Drilling It Down

Are young dentists really facing a tougher time buying practices, and are DSOs making a comeback? The headlines may not tell the full story.

In this episode, Wes and Tyler break down misleading claims surrounding SBA financing, practice acquisitions, and DSO restructuring. They explain what’s really happening in the dental marketplace, why some industry reports can be misleading, and what dentists should know before making major financial decisions. Whether you’re considering buying a practice, selling, or simply staying informed about industry trends, this is an episode you won’t want to miss.
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Want to submit a question to be answered on the next episode? Submit it here or email us at newsletter@mcgillandlyon.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content.

Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Dr. Scott Menaker and Mario Santiago.

The difference between a 40% and a 70% new patient conversion rate can quietly cost your practice tens of thousands of dollars a year.

Most dental practices track how many new patient calls come in, but very few track what happens next. That's where the money leaks out. In this episode, Wes and Tyler break down the conversion rate benchmarks separating top-performing practices from average ones, the most common places practices lose potential patients, and the specific process changes that lift conversion without adding to your marketing budget. Whether you're actively trying to grow your practice or just want to keep the revenue you're already close to earning, this one's worth 30 minutes of your time.
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Want to submit a question to be answered on the next episode? Submit it here or email us at newsletter@mcgillandlyon.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content.

Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Dr. Scott Menaker and Mario Santiago.

On today's episode, Wes is joined by a special guest, David Mathews, Transitions Advisor at McGill and Lyon Practice Transitions. Wes & David sit down to discuss the top 5 mistakes they see doctors make when planning or executing their practice transition. Unfortunately, they've seen way too many doctors make these mistakes, which can be costly AND extend a doctor's time in practice. Plan ahead to ensure you don't make these mistakes, resulting in a smooth and efficient transition!
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Want to submit a question to be answered on the next episode? Submit it here or email us at newsletter@mcgillandlyon.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content.

Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Dr. Scott Menaker and Mario Santiago.

Wes and Mario are back for another episode recapping this month's newsletter! In August, we highlighted 10 topics dentists and specialists should be aware of to bring in more revenue, avoid costly mistakes, and cut down on costs. Wes and Mario highlight a great way to replace patients lost by dropping PPOs through purchasing patient charts from a retiring doctor. They also cover how to save on supply costs by using a buying group, saving on flights, promoting longevity benefits to improve treatment acceptance, and much more!
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Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillandlyon.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content.

Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Dr. Scott Menaker and Mario Santiago.

On today's episode, Wes and Tyler sit down to discuss the 5 simple rules that wealthy dentists follow to build their wealth and maintain it. The good news? You don't have to be uber talented or intelligent to understand and follow these rules; they're really quite simple! The tricky part is sticking to them. But make these a priority, and you'll be on your way to financial freedom in no time!

This podcast is just a preview of what our McGill & Lyon Dental Advisory members have access to every month. Consider this episode wading in the shallow end, where as our proprietary, members-only content is jumping into the deep end.

If you're not subscribed to The McGill & Lyon Dental Advisory, you can sign up hereso you ensure you're set up for financial success.

Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillandlyon.com.

Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Dr. Scott Menaker and Mario Santiago.

On today's episode, Wes is joined by Ryan Strachan of DDS MediaPro, a marketing agency that specializes in helping dentists grow their practice online. Together, they discuss what effective dental marketing should look like and how practices can make smarter decisions when investing in their growth.

Ryan and Wes dive into how marketing companies should track new patient acquisition, why monthly reporting and optimization are critical, and the risks of being locked into long-term marketing contracts. They also discuss the importance of maintaining an accurate Google Business Profile, generating patient reviews, and building a strong online presence through social media and pay-per-click advertising. The conversation also explores how AI is changing the marketing landscape and what dental practices need to know to stay competitive, visible, and prepared for the future.

If you're interested in receiving your free online audit from DDS MediaPro, you can contact them here.

Additionally, if you're not subscribed to The McGill & Lyon Dental Advisory, you can sign up hereso you don't miss out on any of our content!
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Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillandlyon.com.

Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Dr. Scott Menaker and Mario Santiago.

Wes and Mario celebrate the 40th anniversary of The McGill & Lyon Dental Advisory with this special episode of Drilling It Down! To celebrate the anniversary, this episode is available to everyone! If you want to listen to the rest of the episodes and you're not a McGill & Lyon Dental Advisory member, you can sign up at newsletter.mcgillandlyon.com. We release these episodes monthly, and they feature our advisors taking a deeper dive into that month's newsletter articles.

On this episode, Wes and Mario review the top 40 financial lessons learned over 40 years. They also discuss how to protect yourself from hackers and scams, how to increase patient referrals, and the likelihood of social security benefits being cut. Lastly, they talk about teaching children how to handle their money and the benefits of opening a Trump account for your child!
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Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillandlyon.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content.

Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

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.

To chat with one of our advisors about your practice, contact us today!

And stay on top of more practice management insights by reading our blog, subscribing to our newsletter, and attending one of our seminars!

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 say "yes."

To chat with one of our advisors about your practice, contact us today!

And stay on top of more practice management insights by reading our blog, subscribing to our newsletter, and attending one of our seminars!

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 overall financial setup.

