FALL ISSUE 2015 VOL. 47, NO. 5
Bulletin
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Contents Editor
Dr. James Vincelj
Associate Editors
Dr. Seth Vruggink Dr. Derek Draft Dr. David Huyser Dr. Brian Licari
Advertising Editor Elaine Fleming Executive Secretary WMDDS 161 Ottawa Avenue NW Suite 301 Grand Rapids, MI 49503 (616) 234-5605 efwmdds@aol.com West Michigan District Dental Society Executive Board 2015-2016 President Dr. Steve Conlon President-Elect Dr. Leonard Bartoszewicz Vice President Dr. Brian Mulder Secretary-Treasurer Dr. James Papp Editor Dr. James Vincelj Immediate Past Dr. Samuel Bander President Directors Dr. Lathe Miller Dr. Kevin Rebhan Dr. Kathryn Swan Area Representatives Kent County Dr. Kathleen Eisin Ionia-Montcalm Dr. Scott Ribitch County Mecosta County Dr. Erick Perroud Ottawa County Dr. Thomas Anderson Big Rapids Dental Study Club Officers President Dr. Erick Perroud Vice President Dr. Christa Stern Secretary Dr. Christa Stern Treasurer Dr. Erick Perroud Holland-Zeeland Dental Society Officers President Dr. Thomas Anderson Treasurer Secretary Immediate Past President Ionia-Montcalm Dental Study Club Officers President Treasurer Dr. Kirkwood Faber Kent County Dental Society Officers President Dr. James Papp Vice President Dr. Kathleen Eisin Secretary Dr. Christopher Leja Treasurer Dr. Veronica Hamilton West Michigan Dental Foundation Officers President Dr. Sarah Mahar Vice President Dr. Steven Mancewicz 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, 6208 Kalamazoo Ave., SE, Grand Rapids, MI 49508. 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. © 2015-2016 West Michigan District Dental Society Bulletin
President’s Message...................................................................................................... 2 WMDDS Mentorship Program................................................................................... 2 Editor’s Thoughts......................................................................................................... 4 Notice of Election......................................................................................................... 7 Fluoridation – The Grand Rapids Study..................................................................... 8 Do You Have A Strategic Plan?....................................................................................10 Thumbs Up or Down?..................................................................................................12 WMDDS Bylaws Update..............................................................................................14 What’s Happening Around WMDDS.........................................................................16 Should Entrepreneurs Invest Differently?...................................................................18 Beyond Traditional Asset Classes: Exploring Alternatives.........................................22 Tax Planning for your Vacation Home.......................................................................26 Technically Speaking....................................................................................................28 Classified Ads................................................................................................................30 2015 Directory Additions & Corrections....................................................................31 Advertiser Index............................................................................................................32 About the Cover Photograph by Susan Wagener – Lens To Pixels Photography. Susan lives in downtown Grand Rapids and enjoys photographing nature and architecture. www.lenstopixels.com 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 p ublication 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 | FALL ISSUE 2015
Dr. James Vincelj • 6208 Kalamazoo Avenue SE • Grand Rapids, MI 49508 Phone: 616.554.5970 • FAX 616.554.5974 • Email: drvincelj@mac.com Include “Newsletter” in the subject line
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PRESIDENT’S MESSAGE
Be a Mentor By Steve Conlon, DDS, WMDDS President
Mentor: An experienced and trusted advisor.
W
hen I was a senior dental student, I was fortunate enough to have a mentor employ me as a dental assistant in his practice my senior year. Dr. Badr was a prosthodontic faculty member at the University of Detroit Mercy, who maintained a private practice in addition to teaching at the university. Dr. Badr’s kindness, generosity and patience not only made my senior year more productive and fulfilling, but prepared me in ways the university could not with respect to the transition from student to private practicing dentist. In addition, I was fortunate enough to have my father-in-law, Thomas A. Bowles, DDS, act as mentor prior to admission to dental school, during dental school, and during my first ten years of practice. My wife, Melissa, and mother-in-law, Vija (God Bless them), had to endure over fifteen years of holiday dinner conversation dominated by talk of amalgam vs composite, crown preps, periodontal disease, difficult extractions, referral to specialists, dental labs, practice management, and so on. My brother-in-law, Tom Bowles, Jr., DDS had many laughs, learned a lot, and bent the learning curve spending time with Tom senior on holidays. Tom senior has been gone nine years now, but his advice still shapes the way we practice today. According to the American Dental Association, in 2012, the average debt of a graduating dental student was $250,000. That number has surely risen in the last three years with some students projecting debt to be just short of $500,000 at graduation. I personally find this amount of debt to be frightening and wonder what has and will become of our young colleagues’ realistic opportunities following graduation with that much debt to service. The days of opening a practice from scratch are mostly behind us, and the promise of guaranteed
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income from the corporate practices appears to be enticing if your monthly debt service is in excess of $2500 before one is to bring home a salary. I (and many of you) had the blessing of a mentor either in dental school or shortly after graduation, which bent the learning curve and got us on our way faster than we could have done on our own. I am calling on you to volunteer and be a mentor to one of our local younger colleagues, and help them in our evermore complex practice of dentistry. It is the perfect way to give back to this wonderful profession that has provided so much for us. On the following page of this issue of the Bulletin, you will find an application to be a mentor (or mentee) to one of our interested and younger colleagues looking for the support and guidance of a trusted advisor. This is the first effort of its kind in West Michigan. The program kickoff will be in early January 2016 and will conclude in January 2017. We will pair professionals based on locale and personal interest within the practice of dentistry. I am looking forward to seeing you at our Mentor Kickoff function in early January.
WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
WMDDS Mentorship Program
W
e are now accepting applications for our inaugural mentorship program. We are looking for Mentors and Mentees who wish to participate in our first ever Mentorship Program. The program aims to match mentors (those in private practice for greater than ten years) with Mentees who have been in practice for less than ten years or who believe they will benefit from a relationship with a seasoned mentor. The program will run for approximately twelve months, beginning in January 2016 with a kick-off event hosted by Henry Schein, and conclude in January 2017. The goals of the program are to bend the learning curve both in practice management and clinical dentistry, introduce the mentee to opportunities within the MDA and WMDDS,
networking within the profession, and develop a professional relationship that extends beyond the length of the program. There is no cost associated with this program, and it is being offered as a benefit of your membership in the WMDDS and MDA. Pairings will be made with respect to your primary practice location, interests, and goals. If you believe you would be an outstanding mentor or a dedicated mentee, please fill out the application below and return to Elaine Fleming by email at efwmdds@aol.com, or by mail at: West Michigan District Dental Society, 161 Ottawa Ave. NW, Suite 301, Grand Rapids, MI 49503.
