2014 WMDDS Holiday Bulletin

HOLIDA ISSUE 2014 VOL. 46, NO. 6

Bulletin

Happy Holidays Your loyalty as a customer in 2014 is very much appreciated.

- From Everyone at Davis

www.davislaboratory.com | Call 616-261-9191

Contents ­Editor

Dr. Jeff Smith

Associate Editors

Dr. Seth Vruggink Dr. Derek Draft Dr. David Huyser Dr. Brian Licari

Advertising Editor Elaine Fleming

Executive Secretary WMDDS

511-F Waters Building

Grand Rapids, MI 49503

(616) 234-5605

efwmdds@aol.com West Michigan District Dental Society Executive Board 2014-2015 President Dr. Samuel Bander President-Elect Dr. Steve Conlon Vice President Dr. Leonard Bartoszewicz Secretary-Treasurer Dr. Tyler Wolf Editor Dr. Jeff Smith Immediate Past Dr. Margaret Gingrich President Directors Dr. Brian Mulder

Dr. Lathe Miller

Dr. Kathleen Ellsworth Area Representatives Kent County Dr. James Papp Ionia-Montcalm Dr. John O’Donald County Mecosta County Dr. Erick Perroud Ottawa County Dr. Kevin Rebhan MDA IV District Trustees

Dr. Brian Cilla Dr. Colette Smiley

Big Rapids Dental Study Club Officers President Dr. Erick Perroud Vice President Dr. Christa Stern Secretary Dr. Christa Stern Treasurer Dr. Erick Perroud

President’s Message...................................................................................................... 2 Editor’s Thoughts......................................................................................................... 4 Griffins Health and Wellness Expo...............................................................................6 GRCC News....................................................................................................................8 2014 Executive Board Update......................................................................................11 2014 Directory Corrections and Addition..................................................................12 WMDF News................................................................................................................14 Practice Management...................................................................................................18 Technically Speaking....................................................................................................20 Two Factors That Affect How Long Your Retirement Money Will Last..................22 Succession Planning for Your Dental Practice...........................................................24 Classified Ads................................................................................................................26 Advertiser Index............................................................................................................28

Holland-Zeeland Dental Society Officers President Dr. Meredith Smedley Treasurer Secretary Immediate Past President Ionia-Montcalm Dental Study Club Officers President Treasurer Dr. Kirkwood Faber Kent County Dental Society Officers President Dr. Kathryn Swan Vice President Dr. James Papp Secretary Dr. Kathleen Eisin Treasurer Dr. Christopher Leja West Michigan Dental Foundation Officers President Dr. Michael Palaszek Vice President Dr. Sarah Mahar Secretary Mrs. Dawn Kamyszek Treasurer Mr. Joe Van Laan The Bulletin of the West Michigan Dental Society is published six times a year (the winter issue, spring issue, summer issue, directory issue, fall issue, and holiday issue). The opinions expressed in The Bulletin are not necessarily the opinions of the West Michigan District Dental Society.

Contributions to The Bulletin are welcome and should be addressed to The Bulletin Editor, 3050 Ivanrest SW, Suite B, Grandville, MI 49418.

Requests for purchase of advertising space should be directed to the Advertising Editor, Elaine Fleming, (616) 234-5605. The deadline is the 1st of the month prior to publication. © 2014-2015 West Michigan District Dental Society Bulletin

Mission Statement The Bulletin is the newsletter of the WMDDS and its mission is to inform the membership of upcoming and recent events, state & local issues related to dentistry, and as a forum for its officers, representatives, and members to discuss appropriate topics of interest to the membership.

Communication & Advertising Policy The Bulletin will publish submitted articles from members and others that relate to the practice of dentistry, small business, social, or political issues affecting dentists, or other subjects of interest to the membership. All published items are subject to space restrictions and the community standards of the WMDDS. The editors reserve the right to reject any article or advertisement deemed ­inappropriate and to edit submissions as they see fit.

Submission & Publication Policy: Articles and advertisements must be submitted no later than the 1st of the month preceding ­publication date. The Bulletin has six publications: the winter issue, spring issue, summer issue, directory issue, fall issue, holiday issue. Direct submissions or ­correspondences to:

WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

Dr. Jeffrey S. Smith • 3050 Ivanrest SW, Suite B • Grandville, MI 49418 Phone: 616.531.1554 FAX 616.531.6947 • Email: jssmith@comcast.net Include “Newsletter” in the subject line

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PRESIDENT’S MESSAGE

“Don’t Cry Because it is Over …

Smile Because it Happened.” — Dr. Seuess

By Samuel Bander, DDS, WMDDS President

H

ow fitting, as we bid farewell to 2014 and begin a New Year. It seems as though it is with a little regret that we say goodbye to the previous year. All of us have had both highlights and lowlights in the past year. But no matter what happened in 2014, we must all look ahead to 2015.

I became your president in May 2014. Since that time, the WMDDS has been very active. Before we say goodbye to 2014, let’s see what made us smile this year.

New Computer in the WMDDS Office: Elaine was glad that we finally replaced the abacus. Look for big things in 2015 and beyond with our upgraded website and computer system.

Committee Activity Updates Peer Review – Standard of Care: Dr. Andrew Hoekwater, chairperson, and Dr. Kevin Rebhan, board liaison. There were four cases received by the committee, two were unable to be mediated and a three-dentist panel was needed. One case was mediated. The last case was dropped by the patient.

Nominations Committee: Dr. Margaret Gingrich, chairperson. Ballots will be mailed to WMDDS members to vote for the WMDDS delegation to the 2015 MDA House of Delegates and WMDDS officers, first and second year directors, and the editor of the WMDDS Bulletin. Be sure to vote and serve!

Legislative Committee: Dr. Leonard Bartoszewicz, Vice President and committee chair. Dr. Bartoszewicz attended the legislative breakfast sponsored by Rep. Arlan Meekhoff.

The committee will organize a WMDDS legislative breakfast in the spring of 2015 so that WMDDS members can interact with our representatives. Watch for the date. Please contact Dr. Bartoszewicz if you want to get involved in the politics of dentistry. It is critical to be at the political table. We are truly the oral health authority in West Michigan.

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Public Relations Committee: Dr. Suzanne Port, chairperson, Dr. Brian Mulder, board liaison. WMDDS, along with the second-year dental hygiene students at GRCC, participated in November’s pre-game health and wellness expo prior to the Griffins matinee game. WMDDS donated 2,000 toothbrushes and 500 game tickets. The event was a huge success! (See pages 6 and 7 of this issue of the Bulletin, and visit the WMDDS Facebook page for additional photos). The PR committee helped secure a Michigan Dental Association Foundation grant for the Kent County Oral Health Coalition so they could purchase dental education materials to be distributed by home health care providers. Finally, the PR committee has organized the “Griffins Dental Appreciation Night” on March 5, 2015. WMDDS will be doing a cheek swab bone marrow drive. This is a big deal and can be life saving for those with leukemia. Be sure to attend with your entire staff and family! Thanks, Dr. Port and committee members, Dr. Matt Gietzen, Dr. Veronica Hamilton, and Dr. Brian Mulder for a job well done on PR for the WMDDS. Membership Committee: Dr. Kathryn Swan, chairperson, Dr. Lathe Miller, board liaison. The Membership committee has been very active in 2014. New Dentist Forum committee co-chairs, Dr. Matt Lieto and Dr. Veronica Hamilton, have been doing a great job organizing New Dentist Forum meetings and had a well-attended social event in September in the Centennial Room at Founders. In October, the Membership committee organized the annual WMDDS new member reception held at the home of Dr. Sarah Masterson. This was a chance for the WMDDS Board to meet and greet new members and their guests to the WMDDS. Our district continues to grow! The Membership committee also met with the MDA’s “traveling road show” at the office of Dr. Katie Swan.

