The presentation began with Matt Porter, MBA, CVA with Menlo Dental Transitions. Menlo Dental Transitions was established over 10 years ago, they provide services for practice valuations, lease negotiations, and building sales. Menlo Dental Transitions specialize in Arizona Dental Practices and are number 1 in Arizona by volume. Matt’s presentation touched on practice valuation calculations, critical mistakes to avoid in sale/purchase of a practice, and myths of a sale/purchase of a practice. He concluded with lender requirements and steps to plan and prepare for sale/purchase of a practice.
The second half was presented by Anthony Kong, CPA and James Westfall Jr, CPA with Price, Kong and Co, CPAs. Price, Kong and Co, CPAs, has been providing tax, accounting services, financial statement preparation, auditing, and consulting for over 50 years. In 2010, the Dental Practice Group (DPG) was created. DPG is dedicated to improve the business of dentistry. Committed to determine “Best Practices” with dentistry, understand “Business Profile’’ of dentistry, and leverage tax compliance aspect of business returns as a foundation for business improvement. Anthony and James’ presentation touched on the sale/purchase of a practice allocation, qualified business income deduction, pension plans for planning and reducing taxes, and timing of practice sales. They ended with depreciation updates, the changes to kiddie tax rates, the elimination of entertainment expenses, and other tax updates.
Thank you to Bank of America for being a sponsor at the event. We look forward to collaborating with you again.
If you are considering a practice transition or might be in the future, preparation is key. Please find the right team to advise and guide you through the key decisions to avoid critical mistakes. Your Dental CPA can help minimize your tax burden with early involvement to help structure the sale/purchase of a practice allocation most beneficial and agreeable between both parties.