DEADLINE: DECEMBER 9, 2015
APPLICATION FOR WEST MICHIGAN DISTRICT DENTAL SOCIETY MENTORSHIP PROGRAM Name Phone Number Graduation Year and School
Check one: Mentor
Mentee
Email Years in Private Practice
Clinical Interests
Practice Management Interests
Professional Goals
WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
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EDITOR’S THOUGHTS
The Power of Caring By James Vincelj, DDS, Editor, West Michigan District Dental Society
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am going to take a self-indulgent opportunity in this article to speak on behalf of our WMDDS President, my professional partner, and long-time friend, Dr. Steven Conlon. Two passions of his have come to fruition this fall. His long-time advocacy for national bone marrow donor screening in dental offices, and the West Michigan Mentorship Program. Stemming from Dr. Conlon’s personal family battle with leukemia, it all began with fundraising campaigns, including yours truly suffering through a few triathlons, to our own office bone marrow screening drives, then a statewide screening drive. Now Delete Blood Cancer DKMS, part of the world’s largest network of blood donor centers, has teamed up with Henry Schein to raise awareness about the need for more bone marrow donors. Henry Schein Cares will support Delete Blood Cancer with in-kind marketing, communications and social media services on an annual basis to champion the cause among the dental offices that Henry Schein serves, encouraging dentists to get involved. Delete Blood Cancer will send promotional materials and swab kits to participating dental offices to help dentists and staff educate patients about the importance of registering as a potential donor and the donation process. Interested patients will then have an opportunity to complete a registration form and swab the inside of their mouths at the dentist offices to register. Each office will send back all collected registration forms and swabs for testing, with postage paid by Delete Blood Cancer. Nothing is learned without experience, and what better way to learn than from those with experience. The Mentorship program is an excellent and necessary way for those of us with a little moss on our shingle to share our experiences
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with the new, “green” up-and-comers in the profession. Lest we forget we are a professional group of colleagues, equals within our profession, and as a group dedicated to upholding and advancing our profession TOGETHER. At the recent New Dentist Meeting at Founder’s Brewing Company, I had the opportunity to speak to a few current dental students. Although their circumstances may be somewhat different from the time I was in dental school, it was encouraging to see that they were attentive to the experience and advice I had to offer them. Clearly they were appreciative, as was I to the professional and personal friendships I have developed within the dental industry. “It’s always nice to have someone to bounce ideas and problems off of,” Dr. Conlon once told me, and the Mentorship Program supports that ideal. So I encourage our members to get involved in two new programs, and as for our President, I’ll just say “good job, pal.”
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 | FALL ISSUE 2015
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WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
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WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
West Michigan District Dental Society Notice of Election (Written mail-in ballots will be sent 30 days following this notice) In accordance with the West Michigan District Dental Society by-laws, the Nominations Committee presents the following slate of candidates for the positions of Alternate Delegates and Delegates for the 2016 Michigan Dental Association House of Delegates and WMDDS offices for 2016-2017. By-laws require that a written notice of the names of the nominees for elective offices be published 30 days prior to the election. The election will be held by a mail-in ballot. Five (5) of the following will be elected to a two-year term as Delegate to the MDA House of Delegates and the remaining nine (9) will serve a one-year term as Alternate Delegates. Dr. Kathryn Swan
Dr. Trish Roels
Dr. Chris Leja
Dr. Rebecca Vander Baan
Dr. James Hur
Dr. Lathe Miller
Dr. Michael Palaszek
Dr. James Vincelj
Dr. Kevin Rebhan
Dr. Erick Rupprecht
Dr. Meggan Krause
Dr. Matt Lieto
Dr. Thomas Shannon
Dr. Hany Boulos
Completing the delegation in accordance with the WMDDS by-laws are the following members: Dr. Steve Conlon, Dr. Leonard Bartoszewicz, Dr. Brian Mulder, Dr. Matt Gietzen, Dr. Sarah Masterson, Dr. Veronica Hamilton, Dr. David Armbrecht. (Drs. Conlon, Bartoszewicz and Mulder are automatic seats. Drs. Gietzen, Masterson, Hamilton and Armbrecht are serving the second year of a two-year term as delegates.) The Nominations Committee further recommends the following candidates to fill the following Society offices for 2016-2017: Dr. Leonard Bartoszewicz, President Dr. Brian Mulder, President-elect Dr. Lathe Miller, Vice President Dr. James Papp, Secretary/Treasurer (2nd year of a three-year term) Dr. Kevin Rebhan, 3rd year Director Dr. Kathryn Swan, 2nd year Director Dr. Sarah Masterson, 1st year Director Dr. James Vincelj, Bulletin editor (2nd year of a three-year term) The Nominations Committee shall include as a nominee for any of the above mentioned positions the name of any West Michigan District Dental Society member in good standing for whom a petition, signed by fifteen (15) active members of the Society has been submitted. Petitions should be delivered by December 5, 2015 to the chairperson of the Nominations Committee, Dr. Sam Bander, 1151 East Paris Avenue SE, Grand Rapids, MI 49546.
WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
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WMDDS NEWS
Fluoridation – The Grand Rapids Study Submitted by Chase F. Klinesteker, DDS
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recently had the honor of presenting a short overview of the Grand Rapids Water Fluoridation Study to the ADA at their 70th Anniversary Symposium for water fluoridation. This article is a summary of that presentation. Back in the 1930s, dental caries was a huge concern. The problem was severe, the Grand Rapids Study beginning in 1945 was extensive, and the results of the study were amazing! THE PROBLEM At six years of age, 80% of children had an average of 14 cavities. By age 55, half of all Americans needed dentures. Dr. Bill VerMeulen described how he was booked solid on Saturday mornings with teenagers so he could remove all their teeth and do dentures. They had “rotting stumps” for teeth and wanted to look nice. Dr. Ray Stevens’ father recalled that 75% of his dental practice was extractions and dentures. In 1938, only six apposing teeth were required to enter the military. Ten percent of draftees were rejected for dental reasons, the largest cause. During the war, that requirement was lifted, and 40% of young draftees needed immediate treatment for dental pain! THE STUDY Research had shown the benefits of natural fluoride in the water supply, and it was proven that 1 ppm gave optimal results. Now a study needed to be done where fluoride was added. Philip Jay at the University of Michigan did much caries research, and Grand Rapids was selected for its fluoride free water supply and capable filtration plant. Muskegon, with the same water supply, was selected as the control. For lactobacillus testing, the saliva sample container was a tin cylinder which included wax to chew and a glass bottle to spit in. With this study, Grand Rapids was the first city in the world to fluoridate its water. It began on Thursday, January 25, 1945. The 15-year study included X-Rays, saliva samples, urinalysis, and 150,000 dental exams. It was the longest and most thorough public health study ever done, and resulted in the formation of the NIDR in 1948. Dr. David B. Scott, USPHS, directed the study all 15 years. My connection to the study was my father, Dr. Russell E. Klinesteker, who was President of the West Michigan District Dental Society in 1944 and made a strong case to convince the
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Grand Rapids Board of Education and City Council to accept the study. Public cooperation was outstanding due to the severity of caries. I was in kindergarten in 1945 and remember the dental exams and saliva samples taken. Dr. David B. Scott stayed at our house while in town doing the exams for the study, and my two sisters and I benefited with extremely low caries rates. THE RESULTS The results were amazing! There was a dramatic 60-65% reduction in dental decay. After five years, the control city (Muskegon) dropped out of the study and fluoridated its own water. Fluoridation has continued to be one of the most tested, cost effective, and proven safe public health measures – ever! Fluoride is present in all U.S. groundwater supplies to some extent. A lethal dose of fluoride is 5-10 grams. That is equivalent to drinking 10,000 8-ounce glasses of fluoridated water – all at once. As a result of this study, fluoridation has spread around the world, benefiting millions. The ADA, AMA, CDC, WHO, USPHS, FDA, NIH, NIDR, HHS, EPA, AHA, and many more still strongly support fluoridation. Most bottled water does not have optimal fluoride, and some decay is returning. The fight continues. The stakes are high, especially to help those who resist dental treatment due to fear or inability to pay. WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
WMDDS NEWS
There have been many commemorations of this great study. In 1970, Gerald R. Ford spoke at a 25-year celebration. In 1988, the NIDR held a 40-year symposium titled “Thank You, Grand Rapids”. The 50-year anniversary was held in 1995 with a symposium and marble monument dedication. In 2007 the “Steel Water” sculpture by Cyril Lixenberg was dedicated on the banks of the Grand River. Most recently, a bronze Michigan Historical Marker was placed in front of the restored water treatment plant where fluoridation began. What does the future hold? It is up to you!
WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
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PRACTICE MANAGEMENT
Do You Have A Strategic Plan? Submitted by Richard L. Chrisman, CPA MST, Hungerford Nichols CPAs + Advisors
4. It will drive alignment amongst your team. Many practices have people putting effort into areas that have little effect on strategic success. Through planning, you can better align resources. Let’s all row together. 5. It simplifies decision making. Having a direction and prioritizing the activities necessary for success makes it easier to move forward on some initiatives, and say no to others. 6. The message is communicated. Many leaders walk around with the strategy in their heads. They know where they want to go and what it will take to get there. But if that plan has not been communicated properly, few people will be acting on it.
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know completing a strategic plan sounds intimidating. But a strategic plan is simply an outline of what you want to do with your practice. It is the road map of where you want to go and how you are going to get there. It’s the directions. It provides focus and motivation for you and your team. The ultimate goal is to get your team to focus on a small set of clearly articulated goals. Most dentists have never had a written strategic plan, as their drive for success has been enough to get them this far. But where do you go from here? Consider investing some time with a facilitator and your key people, and develop a written strategic plan. It could be just the jump start that you need. The benefits you will gain from this exercise will include: 1. You and your team will have a better focus on the key factors critical to your future success. Having a strategy will set the direction and establish priorities for your practice. It will define what success is and prioritize the activities that will make success a reality. Where do you want to be one to five years from now, and what do you need to do now to get there? 2. You will get insight from your key people. You are providing them with a forum for their voice to be heard. What are their opinions? 3. It will identify the challenges and problems that your team is facing; as these get addressed, employee morale will improve.
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A strategic plan should be completed in four steps: 1. Think strategically. A common approach to achieving this is by completing a SWOT analysis. A SWOT analysis evaluates the strengths, weaknesses, opportunities and threats of your practice. Your aim is to understand the factors that are either favorable or unfavorable to achieving your goals. 2. The planning stage. During this stage, you will identify goals and determine what initiatives are required to accomplish those goals. 3. Develop an implementation plan. This plan should include what tasks need to be completed, who is responsible to complete the tasks, what are the deadlines, and what metrics will be used to measure success. 4. Take action. The hardest part of the process is getting started and following up. So get started right away. The longer the strategic plan sits with no activity, the more likely it will not be used. It is important to have follow-up meetings and get progress reports. Use the SWOT analysis to match the resources and capabilities of your practice to the competitive environment in which you operate. Consider the following: 1. Strengths: — Why do new patients come to you? — Why do your current patients stay with you? — What advantages does your practice have over your competition? — What is unique about your practice? WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
PRACTICE MANAGEMENT
2. Weaknesses: — Why do you lose patients? — What can you improve on? — What do your competitors do better than you? — Would any of your weaknesses create opportunities if they were eliminated? 3. Opportunities: — What are the good opportunities facing you? —W hat are trends in the industry that might provide opportunity? —A re there needs that are currently underserved? —W hat strengths do you have that you can take advantage of? 4. Threats: — What obstacles are you facing? — What is your competition doing that worries you? — Are you keeping up with technologies and treatments? — Do any of your weaknesses threaten your business?
Every good coach has a game plan. If you hired MSU basketball coach Tom Izzo to coach your dental practice, what would be his game plan for your team to achieve success? He would most likely want the team to set some goals, do a SWOT analysis, and then start taking steps to improve the team and achieve the goals. Well, you are the coach of your practice. Your role as the leader of your practice is to set the course, and then get buyin and commitment from your team. Strategic planning is a way to do this. Richard L. Chrisman, CPA, MST is the Managing Shareholder of Hungerford Nichols CPAs + Advisors, a Tax, Auditing and Business Consulting firm with offices in Grand Rapids and Greenville, Michigan. The firm is celebrating 74 years of helping local businesses, including many area practices.
WMDDS CPAs good ideas7.5X3.25.pdf 1 3/5/2015 2:27:22 PM
CPAs BRINGING NEW C
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“GOOD IDEAS!”
TO YOUR PRACTICE.
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MY
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RICK CHRISMAN, CPA MANAGING SHAREHOLDER rchrisman@hungerfordnichols.com (616) 949-3200
WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
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PRACTICE MANAGEMENT
Thumbs Up or Down? Rules of Thumb Play a Meaningful Role in Business Valuations Benjamin S. Lane, JD CPA
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n the business valuation community, a rule of thumb is a clear, quick, and easy method of communicating value. It is an instrument of calculating a value without really analyzing data. It is a short-cut approach to valuing a business. For example, beer distributors are valued at $20 per case sold, dental practices are valued at 60% of collections. Business valuation practitioners are a group of critical thinkers with training in capitalization rates, market data, and economic analysis. Despite the clarity offered by a rule of thumb and its ease of use, business valuation professionals have long turned their nose up at rules of thumb. As a CPA with a significant amount of experience analyzing and valuing various business, I understand and appreciate the cynicism. After all, how can one value a business without first looking at the value of the underlying assets of the business or analyzing cash flow alongside the inherent risk of receipt? Should a valuation discussion ever begin and end with a rule of thumb? Most certainly not, but for specific industries like dentistry, there is room in the conversation for rules of thumb. If there is any doubt, just ask a retiring dentist what his practice is worth. Undoubtedly before he exchanges his hand piece for a golf club, you will hear “50%-60% of production”. The doctor’s value perception created by the mentioned rule of thumb will become the doctor’s value reality upon sale. To explain, the retiring doctor negotiates towards his number, a number that is heavily influenced by countless articles addressing dental practice rules of thumb. These materials were collected by the doctor from colleagues, the American Dental Association, and similar trade publications. Dentists are inundated with dental practice rules of thumb throughout
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most of their professional career. Upon reaching retirement, the 50-60% rule of thumb is recited from memory. The rule of thumb becoming part of the chorus of the doctor’s swan song hummed on the way to the golf course. It is an uphill battle for a valuation professional to explain away rules of thumb. This is particularly true in industries like dentistry, where the rule of thumb is well established. In these industries, it is important that attention be paid at the beginning of a negotiation to address the value perception created by the rule of thumb. This will ensure the rule only occupies a small part of the value discussion. At a minimum, rules of thumb should serve as a relative sanity check to a value calculated based upon detailed projections and accepted valuation methodologies. If the value perception created by a rule of thumb is ignored, it will dominate the negotiation. The ultimate result may be dollars left on the table for the seller or a practice purchased by an associate for a price the associate simply cannot afford.