This was an opportunity for WMDDS committee members to brainstorm with the MDA’s Mr. Josh Lord, Director of Membership and Strategic Initiatives, and Dr. Alexa Vitek, chair of the MDA’s Membership committee. The committee discussed ways to make the WMDDS more effective in helping member dentists succeed – new members as well as seasoned members. We can do this by using the committee structure and asking members to play a small role based on their time availability and expertise in an area of interest. Thanks to the committee members and Dr. Swan for a job well done.

WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

PRESIDENT’S MESSAGE

Distinguished Service Award Committee: Dr. John Bouws, chairperson. Congratulations to Dr. Donald French! He was presented with the prestigious Silent Bell Award on December 11, 2014. The Distinguished Service Award committee wrote: “Dr. French has given unselfish service to missions in Guyana, the local dental societies, the dental programs at Ferris State University, and in his community and church. He has shared his leadership skills at all levels of our profession.” The Silent Bell is presented to a member of the WMDDS who has and are making outstanding selfless contributions to their profession and/or community. The award is a bell without a clapper symbolizing those who give and serve without recognition. The Silent Bell is the highest award of the WMDDS. On behalf of a grateful organization – the WMDDS says thank you to Dr. French for years of service to your patients, your community and your dental society. Remember, Dr. French … don’t cry because it is over, SMILE because it happened!

THANK YOU to all of the volunteers who selflessly serve the MDA and the WMDDS. Happy New Year and may you have a joyous and successful 2015!

WE WANT YOU! Editorial policies committee – Dr. Jeff Smith, editor.

Dr. Smith has served as editor for three years per WMDDS bylaws. The editor serves a three-year term as a voting member of the WMDDS Board.

His term ends in May 2015. If you are interested in being considered for the editor position, or serving on the committee with future hopes of serving as editor, contact executive secretary Elaine Fleming at efwmdds@aol.com or myself, Dr. Sam Bander at drsambander@gmail.com.

The editor works with our staff and a full committee to publish six issues of the Bulletin, attend monthly WMDDS Board meetings (dinner included), and pen an editor’s article in each issue.

He/she must have a passion for writing and the ability to lead a committee.

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EDITOR’S THOUGHTS

Reach Out This Holiday

By Jeffrey Smith, DDS, MS, Editor, West Michigan District Dental Society

I

had the pleasure to attend this year’s WMDDS new dentist reception. It was held on a Thursday night in late October. By the time that my wife, Susan, and I got there it was almost dark, and I was low on energy from what the last four days at the office had thrown at me. These events are always fun, and while I have never been sorry for making the effort to attend them, this was one of those nights when it was mildly tempting to just head home, turn on the fireplace, and settle into some good reading until nodding off for the evening.

That all changed as soon as we were warmly greeted at the door by our host, Dr. Sarah Lennan Masterson. The inside of Sarah’s inviting home was alive with the energy of over a dozen of our newest members. Most everybody was very upbeat and excited to get the chance to meet new colleagues, share some personal or professional experiences with each other, and forge lasting friendships as well as associations with organized dentistry.

Twenty-nine years ago, being new to Grand Rapids and having maybe one month of practice under my belt, I remember feeling some mild anxiety upon going to my first such meeting. While all of the WMDDS board members who were there to greet us new dentists were very friendly, it was still challenging not to be a bit overwhelmed by the feeling of being somewhat of an outsider in what appeared to be a very close-knit group of individuals, most of whom had a much greater level of professional knowledge and experience.

At least there was some mild consolation in that us newbies outnumbered the old masters if things started turning sour.

(Oops, I am having flashbacks of college fraternity hazing events again!). If there was any such anxiety in this latest

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group of new dentists, it was impossible to detect. Our newest colleagues (almost all younger than my own children), are a very social, talented, bright, and optimistic bunch. Spending a short evening with them convinced me that when their time comes, they will easily be able to pick up the torch and become the outstanding leaders of our profession.

For most of the history of dentistry, the prevalent model was one of a small cottage industry, where a solo practitioner (especially those who ran small rural practices) seldom got out much to bounce things off of his or her colleagues unless they picked up the phone or went to some kind of a dental meeting. (Let us also not forget that until the mid to late 1980s, there were no continuing education requirements for state license renewal.) The economy and costs of ever increasing technology (which allow us to provide the best quality of care that dentistry has ever seen, done even more efficiently than before) has resulted in a shift toward group practice and clinics. Group practice settings can’t help but increase the exposure to new knowledge that each individual practitioner receives from or shares with their colleagues.

If you are beginning to wonder where all of this is going, I guess it is that we as individual dentists should feel an obligation to stay connected to one another regardless of the type or size of practice where we work. Reach out to your colleagues.

Especially in this holiday season, try to make a little extra effort to rekindle old professional relationships or friendships that may have fallen off over time. Whether you are there to help with a technical question, cover for a medical leave or vacation, or are just there to lend an ear to someone who is going through a rough spot in their career or life, belonging to a group and realizing that others that you know and trust have your back makes for a better night’s sleep, and probably makes you a better doctor in the process.

WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

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IN THE NEWS

Griffins Health and Wellness Expo

T

he WMDDS and GRCC second-year dental hygiene students teamed up to hand out toothbrushes and talk about oral health at the Griffins Health and Wellness Expo prior to the matinee hockey game attended by thousands of area students. WMDDS provided tickets for 500 students to attend. The dental hygiene students had the opportunity to interact with some high school students who were interested in pursing education to become dental hygienists. The GRCC students were also interviewed by Maranda and appeared on her TV show. Thanks to the GRCC students for a job well done!

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WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

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GRCC NEWS

GRCC Dental Auxiliary Programs Start the Year with New Clinic, Equipment and Technology Submitted by Eve J. Sidney, RDH, MS, CDA, Director of Dental Auxiliary Programs, GRCC

G

rand Rapids Community College dental programs’ academic year began in August with the opening of a beautiful new clinic, which was remodeled over the summer. While a few items are nearing completion, the new clinic is fully operational.

All clinic and laboratory courses are running well. The “new” clinic includes several improvements and technological advances. The clinic has 24 dental units (the “old” clinic had 20). Each unit has a desktop computer and a separate monitor attached to the dental chair. The monitors can be used for students to view instructor demonstrations or show patient education videos. The monitors may also be used to view intra-oral camera or radiograph images.

The clinic now includes an instructor station equipped with an overhead camera. Instructors can provide live demonstrations and/or record a presentation. Recorded presentations can be uploaded to Blackboard for students to view at any time. An instructor can demonstrate a technique, and the video can be projected to each of the 24 stations. Students no longer need to huddle around one manikin to observe a demonstration.

Six ADEC patient simulators are now installed in the dental lab. The simulators contain high- and low-speed handpieces including water. Typodont teeth can be drilled and filled!

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Students and faculty will use the ADEC patient simulators to practice four-handed dentistry techniques.

The GRCC Auxiliary programs are 100% digital. We are no longer able to honor requests for traditional radiographs.

The radiography suite consists of six individual rooms (the “old” clinic had four rooms). Each room contains a Progney Preva x-ray machine, computer, and a digital scanner, which receives images from photo-stimulable phosphor plates.

Future plans include teaching students to use a Gendex digital intraoral sensor.

Armen Oumedian has made a generous donation of $10,000 to the dental programs. The department will use the donation toward the purchase of a Dentsply Dental X-Ray Trainer manikin. The manikin is a realistic substitute patient that allows unlimited radiation exposures while teaching students how to take radiographs.

Enrollment for both programs is strong. The GRCC Dental Hygiene program has 32 secondyear students and 32 students enrolled in their first year of the program. Once a student meets the dental hygiene program qualifications, they are added to the ready/wait list. It takes approximately two years on the ready/wait list before a student is able to begin the dental hygiene curriculum. The GRCC Dental Assisting Program has 23 full-time and six part-time students that will complete the program in June 2015. Once a student meets the qualifications for the program, it takes approximately two years before a student is able to begin the dental assisting curriculum.

