she likes it quiet (laughs) so she wants to be a dentist advisor, so she can have a quiet office.

Reese Harper: I think we have arrived when our kids want to do what we do!

Ryan Isaac: It’s just that they don’t know; that is why.

Reese Harper: I mean, that is a pretty big deal. They don’t know yet; they will find out when they are about four.

Ryan Isaac: I am going to encourage her to go to dental school instead (laughs).

Reese Harper: “Son, continue to study biology indefinitely.”

Ryan Isaac: “Just go to dental school.” Well, speaking of dental schools, speaking of dental practices, today, we are going to talk about practices. We are going to talk about the value of your practice: what it means for your net worth, what it means for your future, and why you should be tracking it throughout your career.

Reese Harper: Yeah, and before you turn it off because it sounds like it might be so boring, you need to know that this is actually one of the most important financial statistics that you should be tracking, and it is one that very few people track. It is one that we affectionately refer to as “Practice Term” in our business, but it is essentially just the equity you have in your practice, and the rate it is growing, and how that relates to how much it means to you, because it is relative, right? One person’s practice equity– if two people both have a million dollars of practice equity, it is very different based on how a million dollars means to you. If a million dollars is something that you could last on for six or seven years, or eight years, I mean, it’s a huge deal; if a million dollars is something you could last on for two years, or two and a half years, it doesn’t mean quite as much. So what we do is we take, across our whole practice during the month of April, we are looking at what we call “Practice Term,” and we have a lot of cool statistics that we have learned this year that really were eye-opening to us about 2017 and how it has shaken out. What was one of the things that surprised you, Ryan, about these statistics?

Ryan Isaac: Collections! In this month, we are tracking what is happening in our clients’ businesses; we want to know, how are collections trending in all locations separately? How do they work? We are tracking how much debt is remaining on the practice; we are tracking how much you spend, because it tells us how much your practice equity could last you; we are tracking things like which entities own certain things. And I think this is an interesting month, because some of the things we track during some of the months are immediate action. Like, here is a problem, you can fix this immediately. Practice Term, to me, feels really helpful when you have to make a decision in the future.

Reese Harper: Well it feels really strategic to me. When I look at Practice Term, I think like, “okay, are all of the activities that I’m actually doing this year building a bigger asset, or am I just static? Or am I declining?”

Ryan Isaac: “Is it staying the same, and is my debt just slightly going down a little bit?”

Reese Harper: Yeah, because there are a lot of things we do every year… you know how you go to a conference, or a coaching, or consulting, or marketing conference, and maybe a vendor that you will interact will say, “you do this, and you are going to see your collections grow x percent, and that is going to do all kinds of things, and create a lot of wealth for you…” This is the chance where you get a moment to actually say, “is that true? Did the last twelve months actually increase my net worth in my practice, did I just end up with more debt, a higher amount of collections, but less practice equity, and my overhead has also increased, and really, net-net, I could have just done nothing and been at the same place?” And so, I am not trying to say that consulting or marketing are not worth your time. In fact, the other side of this is that this is precisely the moment in time when you have to decide, “maybe I do need some additional marketing, some consulting, some coaching… because I’m stagnant.” And I think that is what you were just saying: one of the biggest statistics that you noticed in the last twelve months is that 33% of our sample had declining collections; that surprised me!

Ryan Isaac: Yeah. Now, I mean, this is measured by the dollar, right? So it could be a ten-dollar decline in collections. I would have to go back and look how much of those were in a range, obviously, but I mean, that is just what the numbers came out to be, so…

Reese Harper: Now, I think that what that says more is that there is a third of out there listening, probably, who– you didn’t really decline, but you are kind of at a stagnant point, right? You are hitting a level of capacity where you have exceeded your ability to produce more in the facility that you have.

Ryan Isaac: Well I was going to say, we tend to have clients who have been in practice for a while; that is the tendency of our client base. So, that is reflective of a mature practice who is just hitting a point where, year after year, they are just kind of hitting the same collections; they have run out of room in the building, and they have chosen not to move yet, or chosen not to extend hours, or bring in an associate, or they have chosen not to open a second location, so… Yeah, I think it is reflective of people kind of just hitting their peak.

