Next Gen DDS

Wes Lyon
Next Gen DDS

Young dentists are faced with some of the most important decisions in their careers right out of school, and yet most of the advice out there is geared towards retiring dentists. We’re here to change that. NextGenDDS focuses on providing clarity and actionable advice to young dentists. Join your hosts, Wes Lyon and Dr. Scott Menaker, as they guide young dentists on both the financial and clinical aspects of dentistry. About Us For over 40 years, their team has helped dentists exceed their goals through tax planning, financial planning, financial consulting, practice transitions, wealth management, legal services, and continuing education events, by providing objective and sound advice to doctors in every career stage. The group also publishes The McGill Advisory, a dental business publication offering valuable insights for all dentists. The McGill 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! Host Biographies Wesley W. Lyon, II, CPA, CFP® Wes is the managing partner of the McGill & Hill Group, overseeing the financial consulting and wealth management businesses, and serving as co-editor of The McGill Advisory. He is a highly sought after speaker making regular appearances at industry events, study clubs, podcasts, and McGill & Hill Group seminars. Scott Menaker, DDS Dr. Scott Menaker enjoyed a successful 38-year career as a practicing dentist, before transitioning to pursue his passion of helping young dentists succeed. Scott now works as a buyer representative, helping young dentists purchase practices and avoid the pitfalls of a failed transition.

  1. JAN 28

    The Need for Practice Purchase Representation

    On this episode of NextGenDDS, hosts Wes Lyon and Dr. Scott Menaker discuss the importance of representation in dental practice transactions. Wes voices his concerns over the rise in dual representation during practice sales, which often compromises the interests of young buyers. They stress the importance of having independent representation and share insights from Dr. Menaker’s extensive experience in the industry to underscore the need for thorough due diligence. This episode covers essential topics such as evaluating financial statements, understanding hidden costs, and the significance of having individual representation in partnership agreements to prevent overpayment and operational shock. Dr. Menaker shares a poignant story of a colleague's unfortunate experience due to lack of representation, reinforcing the emotional and financial implications of poor decision-making in dental transactions. Both hosts advocate for new dentists to seek reputable advisors committed to safeguarding their interests, emphasizing that investing in expert guidance can lead to long-term savings and stability.Want to submit a question that Wes and Scott will answer on the next episode? Submit them here (https://www.mcgillhillgroup.com/Contact/Form) or email us at newsletter@mcgillhillgroup.com.If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here (https://www.mcgillhillgroup.com/StudentMembership).Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

    28 min
  2. JAN 14

    Dentistry & Real Estate

    On this episode of NextGenDDS, Dr. Scott Menaker and Wes Lyon explore the critical link between dental practices and real estate investments. They discuss how many dentists may overlook the long-term implications of property ownership when purchasing a practice, sharing cautionary tales of financial disruptions caused by unexpected relocations. The hosts highlight the importance of controlling real estate assets, emphasizing the significant renovation costs that can arise in dental-specific setups. Listeners are equipped with valuable strategies, including negotiating rights of first refusal and understanding the risks of urban development areas. The conversation encourages dentists to evaluate their current practice locations against potential moving costs, advocating for careful due diligence and strategic real estate planning. Scott and Wes conclude by stressing the importance of consulting professionals for both practice and real estate evaluations to secure a stable future.Want to submit a question that Wes and Scott will answer on the next episode? Submit them here (https://www.mcgillhillgroup.com/Contact/Form) or email us at newsletter@mcgillhillgroup.com.If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here (https://www.mcgillhillgroup.com/StudentMembership).Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

    28 min
  3. JAN 7

    The Three Ps: Patience, Persistence, Perseverance

    On this episode of Next Gen DDS, Wes and Scott emphasize the "Three Ps" for long-term success in dentistry: patience, persistence, and perseverance. They explore how these principles guide dental professionals through the challenges of practice ownership, highlighting that success requires time and thoughtful effort. Scott discusses the importance of patience in establishing a solid practice foundation and shares his experience in evaluating team dynamics before making hiring decisions. Wes adds that societal pressures can create misconceptions about immediate success, urging listeners to focus on genuine effort over superficial validation. Moving to persistence, Scott recounts his early career and the significance of continuous community engagement for building a loyal patient base. Wes echoes this, illustrating how meaningful connections often stem from consistent outreach rather than paid marketing. Perseverance becomes the focal point as they address the inevitable challenges in practice ownership. Scott encourages embracing setbacks as growth opportunities, emphasizing flexibility and resilience in adjusting strategies for sustained success. Listeners gain practical strategies for incorporating the Three Ps into daily practice management, with a reminder that the commitment to quality patient care is paramount.Want to submit a question that Wes and Scott will answer on the next episode? Submit them here (https://www.mcgillhillgroup.com/Contact/Form) or email us at newsletter@mcgillhillgroup.com.If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here (https://www.mcgillhillgroup.com/StudentMembership).Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