We extend a special thank you to all dental practices that participated in our dental assisting externship by mentoring one of our dental assisting students. During academic year 2013-14, over 42 dental offices donated approximately 5,500 hours of invaluable instruction to our dental assisting students. If your office is interested in mentoring one of our dental assisting WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

GRCC NEWS

students this year, contact Julie Bera at 616-234-4542.

Plans are underway to offer a certified dental assistant the opportunity to earn the registered dental assistant credential.

Curriculum revisions will be made during 2014–2015, which will reflect accreditation changes and the new expanded functions approved by the Michigan Board of Dentistry in October. As soon as we have a target date to launch the program, information will be published in the WMDDS Bulletin for those who are interested.

The dental auxiliary department hosted the Annual Infection Control Update Seminar on September 26, 2014.

Dr. John Molinari, PhD, delivered the review again for us this year.

On December 12, 2014, the dental auxiliary programs will host the third annual Senior Dental Day. The dental programs partner with the Area Agency on Aging of Western Michigan to deliver preventive care that includes bite-wing radiographs, panoramic radiographs, prophylaxis and oral exams. Last year we served 43 seniors. Volunteers for the event include dental assisting and hygiene students, GRCC faculty and area dental assistants, dental hygienists, and dentists. Cherry Street and local dentists will complete basic dental services such as denture reline, endodontic therapy, extractions, and restorations at no charge to the seniors.

The GRCC dental clinic will serve as a testing site for the registered dental assistant examination scheduled for May 15, 2015.

Julie Bera demostrates an intraoral technique as students watch on monitors in the background.

The Points of Light project

If you would like more information regarding our project or would like to register as a participant, please visit our website at: pointsoflightonline.org.

WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

A second-year dental hygiene student using the intraoral camera on a classmate.

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MICHIGAN DISTRICT DENTAL SOCIETY ©2014 | HOLIDAY 2014 14001 UniversityWEST Avenue | Clive, Iowa 50325-8258 PSICISSUE NFL 9663

2014 WMDDS Executive Board Update Dr. Samuel Bander President

Dr. Brian Mulder Third Year Director

Phone: 616.949.5980 Fax: 616.949.5981 drsambander@gmail.com

Phone: 616.455.8400 Fax: 616.455.4283 bmulde86@hotmail.com

Dr. Steve Conlon President-elect

Dr. Lathe Miller Second Year Director

Phone: 616.554.5970 Fax: 616.554.5974 drconlon@sbcglobal.net

UPDATE: Phone: 616.943.9320 Fax: 616.942.1878 drmiller@lathemillerortho.com

Dr. Leonard Bartoszewicz Vice President

Dr. Kathleen Ellsworth First Year Director

Phone: 616.245.9830 Fax: 616.245.5026 doclendo@yahoo.com

Phone: 616.642.3500 Fax: 616.642.3600 dr.ellsworth@sbcglobal.net

Dr. Margaret Gingrich Immediate Past President Phone: 231.796.8715 Fax: 231.796.6300 drmargaret04@gmail.com

Dr. James Papp Representative Kent County

Dr. Tyler Wolf Secretary-Treasurer Phone: 616.457.4600 Fax: 616.457.6021 tawdds@comcast.net

Phone: 616.940.2854 Fax: 616.940.9872 drjpapp@aol.com Dr. Erick Perroud Representative Mecosta County

Dr. John O’Donald Representative Ionia/Montcalm Counties Phone: 616.754.7414 Fax: 616.754.7888 johnodon@me.com Dr. Kevin Rebhan Representative Ottawa County UPDATE: Phone: 616.772.2868 Fax: 616.772.4805 rebhan@zfdental.com Dr. Colette Smiley MDA Trustee Phone: 616.866.2021 Fax: 616.361.9823 colettesmiley@gmail.com Dr. Brian Cilla MDA Trustee Phone: 616.531.1920 Fax: 616.531.4275 BLCilla@aol.com

Phone: 231.796.6138 Fax: 231.796.2110 eperroudds@sbcglobal.net

WMDDS TABLE 7.5 x 3.25.ait 1 10/13/2014 10:52:11 AM

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BRINGING MORE GOOD IDEAS TO THE TABLE.

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CM

MY

CY

CMY

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RICK CHRISMAN, CPA MANAGING SHAREHOLDER rchrisman@hungerfordnichols.com (616) 949-3200 WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

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2014 Directory Corrections & Addition changes (INDICATED IN BOLD): BOULOS, HANY 947 LEONARD NW GRAND RAPIDS, MI 49504 774-9402 FAX 805-2093 BRIEDEN, MARK P (ORTHODONTIST) 158 MARCELL ROCKFORD, MI 49341 866-3010 FAX 866-7401 275 STATE STREET SPARTA, MI 49345 887-4002 FAX 383-1183 CHARNLEY, ERIN 600 PARK AVENUE GRAND HAVEN, MI 49417 842-8820 FAX 846-8822 DOUBLESTEIN, JASON 4320 - 44th Street SW, #106 Grandville, MI 49418 530-2200 FAX 530-8250

NEW MEMBER:

GRODE, DANIEL (NO LONGER PRACTICES IN HUDSONVILLE) 1726 Leonard Street NE Grand Rapids, MI 49505 459-0478 FAX 742-6021 HARSHMAN, TRAVIS Q 1978 SOUTH STATE ROAD IONIA, MI 48846 527-0030 FAX 527-4722 KNIGHT, HILLARY FERGUSON DENTAL CLINIC 101 SHELDON BLVD SE GRAND RAPIDS, MI 49503 776-2340 MEEUWSEN, DANIEL 12374 stafford ST, PO BOX 204 ravenna, MI 49451 231-853-6618 FAX 231-853-8043

MILLER, LATHE E (ORTHODONTIST) 4875 CASCADE ROAD SE GRAND RAPIDS, MI 49546 942-9320 FAX 942-1878 158 MARCELL ROCKFORD, MI 49341 866-3010 FAX 866-7401 275 STATE STREET SPARTA, MI 49345 887-4002 FAX 383-1183

Patel, Malavi

Rashewsky, Stephanie E 519 ADA Drive SE, PO Box 157 Ada, MI 49301 676-9177 FAX 676-8836 RITZEMA, NICHOLAS C 4565 WILSON AVENUE SW, STE 2A GRANDVILLE, MI 49418 538-0700 FAX 538-0359

VANDER LAAN, MATTHEW R 820 - 84TH STREET SW BYRON CENTER, MI 49315 455-7310 FAX 455-0332

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Staying here.

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WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

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WMDF NEWS

2014 WMDF Grant Review Committee Report Submitted by Sarah Mahar, DDS, Community Grant Committee Chair Kids Food Basket – $1,250 Kids Food Basket provides take-home sack dinners for children that receive subsidized school lunches. Twice a year they provide a toothbrush and small tube of toothpaste for the kids at holiday breaks. This December, over 6,000 children will receive break bags. Funds will be used to purchase toothpaste for the bags.

T

he West Michigan Dental Foundation is dedicated to the improvement of oral health through the financial support of educational and service programs to address needs identified by the dental profession and the communities which it serves.

The Foundation supports projects that impact oral health within its five county service area (Kent, Ottawa, Ionia, Montcalm and Mecosta). Grants are generally limited to educational projects, treatment-based projects, supplies, and equipment. The foundation does not generally support salaries, operations, or research-based projects.

The WMDF Grant Review Committee met on Wednesday, August 13, 2014 to review the grant applications submitted.

This year there were ten grant applications and eight grants were awarded. Applications were reviewed by the committee and the following grant recommendations are submitted to the Board of the West Michigan Dental Foundation.

