Melissa J. Bradberry, CPA, is a Director at Baden Gage & Schroeder LLC, one of the largest certified public accounting and business consulting firms in Indiana. With over 18 years of professional tax experience, Melissa has extensive industry knowledge with clients involved in medical industries, manufacturing and service industries, and financial institutions. Melissa joined the firm in 2018 as a tax manager, a role where she was responsible for individual and business clients. She received her Bachelor of Science degree in Accounting and Master of Business Administration degree from Arkansas State University.
Melissa joins me today to share advice for dentists, physicians, and other medical professionals who have their own practice. She explains why medical practice owners must understand their year-end performance in comparison to the last five years. She discusses the different types of entities that could be set up in a medical practice. Melissa also highlights why owners should enlist the help of advisors when exiting their business and suggests other professionals practice owners should work with alongside their accountants.
“Remember: you’re the business owner, not just the physician, not just the dentist. It’s important to understand what your revenue is doing and where your expenses are going.” – Melissa Bradbury
This week on The Owner’s Corner:
- Melissa’s background and why she pursued a career as a CPA
- Different types of business entities set up in the medical field
- Reasonable compensations and balancing salary and profit
- Effective budgeting processes and managing day-to-day cash flow as a medical practice owner
- Important financial statements medical practice owners need to pay attention to
- The challenges of finding and retaining human capital
- Weighing the pros and cons of having an in-house billing department rather than an external one
- Tax reduction strategies and retirement planning
- The best retirement plan in place for medical practices
- Preparing your medical practice for the next generation of professionals
- Melissa’s advice on planning the successful transition of a medical practice
- Utilizing the services of attorneys, bookkeepers, financial advisors, and practice managers
- The right time to sell a medical practice
Our Favorite Quotes:
- “When you’re selling a business, the money you spend to get a proper valuation done is always money well spent.” – Seth Whicker
- “The pandemic had a lot of medical professionals look at things differently, like having a cushion of funds and emergency funds.” – Seth Whicker
- “Your revenue is your lifeline—you have to always monitor it.” – Melissa Bradberry
Connect with Melissa Bradberry:
About SYM Financial and The Owner’s Corner Podcast
The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.
Email Seth at email@example.com with questions, comments, and to schedule a one-on-one conversation.
And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.
Disclosure: The information contained in this message (including any attachments) is confidential and may be privileged. It is intended only for the recipient(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited. If you have received this communication in error, please notify SYM Financial Advisors (“SYM”) immediately and destroy the material in its entirety. All communications requiring immediate attention or action, such as trade requests or other time sensitive matters should not be sent to SYM via email. Internet communications cannot be guaranteed to be secure or error-free as information may arrive later than intended, be intercepted, be corrupted, or contain viruses. This material is not an offer or solicitation to buy or sell any product. The opinions expressed herein are those of SYM and are subject to change without notice. To the extent that performance information is contained in this email, past performance is not indicative of future results. SYM is an independent registered investment adviser. More information about SYM including our investment strategies, fees and objectives can be found in our Form ADV Part 2, which is available upon request.