    30 min
  4. 10/08/2024

    Being a CEO

    On this episode, Dr. Scott Menaker and Wes Lyon explore the complex role of dentists as both practitioners and CEOs. They discuss the unique challenges dental practice owners face in balancing clinical duties and leadership responsibilities. Dr. Menaker reflects on the necessity of effective time management, delegation, and the importance of making difficult staffing decisions for team harmony and business efficiency. The conversation emphasizes the need for clear communication, fostering trust, and creating an environment conducive to feedback. Wes and Scott share strategies for strategic thinking and encourage a growth mindset within dental practices. Ultimately, they advocate for practice ownership as a path to personal and financial fulfillment, providing valuable insights for those navigating the intricacies of being a dentist and a business leader.Want to submit a question that Wes and Scott will answer on the next episode? Submit them here (https://www.mcgillhillgroup.com/Contact/Form) or email us at newsletter@mcgillhillgroup.com.If you're not already, subscribe to The McGill and Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here (https://www.mcgillhillgroup.com/StudentMembership).Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

    38 min
  5. 10/01/2024

    The Dental Insurance Dilemma

    On this episode of NextGenDDS, Wes and Scott explore the complex landscape of dental insurance and its historical evolution since the mid-1980s. They discuss how the initial perception of dental insurance as a patient benefit has transformed into a reimbursement-focused model that imposes significant restrictions on fees, impacting both earnings and patient care. The conversation highlights the challenges practices face with reduced maximum payouts and the implications of being in-network vs. out-of-network providers. Wes and Scott share insights on practice management strategies that can enhance profitability while prioritizing patient experience. They emphasize the importance of transparency in communicating the value of dental services and preparing young dentists to navigate these complexities effectively.Want to submit a question that Wes and Scott will answer on the next episode? Submit them here (https://www.mcgillhillgroup.com/Contact/Form) or email us at newsletter@mcgillhillgroup.com.If you're not already, subscribe to The McGill and Lyon Dental Advisory newsletter to stay up-to-date on all things practice management, tax saving, and more! Students and residents- sign up for your FREE membership here (https://www.mcgillhillgroup.com/StudentMembership).Listen to our sister show, Drilling It Down! Listen as our expert advisors break down pertinent business topics for dentists and specialists, including investment commentary, reaching financial independence, and how to run an efficient practice.

    31 min

Ratings & Reviews

5
out of 5
5 Ratings

About

Young dentists are faced with some of the most important decisions in their careers right out of school, and yet most of the advice out there is geared towards retiring dentists. We’re here to change that. NextGenDDS focuses on providing clarity and actionable advice to young dentists. Join your hosts, Wes Lyon and Dr. Scott Menaker, as they guide young dentists on both the financial and clinical aspects of dentistry. About Us For over 40 years, their team has helped dentists exceed their goals through tax planning, financial planning, financial consulting, practice transitions, wealth management, legal services, and continuing education events, by providing objective and sound advice to doctors in every career stage. The group also publishes The McGill Advisory, a dental business publication offering valuable insights for all dentists. The McGill 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! Host Biographies Wesley W. Lyon, II, CPA, CFP® Wes is the managing partner of the McGill & Hill Group, overseeing the financial consulting and wealth management businesses, and serving as co-editor of The McGill Advisory. He is a highly sought after speaker making regular appearances at industry events, study clubs, podcasts, and McGill & Hill Group seminars. Scott Menaker, DDS Dr. Scott Menaker enjoyed a successful 38-year career as a practicing dentist, before transitioning to pursue his passion of helping young dentists succeed. Scott now works as a buyer representative, helping young dentists purchase practices and avoid the pitfalls of a failed transition.

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