Mid Michigan District Health Department – $4,100 The Sidney Clinic in Montcalm County is part of the network of Michigan Community Dental Clinics serving Medicaid and low-income residents who have difficulty accessing oral health care. The clinic is operated by MCDC on behalf of MMDHD and sees 3,900 patients per year. They are requesting a grant to be used towards the purchase of a dental chair.

The additional chair will allow them to serve 600 more patients through 1,600 additional visits.

Ottawa County Health Department – $4,300 The “Miles of Smiles” dental van program is used by the county health department to provide dental services to low income, at-risk, uninsured eligible individuals up to age 20 in Ottawa County.

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Grand Rapids Griffins Youth Hockey Foundation – $375 This grant will partially cover the cost of providing mouthguards to 375 youth hockey players. The WMDF has supported this program since 2006.

Health Intervention Services (HIS) – $3,500 HIS provides care to uninsured individuals through the use of volunteer providers and a reduced fee schedule. They have requested a grant to help provide funds for 20-25 denture patients with comprehensive clinical care. They have requested additional monies to purchase small dental equipment and instruments.

Tooth Time – $1,400 This grant is to help the WMDDS fund the Tooth Time program at the Grand Rapids Children’s Museum. This program is expected to draw 1,500-2,000 area children, their parents, and teachers in February of 2015.

Holland Free Health Clinic – $2,100 The Holland Free Health Clinic aims to improve access to care for the underserved adult population in Ottawa and Allegan counties by utilizing dentists and hygienists volunteering in their clinic and those in their referral-based provider network.

Last year, over $217,000 of care was provided. They are projecting to serve 600 patients in 2015. This grant will be used to purchase supplies and equipment.

Baxter Community Center GAP Project – $2,000 The Dental Health “GAP” (Getting Accustomed Preventative) Project, partners with Baxter’s Jubilee Jobs Program to provide dental care for unemployed job-seekers. The grant will subsidize reduced fees for needed dental care to restore oral health for these job seekers. The program has grown to serve the needs of 97 individuals since 2007. The goal is to fund care for an additional 15-20 individuals in 2014-2015.

WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

TEN Minutes to Save a Life: Emergency Medicine in Dentistry Presented by Dr. Stanley F. Malamed | January 16, 2015 | Frederik Meijer Gardens & Sculpture Park Life threatening emergencies can occur anytime, anywhere, and to anyone. Such situations are somewhat more likely to occur within the confines of the dental office due to the increased level of stress that is so often present.

In this course, Dr. Malamed will discuss the areas which are considered vital to a proper understanding of emergency medicine: prevention, preparation, recognition and management.

The first session will include a discussion of preparation involving the office and staff, and includes a thorough review of the office emergency kit (drugs and equipment). The second session will include the recognition and management of specific emergency situations. It includes the management of unconsciousness, respiratory distress, seizures, drugrelated emergencies, and chest pain — including cardiac arrest and the use of the AED. This course is designed for all members of the dental office staff, not just the doctor and chairside personnel. Situations discussed here can happen outside the dental environment as well as in the office.

Everyone should be prepared!

West Michigan District Dental Society is an ADA CERP Recognized Provider.

Thank you to our sponsors who have helped to make these programs available to us.

Platinum Sponsors:

Supporting Sponsor:

Registration Form NAME

ADDRESS

EMAIL

ADDITIONAL REGISTRANT(S) AT THIS ADDRESS

MDA-member dentist – $250 Pay by credit card: � VISA � Mastercard

WMDDS retired member dentist – $100 CREDIT CARD #

NAME ON CARD

EXPIRATION DATE/SECURITY CODE

1st staff member – $100 2nd-5th staff members – $90 6th-12th staff members – $85

SIGNATURE

13th staff member and over – $80

per non-member dentist – $500

TOTAL:

PAY BY CHECK: Make checks payable to: West Michigan District Dental Society. Remit to: Elaine Fleming | c/o WMDDS | 161 Ottawa NW | Suite 511-F, Waters Building | Grand Rapids, Michigan 49503 | Questions? Call 616.234.5605 or email efwmdds@aol.com

T H G I N N O I T A I C E R P P A L DENTA l a u n n A h t 6

Presented by

MARCH 20, 2015 7:00PM VAN ANDEL ARENA The Grand Rapids Griffins invite your office to join us for all the fun and excitement of Dental Appreciation Night!

Last season, over 500 dental professionals, their families and friends enjoyed this special game.

This season’s Dental Appreciation Night will feature: • Special in-game promotions and concession specials • Discounted tickets for your office • Ticket proceeds benefiting the West Michigan Dental Foundation At the game, WMDDS volunteers will be doing a "Take A Bite Out Of Cancer" bone marrow drive to collect cheek swab samples that could save a life! If you haven't signed up for the registry, here's your chance. Encourage staff and family members to sign up too.

Sponsored by the Michigan Dental Association, Delete Blood Cancer, and the West Michigan District Dental Society.

For more info including the game date and ticket pricing, please contact Joe Yancho at 616.774.4585 ext 3023 or jyancho@griffinshockey.com /grgriffins 16

/griffinshockey

/griffinshockey WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

e l u d e h c S O SH A ! g n i n i a tr Your panoramic x-ray equipment is state-of-the-art.

But do you know if you’re getting the best price on workers’ comp insurance?

We do.

Find out what thousands of Michigan dentists already know. Get your workers’ compensation and all your other insurance, from the most trusted and knowledgeable source.

Visit mdaprograms.com or call today at 800.860.2272.

WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

17

PRACTICE MANAGEMENT

Pre-Retirement Planning: Questions to Ask Yourself Now Submitted by Richard L. Chrisman, CPA MST, Hungerford Nichols CPAs + Advisors

T

he carrot at the end of our working career is called “retirement.” Our hope is that someday we can retire and enjoy the fruits of our labor. We expect that when we finally get there, life will be fantastic.

We won’t have to work. We will be healthy; and have lots of money and time. We will be able to do all the fun things on our bucket list. Life will be bliss.

Of course, we know that reality doesn’t always happen the way we hoped. There will be surprises, and some of those surprises may not please us. But, like any stage of life, the more proactively we plan for it, the more likely it will be an enjoyable experience.

Planning for retirement is more than just meeting with your financial planner and making sure you have enough money. Money is important, but money alone will not make retirement a fulfilling experience. Following are some questions to ask yourself now that will help you prepare for that next stage of your life.

What is my vision of the ideal retirement?

What is your grand plan? Retirement is the next chapter in the adventure story of your life. You want to be eager to be heading into this new chapter – not downhearted because of what you are leaving behind. What are your goals and dreams for retirement?

You will suddenly have 2,000 hours a year available for use.

How are you going to fill that time? What new experiences would you like to have? Sure, you will play more golf and take some trips, but you may also want a sense of purpose. You want life to be fulfilling. How are you going to make that happen? What gives you joy, meaning, and purpose in life? That’s how you want to spend your time.

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Do my spouse and I have the same vision?

After creating your list of goals and dreams, it’s a good time to compare notes with your spouse. Hopefully you have similar ideas. If you are planning to live in a remote cabin in Michigan’s U.P. and your spouse is thinking about a condo in downtown Chicago, you are not on the same page. It’s better to know that now while you still have time to negotiate and/ or compromise.

On occasion, I ask my wife questions about her vision of retirement. I want to be aware of what she wants, so I can incorporate her wishes into my plans.

Will I be able to afford the lifestyle I want?

You probably have a rough idea of what your retirement income and expenses might be. As retirement draws closer, it’s time to fine tune the budget. How much is it actually going to cost to live the retirement lifestyle you desire, and where is the funding for it going to come from? You certainly don’t want to quit your job and then find out you are going to be a few dollars short of balancing the budget.

You need to scrutinize your current spending and be real on how your spending will change during retirement. What is it going to cost you to live? Don’t panic if initially there is a budget deficit. You still have time to make adjustments. There are ways to increase income and decrease expenses. Some examples include: • Work another year – add to your savings account instead of drawing on it.