Whether you are a new dentist looking to acquire your first practice or a retiring doctor looking to transition ownership, members of the VMDE Healthcare Team can help. Contact Benjamin Lane at Ben@vmde.com or Michael DeVries at mike@vmde.com for additional information.
WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
We help doctors mind their own business. In medicine and dentistry, the need for a specialist is clear. The increasing level of complexity in healthcare requires your trusted business advisor be up to date on all facets of your business. We are a team of board certified healthcare business consultants. Visit us at vmde.com to understand how we can utilize our deep industry expertise and independent thought to provide innovative strategies to deliver on your unique goals.
Benjamin S. Lane, JD, CPA VanderLugt
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MDA Early Bird Dues Contest Underway Members who renew their membership for 2016 by the end of this year will automatically be entered in the MDA’s Early Bird Contest and are eligible for some great prizes. But — you must renew by December 30 in order to be eligible. Prizes include: • $250 cash, courtesy of MDA Insurance; • a copy of the MDA Regulatory Compliance Manual (a $149 value); • a $100 certificate good toward any MDA continuing education course; • $100 credit toward the purchase of “Sip All Day, Get Decay” materials at the MDA Web Store; • a case of gloves from MDA Services Gloves; • MDA-logo golf shirts; • a copy of 50 Most-Asked Human Resources Questions by Toni Talbot ($19 value). Combined statements for ADA, MDA and local society membership will mail this month. Your American Dental Association membership card will be sent to you from the MDA within one month after the membership renewal is completed. Renew online! You can renew membership online at www.smilemichigan.com/pro/membership. It’s quick and easy. If you have questions about your statement, contact Jody Marquardt at 517-346-9408.
WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
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IMPORTANT: PLEASE READ! As immediate past president of the WMDDS, I am charged with the task of heading the Bylaws committee. Each year, the committee reviews and updates the bylaws. This year, there were some major changes in governance at the MDA level which required us to update our bylaws. I encourage you to visit wmdds.org and go to the “About Us” page. There you will find a tab to click to view the proposed Bylaw changes. The bylaws are presented for the membership to review 30 days prior to the executive board vote. If you have any questions or comments, feel free to call me, Sam Bander, at 616.450.5665 or email at drsambander@gmail.com.
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WMDDS NEWS
What’s Happening Around WMDDS
New Dentist Forum co-chairs, Dr. Veronica Hamilton, Dr. Stephanie Rashewsky and Dr. Mark Jesin at the New Dentist Forum Social Event in September at Founders Brewing Company.
Sarah Hudson, Dr. Matt Hudson and Dr. Chris Leja catching up at the New Dentist Social Event.
Dr. Brett Kingma joined Maranda at “Zoo Goes Boo” at John Ball Zoo to talk about making good choices for Halloween treats. The interview aired on Maranda’s “Where You Live” show on WOOD TV 4. Check out the interview on the West Michigan District Dental Society’s Facebook page.
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WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
WMDDS NEWS
Dr. Stephanie Rashewsky was interviewed by Maranda about the rollout of Healthy Kids Dental in Kent County. The interview took place outside the Grand Rapids Art Museum during ArtPrize and aired on Maranda’s “Where You Live” program. Check out the interview on the West Michigan District Dental Society’s Facebook page.
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WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
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FINANCIAL NEWS
Should Entrepreneurs Invest Differently? By Anil Suri, managing director and head of investment analytics at Merrill Lynch
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n entrepreneur’s personal wealth is typically concentrated in a single asset: his company. Business owners devote themselves to assessing and taking risks in order to grow their enterprises. But too often they don’t apply that same focus to their personal assets. In fact, some of the attributes that make for a successful entrepreneur can be diametrically opposed to the imperatives of wealth preservation. Entrepreneurs should begin by considering their personal wealth objectives. Many business owners may want to take an even more disciplined approach to portfolio construction than other types of investors. This is partly because they may have more to lose, but also because many of the elements of a solid financial strategy can require additional care when there are significant assets tied up in a business endeavor. It’s important for entrepreneurs to ensure that their portfolio is tailored not only to their particular circumstances but also to the type of business they own. Understanding your investment personality. Getting a better handle on your financial tendencies can help you invest in a way that’s better aligned with your goals. You may consider yourself a risk taker generally, but risk taking in an investment context isn’t the same as it is in business. When you invest cash in your company, your decision is based on careful analysis of a market you know well. However, financial decision making in your portfolio is more in the market’s control. An investment strategy aligned with your investment personality may help you stay invested when the markets zigzag. One way to help address the issue is to engage in an exercise akin to stress-testing a portfolio against a range of possible scenarios. By somewhat preparing investors for potential market turbulence, stress tests can help guard against counterproductive behavior which can reduce long-term returns. Prioritizing your goals. What are your short- and long-term financial and life goals? When do you anticipate retiring, selling your company or turning it over for someone else to run? Consider your personal goals separately from your business objectives. Business owners often reinvest substantial sums in their companies. But if you plan to pay for your children’s college education, for instance, and you know what it will take to reach that
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Edward Bujdos, CRPC, from the Eccker, Bujdos & De Jonge Group of Merrill Lynch, Grand Rapids office at 250 Monroe Ave. NW, Suite 600, Grand Rapids, MI 49503
goal, you can consciously siphon off cash from your monthly income to allocate to a tax-advantaged college savings program. Creating an investment strategy. The process often starts with a bit of mental accounting. Conceive of your wealth in terms of two distinct buckets. The first bucket is your entrepreneurial capital—your stake in your businesses. The second is a diversified portfolio that includes assets designed to compensate for the risk inherent in your businesses. It’s important to make sure your portfolio contains enough liquidity to serve as a cushion against recessions, industry down cycles, or any rough business patch. Because that first entrepreneurial bucket is likely highly illiquid (as it’s tied up in your company), entrepreneurs may want to build as much as twice the liquidity into their personal portfolios as non-business-owner investors. Suitable liquid assets generally include a combination of cash, intermediate-term bonds and a line of credit that serves as a form of insurance against potential business pitfalls. It’s a good idea to apply for a line of credit before you need it. A credit line can give you the ability to take advantage of opportunities that crop up suddenly. Lastly, business owners shouldn’t overlook disability insurance. An inability to work could end up reducing not only your family’s income but also the value of your business. Choosing a retirement plan that serves your goals. Some tax-qualified plans offer noteworthy benefits for business owners, allowing you to put away considerable sums while also helping retain employees via profit sharing. If your busiWEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
FINANCIAL NEWS
ness has 100 or fewer employees, a SIMPLE (savings incentive match plan for employees) IRA is a relatively inexpensive option, offering most of the benefits of a 401(k) while imposing fewer IRS reporting requirements. Because participation is voluntary, employees can choose whether and how much of their pre-tax wages to contribute. Employers are generally required to match up to 3% of annual compensation, which they can deduct as a business expense. Or they can choose to contribute a flat 2% of compensation for all employees, regardless of whether they contribute. Reviewing and updating your strategies. Be prepared to connect with your Merrill Lynch Financial Advisor regularly—at least a few times a year—to go over how you’re making progress toward your goals. As business conditions change and life goals evolve, entrepreneurs may need to modify their portfolios from time to time in order to stay on course. For an entrepreneur, maybe the most important impetus for having a disciplined, diversified wealth management strategy in place is a very simple one. It can help protect your assets by letting you do what you do best: take smart risks. For more information, contact Merrill Lynch Financial Advisor Edward S. Bujdos of the Grand Rapids office at 877.774.4201 or edward_bujdos@ml.com.