Reese Harper: And I think it is healthy for people to hear that, and just go, “okay. I am not the worst dentist in the world if my collections don’t grow 20% every year.” And we have a large same that I am comfortable saying is probably reflective of the national population, and a third of you didn’t grow. And it might have been just a small decline, but we will say a third of you didn’t grow, or declined, or stayed flat, right? So…

Ryan Isaac: Yeah, I think that is fair to say. That was interested to me, though. To your point of giving us a chance to– now, we are not consultants, right? We are not people who go and fix hygiene departments, and processes, and you know, AR and that kind of stuff, or marketing, but this gives us a chance– it gives someone else a chance in the dentist life to just look at the numbers, and give some feedback, and say, “what is next here?” That is a question that I have for a lot of my clients as I am seeing their reports and I am reporting back my interpretation of the data, and I am asking them questions; I am curious where we go from here, you know? Do you have room to add another chair? Do you see yourself as the “second location” kind of person? Could you extend your hours and bring in an associate? Do you have enough marketing, or patient base, or potential to fill up extended hours? And it helps to just kind of push a conversation along. A lot of people might have a consultant already; they might have a CPA who is really good at keeping on top of this, but a lot of people don’t. So, it gives a chance for just another person to ask questions about the business, about strategy, about where things are headed, and to kind of just keep the doctor thinking all the time.

Reese Harper: Yeah. If you don’t have someone looking at this, I think that Ryan’s point is that it is helpful to have an objective set of eyes look at your collections, look at the debt, and figure out what your practice equity is. So the way we look at it is that we want to take that practice equity, and we divide it by what you have been spending personally in the last twelve months. So, if you have a million dollars of practice equity, we will divide that by your annual spending. Let’s say your annual spending is $200,000; let’s say you spend $15,000 to $17,000 a month, roughly, and you have $200,000 as your spending number. If your collections, or if your equity in your practice is a million, then you have a 5 Pt score, alright? Meaning, if we sold that practice today, and we turned it into cash, you could probably last about five years on it if it didn’t grow at all. Now, it will last you longer than five years; it will grow, and you will have returns off of it. So, a financial advisor can help you kind of understand what a 5 Pt score probably converts to. But the problem is, we have Pt ranges anywhere from… I think our range was like from a zero, right, where someone has no equity–

Ryan Isaac: It’s a newer practice; there is tons of debt on it still.

Reese Harper: You just levered up– I mean, this happens a lot, right? You buy an older practice, you get a deal on it, but then you build it out, and you re-equip it, and even if you go with Midmark, you still end up being, like, upside down… you get a little working capital in there… I mean, you will have no equity, but you have this great asset, and now it is just time to allow it to cash flow. So even though you have no equity in it, it might be cash flowing hundreds of thousands of dollars, and that is a great thing! But we have a zero range, clear up to– I saw ranges pushing the high teens, you know? And you can have practice equity that– if you were to sell– it is creating massive amounts of financial independence for you.

Ryan Isaac: Now, what are the situations for you like that? We are clearly talking about multi-location organizations.

Reese Harper: Yeah! If you have a specialist that has even three locations, or a GP with, you know, several locations, you could see that you will have a Pt score that is high single digits to sometimes double digits. It is pretty rare that you will see it be in high double digits, meaning high teens, right? So 0-20 would be the range that is pretty– 0-7 would be the most typical, right?

Ryan Isaac: I was going to say… by the time someone retires—

Reese Harper: Yeah, you would see… less than ten usually, right?

Ryan Isaac: Probably in that 5-7 range.

Reese Harper: Mhmm. But a really successful GP, or a really successful specialist, you could see it being in that 7-10 range, and closer to the high end of that range, and that creates a massive amounts of financial security for someone, when you know that if you were to sell your practice, you could last for seven to nine to ten years off of that liquidity. Now, a lot of that has to do with people’s spending levels, too. I mean if your spending level is twice what our average is, then your practice equity doesn’t actually have as much value to you, personally.

Ryan Isaac: And don’t assume that the spending is just going to magically drop when you are done working (laughs). Statistically, and from our experience, it doesn’t happen.