• Find a part-time job or hobby that generates income – e.g. work at the golf course or buy collectibles that you can sell on eBay. • Convert non-liquid assets to cash – e.g. sell that vacant piece of real estate and invest the proceeds.

• Enjoy low cost leisure activities – e.g. ride bikes instead of horses.

• Cut the financial apron strings on your adult children – they can take care of themselves.

• Eliminate unnecessary expenses – are you watching all those premium cable channels that you are paying for?

Also, review all your insurance policies for opportunities to cut costs.

WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

PRACTICE MANAGEMENT

When should I retire?

Every individual is on their own timeline. There is no right or wrong answer. It’s just a decision that you need to make based on your own set of circumstances. Talk to your advisors and family and get their input. Some variables to consider include: • Do I enjoy my job?

• Is going part time an option?

• Am I financially able to leave my job?

• When do I qualify for Social Security?

• What health insurance options do I have?

• How is my health?

• Is working becoming physically difficult?

• What is on my bucket list for retirement?

Should I downsize my house?

Most retirement planners focus on your investment portfolio.

Although this is important, for many people, a large percentage of their wealth is the equity in their homes. As you approach retirement, consider selling your existing home and buying a smaller home or condo. This especially makes sense if the mortgage has been paid off and the property has significant value.

Your goal is to convert the equity in your home to cash that you can invest and live on during retirement. What good is having a home worth a million dollars if you can’t afford to take that vacation you always dreamed of? Other reasons to sell your current home include: • You may not need as much space in retirement.

• A smaller home or condo is much easier to maintain.

• You may want to relocate.

A lesson I learned from my parents – once your mortgage/ debt is paid off (and your children are financially supporting themselves), your monthly cost of living will drop significantly.

Is my estate plan current?

If you die without proper estate planning, it can create unnecessary problems and expense for your heirs. Have your accountant and lawyer review your estate plan to make sure everything is up to date and appropriate for the size of your estate and the stage you are in life. I have seen many families get into major squabbles over their parents’ estate. If the estate plan had been done properly, there would have been nothing for the children to argue about.

Also, after you are gone, your spouse or children will have to sort out your financial affairs. Do them a huge favor by simplifying your finances and organizing your documents.

Conclusion You have been working your whole life with the hope that someday you will be able to retire. Now that you are in the home stretch, it’s important that you prepare for it. You may still have a few more years to work, so take advantage of the time by dealing with the issues that will make your retirement as enjoyable as possible.

Richard L. Chrisman, CPA, MST is the Managing Shareholder of Hungerford Nichols CPAs + Advisors, a Tax, Auditing and Business Advisory firm with offices in Grand Rapids and Greenville, Michigan. The firm is celebrating 73 years of helping local businesses, including many area dental practices.

When should I take Social Security?

When to start taking Social Security is not as obvious as you would think. Your goal is to maximize the benefits for you and your spouse. Everyone’s circumstances are different so it may take some research to fully understand your options and choose the one that’s best for you. Consider meeting with a financial advisor to help you sort it out.

What is my plan for the debt that I have?

Prepare for retirement by paying off your debt. Eliminating debt is a simple strategy to lower your expenses without changing your life style.

WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

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TECHNICALLY SPEAKING

Best of Tech 2014 Submitted by Greg Feutz, President, DDS Integration

Greg Feutz is President of DDS Integration, a Grand Rapids based dental technology company.

I

t’s that time of the year again! Cool tech stuff from the year to marvel at, scoff at, or maybe even add to someone’s Christmas list. Some of this stuff isn’t even for sale yet, but I hope it will be someday! This will also be on our blog (ddsintegration.com/blog) where the links will be live, perhaps easier than typing them.

Tile – Where did I put my ______________?

It happens to all of us. Keys, wallets, pets, remotes … all get lost and drive us crazy. What if your phone or computer could find them all for you? Tiles are little Bluetooth devices that your phone can track. They’re small enough to be unobtrusive on a keychain and have a range of about 100 feet. If you are outside of 100 feet, the Tile app will tell you the last place it saw your item.

Website: http://tinyurl.com/plv4omr Youtube video: http://tinyurl.com/nc9ctkh Panono – Take instant 360 degree panoramic pictures, anywhere.

I love fun camera innovations. Most are neat but in practice not all that useful. Usually the ole DSLR is realistically the best bet for most situations. The Panono, however, I think has real potential to be something people actually take photos with on a regular basis. The 360 degree capture gives you so much more information than a standard camera. Go to their website below to see (and play with) some of the images they’ve taken. Then check out the video to see a really cool way you can interact with the images using a smartphone.

Website: http://tinyurl.com/ohqr7xl Youtube video: http://tinyurl.com/lyahnyh

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FLIR – Find all the hotspots with your iPhone!

Literal hotspots, that is. FLIR turns your iPhone 5 into a thermal imaging camera. What’s that? It’s a device that normally costs thousands of dollars and shows you hot and cold, wherever you point it. The most obvious application, and one that could justify the $350 price tag, would be using it to analyze your house to see where your insulation is not doing its job (where you’re losing heat). The way this winter is looking already you could almost call it an investment. Check out the video link for some other ideas it can be useful for like detecting shower leaks, working on your car, and detecting moisture in flooring.

Website: http://tinyurl.com/px5ug4s Video channel: http://tinyurl.com/p7893jj Impossible – Let’s face it, we all miss Polaroids, at least sometimes.

Whether you are reminiscing about your actual Polaroid camera of yesteryear or just the prints, Impossible has a product for you. They refurbish and re-sell cameras, and their instant lab quickly and easily turns your iPhone into a Polaroid printing machine. Also, Polaroid is coming out with their own “socialmatic” that brings the old Polaroid into 2014 with some new innovations. Link for that below too.

Website: http://tinyurl.com/mtdda2b Video: http://tinyurl.com/lq2mqeb Socialmatic: http://tinyurl.com/ktqc67u Amazon Echo – Think convenient, portable, even more useful, Siri.

The video really tells all, but my take on this is a device that is similar to Siri or “Ok Google.” It’s cool though because it’s standalone, has speakers, and learns. My favorite example in the video is asking Echo, while cooking with dirty hands, “how many teaspoons are in a tablespoon?” It works with a command word so you don’t have to touch it to make it start listening.

Website (with video): http://tinyurl.com/kwvy7la Kolibree toothbrush – Maybe you’ve already seen this? A techy toothbrush.

You’ve probably told your patients to brush more. They’ve probably had good intentions, but then not really done it.

WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

TECHNICALLY SPEAKING

Kolibree tries to help by connecting an electric toothbrush with a smartphone app to track and encourage your brushing habits. Kind of like MapMyRun for your dental health.

Beyond that it evens interfaces with a smartphone game where the toothbrush’s orientation controls the character.

More tooth brushing? Maybe. More distracted tooth brushing? Definitely.

Website: http://tinyurl.com/mc93wvd Nest – The programmable, smartphone friendly, learning thermostat. And smoke alarm. And camera.

Yeah, I’d heard of Nest for a while now. I didn’t know they now have a smoke/carbon monoxide detector and camera.

Coolest thing about them all? They connect to your Wi-Fi and can be accessed from anywhere, and they can give you reports and alerts. Pretty handy in the event of a smoke detector incident when you’re not home. The camera is pretty much what you would expect from a cloud-enabled security camera. The thermostat, Nest’s first product, has lots of great features like auto-away, remote programming, and learning.

Thermostat: http://tinyurl.com/mad4fd7 Smoke/Carbon monoxide detector: http://tinyurl.com/k5k7sfl Dropcam: http://tinyurl.com/86qx5nw Belkin WeMo – Making the dumb home smarter.

