Drilling It Down
More dentists than ever are seeking out independent, objective, financial advice. In a world recently flooded with private equity money, lower dental insurance reimbursements, and questionable tax advice, it can be tough to see through the fog and answer the most important question, how can a dentist make more money? Join your host Wes Lyon as he helps you see clearly through the fog of dental office financials, allowing you to concentrate on delivering quality dental care. Wes prides himself in offering independent, uncensored, objective advice to help dentists increase practice profitability, make better practice management decisions, and improve their personal financial planning. Whether you’re a recent graduate, new owner, in the stride of your career, or considering a transition into retirement, the Drilling It Down Podcast will help you make more money, pay less tax, and reach financial independence earlier. About Us McGill and Lyon Dental Advisors is an independently owned one-stop financial services resource for the dental profession, based on their "every step of the way" team approach. Their team offers financial consulting services and continuing education seminars exclusively for dentists nationwide. Throughout the years more than 30,000 doctors nationwide have trusted McGill and Lyon Dental Advisors for objective advice to reach their financial goals. Aside from their consulting, transition, and continuing education services, the group also publishes The McGill & Lyon Dental Advisory, a dental business newsletter that offers valuable insights for all dentists. The McGill & Lyon Dental Advisory provides strategies and advice to help minimize federal and state income taxes, maximize practice profits, reduce overhead expenses, and create and protect your wealth. Membership includes monthly issues, searchable archives, special reports and bulletins, Q&As, financial calculators, forms, guides, letters, and more! Visit mcgilladvisory.com to subscribe! Wes and his guests are experienced dental advisors specializing in tax planning, business planning, financial planning, wealth management, and practice transitions, who take pride in providing independent advice that puts the independent dentists’ best interests first. Host Biography Wes Lyon: Wes helps dentists and specialists across the country achieve financial independence by improving practice profitability, slashing income taxes, managing dental insurance exposure, and making better personal financial decisions. Wes serves as President & CEO of Lyon Publishing Inc., President & CEO of McGill and Lyon Dental Advisors, and Managing Partner of Lyon Wealth Advisors Group, LLC. He is a highly sought after speaker making regular appearances at industry events, study clubs, podcasts, and McGill and Lyon seminars. Wes is also published in other editorials periodically and writes a Financial Management column for the Academy of General Dentistry. Before entering the dental consulting world, Wes worked in institutional investment management. Prior to that, Wes was a financial advisor specializing in helping small business owners with their personal finances. McGill and Lyon Dental Advisors is a consulting firm providing dentists and specialists independent, objective financial advice as it relates to tax planning, business planning, and financial planning. McGill and Lyon Dental Advisors was founded in 1983 by Dr. Charles Blair and John K. McGill. Since then, the company has helped over 1,000 dentists reach their financial goals while paying the least amount of taxes required through their tax, business, and financial planning service.
Episodes
The morning huddle may seem like a formality, but it can be one of your best tools to improve productivity in your dental office. Are you using it to its full advantage though? Wes and Liam sit down to discuss the morning huddle on today's episode, as well as other meetings you should be having in your practice to ensure everyone is on the same page and moving in the same direction.
Every dentist wants to convert as much business as possible. But are you and your staff taking all the right steps to ensure that becomes reality? On today's episode, Wes and Tyler sit down to discuss the 12 things that may be occurring in your practice that are killing your conversion rate. Some of them may seem like common sense, but they're worth investigating to ensure your patients are being given every opportunity to...
Most dentists are overpaying in taxes… and don’t even know it.
One of the simplest (and completely legal) ways to reduce your tax bill? Paying your spouse through your dental practice.
In this video, Wes and Tyler break down how this strategy works, why it’s so effective, and what you need to do to implement it correctly. Done right, this can mean thousands in tax savings, increased retirement contributions, and a smarter ov...
Can you actually write off a car on your taxes? And if so, how do you do it legally?
In this video, Wes and Mario break down how car tax write-offs really work, who qualifies, and the proper steps you need to take to stay compliant with IRS rules. Many business owners hear about writing off vehicles but don’t understand the requirements, documentation, and methods the IRS actually allows.
If you’re a business owner, understa...
Today's episode of Drilling It Down highlights Trump's One, Big, Beautiful, Bill and some of the impacts it will make to the tax law. Wes and Mario highlight the changes that will affect dentists' tax bills, some of the entertaining provisions of the bill, and how Trump did compared to promises he made during his election campaign. Tune in to discover how this will affect you!
Charlotte Seminar: https://www.mcgillhillgroup....
Drilling It Down is back in our brand new studio! Thank you for bearing with us as we work through all our technology upgrades!
Today, Wes and Mario sit down to talk about a proposed tax bill, named "The One, Big, Beautiful Bill." Please note that this is just a proposed bill, and not set in stone yet. Mario and Wes discuss what MAY change for Americans if this bill is passed. Some changes include tax rates, 100% bonus depr...