Reese Harper: Yeah. So I thought— to give people a healthy range— like… if you are in your late 30s, early 40s, you probably won’t see your Pt score exceed a five, you know?

Ryan Isaac: No, because you still have the debt on it; your spending is still growing as you are hitting peak spending years.

Reese Harper: But if you don’t— if you are always sitting at a Pt score of two or three, you are probably just not actually moving in the right direction. If, at the latter part of your career, you are still at a Pt score of a two or a two and a half or a three, you have probably neglected some consulting, some coaching, some marketing implementation… it doesn’t mean that you are going to be in financial ruin, it just means that this asset probably hasn’t been maximized to the level it could have been with a little more effort.

Ryan Isaac: Yeah, I think that’s a good point. So, let me ask you a question then: from a planning standpoint, as an advisor, how does measuring this Practice Term score, how does it affect… let’s say the first decade of retirement? I’m going to call it retirement, but you know, getting out of the practice. What are some of the decisions, or how does that affect the way a planner looks at that first decade after you transition out of working?

Reese Harper: Well, if I am working with a client in even as early as their early 40s, or even late 30s, it is interesting for me to see what I think their Pt will likely be. I want to know, when you get out there into your late 50s, if your Pt score is going to be an eight, I am going to actually invest your money differently today than I would if I thought your Pt score might be a two.And with with a little bit of understanding about your personality and your goals, your current practice statistics, and your current practice capacity, I can forecast what I think that Pt score will likely be, and I will be able to say, “man, your investments today… I could invest those more aggressively, because I am not going to need them until further out.” And most financial advisors that you will work with, they don’t actually incorporate practice equity into their thought process around your investments; it is a completely separate asset. There is a horrible saying that gets passed around that I absolutely hate, and everyone says it, so I’m sorry if I am offending any of you out there, but everyone says, “don’t worry about your practice. Just do your financial planning without it. You shouldn’t have to sell your practice to retire,” or—

Ryan Isaac: I hope I am not guilty of ever saying that (laughs).

Reese Harper: “Don’t count your practice! Just get rid of it, and make it be extra.” And I’m like… this is the biggest after-tax asset of your entire career. I mean, it has the potential to be as large as any of the after-tax savings that you have accumulated, and I know that it is good advice to say, “don’t bank on something,” but that is like saying, “don’t bank on your 401k,” or “don’t bank on your investments,” or “don’t bank on real estate.” It’s like, what are you supposed to bank on if assets don’t have any value? And I think, obviously, it is a good intention people have who give this advice…

Ryan Isaac: Well because it is not going to last someone 25, 30 years after they are done working, so, people don’t want—

Reese Harper: But my problem is that any one asset won’t retire you! You need all of these to do this well. It is not physically possible for most people who are dentists, based on the lifestyle that they get used to with their income, to retire really comfortably without the exit of a practice in a healthy exit, and so, some of you are going, “well I am going to be fine without it,” and you are definitely the exception. Most people really need this asset, because when you sell it, it pays the lowest capital— you have capital gains taxes, not ordinary income— so you end up with more money from it than any other one of your assets—

Ryan Isaac: Which, I want to jump in, because I know someone will wonder about this… we do calculate that assuming that an after-capital-gains tax has been paid.

Reese Harper: Yeah. Anyways, my point was, I use it as a financial advisor because starting as early as my late 30s, early 40s, and especially if I am in my late 40s or early 50s, I am starting to look out and say, “how much time am I going to be able to get out of selling this practice before I have to start tapping into my other assets?” It makes a huge difference knowing this factor, and most advisors don’t really use it to incorporate—

Ryan Isaac: Or you just look at it like, the year that you are going to sell it. Like, “I don’t know, what do we got here then? Let’s check it out,” when you could have been planning for that trajectory ten, fifteen years beforehand.