Smart homes can be really cool, and really expensive. Usually you would’ve had to plan ahead and gotten all the right products and wiring in place ahead of time. Belkin is working to solve those issues. Well, except maybe the expensive one. But you can start small and over time end up with a pretty smart home. From the most basic electrical outlet to led light bulbs to a crock pot, WeMo can make an awful lot of stuff in your home programmable, and accessible via a smartphone. The prerequisites for your home? Electricity & wi-fi.

Website: http://tinyurl.com/pdm7ss9 Video: http://tinyurl.com/opd2ahv Quadcopter – Definitely a winner for a gift idea.

You may not find it necessary to have one of these in your office like we do, but they can be fun for just about anyone.

The learning curve is not too steep, they are cheap, and you can get replaceable parts pretty cheaply and easily. Get them in many sizes, shapes, speeds, you name it. Our choice is the WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

Syma X5C w/camera. It is a ton of fun to fly and actually takes pretty decent photos and videos. The best feature is the rotor guards so you can run into walls and other objects without breaking the rotors. Tons of fun I promise.

Gizmodo comparison of a bunch of copters: http://tinyurl.com/kral75x Product page and video: http://tinyurl.com/kxo43jk Doxie – Go paperless, without sitting in front of your computer to scan.

I actually just got this a few weeks ago. It is literally the first scanner I’ve ever bought for my home. Why the first?

Not because I don’t want to be paperless. On the contrary, I have a flat out loathing for paper. So why not a nice Xerox Documate or Bulletscan or other multi-sheet scanner? My disdain for paper is eclipsed only by the idea of spending extra time on my computer at home. I simply don’t want to take my mail downstairs to the computer/scanner and go to town. The DoxieGo, the model I have, has built in memory so you can scan from anywhere, no computer needed. It’s also battery powered so you can do the majority of your scanning totally unplugged. Then, you can set it up with an Eye-fi card to automatically send the scanned files to your computer.

Is there still time needed on the computer? Definitely.

Once they are on the computer you’ll likely want to name the files and organize them. In practice at home, however, this still makes way more sense. When you only have one or two things to scan at a time (I’m not scanning all my old paper charts after all) it’s really nice. Open up the mail. Scan the mail. Shred the mail. At some point when it’s convenient go downstairs to the computer or fire up the laptop and rename and organize your scans. So far I like it a lot. Simple to set up and use, and even a three-year-old can do the scans. Trust me, I’ve confirmed this.

Website: http://tinyurl.com/oqdsfjt Thanks for reading. You are now more knowledgeable than you ever thought possible and more prepared to be the best gift giver at your holiday parties. Happy Holidays!

Comment on our blog or Facebook article. We’d love to hear your opinions on Best of Tech or any other topic.

Facebook: facebook.com/ddsintegration Blog: ddsintegration.com/blog

21

FINANCIAL NEWS

Two Factors That Affect How Long Your Retirement Money Will Last

By Bernard Bowhuis, CLU, ChFc, CFP®, CEO, Benchmark Financial Design Group, Inc. So then what becomes extremely important are two factors: sustainable withdrawal rate and sequence of returns.

A sustainable withdrawal rate represents the maximum percentage that can be withdrawn from an investment portfolio each year to provide income with reasonable certainty that the income provided can be sustained as long as it’s needed (for example, throughout your lifetime).

W

ill your retirement money last as long as you do? Maybe, maybe not. Conventional wisdom in the financial industry was that you could take 4% from your savings the first year you retire, and then that amount plus inflation each year and have a very high probability of not running out of money for 30 years or more.

This so-called 4% rule was devised in the 1990s by California financial planner William Bengen and later refined by other academics in the retirement planning field. Mr. Bengen analyzed historical returns of stocks and bonds and found that portfolios with 60% allocated to large-company stocks and 40% to intermediate term U.S. bonds could sustain withdrawal rates beginning at 4.15%, and adjust each year for inflation, for every 30 year span going back to 1926-1955.

While this “Rule” seemed to define retirement income strategies for a number of years, the recent financial crisis of 2008 has caused many to doubt. The unexpected and severe market downtown of 2008 & 2009 would have caused 4% withdrawals from a retirement account to have a much deeper impact on the longevity of the account than in otherwise normal years. In other words, timing is everything. If your retirement nest egg loses 25% of its value just as you start to use it, the 4% withdrawal rate may no longer hold true.

For example, if you had retired on January 1, 2000, with an initial 4% withdrawal rate and a portfolio of 55% stocks and 45% bonds rebalanced each month, with the first year’s withdrawal amount increased by 3% a year for inflation, your portfolio would have fallen by a third through 2010, according to the investment firm T. Rowe Price. In this scenario you would be left with only a 29% chance of making it up through three decades, the firm estimates.

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Why is having a sustainable withdrawal rate important?

Your retirement lifestyle will depend not only on your assets and investment choices, but also on how quickly you draw down your retirement portfolio. Figuring out an appropriate withdrawal rate is a key factor in retirement planning.

However, this presents many challenges and requires multifaceted analysis of many aspects of your retirement income plan. After all, it’s getting more and more common for retirement to last 30 years or more, and a lot can happen during that time. Drawing too heavily on your investment portfolio, especially in the early years, could mean running out of money too soon. Take too little, and you might needlessly deny yourself the ability to enjoy your money. You want to find a rate of withdrawal that gives you the best chance to maximize income over your entire retirement period.

A sustainable withdrawal rate is critical to retirement planning, but it can apply to any investment portfolio that is managed with a defined time frame in mind. It’s also fundamental to certain types of mutual funds that are managed to provide regular payments over a specific time period. For example, some so-called distribution funds, which are often used to provide retirees with ongoing income, are designed to distribute all of an investor’s assets by the time the fund reaches its targeted time horizon. As a result, the fund must calculate how much money can be distributed from the fund each year without exhausting its resources before that target date is reached.

Why is sequence of returns important?

Sequence of returns has to do with when a portfolio has positive and negative returns. This chart shows two 30-year income scenarios. The solid line shows a withdrawal plan that started off with three years of negative returns in a row.

WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

The sequence of returns matters When an investor starts taking withdrawals, the sequence of F Ipositive N A NandC negative I A L annual NEW returns may be more critical to how long the assets last than the average annual rate of return over the life of an investment.

S

The chart below shows two 30-year income scenarios. The solid line shows a withdrawal plan that started off with three years of negative returns in a row. The dotted line represents a withdrawal plan with the negative years at the end. Both plans started with $250,000 and both took out $12,500 per year inflated by 3% for inflation. No other actions were taken to manage income withdrawals. Both plans had a 6.6% average annual rate of return on the underlying investment for the 30-year period.

Built to last?

Compare early negative versus late negative returns on a hypothetical retirement portfolio.

Hypothetical account value

The dotted line represents a withdrawal $1,000,000 plan with the negative years at the end.

Investor A (early negative returns) Both plans started with $250,000 and Investor B (late negative returns) both took out $12,500 per year inflated by 3% for inflation. No other actions $750,000 were taken to manage income withdrawals.

Both plans had a 6.6% average annual rate of return on the underlying investment for $632,606 the 30-year period. $500,000 Compare early negative versus late negative returns on a hypothetical retirement portfolio.1 $250,000 Clearly different results. It is important to note that Investors A and B had the Chart source: MFS research $4,031 same annual returns over 30 years, with This hypothetical example is for purposes onlyannual and is not each portfolio earningillustrative an average $0 intended to represent the future performance any MFS product return of 6.6%, except that ofInvestor A’s 61 65 70 75 80 85 91 or actual market performance. Also annual returns were inverted to represent note that this example does not take Age into account 2 other potential sources Investor B’s annual returns. of retirement income, such as Social Security, corporate pensions, etc.

The impact of negative return years early in retirement can Clearly, there areKeep more factors that in mind that all investments result in funds exhausting at a much earlier age than expected. carry a certain amount of risk includwill affect your retirement income besides ing possible loss of the principal amount invested.of returns. withdrawal rate and sequence See the reverse side for information.