Neither Merrill Lynch nor any of its affiliates or financial advisors provide legal, tax or accounting advice. Investors should consult their legal and/or tax advisors before making any financial decisions. Diversification does not ensure a profit or protect against a loss in declining markets. Merrill Lynch makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated, a registered broker-dealer and Member SIPC, and other subsidiaries of Bank of America Corporation. Investment products: Investment products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value
WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
State Program Offers Student Loan Repayment The state will be accepting applications beginning January 1, 2016, and ending April 30, 2016, for the Michigan State Loan Repayment Program. The program provides up to $200,000 in loan repayment to primary care providers, including dentists, who provide full-time primary healthcare services at not-for-profit health clinics in Health Professional Shortage Areas (HPSAs). For the best chance of being accepted, applicants are encouraged to submit their application in January. In order to apply, applicants must have an agreement of employment at a HPSA-eligible practice site. Selected providers receive up to $50,000 in tax-free funds to repay their educational debt over a period of two years. Providers can participate for up to eight years and receive up to $200,000 total in loan repayments. Qualifying practice sites include local health departments, state-funded institutions, critical access hospitals, certified rural health clinics, Federally Qualified Health Centers or similar clinics, and Michigan Community Dental Clinics, among others. Please note that an applicant must be a U.S. citizen in order to apply for the program. For more information visit Michigan.gov/ MSLRP, or, contact the MDA’s Josh Kluzak at 800-589-2632, ext. 422, or at: jkluzak@michigandental.org.
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Some of your most important connections can be found close to home Proud to serve the West Michigan Dental Community for more than 30 years.
Merrill Lynch financial advisors are committed to the individuals and businesses in West Michigan. We can help you build upon your success, prepare for the future and create a strategy that’s uniquely yours.
Eccker Bujdos Group Scott S. Eccker Senior Vice President – Wealth Management Senior Financial Advisor PIA Program Portfolio Manager
Merrill Lynch 250 Monroe Avenue NW Suite 600 Grand Rapids, MI 49503 616.774.4201 www.fa.ml.com/ebdgroup
Edward S. Bujdos, CRPC® Vice President Senior Financial Advisor PIA Program Portfolio Advisor
Life’s better when we’re connected® Merrill Lynch Wealth Management makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated, a registered broker-dealer and Member SIPC, and other subsidiaries of Bank of America Corporation. Investment products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value The Bull Symbol, Life’s better when we’re connected and Merrill Lynch are trademarks of Bank of America Corporation. Chartered Retirement Planning Counselor SM and CRPC® are registered service marks of the College for Financial Planning. © 2015 Bank of America Corporation. All rights reserved.
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ARCDYGXV | AD-08-15-0212.B | 470950PM-0815 | 08/2015
WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
T H G I N N O I T A I C E R P P A L DENTA l
7th Annua
Presented by
MARCH 11, 2016 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
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
/griffinshockey
/griffinshockey
FINANCIAL NEWS
Beyond Traditional Asset Classes: Exploring Alternatives By Bernard Bowhuis, CLU, ChFc, CFP®, CEO, Benchmark Financial Design Group, Inc. These factors and others, such as higher yield and diversification, have led to the increase of non-traditional investments, or what is commonly referred to as alternatives or alts. However, keep in mind, that while alternative asset classes may offer attractive yield currently, because of limitations they are not an appropriate investment for everybody. Please be sure to read any prospectus before making an investment decision.
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hen giant U.S. auto maker General Motors (GM) went into bankruptcy, many of its investors were left in the dust. Shares of GM, which peaked above $90 in 2000, became worthless. Shareholders were completely wiped out. Their value went to $0. Holders of GM unsecured bonds – mutual funds, pension funds, hedge funds and bondholders – did not fare much better. When the federal government stepped in to bail out GM, the company’s $27 billion in unsecured bonds were exchanged for 10% of the stock of the restructured GM and warrants to purchase additional equity. These bondholders, who certainly expected the iconic American auto maker to repay its debts in full, experienced almost a complete loss of principal. Remarkably there was one bright spot in GM’s capital structure: senior secured loans. The loans to GM were secured, or backed, by a first priority interest in the company’s equipment, property, plants, intellectual property, receivables and cash. So what happened to these loans? During bankruptcy court proceedings, it was determined that all of GM’s senior secured debt, approximately $6 billion, would be repaid in full1. In other words, while equity and bondholders experienced billions of dollars in losses, investors in the company’s senior secured loans were made whole, even in the direst financial circumstances. The reason we bring up a case study from GM and 2008, has to due to a couple factors. Many investors have been shocked again by the recent stock market correction. Other investors are looking for yield on income and have not been pleased with the rate of return on bonds or certificates of deposit (CD). 22
What is an alternative asset? The term “alternative asset” is highly flexible; it can mean almost anything whose investment performance is not correlated with that of stocks and bonds. It may include physical assets, such as precious metals, real estate, or commodities. In some cases, geographic regions, such as emerging global markets, are considered alternative assets. Complex or novel investing methods also qualify. For example, hedge funds use techniques that are off-limits for most mutual funds, while private equity investments rely on skill in selecting and managing specific businesses. Finally, collectibles are included because the value of your investment depends on the unique properties of a specific item as well as general interest in that type of collectible. Each alternative asset type involves its own unique risks and may not be suitable for all investors. Because of the complexities of these various markets, you would do well to seek expert guidance if you want to include alternative assets in a portfolio. Hedge Funds Hedge funds are private investment vehicles that manage money for institutions and wealthy individuals. They generally are organized as limited partnerships, with the fund managers as general partners and the investors as limited partners. The general partner may receive a percentage of the assets, fees based on performance, or both. Hedge funds originally derived their name from their ability to hedge against a market downturn by selling short. Though they may invest in stocks and bonds, hedge funds are considered an alternative asset class because of their unique proprietary, which may include pairs trading, long-short WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
FINANCIAL NEWS
strategies, and use of leverage and derivatives. Participation in hedge funds is typically limited to “accredited investors,” who must meet SEC-mandated high levels of net worth and ongoing income (individual funds also usually require very high minimum investments). Private Equity/Venture Capital Like stock shares, private equity and venture capital represent an ownership interest in one or more companies, but firms that make private equity investments may or may not be listed or traded on a public market or exchange. Private equity firms often are involved directly with management of the businesses in which they invest. Private equity often requires a long-term focus. Investments may take years to produce any meaningful cash flow (if indeed they ever do); many funds have 10-year time horizons and you may not have access to your funds when you want them. Like hedge funds, private equity also typically requires a large investment and is available only to investors who meet SEC net worth and income requirements. Real Estate You may make either direct or indirect investments in buildings – either commercial or residential – and/or land. Direct investment involves the purchase, improvement, and/or rental of property. Indirect investments are made through an entity that invests in property, such as a real estate investment trust (REIT), which may be either publicly traded or not. Real estate not only has a relatively low correlation with the behavior of the stock market, but also is often viewed as a hedge against inflation. However, bear in mind that physical real estate can be highly illiquid, may involve more work on your part to manage, and may be subject to weather hazards, rezoning or other factors that can reduce the value of your property. The value of a traded REIT will depend on fluctuations in the value of its real estate holdings as well as investor sentiment and market volatility. The value of a nontraded REIT is directly based on the value of its underlying real estate holdings. All REITs are subject to the risks associated with the real estate market in general. Also, some types of REITs are considered more illiquid than others, which could mean problems if you need to sell quickly. WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