Reese Harper: And our point about investing is, the only control that most of you have over your liquid investments and your 401k and your after-tax investments is how aggressive they are, meaning how much stock you own vs. how many bonds you own. And so, if you can have a higher allocation to stock than you would otherwise have had because you are planning for an exact measurement, or a really accurate measurement within a year, maybe, of trying to be precise about when you are going to be able to tap into those investments, the after-tax and the qualified plans, you are going to end up with a much higher return, and a much higher net worth! And here is the challenge with practice equity— you saw it too, this month, probably— for a lot of people, they grow quickly, and then they get to this point where they are kind of capping their valuation, and your Pt score get bigger just because all the debt gets eliminated. So you grow the asset quickly, and then over your career, the debt gets eliminated, and what you really want to be able to do… at that point, the asset doesn’t really grow a lot more for most people; that’s why Ryan was saying, for some of you, we have to ask the question, “does a second location make sense? Are you going to expand, or are we just going to cash flow this?” And if the answer is, “I’m just going to cash flow this, I like the size I’m at…” well, now the only growth you can get is from your liquid assets and your qualified plans, because those are going to grow at— they are going to have an appreciation that could be as high as maybe 10% a year, right? In some cases higher; in some cases slightly lower.

Ryan Isaac: Depending on if someone is invested, yeah.

Reese Harper: But if you were all stock, you have a higher growth possibility now out of your liquid assets than you do out of your practice, because no one is raising fees 10% a year, right? And so ultimately, if the practice kind of hits the point where it is at a ceiling, the best thing you can do for your net worth is to be able to accurately measure how aggressive you can be with your other investments so that you are actually putting those to work in as long of a time frame as possible. And that is why Pt matters to me.

Ryan Isaac: Well, and that makes a huge difference. So, we have referenced— there is this Vanguard study, and it tracks the reason why investors do or do not get a good rate of return out of their investments. One of the things they measure is what they call “spending order…” it is kind of like where you take your money from in retirement.

Reese Harper: Yeah, I think withdrawal order?

Ryan Isaac: Yeah. And, you know, you think about, “I’ve got real estate, I’ve got businesses, a practice, I’ve got a significant amount of money probably in qualified or retirement plans that haven’t been taxed yet, I’ve got significant liquid assets…” the order in which you take money from those accounts will have an effect on your returns; it will have an effect on your taxes. So, I have been thinking about that lately. Vanguard measures that it could make up to 1.1% of difference in someone’s annual net returns, the order in which you are taking money out of your accounts. So, if you are planning a decade or more before for that order— you are being deliberate about that order— you are giving yourself the best chance possible according to Vanguard to capture that up to 1.1% in extra returns.

Reese Harper: Yeah, and for all of those people who want this exact reference…. Q, where do they get that on the website?

Justin (Q): Yeah, so if you just go to our “Services” page, there is a section there about investing, and we have the link to the Vanguard report that you can check out if you want to.

Ryan Isaac: Cool, thanks. Yeah, you can go reference that. I mean, it is interesting to think about… let’s say you are not organized, and you are not being deliberate about where you are going to pull money from; you kind of just have buckets of money, and when you are done working, you just go pull out from wherever. And we think about how if you retire in your 50s or 60s, your spending will likely be higher than when you are in your 70s or 80s, right? So, if you go and kind of haphazardly start pulling out of accounts that have to be taxed still, you will probably pay a higher tax rate, because your spending is higher, and you need more money than if you were deliberately saying, “I have planned for my practice the last seven years, and my liquidity for the last fifteen, and then the stuff that hasn’t been taxed yet, I’m gonna wait ‘til I’m 75 to take that.” You can push those things out— I mean, it has an impact on your taxes, and on your tax rate—

Reese Harper: You are just saying, the rate at which you spend all this money down has a huge impact on both your return and your taxes.

Ryan Isaac: For sure. Yeah, it’s a big deal.

Reese Harper: And ultimately, the game here is, whose net worth can last the longest?

Ryan Isaac: So what is the most common, or most optimal order of withdrawal of assets?

Reese Harper: I would say that since we know that the practice— or that you are going to have a business liquidation event of some kind, that would be the first thing that you are going to want to spend, and we kind of talked about that earlier; that is just going to convert to liquidity, but you don’t have enough— you either have to invest it then and say, “I’m not going to touch it for 20 years,” or just say, “that’s the first thing I am going to spend.”