You’ll learn:

✔️ How employing your spouse actually saves money

✔️ What the IRS requires (and what to avoid)

✔️ How to structure it the right way

✔️ Why most dentists never take advantage of this

If you’re a dental practice owner looking to keep more of what you earn, this is a must-watch.

To chat with one of our advisors about this tax saving strategy and others you should be using, contact us here.

And stay on top of more tax saving strategies by reading our blog, subscribing to our newsletter, and attending one of our seminars!

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, understanding vehicle deductions can potentially save you thousands in taxes, but only if you do it the right way.

To chat with one of our advisors about your potential business deductions, contact us today!

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.com/Seminar/4302/The-Roadmap-to-Financial-Wellness-and-Practice-Success

Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off!

Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

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 depreciation, eradicating of clean vehicle credits, and more. While changes most likely won't be major, tax planning will become more important if this bill is passed, so make sure you're aware of all possible changes!

Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off!

Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

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 when companies overreach in pursuit of capital. Tyler emphasizes robust research for potential commercial investments, warning against the traps of inflated rents and the perils of uninformed property acquisitions. They highlight the necessity of local market expertise, cautioning listeners to consult seasoned brokers rather than relying solely on online listings for viable deals. The conversation also touches on the pivotal role of cap rates and interest rates, offering insights into evaluating leases for long-term success. Wes and Tyler adeptly guide listeners through the complexities of commercial real estate investing, providing crucial lessons and strategies to avoid costly pitfalls. Their discussion arms both seasoned and aspiring investors with knowledge essential for safeguarding their financial future.

Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter here to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off!

Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

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 underscore the value of meticulous planning and preparation before welcoming new partners. The discussion shifts to partnership pathway planning ,a strategy developed by Roger to mitigate partnership risks. He clarifies that successful partnerships require clear financial expectations and robust legal agreements to prevent misunderstandings. Wes adds that assessing a practice's profitability is crucial to finding the "trigger point"— the point at which the revenue growth is satisfactory to meet both partners' financial needs. They illustrate this with real-world scenarios, emphasizing the importance of early financial planning. Roger provides reassurance regarding concerns partners may have about losing control after a sale, explaining that thoughtful structuring can preserve operational autonomy. They also compare the benefits of partnerships vs. selling practices to Dental Service Organizations (DSOs), revealing that well-structured partnerships can yield greater financial returns for dentists. The episode concludes with practical advice on establishing transparent buy-in and buy-out processes, with Roger highlighting the necessity of clear cash flow projections. Wes reiterates the significance of comprehensive planning for successful partnerships, encouraging listeners to thoughtfully assess all options for their dental practices' futures.

Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off!

Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

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 opinions and informed decision-making. They also examine the structure of corporate dental practices and provide guidance for dentists considering working for dental service organizations (DSOs).

Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off!

Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

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 compared to traditional options such as low-cost index funds, challenging the narrative of private equity as a surefire wealth generator. The hosts further clarify how private equity firms typically utilize considerable debt to acquire businesses, often placing financial strain on the companies involved. They cite examples of major brands like Toys R Us and Sears, which collapsed under the weight of leveraged buyouts. Emphasizing transparency, Wes highlights the often concealed fees that diminish true investor returns, raising questions about the overall benefit of private equity in various industries. Wes and Mario address the controversial carried interest loophole that allows private equity insiders to pay lower taxes than ordinary earners, contributing to economic disparity.

Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off!

Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

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 Tyler outline the origin of these lawsuits, highlighting the significance of the settlement for businesses that processed payments via the mentioned credit cards. They assure listeners that this is a legitimate opportunity to recover losses from inflated fees and direct them to paymentcardsettlement.com to file a claim. The hosts also discuss potential challenges in the claims process, emphasizing the importance of meticulous financial records and providing strategies for retrieving necessary transaction data if initially unavailable. As they emphasize the urgency of acting quickly, listeners are encouraged to sign up for the McGill & Lyon Dental Advisory newsletter for ongoing updates and insights into the settlement process. This episode is an invaluable resource for business owners, packed with vital information about accessing untapped revenue from a significant class action settlement.

Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off!

Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

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 administration, particularly concerning individual tax provisions set to expire in 2025. Lyon and Ott explore the significance of the Tax Cuts and Jobs Act, highlighting the urgent need for small business owners and professionals to comprehend tax strategies that minimize liabilities. They emphasize the importance of the Qualified Business Income Deduction (QBI) and its nuanced impact on profitability within dental practices and small businesses. With an eye on proactive tax planning, the duo encourages listeners to develop a written tax plan and seek expert guidance. As they wrap up with levity surrounding the post-election climate, Lyon and Ott inspire optimism for potential tax reductions while reminding their audience of the importance of preparation amidst economic uncertainties.

Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off!

Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

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 and business interruption. They discuss the significance of documenting incidents to support claims and clarify the distinctions between replacement cost and actual cash value. The conversation extends to contingent business interruption insurance, addressing potential supply chain losses and service interruptions due to utility failures. They also outline civil authority coverage and the challenges posed by recent pandemic experiences on claims processes. Throughout the episode, Liam and Wes advocate for prompt claims filing, diligent documentation of recovery efforts, and the necessity of persistence if claims are denied. They encourage business owners to periodically review their insurance needs to adapt to changing conditions. This episode serves as an essential guide for business owners, particularly in hurricane-prone regions, underscoring the importance of being proactive in their insurance strategies.

Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off!

Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.