Precious Metals Investors have traditionally purchased precious metals because they believe that gold, silver, and platinum provide security in times of economic and social upheaval. Gold, for instance, has historically been seen as an alternative to paper currency and therefore may help hedge against inflation and currency fluctuations. As a result, gold prices often rise when investors are worried that the dollar is losing value, though prices can fall just as quickly. There are many ways to invest in precious metals. In addition to buying bullion or coins, you can invest in futures, shares of mining companies, sector funds, and exchange-traded funds. Natural Resources/Equipment Leasing Direct investments in natural resources, such as timber, oil, or natural gas, can be done through limited partnerships that provide income from the resources produced. In some cases, such as timber, the resource replenishes itself; in other cases, such as oil or natural gas, it may be depleted over time. Timberland also may be converted for use as a real estate development. Some limited partnerships pool your money with that of other investors to invest in equipment leasing businesses, giving you partial ownership of the equipment those businesses lease out, such as construction equipment. Commodities and Financial Futures Commodities are physical substances that are fundamental to creating other products and are basically indistinguishable from one another. Examples include oil and natural gas; agricultural products; livestock such as hogs; and metals such as copper and zinc. Commodities are typically traded through futures contracts, which promise delivery on a certain date at a specified price. Futures contracts also are available for financial instruments, such as a security, a stock index, or a currency. Though the futures market was created to facilitate trading among companies that produce, own, or use commodities in their businesses, futures contracts also are bought and sold as investments in themselves, and some mutual funds and ETFs are based on futures indexes. Futures allow an investor to leverage a relatively small amount of capital. However, they are highly speculative, and that leverage also magnifies the potential for loss in a relatively short period of time.
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FINANCIAL NEWS
Art, antiques, gems, and collectibles Some investors are drawn to these because they may retain value or even appreciate as inflation rises. However, those values can be unpredictable because they are affected by supply and demand, economic conditions, and the quality of an individual piece or collection. Why invest in alternative asset classes? Part of sound portfolio management is diversifying investments so that if one type of investment is performing poorly, another may be doing well. As previously indicated, returns on some alternative investments are based on factors unique to a specific investment. Also, the asset class as a whole may behave differently from stocks or bonds. An alternative asset’s lack of correlation with other types of investments gives it potential to complement more traditional asset classes and provide an additional layer of diversification for money that is not part of your core portfolio, though diversification cannot guarantee a profit or ensure against a loss. Tradeoffs you need to understand Alternative assets can be less liquid than stock or bonds. Depending on the investment, there may be restrictions on when you can sell, and you may or may not be able to find a buyer. Performance, values, and risks may be difficult to research and assess accurately. Also, you may not be eligible for direct investment in hedge funds or private equity. The unique properties of alternative asset classes also mean that they can involve a high degree of risk. Because some are subject to less regulation than other investments, there may be fewer constraints to prevent potential manipulation or to limit risk from highly concentrated positions in a single investment. Finally, hard assets, such as gold bullion, may involve special concerns, such as storage and insurance, while natural resources and commodities can suffer from unusual weather or natural disasters. 1
Source: Franklin Square, Alternative Thinking, CRW 4/15
Investment Advisor Representative of and Securities offered through Founders Financial Securities, LLC. Member FINRA, SPIC, and Registered Investment Advisor. Benchmark Financial Design Group, Inc. Bernard Bowhuis, CLU, ChFC, CFP®, CEO 2358 S. Garden Ct., Jenison, MI 49428 616.667.8834 | 616.443.4334 bbowhuis@mibenchmark.com | www.ddsMoneyCoach.com
Design your Short Game to Build on the Long Drive Create efficiencies today that strategically impact your assets tomorrow. We educate you on selecting the right stroke: n Save thousands of dollars with lifetime discount n Remove exclusions with advanced underwriting n Longer benefit periods, higher benefit amounts n Learn new features on today’s insurance options
Molly Murray
Protection with Strategy Building the long game by designing a protection strategy that maximizes your income and safeguards your most valuable asset. GLFIA is an ongoing supporter of WMDDS, serving new, growing and retiring dentists. 833 Kenmoor Ave SE, Suite F n Grand Rapids, MI 49546 616.301.2599 n molly.murray@glfia.com www.theinsuranceforprofessionals.com
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G L F I A
WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
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FINANCIAL NEWS
Tax Planning for your Vacation Home Brian LaFrenier, CPA, Audit Partner, Beene Garter, LLP
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here’s nothing like fall in Michigan! The vibrant colors, the autumn breeze, campfires with the family – fall is the perfect time to spend a little R&R at the cottage or vacation home. Whether you currently own a vacation home, or are in the market, there are a lot of things to consider when taking on a second property. Just as these properties can provide the perfect backdrop for priceless memories, they can also be costly. There are maintenance costs, taxes, and other carrying costs of home ownership to consider. When it comes to tax planning for your vacation home, the simplest treatment is to consider the cottage as a second residence. This allows the taxpayer to deduct the related mortgage interest and property taxes as an itemized deduction on Schedule A of their personal return, subject to phaseouts. Consideration should be given to the rules limiting the deductibility of qualified residence interest. In order to deduct qualified residence interest, the debt must be secured by the home(s) and limited to $1 million. The limit may increase to $1.1 million if home equity debt is also a component. If acquisition indebtedness exceeds these thresholds, then the mortgage interest deduction will be limited. While treating the cottage or lake house as a second residence affords the simplest tax treatment, things become much more complicated if the property is rented out. A different set of tax rules apply depending on how much the property is used for personal use. If the taxpayer has no personal use, the property is treated as a rental, and all related income and expenses – including mortgage interest and property taxes – are reported on Schedule E of the taxpayer’s personal return. Passive activity 26
rules are an important consideration of this treatment as they may limit deductibility of losses. The rules surrounding mixed-use treatment are even more complicated. Again, the amount of personal use really determines the treatment. If the property is used more than 14 days for personal use and rented for 14 days or less, the rental income is not reported and expenses related to the rental are not deductible. Mortgage interest and real estate taxes are reported on Schedule A as an itemized deduction. If the property is used no more than the greater of 14 days or 10% of the number of days rented at fair value, the rental income is reported on Schedule E. The related mortgage interest and real estate taxes are allocated between personal and rental activities. The rental portion is claimed on Schedule E. However, the personal portion of the mortgage interest is considered nondeductible. For the property taxes, the amount considered personal would be deductible on Schedule A. Finally, if the property is used more than the greater of 14 days or 10% of the number of days rented at fair value the rental income is still reported on Schedule E. Under this scenario, the mortgage interest and real estate taxes are allocated between Schedule A as an Itemized Deduction and Schedule E based on the personal versus rental usage. Other expenses are allocated in a similar fashion and the portion allocated to personal usage is non-deductible. Vacation home rules can be very complex and can have significant unintended tax consequences. As you enjoy the fall colors this autumn, it’s a good time to revisit the activities of this past vacation season and consult with your tax advisor to plan for the upcoming year.
WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
A D M r o f k s A e t o u q n a l P h t Heal A D M l l a C ! y a tod Insurance 24 9 9 . 6 0 9 . 7 87
You can perform an extraction with absolute precision. But do you know where to turn for the best value forhealth insurance? We do. We are the only source for the exclusive MDA Health Plan, a self-insured, employer group plan only for MDA members. We also provide all Blue Cross Blue Shield of Michigan group and individual plans, and can help with Marketplace subsidies for individual coverage. Find out what thousands of Michigan dentists already know. Get all your insurance from the most trusted and knowledgeable source. Visit mdaprograms.com or call today at 877.906.9924.
WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
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TECHNICALLY SPEAKING
Work Submitted by Greg Feutz, President, DDS Integration
Greg Feutz is President of DDS Integration, a Grand Rapids based dental technology company.
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s some of you out there in the WMDDS community may have heard, my wife Christine and I recently welcomed a new addition, Rosie, to our family. She is doing awesome and it’s been an absolute blessing spending time home with her. (All typos and nonsense hereafter can be attributed to sleep deprivation.) Major life changes are always introspective, and this was especially so for me. Being away from work for a while and regularly hearing things like “What? Paternity Leave? Seriously?” got me thinking about work: how we think about it, how we do it, and where it stands in our priorities. This is a bit of a foray outside the scope of “Tech Q&A” but as with anything today, tech can be weaved into it. Here’s my opening argument: We’re too attached to both technology and work and especially the combination of the two. I do a ton of reading/audio booking/podcasting/studying about both work and technology (because I am obsessed with doing everything the best way possible) and here is what I’ve learned and observed: We have technology just for the sake of having it. Prime example: iPads. While they absolutely serve a purpose and lots of folks make great use of them I can’t tell you how many people have said to me “What do you think of the iPad (1,2,3,mini,mega,giant-mini,ultra)? I’m thinking about getting one” to which I respond “Well, what are you going to use it for?” to which they respond “I don’t know but they look awesome.” This confuses me. I’m guilty too though, I have a tablet that I used just for piano sheet music that was really horrible for it but I used it just because I could. We must always prove to the world how hard we work. Somehow, this seems to be a defining characteristic for 28
whether or not we are a valuable person. This is why things like paternity leave and staying home when you’re just a little bit sick are scoffed at I think. We put in more hours, we work from home whenever possible, and we talk about nothing but work. Sorry to say, all research that’s ever been done on productivity shows quite clearly that working more or harder, and working while you’re sick, leads to less productivity, not more. If we don’t balance and take breaks we are worse at our jobs. We multi-task but shouldn’t. In fact, as it turns out humans can’t even do it. We can switch rapidly between tasks but we cannot truly multi-task. The result of this rapid switching? Less efficiency and poorer quality in our work. Same goes for talking or texting while driving, even if hands free. Admittedly I was always a big proponent of multitasking with my three screens and eccentric jumping from task to task, but after reading a lot of research and putting it to practice, I’ve found it to be absolutely true that focusing on one thing and getting it done is a lot faster and more complete. Here are the things I now do that have not only changed the quality of my life, but also the quality and quantity of my work: I actually value my time when considering purchases, both technology and otherwise. Using rough numbers, a new phone for example will cost say $300 and require 15 hours of paid work assuming you take home $20/hr. We’re not done yet though. It’s also going to cost you time, let’s say 3 hours, in setting up. Unbox phone, sign into google/apple account, transfer photos, music, contacts, calendar, text history, email, download and configure apps. So, is that new phone worth 18 hours of your time? There’s no right or wrong answer, but I find it valuable to ask the question. I balance my life. I know we all say it and it’s easier said than done, but have you tried it? Truly though, you are better at every part of your life when you do it. How hard are you really going to concentrate at work when you’re sick, or when your mind is pre-occupied with your kid you sent to school sick because you didn’t want to burn a sick day? I take vacations, and am renewed and more productive when I get back. And by the way, the world still spins and somehow gets by when I’m gone. I take lunch breaks that by law I am entitled to. I go to the gym or read a book, either one creates a strong WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
TECHNICALLY SPEAKING
barrier from thinking about work. When I’m home at night, I literally do not check work or home email on my phone at all. I am present when I’m home and I’m present when I’m at work. No more “uh huh” and “yeah” in my conversations from being distracted with my face in my phone. I am waaayyyy more productive at work than I used to be. It’s fun to be more productive. Here are the things I do: • Batch tasks (this has been huge for me) – I check email twice, maybe three times a day, not constantly. Each time I check it, I address EVERY email. No more reading, marking unread, reading again later, addressing three days later and all the inefficiencies that go with that. Any task that can be batched, should be. How long do you wait on hold with insurance companies? Could you wait until 4:00 and call regarding the four or five claims throughout the day rather than calling each time there is a claim? How much on-hold time would that save? • Stop being distracted – My phone only does notifications for calls, texts, and calendar reminders. Email doesn’t even auto-refresh, I have to do it manually. Let’s be realistic, how efficient is it to reply to emails on our phones anyway? If I really need to get into something (like writing this article), my phone goes into airplane mode until I’m done. Also, we have an open door policy here at DDS except when you really need to concentrate and work through something start to finish. Then, the door gets closed and a note is left on the magna-doodle (or whatever works for your office) as to why the door is closed and when you’ll open it again. Everyone knows you are working on something and that they’ll have access to you later. If it’s truly urgent they’ll knock, otherwise they’ll catch you when you’re done. • I schedule each day of the week (we all do) – We used to just have a giant task list for each person to get done each week and then it was up to that individual to decide how to prioritize and when to do each task, with no accountability. Now, in our Monday meetings, every task is assigned to a person on a specific day so it’s very simple to see what needs to be done that day. Turns out those massive lists from before break down into a very manageable two or three things per day. Rather than spinning our wheels, a simple trip to the board gives you something to work on and everything gets done. It’s awesome. WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
I think we get so caught up in metrics and what we perceive as “going above and beyond” that we fall into a grind where extra effort doesn’t yield enough extra results, so the only answer is even more effort. That’s a recipe for burnout and turnover. There is a better, smarter way. I’ve included the tip of the iceberg from my experience. The rest lies out there in published research and in superstars of productivity like Google and Facebook. Take a look. Enjoy the ride. I promise it’s worth it. What are your thoughts? Comment on our blog or Facebook article. We’d love to hear your opinions on your small business or ours! Facebook: facebook.com/ddsintegration Blog: ddsintegration.com/blog
Note: This will also be on our blog (ddsintegration.com/blog) where the links will be live, perhaps easier than typing them.