On this episode of Drilling It Down, Wes and Tyler return to explore the intricacies of sale-leaseback arrangements, focusing on the dangers of inflated leases. Drawing parallels with the Toys R Us saga following its private equity buyout, they discuss how companies opt to sell real estate for immediate cash, often leading to financial downfall. They break down the pros and cons of sale-leasebacks, underscoring the risks w...
On this special episode of Drilling It Down, hosts Wes Lyon and Roger Hill dive into the complexities of partnership transitions within the dental industry. They begin by exploring common challenges partners face, often stemming from financial stresses and flawed operating agreements. Wes shares personal insights on the ramifications of unmet expectations, while Roger draws from his extensive consulting experience to under...
In part 2 of our private equity discussion, Wes and Mario explore the complex relationship between private equity and dentistry, highlighting its implications for dental practices. They address concerning trends such as overtreatment driven by management pressure. They then discuss the ethical challenges of prioritizing profit over patient care. Through personal anecdotes, they emphasize the importance of seeking second op...
On this episode of Drilling It Down, Wes and Mario dissect the intricate world of private equity, particularly its repercussions for the dental sector. The discussion is initiated by the thought-provoking article "Slash and Burn: Is Private Equity Out of Control?" which serves as a catalyst for examining the dual nature of private equity investments. Mario reveals that these investments may not yield superior returns compa...
On this special episode of Drilling It Down, hosts Wes Lyon and Tyler Ott tackle a critical issue for business owners concerning a substantial $5.54 billion credit card settlement resulting from class action lawsuits against Visa, MasterCard, and several banks for price-fixing from 2004 to 2019. With a deadline of February 4, 2025, they urge listeners to take immediate action to claim their share of the settlement. Wes and...
In this special episode of Drilling It Down, Wes and Tyler delve into the intricate world of taxation in the wake of recent election outcomes. Initially set to deliver a detailed analysis dubbed "The Great Tax War," the hosts pivot to discuss the repercussions of a potentially unified Republican government on future tax policies. They unpack the ramifications of the continuation of tax reforms initiated during the Trump ad...
On this episode of Drilling It Down, Liam and Wes tackle the crucial topic of business owner policies in light of recent hurricanes, emphasizing preparedness for natural disasters. Wes shares personal experiences to highlight the disruption hurricanes can cause to everyday business operations. The hosts delve into aspects of insurance coverage, stressing the importance of comprehensive policies that cover physical damage a...
On this episode of Drilling It Down, Liam and Wes explore Indexed Universal Life (IUL) insurance, dissecting its complexities and common misconceptions. They clarify how IULs differ from term life insurance and critique the misleading marketing that positions them as safe investment vehicles. They examine eight key issues associated with IULs, highlighting the risks of embellished growth illustrations and the reality of lo...
In this episode of Drilling It Down, Jonathan and Wes speak about the importance of preparing for catastrophic events, including death and disability. They discuss life insurance—how to determine necessary coverage and the benefits of term policies over permanent ones. Wes emphasizes the need for disability insurance, particularly for dentists, and outlines options for obtaining it. They also highlight the importance of st...
In this episode of "Drilling It Down," Wes and Jonathan discuss the decline in dental practice ownership among younger doctors, dropping from 33% in 2020 to about 20% now, largely due to the appeal of Dental Service Organizations (DSOs). They explore the recent 30% increase in in-house inquiries for practice acquisitions, signaling a renewed interest in ownership. The conversation dives into the financial fears tied to stu...
Join Wes and Jonathan on this episode of Drilling It Down, where they discuss Dental Service Organizations (DSOs) with a focus on trends, tax considerations, and financial strategies. They explore challenges in selling dental practices, retirement planning, and leveraging technology for practice optimization.
Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgill...
Drilling It Down is back after a technology-induced hiatus! Join Wes Lyon and Tyler Ott as they unpack the implications of the FTC ban on non-compete agreements, emphasizing its effects on practice sales and associates. They explore strategies like offering ownership stakes to associates for enforceability and stress the significance of retaining key team members to prevent turnover challenges. The hosts also discuss the l...
In this episode, Wes and Tyler explore strategies and tips for navigating IRS audits and maximizing tax deductions. They emphasized the benefits of meticulous documentation for business expenses, including utilizing the Augusta Rule and mileage logs. Clear communication with CPAs and honesty in reporting expenses are highlighted, along with structuring personal activities for tax deductions. The key takeaway underscores th...
In this episode, Wes and Tyler debunk myths surrounding permanent life insurance, specifically whole life policies. They tackle misconceptions about using whole life as a retirement investment, the misleading nature of insurance projections, tax implications, and the myth of utilizing whole life for long-term care benefits.
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