Ryan Isaac: Which is another interesting thought: think about the way people view the word retirement now; it is totally different than decades ago. There are a lot of people listening that will go, “I’m gonna sell this thing, but I’m gonna keep working a couple days a week, because I love the dentistry, and I love the clinical side of it.” But still knowing how long that is going to last us, and how long the other stuff is going to last us will tell us how to go invest the money. I mean, maybe you have to stick that practice sale in some cash or bonds, because you don’t have that long on other stuff, and you’re not going to work that long, but maybe you can invest it a little more aggressively; maybe you could get some growth out of it!

Reese Harper: Yeah. I mean, there is no optimal order, because everyone’s situation is different, but the optimal principles here are, things that are going to be taxed at the highest rate, you want to let them grow and not be taxed as long as possible. So your 401ks, and your IRAs, your defined benefit plans, SIMPLEs, traditional IRAs… not your Roths, because those are not taxed the same. But you want your traditional, qualified retirement investments to be able to be withdrawn as late as possible. It is probably more important that you let those go further than it is that your house has no debt; if your house has no debt on it at all, and you have to decide between using some of your home equity to live on or pulling money out of your 401k, I mean, that’s a hard decision for me. If I pull money out of my 401k, I am paying taxes on it. If I just take $50,000 out of my house and I can last another year, I don’t pay any tax on that. And so, you have to kind of decide, is real estate the right approach? A lot of it depends on whether you want to live in that residence indefinitely that you are living in, or relocate, or downsize… the principle here is, when you make an investment, you want the time frame to be as long as possible before you withdraw it for investment growth reasons. So you want every investment you make to have at least a ten-year time frame. I mean real estate, at a minimum, should have a seven to eight-year time frame, and then equities, like stocks that have a higher return than real estate, they need more like a ten-year or an eleven-year time frame to really guarantee that you— not guarantee, but give yourself the probability of getting that higher return. And so, you don’t want to do anything that has less than an eight-year time horizon, and if something has as long as a ten or eleven, you can get a really high return out of it. And so, what you want to do is just say, “if the money that I’m about to invest right now, if I’m gonna be withdrawing it in less than eight years, then I’ve gotta put it in bonds; it’s gotta be in municipal bonds, or fixed income… stuff that is guaranteed or safe, because I don’t have a long enough time frame.” And so, I would say as a general rule, it is going to be after-tax monies, and practice sale first, followed by real estate, and then qualified plans, or followed by qualified plans and than real estate, depending on how wealthy you are. If you are uber wealthy, you probably don’t need to withdraw from real estate, because you will be able to leave that forever, and maybe never tap into that equity.

Ryan Isaac: Yeah, maybe pass it on. And you know, as you are talking about retirement plans, I am reminded of another benefit in tracking this and knowing how long this stuff is going to last you. If you think about the last ten years of career, those are usually the most efficient years to do big retirement plans— cash balance, and pension plans, or profit sharing— just because the numbers are more in your favor as an owner to get a bigger share of the contributions from the company. And so, if you are not organized, and you don’t know how long all of your stuff is going to last, and you don’t really know what you have, you might feel a little hesitant to put money in a retirement plan to lock it up, right? Because you might be like, “I need the liquidity,” or “I need the cash,” or “I don’t want to put it in this retirement plan.” But if you know that your practice will last your seven or eight years, and then your other liquidity can last you a decade or more, then you can feel really confident and comfortable saying, “I’m gonna take every penny of my monthly savings, and I’m gonna put it in this pension plan for the last ten years of my career, and save multiple six figures in taxes over that decade, because I know I don’t need this cash right now, and I’m totally confident in the numbers,” and that can make a big difference, you know? A huge difference. One last thing I wanted to ask about then… how does the act of paying off business and practice debt too quickly affect your ability to build this asset? You mentioned in that presentation you gave at the Dental Success Summit that if you know that that is maybe the first asset you are going to liquidate, that probably should be one of the first ones you work on building in the beginning; you should give priority to it. So, it is not to say that paying down debt will negatively impact your business growth, but there could be a point where you are stealing some extra marketing dollars, or some extra consulting dollars, right, from growing this asset.