West Michigan District Dental Society is on Facebook Check us out and we’re sure you’ll “Like” us! 29
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, 301 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. 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. General Dental Practice in Walker, MI – Two ops. Third room can be equipped. 825 active patients. New equipment. Well-maintained suite. Lease transferable. Asking $100,000. Interested parties please contact Dentaldad@aol.com. Holland, Michigan – Associate dentist needed for busy practice one or two days a week. Would prefer Fridays. A bit early but will be retiring in three to five years. Fee-for-service practice with no medicare/medicaid. Please contact Kate at 616.399.4490. Exciting Opportunities – for dentists, hygienists, and assistants to provide children with quality dental care in schools in Southeast and Western Michigan. No evenings or weekends. Email resumes to: jobs@smileprograms.com. Dental Equipment for Sale – After merging my two offices – I have four rooms full of dental equipment for sale. Everything is in excellent shape and working conditions (no junk). All equipment is still installed and can be tested before you buy it. Dental chairs, delivery units, lights, x-rays, cabinets, panoramic, Dent-X 9000 zoom, compressor, separate air dryer unit, suc 30
tion, lab equipment and much more. Just ask and there is a chance I have it. Please email your questions to hanyb@juno.com. Dental Office Building for Sale – 1595 square feet on a very high traffic street. Has been a dental office since 1960. Very large signage, free standing brick exterior building with its own parking lot. 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. Would be great for starting a new office or relocating your office if you want to own your building. Please contact hanyb@juno.com or call 616.307.2213 and leave a message. 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. For Sale – Lab Master Foster Model Trimmer, Model # MT115, like new $400. Contact 616.949.7510.
Dental Office Available – in Rockford on 10 Mile Road. Available about April 2015. Approximately 3100 ft of office space and 1500 ft of basement. Call 616.866.0921. General Dentists Needed – In busy Dental Dreams Michigan offices. Includes signing bonus of $15-25K. Full-time dentists earn an average of $230k. Associates enjoy freedom over treatment planning in modern, digital offices with established patient bases. Benefits include free dental care, paid vacation, continuing education, and Medical, life, vision & malpractice insurance. Visa & permanent resident sponsorship is available. Please call 312.274.4580 or email kanderson@ kosservices.com for more information. Full time, part time, and Saturday only positions are available and new grads and residents are encouraged to apply. Associate Opportunity in West/ Central Michigan – Fast-paced modern dental office, seeks a highly-energetic, personable, and quality-oriented associate. This position will start parttime, moving quickly into a full-time opportunity; excellent compensation and benefit package. Please email resume to lakeviewdental14@hotmail. com or call us at 989.352.6477, ask for Sandra. Associate dentist is needed for an established Grand Rapids practice – The position is full-time and can begin immediately. Compensation is salary plus health benefits and bonuses.
WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
CLASSIFIED ADS
This is a unique opportunity for mentorship in a long-term position or future/near-term buy-out as you desire. New grads and those with experience are welcome to contact me. Confidentiality is assured, please email me and include your resume: drlebster@gmail.com. Panoramic X-ray Unit (Gendex GX Pan. 70, 98 kvp, Film Size 5” x 12”) for Sale – Was in a good working order when disassembled by dental technicians. No longer needed. Asking $1000 OBO. Please email hanyb@juno.com. Private Practice Available – Supported practice ownership opportunity with percentage buy-in located in beautiful Norton Shores, Michigan. $1.2M annual revenue with eight ops working four days per week. Contact Zac at 770.710.3042 or zrhinesmith@benevis.com. Dental Dreams desires motivated, quality-oriented Endodontists for our busy offices throughout Michigan – Specialists are provided with a top-tier compensation package, all resources necessary to focus on patient care, and supported by experienced support staff in a modern, technologically-advanced setting. Benefits include health & malpractice insurance, CE, Paid Vacation. Doctors have complete freedom over treatment planning and discretion over dental supplies and instruments. Make Dental Dreams a reality for you. We offer full-time, part-time, and
Saturday only schedules. Please email Recruiting@DentalDreams.com. Dentist Seeking Opportunity – To become a partner with an existing practice or to purchase a practice in West Michigan. Consistently regarded as responsible, personable, a producer, positive, professional, and upbeat. Known for excellent chairside manner, great clinical skills, and a willingness to learn from and work alongside more experienced colleagues. Intense desire to contribute immediately and would be interested in meeting and discussing potential strategies for
practice growth, as well as bolstering team support and morale during the transition. Comfortable with all aspects of dentistry, including endodontics and surgery. To discuss possible opportunities in-detail, please contact me at grapdds@gmail.com or call 989.225.0753. Trial Partner Dentist – In $1.5 million, 2 location fee for service office in Grand Rapids Area. Expect $300,000 net per year. All inquiries to Regional Manager Rachel at hiring1621@gmail.com.
2015 Directory Additions & Corrections CHANGES (INDICATED IN BOLD): ARMSTRONG, DANIEL D HEALTH INTERVENTION SERVICES 15 ANDRE SE GRAND RAPIDS, MI 49507 988-4301 FAX 475-1272 DEHNE, LANCE 4868 LAKE MICHIGAN DR NW SUITE A ALLENDALE, MI 49401 895-7400 FAX 895-4375 LALICK, AMY R 285 JAMES STREET HOLLAND, MI 49424 399-5055 O’CALLAGHAN, DANIEL P 1559 - 68TH STREET SE GRAND RAPIDS, MI 49508 258-2005 FAX 345-6460 (CHANGE ALSO IN SPECIALIST– PEDIATRIC LISTING)
SMILEY, COLETTE R 6640 BLYTHEFIELD AVE ROCKFORD, MI 49341 560-1104 VOGL-ROBINSON, LINDSEY A 6739 E FULTON, STE D-20 ADA, MI 49301 676-1800 FAX 676-1801
CORRECTION FOR SPECIALIST– PERIODONTICS ONLY (INDICATED IN BOLD): PAPP, JAMES C 4880 CASCADE RD SE, STE B GRAND RAPIDS, MI 49546 940-2854 FAX 940-9872 4130 BRETON ROAD SE, SUITE A GRAND RAPIDS MI 49512 241-5658 FAX 245-5724
REAGAN, JAMES E 207 W MAIN STREET LOWELL, MI 49331 897-7179 FAX 897-7189
WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
31
ADVERTISER INDEX
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! Beene Garter.........................................9
Merrill Lynch.....................................20
DDS Integration..... outside back cover
Old National Bank.............................32
Davis Dental Laboratory................ inside front cover
PNC Bank.............................................6 ProAssurance.......................................5
Great Lakes Financial........................24
Professional Solutions.......................17
Henry Schein.............inside back cover
Proveer................................................15
Hungerford Nichols ..........................11
Studio 2 Dental..................................14
Lake Michigan Credit Union............25
VanderLugt Mulder DeVries Elders....................................13
MDA IFG............................................27
Your bank. For business. Old National proudly supports the West Michigan Dental Community. Specialties Include: • Equipment financing • Financing of partner buy-in and practice purchase • Flexible loan payments • Practice start-up loans • Real Estate Financing • Working Capital Lines of Credit
616-228-6000 32
Member FDIC
WEST MICHIGAN DISTRICT DENTAL SOCIETY | FALL ISSUE 2015
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