You may have to consider taxes, sources of retirement income Investment Advisor Representative of other andimportant Securities Offered NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE (such as from pensions or guaranteed income products) and through Founders Financial Securities, LLC. Member FINRA, the length of your retirement just to name a few.

SIPC and Registered Investment Advisor.

The details of this topic are too broad to address fully in this Bulletin. However, if you would like additional information, Benchmark Financial Design Group Inc. please feel free to write me at bbowhuis@ddsmoneycoach.com.

Bernard M. Bowhuis, CLU, ChFC, CFP, CEO I would be happy to provide more information on this topic 2358 S. Garden Ct., Jenison, MI 49428 at no charge.

616-667-8834 | 616-667-8835 bbowhuis@ddsmoneycoach.com | www.ddsmoneycoach.com ®

1

Chart source: MFS research. This hypothetical example is for illustrative purposes only and is not intended to represent the future performance of any MFS® product or actual market performance. Also note that this example does not take into account other potential sources of retirement income, such as Social Security, corporate pensions, etc. Keep in mind that all investments carry a certain amount of risk including possible loss of the principal amount invested.

Chart used with permission of MFS.

2

This hypothetical example is for illustrative purposes only and is not intended to represent the future performance of any MFS product or actual market performance.

WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

23

FINANCIAL NEWS

Succession Planning for Your Dental Practice Brian LaFrenier, CPA, Audit Partner, Beene Garter, LLP

R

etirement may be the last thing on your mind … or it might be at the forefront. It can be hard to think about the future when you’re so focused on the dayto-day operations of your practice. But, regardless of whether you’ve been thinking about your retirement, developing a written succession plan is key to creating a successful and smooth retirement process. A solid plan will help ensure that you, as well as your family, patients, and employees, are taken care of once you’re ready to retire.

So what do you need to do? It may seem overwhelming to start developing a succession plan, but it really comes down to addressing four key areas: 1. Evaluate Your Goals First and foremost, you need to define what a successful sale of your practice/retirement means to you. Start by thinking about the following: • When do you want to stop working?

• How much do you want/need to retire?

• Do you want a lump sum of cash or a series of payments?

• Who do you want to run the practice after you leave?

2. Know the Value of Your Business To get a fair price for your practice, you need to know what it’s worth. In looking at the value of your practice, there are typically three different approaches, each with its own strengths and limitations. A valuation expert can work with you to determine which approach is best and help you determine the current value of your practice. (For more on the specifics of valuing a dental practice read, “What Is My Practice Worth?” in the Fall 2013 issue of the WMDDS Bulletin, available at wmdds.org/bulletin).

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3. Who Do You Want to Sell To? Are you planning to approach another dentist in your practice to sell to? Will your son or daughter take over the family business? Maybe you want to sell to another unrelated dental practice. As you look at your options, it’s important to consider the pros and cons of each, such as: • Can your successor afford the full asking price?

• Do you have multiple children able and willing to take over the business?

• How much influence do you want to have over the practice in the future?

4. Assemble Your Team It’s never too early to start assembling the appropriate team of advisors. With a strategic team in place, they’ll help you make the most of your sale. Your team should include: • A Certified Public Accountant to help review tax implications and minimize your tax burden as much as possible.

• A lawyer to develop and execute the appropriate sale documents.

• A valuation expert to determine the fair value of your practice.

• A financial planner to help manage your money in a way that will allow for the retirement you’d like.

It’s important to remember that creating a succession plan is a process, not a one-time event. Each owner’s sale will be unique based on their specific goals and vision for the future of their practice. With forethought, a strong team of advisors, and a formal plan, you can work to ensure that your retirement and exit is seamless.

If you have questions, or for more information on succession planning, contact Brian LaFrenier at 616.235.5200.

Connect with Brian LaFrenier on LinkedIn at: www.linkedin.com/in/blafy Like Beene Garter on Facebook at: https://www.facebook.com/BeeneGarter Follow Beene Garter on Twitter at: https://twitter.com/BeeneGarter

WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

Thank you to DigitalSea for creating and maintaining our wonderful new

wmdds.org

New Responsive Design You can now access wmdds.org with your smartphone in our new responsive interface.

Easily Stay Informed Receive WMDDS News by Email, Facebook or Twitter, just visit wmdds.org.

DigitalSea offers Web Design, Marketing and Ongoing Assistance to help your business take advantage of today’s internet.

Call today to learn more: DigitalSea Web Presence Management (616) 481-3985 info@digitalsea.com

Your practice depends on the individualized service you provide each and every client. So does ours.

Tax Planning and Preparation

IRS Representation

Sales and Use Tax

With extensive hands-on experience in the healthcare industry, our team focuses on the financial and operational challenges you face everyday. We are committed to providing industry-specific expertise relevant to you, without compromising your patient focus.

Accounting Software Installation and Support

Retirement Plan Design and Administration

For more information please visit BeeneGarter.com or contact Brian LaFrenier at (616) 235-5200.

Bookkeeping and Assistance Start-Up Consulting Choice of Entity Analysis Cash Flow Projections

Payroll Processing

Human Resources Succession Planning Business Valuation Estate Planning and Wealth Management

Copyright Š Beene Garter LLP An independent member of Moore Stephens International Limited

Evolving your practice today for a healthier tomorrow.

Overhead Analysis

56 Grandville Avenue sw . Suite 100 Grand Rapids, Michigan 49503 . 616 235 5200

WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

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CLASSIFIED ADS

The classified ad rate is $10.00 up to and including 30 words; additional words 15¢ each. Space permitting, WMDDS members may place ads free of charge as a membership service. Ads should be submitted in writing and sent with payment to Elaine Fleming, WMDDS, 511-F Waters Building, Grand Rapids, MI 49503. Telephone numbers and hyphenations count as two words, abbreviations count as one word. Ads received after the first of the month prior to publication may appear in the following issue.

Part Time Associate Dentist – Well established dental office located approximately one hour north of Grand Rapids in White Cloud is seeking an energetic, motivated dentist to join our busy office. We provide quality dentistry and many advanced procedures such as implants, soft and hard tissue grafts, implant borne prosthetics, sinus augmentation, CT scan analysis, third molar surgery, orthodontics and endodontics. This is a great opportunity to provide advanced dental services to patients who don’t care to drive to the big city. We are happy to work with a young dentist just getting started or with a more seasoned dentist. This position is for 1-2 days a week with the possibility of progressing to partnership or buyout. Please submit resume to lifecaredentalresumes@yahoo.com.

Dental Office Building for Sale – 1600 square feet on very high traffic street. Has been a dental office since 1960. Very large signage. Free standing building with its own parking lot.

Brick exterior. Remodeled in 2010, new roof 2010, high efficiency furnace/ AC 2009. Four equipped ops, dark room, lab/sterilization area, reception, business office, staff room, private office, basement and a lot more. Will be great for starting a new office or relocating your office if you want to own your building. Please contact hanyb@juno.com, or Michael R. Gantos, Gantos Group LLC, at 616.957.5500 or email mike@gantosgroup.com.

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For Sale – Lab Master Foster Model Trimmer, Model # MT115, like new $400. Contact 616.949.7510.

Immediate opening for an associate dentist in the Grand Rapids area. We are an up-to-date, modern office that is completely paperless. Our office performs all aspects of general and cosmetic dentistry. Email your resume to gr.dentalassociate@gmail.com.

Exciting Opportunities for Dentists in the Grand Rapids Area – Help enhance the quality of life for children by providing a positive dental experience right in the school setting.

Excellent compensation. MondayFriday. No weekends. For more information or to apply: www.smileprograms.com.

For Sale – Family practice in Grand Rapids NE that is part time with great potential, located in an excellent highvisibility location. There is 2050 sq.ft. with 5 ops and a 6th op is plumbed in. Opportunity for more footage if desired. Call 616.485.4884 for details.