Reese Harper: Yeah, it depends on how big of an asset you are trying to build, right? Like, for me personally, my personal business goals probably more with a practice that is looking at multiple locations, or a practice that is trying to build some clinical and service and kind of proprietary systems that are going to scale, and so for me, paying off debt in my practice does not actually grow my practice, right? I mean, there is a direct correlation—

Ryan Isaac: It grows your equity in the practice…

Reese Harper: Yeah, I get more equity in the practice, which is a good thing… but it doesn’t make the asset bigger. So, the difference is that I have to grow my collections to grow my asset, and if I want to grow my equity, I have to pay down debt. And there is a time for paying down debt, but the value of these assets is what is important early in the career. Getting the right real estate; getting the right practice size; getting started early with your qualified plan, equity, and getting started early with your after-tax growth—

Ryan Isaac: Growing the value of these things.

Reese Harper: Yeah, getting the topline value of these assets growing as soon as possible is important. All we are saying is, you have to finance these loans, and they have to be on a term that is applicable to the type of cash flow you want to have. And you are going to pay down some debt, but if you do that really quickly early in your career, you actually limit the chance that these assets have to get to their peak value. So, all I am saying is— let’s talk specifically about Pt, because I think this is really important. Some people will take ten years to get to their maximum practice value, because they are not investing in the practice, they are not doing any marketing effectively…

Ryan Isaac: The more I learn about how to grow a dental practice from some of the really smart people we work with on the consulting side, there are a lot of things that you can do. I mean, there are a lot of things you can do not just in marketing for new patients, but there are a lot of things you can do in systems, and processes, and efficiencies, and fee schedules, and insurance, and hours, and training— I mean, there is a lot you can do in a business to grow that.

Reese Harper: Well, you have seen it in our business, you have seen it in dental practices… I mean, if you wait ten years— let’s just do a simple example: I am trying to go from zero to a million in collections. You can get there in ten years, or you can get there in, like, two or three. Either way, probably at that ten-year mark on that one location, let’s just say hypothetically that a million dollars is the peak collections that it can achieve… then the faster you get there, the better off your entire financial picture is going to be, because you are going to have— let’s say in one case, you do it in three years, and in another one, it takes you ten, okay? You have maximum income generated for yourself for seven additional years more than you would, which changes everything; it could be millions of dollars in your net worth over a 25-year period. And so, what we are saying is that we usually see— instead of people saying, “I’m gonna get my income to peak value, and I’m gonna grow this asset, and I’m gonna start building my liquid assets, and I’m gonna start building my qualified assets to reduce my taxes,” they start accelerating the debt reduction to build equity in that asset, but it doesn’t change the asset value! And so, as a business owner, unfortunately, you can’t think entirely like a consumer, and most consumers will— if they get a credit card, they pay it off—

Ryan Isaac: You get a car loan, you get rid of it.

Reese Harper: And I think that tendency, we all have, but you have a business to protect, and it is your lifeblood, and if you don’t think this way, what it will end up doing is it will cost you at some point down the road if you are neglecting the value of the asset, and you are accumulating your wealth in the wrong order, so…

Ryan Isaac: Okay, I think that is great. Alright, if you have questions about your Practice Term, call us! 833-DDSPLAN. You can go to our website at, and… what does the button say? “Book a Consultation”? No, it’s “Book Free Consultation”, it’s a big button; you can’t miss it. You can schedule on our calendar at your convenience; find a time, and we would love to chat with you. There are a lot of resources on our website now; we spent a lot of time building it. You can go, like I said earlier, to, hover over the little “Services” tab, click on Elements®… you can view all of the elements that we track, and see how we measure them… I mean, go do it yourself! We would love to hear your success story. Go measure your elements! Let us know how that is going, you know? We have videos, and podcasts on there; the “Education Library” tab can teach you a lot about this stuff too. Call us at 833-DDSPLAN, or visit us online at

Reese Harper: Carry on!

Practice Value

Get Our Latest Content

Sign-up to receive email notifications when we publish new articles, podcasts, courses, eGuides, and videos in our education library.

Subscribe Now

Related Resources