My Dental Lawyer Launches new service

Now that Spring is here, more is changing than just the weather. I am pleased to announce that My Dental Lawyer is launching a new service for dental professionals. For a small registration fee and a low monthly subscription fee, members of My Dental Lawyer will have access to a legal professional with more than 25 years experience counseling and assisting dental and medical professionals, as wells as, access to professionals and consultants across a wide range of business and other services. Details will be announced here in the near future but if you would like more information now on how to reduce your legal expenses and obtain the piece of mind of having legal and other professionals "on call" send us an email to joe.labella@mydentallawyer.com.

The more things change....

A recent article at Asset Recovery Watch.com discussed psychological profiling of scammers who run Ponzi Schemes, as well as, a discussion about the victims. For anyone not aware, after the recent deluge of press about Bernie Madoff and some other recent high-profile schemes, a Ponzi Scheme is one in which the scammer uses recent invested funds to to keep earlier investors happy. The scheme requires aggressive continued scamming to keep new money coming in, as the scammer has spent or hidden much of the prior money, to keep paying the ususally high dividends/returns/rewards promised to everyone. Sometimes, in the case of the Florida scheme, the investment is in large scale real estate, which is never actually purchased or acquired.

The article talks about Greed but also talked about the "thrill' of the more average person or investor finally getting to share in the high rewards of the "other guy", the rich, or connected or those "wired-into" the deal. The etymology behind the term "Con Man" is that the confidence swindler gives you, the victim, his or her confidence. They "trust" you or share with you because they "believe in" you.

The Financial Industry Regulatory Authority, an industry watchdog group, profiled a typical victim of investment fraud. Their profile included people who are: highly educated, have higher incomes than non-victims, score higher on financial literacy tests, and are self-reliant preferring to act on their own knowledge rather than consult others.

In short, if it sounds too good or lucrative or unusually profitable to be true it probably is. If you are someone, on sober self-reflection, who fits the FIRA profile, you should also be smart enough to always go against impulse and consult professionals before ever committing significant funds with anyone.

Psst...Hey Buddy...have I got a deal for you...

If someone who happened to be pumping gas at the next gas island or standing in line behind you to buy movie tickets leaned over and asked for your Social Security Number or bank account number or your address, would you reply? Assuming your answer is no, then it is always good to remind ourselves that the convenience of the internet comes with anonymity. The next time anyone inquires of you over the internet for personal or private business information, ask yourself a couple of key questions:

1. Did this inquiry, transaction or dialogue begin via email? If so, did you initiate the email to a reputable website/company or did you respond to an email that may only appear to be legitimate. Will the person making the inquiry provide a telephone contact number to speak with someone in person? Can the telephone number be independently verified?

2. If speed or urgency, such as not to lose an "opportunity", is repeatedly stressed, examine the supposed basis for the urgency.

3. Your Mother, as they usually are, was right: "Don't take candy from strangers." If you do not know with whom you are dealing, find out first.

4. Have set and well defined rules in your practice as to which employees have access to private, personal and business information and to whom, under what circumstances, such information may be divulged. It is best practice to have a second contact person, CPA, attorney, practice consultant, for a staff person to contact if you are not available when responding to an inquiry.

For practical and valuable information regarding safety and security in the more physical sense, I strongly recommend you check out badguysatbay.blogspot.com where my friend Roger Walker, a residential and commercial security professional, blogs with advice and information.

Change or not?

The New York Times recently published an article about "virtual medicine", patients and medical professionals interacting through the internet via video chat technology. In the article, Rashid Bashshur, director of telemedicine at the University of Michigan Health System is quoted, in part, as saying: "There are two constants in medicine: change and resistance to change".

The same can be said for the dental business professional. Continuing with our discussion here of "end of year" planning and analysis, this is a good time to review the systems, practices and policies of your office and business. If the analysis begins and ends with "that's how we've always done it", whatever "it" is, the analysis is lazy and flawed.

You may have a routine way of accomplishing something that was, when created, fundamentally sound and an effective way to accomplish a particular goal. The proper analysis should include asking a series of questions about that existing method. Has the goal changed? If so, is this method still the best way to meet the altered goal? Has the legal "landscape" changed in any way that affects the method or the goal? Have my practice or personnel changed so that there is a more efficient and productive way to achieve the goal? Is achieving the goal still important?

"If it ain't broke, don't fix it" can be good advice, but only if the analysis to determine if "it" is "broke" isn't hampered by the resistance to change.

"Insert tab A into slot 2B and..."

As we approach the last "shopping weekend" before the holidays, I am reminded of all those late Christmas Eve's spent trying to decipher toy assembly instructions, find all of the parts including the one that rolled under the couch and constantly comparing the stages of assembly with the photograph on the box.

I thought of this when a client contacted me recently to discuss a potential software purchase. Including the installation transition, training and long-term commitment, the purchase was really a very significant potential transaction for the practice. By obtaining not just the promotional literature but all of the sales documents, including the "fine print", my client was able to forward the material for my review. Our discussion regarding the contractual commitment on the purchase, training and service, the extent of the warranty and disclaimers, and the specifics of the licensing agreement allowed the client to make a much more informed business decision.

While we could not obtain the assembly instructions before purchasing the toys, which would have made some holiday gift decisions and some Christmas Eves much better, the smart dental professional can and should have their attorney review all of the information before the purchase.

When is the End of the Year?

This is the time of year when many dental professionals are in touch with their Accountants and other advisors, or certainly should be, for end of the year tax and business planning.

This past weekend we saw some friends at a high school Christmas concert in which both of us had children performing. They told us they were planning a small New Year's Eve get together and invited us to attend. I have thought for a long time that New Year's Eve celebrations are, in part, a matter of collective convenience for a celebration. Each of us has an individual "new year's eve" which is the day before our birthday. That day can occur any time during the calendar year.

So, while end of the year planning, particularly tax planning, is extremely important for a dental professional, tax and business planning should be a year-long process. Set a date in February or March to look at the "end of year" decisions and plans you are making now. Are the assumptions and models upon which you based the decisions and plans occurring. Do you need to revise them based upon actual data that are different from the projections made in December. Set a date to meet with your advisors in June or July and see whether any mid-year corrections or new assumptions need to be made.

It's Never Too Early to Call the Lawyer

As an attorney, I often get a call from a client or prospective client seeking assistance with something that is already in process. After obtaining some facts and basic information on the issue, transaction or planned event, my reaction is almost always the same. The client would have been better served and usually in a more cost effective way had they contacted me sooner.

I never charge a prospective client or existing client for initial consultation time on an inquiry to determine if she or he may need my professional services. This is true of many of my colleagues and other professional consultants like Accountants and Practice Consultants. However, there seems to be almost a cultural bias against making that initial telephone inquiry for fear of "starting the time clock" on a bill.

Ted Schumann of Dental Business Services has been involved in representing both sellers and buyers of dental practices for more than fifteen years. Ted counsels prospective practice sellers that the time to begin planning for the sale and transition can often best be three years before the sale or even listing the practice.

Similarly, the time to effectively plan and prepare to discharge an employee, and call the lawyer for advice in how to do so in the most risk effective manner, is not when the situation has reached "the breaking point." The client is simply never best served when she or he is telling me, "I have to fire this employee today, what do I do?"

Certainly, crises, by their definition, cannot always be anticipated. But effective risk management and business planning, with the early assistance of professionals, almost always saves time and money (which can be the same thing when retaining consultants) later on.