After the start-up and acquisition phase is complete and you have a regular patient base established, you’ll find yourself in the growth and maintenance phase. At this point, you may be wondering how your Practice compares to others in the industry or maybe you’re ambitious and curious about growing into a two-Practice owner (three-Practice, four-Practice or more)!
Coming in at #3267 on the list with a 120% 3 year growth rate, LBA Haynes Strand has made the Inc. 5000 list for fastest-growing private companies in America for the 5th time in a row! We are proud of our team and this great accomplishment.
Every dental Practice follows its own unique lifecycle, however, there are a few main phases it will pass through as it continues to grow and evolve that we’d like to focus on:
• Start Up & Acquisition
• Growth & Maintenance
• Sale of Practice & Retirement
Before you enter any phase, we highly encourage any future Practice owner to seek out professionals who specialize in the dental industry. There are many pain points that can be avoided by working with a CPA, attorney, banker, etc. who specialize in the dental industry and can guide you in the right direction from step one.
For the past several years, LBA Haynes Strand has worked with our partners at HK Financial Services to provide wealth management planning strategies for our clients. Last week LBA Haynes Strand and HKFS presented an economic update webinar. We understand that life and schedules are extremely busy, so we wanted to provide a copy of the webinar for our clients and friends who may have missed the live showing.
In the video below, our speakers, John Bly, Principal and CEO at LBA Haynes Strand, Ann McCorkindale, Partner Emeritus at HKFS, and Suzanne Tudor, Director of Financial Planning at HKFS, discuss volatility and opportunities in the global synchronized expansion.
They also review financial and estate planning under the new estate tax law.
Over the next few weeks our dental team here at LBA Haynes Strand will be presenting a series of blog posts related to the lifecycle of a dental Practice. Items we will be highlighting include:
• An overview of the stages within the dental Practice lifestyle
• Key questions to ask when buying a dental Practice
• Selling your dental Practice
As we move through these topics we will strive to provide up to date, informative and helpful information for today’s dental Practice owner whether you are in the first stages of starting your Practice or looking at retirement.
“I firmly believe the greatest responsibility we have as a firm is to serve our clients, our people and our community. Working with the Out of the Garden Project is one of the most fulfilling efforts in our year.”- Dave Recchion, Office Managing Partner, LBAHS Greensboro Office.
This year, LBA Haynes Strand got the amazing opportunity to go back to the Out of the Garden Project (OOTGP) to help out for a second year. Our LBAHS Day is an annual community service day where we close our office doors and focus on giving back.
On Thursday June 21, 2018, the Supreme Court issued its much anticipated opinion in the landmark case of South Dakota v. Wayfair, Inc. fundamentally changing the sales tax landscape in the United States.
Please join us on Thursday July 12, 2018 at 11am for an economic update webinar discussing volatility and opportunities in the global synchronized expansion! We will also review financial and estate planning under the new estate tax law. The webinar will be presented by John Bly, Principal and CEO at LBA Haynes Strand, as well as Ann McCorkindale, CFA, CFP and Suzanne Tudor, CFP, J.D. with HK Financial Services. LBA Haynes Strand works with HK Financial Services to provide wealth management strategies for our clients.