Takeaways:

• The procrastination penalty emphasizes the critical need for early planning in exit strategies.
• Valuation illusions can lead to unrealistic expectations about the worth of dental practices.
• Understanding tax implications is pivotal to maximizing the proceeds from a practice sale.
• The successor mirage highlights the dangers of informal transitions without binding agreements.
• The high income, low wealth paradox illustrates that high earnings do not guarantee financial security in retirement.
• Emotional anchors can inhibit dentists from effectively transitioning out of their practices.

Key Takeaways from your host Phil Cole, CEO of KLASSOLUTIONS

• The podcast has officially rebranded from the Dental Education Podcast to the Dental Business Podcast to better align with its focus on business strategies for dental practice owners.
• The episode emphasizes the importance of partnerships in dentistry, highlighting how collaboration can lead to reduced workloads and improved work-life balance for practice owners.
• Listeners are encouraged to consider whether they are ready for a partnership by evaluating their current patient load and operational systems before taking that step.
• Critical elements for successful partnerships include shared core values, defined roles and expectations, and transparent compensation agreements to avoid future conflicts.
• Regular communication and monthly partner meetings are essential to maintaining healthy partnerships and avoiding silent resentments between partners in a dental practice.
• The podcast advises seeking professional help from dental attorneys and CPAs when forming partnerships to ensure that legal agreements are thorough and protect all parties involved.

Please reach out to us via klassolutions.com with any questions you may have.

Got a busy schedule and thin margins? In this episode, I break down the simple math behind hitting 25% profit—and why most dental practices miss it. I’ll show you where money leaks, how to plug them fast, and the key habits that keep your numbers strong month after month.

What you’ll learn:

• The 3 numbers that control profit (and how to track them weekly)
• A clear target for payroll, supplies, and overhead
• The “leaky bucket” costs hiding in plain sight
• How to price, schedule, and collect so cash actually sticks
• A quick checklist to move from 10–15% profit to 25%+

In this episode of the KLAS Solutions Dental Education Podcast, we're talking about how to lead with heart and make clear business decisions. You care about your patients and your team—that’s a strength. But when empathy drives every call, it can lead to burnout, confusion, and lost profit. We'll walk you through simple ways to set fair boundaries, coach with clarity, and still show up as the caring leader your practice needs.

www.klassolutions.com

In this episode, I break down cash discounting—what it is, how it’s different from surcharging, and how to set it up the right way in a dental office. Credit card fees keep rising, and most practices now run far more card volume than they did a decade ago. I’ll show you how to protect margins without hurting patient trust or payment flexibility.

Being the first in your family to become a dentist isn’t just an achievement—it’s a journey filled with unique challenges and triumphs. In this video, Phil Cole shares the real-life struggles and successes of first-generation dentists, offering insights and encouragement for anyone carving their own path in dentistry.

klassolutions.com

In this episode, we dive into why being truly known and trusted is the cornerstone of a thriving dental practice. We’ll share practical strategies to strengthen patient relationships, build credibility in your community, and create a practice culture where trust drives growth and long-term success.

klassolutions.com

Strategic Financial Planning for Dentists: Insights with Jennifer Lee.

In this episode of the Solutions Dental Business Podcast, host Phil Cole discusses financial planning with Jennifer Lee, a seasoned financial advisor and founder of Modern Wealth, who has been helping dentists for nearly 30 years. They cover crucial topics such as tax sheltering, the importance of planning for retirement and an exit strategy, and how to replace income after the sale of a dental practice. Jennifer emphasizes the need for early financial planning, the benefits of having a comprehensive financial plan, and the role of disability and life insurance in securing a dentist's financial future.

Tune in to gain valuable insights on building a financially sound dental practice and planning for successful retirement.

00:00 Welcome to Solutions Dental Education Podcast

00:35 Introducing Jennifer Lee: Financial Advisor for Dentists

01:17 The Importance of Planning for Your Exit

03:20 Common Financial Mistakes Dentists Make

05:41 When to Start Thinking About Retirement

08:48 The Ideal Timeline for Exit Strategy

18:23 Building Blocks for Replacing Income After Exiting

21:57 Long-Term Financial Planning for Dentists

22:37 The Role of Insurance in Financial Planning

23:34 Building a Strong Financial Foundation

26:38 The Importance of Disability Insurance

33:05 Financial Planning for Peak Earning Years

35:50 Tax Benefits of Relocating to Tax-Favorable States

38:32 Conclusion and Final Thoughts

For more information on Coaching, Transitions, Marketing and Accounting for your Dental practice visit www.klassolutions.com