Seeking full-time employment in a West Michigan general practice office to contribute immediately to the success of an office with a willingness to work nights/weekends to help bolster production and practice availability, as well as generate new patients. I have a desire to be included within the practice’s leadership team to contribute to decision making, developing strategies for practice growth, and to sup-

port team development and morale.

I’ve been consistently regarded as responsible, personable, a producer, positive, professional, and upbeat. I am currently in a hospital based GPR and am comfortable with all aspects of dentistry, including endodontics and surgery. For a copy of my resume and to discuss possible opportunities indetail, please contact me at grapdds@ gmail.com or call 989-225-0753.

Kavo Handpieces for Sale – 6000B have 5 at $400/handpiece, 6500B have 6 at $400/ handpiece, 647B have 8 at $200/handpiece, 640B have 2 at $200/handpiece, 649B have 2 at $200/handpiece.

Call 616-453-6323.

Dr. Matthew T. Lubbers has a PartTime, Soon to be Full-time, Dental Associate Opportunity – available in his successful, well-established, growing, and privately owned general dentistry practice located between Holland and Grand Rapids, MI. Hudsonville Family Dentistry offers the entire family a quality dental experience in a comfortable setting.

We are looking for a motivated, positive, and compassionate dentist with an outgoing personality who wants to make a difference in the lives of his/ her patients. If you feel you fit this description and are looking for a long-term relationship with growth potential with an outstanding team, please send your resume to: happypeopleapply@yahoo.com

WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

CLASSIFIED ADS

Dental Dreams desires motivated, quality oriented associate dentists for its offices in Muskegon, Kalamazoo, Battle Creek, Saginaw, Flint, Ypsilanti and East Pointe – At Dental Dreams, we focus on providing the entire family superior quality general dentistry in a modern technologically advanced setting with experienced support staff. Our average colleague dentist earns on average $230,000 per year plus benefits.

Sign on/relocation bonus for certain locations. Please contact Danielle Tharp at 312.274.4524 or email dtharp@kosservices.com.

Panoramic x-ray unit (Gendex GX Pan. 70-98KVp. Film Size 5” x 12”) for Sale – Was in a good working order when disassembled by dental technicians. No longer needed.

Asking $2000 O.B.O. Please email to hanyb@juno.com.

Looking for a Dentist – To provide general dentistry services for our veterans at the Grand Rapids Home for Veterans 2-3 days per week at a per diem rate of $600. There is also a production bonus as well but it will only add a minimal amount to the per diem. The best part about this position is that it offers great flexibility in terms of scheduling both in terms of the days and hours worked. In addition, changes to the schedule can be easily accomplished from week to week as well. Interested parties should contact 616.502.0069.

We are looking for a confident, personable, and energetic dentist who has a positive attitude and relates well with others. You will enjoy the traditional doctor-patient relationship in a team environment, with the professional and clinical support you need to best service your patients. You will also enjoy living within a short drive from Lake Michigan, fine inland lakes, rivers, and woodlands. Swim, hunt, fish, golf, ski, or go boating, all within minutes from home. The area also boasts of fine restaurants, breweries, orchards, and vineyards. Live where many others come to vacation!

Candidates must be competent with all restorative procedures, and be comfortable with extractions, endodontic and prosthodontic procedures, and be focused on excellent patient care.

If you fit this description and are looking for a long-term relationship with growth potential with an outstanding team, please send the following documents to dentalcareerforyou@yahoo.com: Cover Letter - Explaining who you are, what you are looking for in an associate’s position, your qualifications, skills, talents, and what makes you uniquely qualified for this position.

Curriculum Vitae – Including employment history, with references, education, licensure, and current contact information.

WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

Part-time Dentist needed at Ferris State University’s Dental Hygiene Clinic – Dentist needed 1–2 days a week to provide legal clinical coverage, conduct and supervise clinical performance of dental hygiene students, and act as a dental resource person for clinical dental hygiene faculty, staff, and students. For further information, please email annettejackson@ferris.edu or call 231.591.2284. Detailed posting and application available at https://employment.ferris.edu/ For Sale – Small general dentist practice in the city of Walker. For a recent grad, a satellite office, or to expand your patient numbers. Interested parties contact dentaldad@aol.com.

Associateship opportunity in NE Grand Rapids – Busy, established practice; 3-4 days per week available.

Potential for future partnership. Please call 616.742.6735 or email: beckwithfamilydentalcare@gmail.com

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ADVERTISER INDEX

Volunteer Opportunity Four years after the devastating earthquake in Haiti, thousands of Haitian people still live in tent cities, with no clean water, no food, no medical or dental care. For the last two years we have traveled to Haiti to provide emergency dental care through a Christian Ministry called Haiti Foundation Against Poverty.

Please visit haitipoverty.org to learn more about the difference they are making in the lives of Haitian people. We have been asked to bring two Dental Teams to Haiti in 2015.

The first team will travel March 14-21, 2015 and the second will go in September. We know what caring dentists serve West Michigan

The Bulletin wishes to thank our valued advertisers who support organized dentistry by helping to defray the cost of printing and mailing.

Advertising in the Bulletin is seen by over 90% of the dentists in the West Michigan District. This includes five of the fastest growing counties in the state: Kent, Ottawa, Ionia, Montcalm and Mecosta.

For information on advertising rates, call Elaine Fleming, WMDDS Executive Secretary at 234-5605. Target your Market – advertise in the Bulletin!

and we need you to serve with us for one week in Haiti.

To get more information please Email us at dmstrobel@chartermi.net or call 616.874.1292.

Beene Garter.......................................25 DDS Integration..... outside back cover Davis Dental Laboratory................ inside front cover

MARK YOUR CALENDAR

Founders Bank & Trust.....................12 Great Lakes Financial..........................3 Henry Schein.............inside back cover Hungerford Nichols ..........................11

West Michigan Dental Foundation Annual Golf Outing

Lake Michigan Credit Union............13 MDA IFG............................................17

Friday May 15, 2015

Professional Solutions.......................10

NEW LOCATION:

Studio 2 Dental....................................5

Thousand Oaks Golf Club Watch for registration forms to arrive in March 2015.

Mission Statement: An organization dedicated to the improvement of oral health through the financial support of education and service programs to address the needs identified by the dental profession and the communities it serves in Kent, Ottawa, Ionia, Mecosta and Montcalm counties.

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WEST MICHIGAN DISTRICT DENTAL SOCIETY | HOLIDAY ISSUE 2014

CAD/CAM for the holidays

What a great way to start 2015!

Chairside CAD/CAM technology

is the future of dentistry.

Encounter a new level of precision, proficiency, and productivity that

only modern dentistry offers.

Contact your local CAD/CAM specialist, Jamie Myrick at 616-690-7416, for a demonstration.

EquipmEnt & tEchnology tax SavingS opportunity!

Section 179 encourages small business owners to invest in equipment or technology by allowing them to deduct the asset’s value the first year. When you acquire new equipment—including machinery, furniture, fixtures and off-the-shelf-software, you may deduct up to $25,000 of the value during the first year of ownership. Standard first year MACRS deduction applies to the remaining amount up to $200,000.

Henry Schein Dental–Grand Rapids Center 2689 Walkent Dr. NW, Suite F • Grand Rapids, MI 49544 616-791-2358 w w w. h e n r ys c h e i n d e n t a l . c o m © 2014 Henry Schein, Inc. No copying without permission. Not responsible for typographical errors. Henry Schein Financial Services is not a bank, does not represent itself as such, and does not conduct banking activities.

14BS3140B

WEST MICHIGAN DENTAL SOCIETY 511-F Waters Building Grand Rapids, MI 49503

PRSRT STD US POSTAGE PAID GRAND RAPIDS, MI PERMIT # 657