After being a part of a well-established dentistry practice, Dr. Barbara was looking for opportunities to scale up and expand her investments. She initially approached us (Weston Tax Associates) to assist her in negotiating a fair price for her stake and exit from the dental partnership. After some negotiation, both parties settled on a fair amount and parted ways gracefully.
Following this Dr. Barbara engaged us to come up with a strategic plan to build a successful family dentistry practice in a small and sprawling community. We quickly realized that the usual approach of creating a plan filled with tax savings might not help her achieve her aspirations.
Based on our understanding of the market and tax expertise we came up with an effective strategy that would exceed her expectations and lead to discovering other opportunities along the way. We were focused on building a scalable business by increasing economies of scale, to satisfy the entrepreneurial spirit of someone like Dr. Barbara.
A mere eight months after opening her practice, located in a recently renovated strip mall, Dr. Barbara was busier than ever. Her calendar had filled with new clients, the phones were ringing off the hook, and she had already taken over the adjacent space, remodeling it to her specs.
It was time to launch the next phase of the plan – ownership of the whole strip mall. After three months of complicated negotiations with the owner, Dr. Barbara was now a landlord. Although a scary and new adventure, this strategy would provide additional income and tax savings that came from owning the real estate in comparison to renting the premises. Needless to say, the traffic her practice was bringing to the strip mall made it easy to rent the available spaces, resulting in a drastic increase in rents and profitability for the entire building.
Due to the limited space inside the clinic, Dr. Barbara decided to move her back office functions to a separate building. To offset some of these costs, she immediately offered these services to other medical professional offices in the area. Soon this operation had gained enough momentum to occupy a whole office suite inside of the office building. Within four months of operations, Dr. Barbara was in a position to offer the current owners the proposition to buy the entire building. This move resulted in further addition to existing assets, newer income generation and additional tax savings.
This crazy success story spread like wildfire inside the community she served. Within the following year, she expanded into the nearby neighborhoods and communities. Without much effort, she scaled her practice to own the entire dental market in her area. In the process, she employed over 50 people and grew revenue by 1200%. In addition, Weston Tax Associated also helped her eliminate her tax liability entirely.
Fill out the form to download
Sign-up & we’ll let you know as soon as we have something to show off. (Don’t worry, we don’t spam).
© 2023 WESTON TAX ASSOCIATES | All Rights Reserved
