4.9 • 2.3K Ratings
🗓️ 12 November 2020
⏱️ 68 minutes
🧾️ Download transcript
It is becoming more and more common for physician groups to be approached by a private equity firm that wants to buy the practice and make them “more efficient.” Of course the older partners think that this is a good time to sell. The younger doctors thought they just joined a partnership and were looking forward to owning their business and having control. What do you do if you are the younger doctor? We discuss some ideas in this episode that will hopefully help, if you find yourself in this situation.
We also answer a lot of other listener question about challenges facing families with children with special needs, small business retirement accounts, understanding a wash sale, reporting the backdoor Roth IRA with a loss, understanding dividend stock investing, the S&P 500 vs total stock market index fund, and what recommendations I have for medical students to do early in their career to prepare themselves for entering the workforce.
This podcast is sponsored by Bob Bhayani at drdisabilityquotes.com. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Coat Investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven’t gotten around to getting this critical insurance in place, contact Bob at drdisabilityquotes.com today by email [email protected] or by calling (973) 771-9100.
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0:00.0 | This is the White Code Investor Podcast, where we help those who wear the White Code get a fair shake on Wall Street. |
0:06.0 | We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011. |
0:12.0 | Here is your host, Dr. Jim Dolly. |
0:18.0 | This is White Code Investor Podcast number 184. Should we sell our practice to a private equity firm? |
0:23.0 | This podcast is sponsored by Bob Bionny at DrDisabilityQuotes.com. |
0:28.0 | He's an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Code Investor sponsor. |
0:34.0 | He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. |
0:40.0 | If you need to review your disability insurance coverage, make sure to meet your needs or if you just haven't gotten around to getting this critical insurance in place. |
0:46.0 | Contact Bob at drdisabilityquotes.com today. |
0:50.0 | By email at infoatdrdisabilityquotes.com or by calling 973-771-9100. |
0:58.0 | I just got a nice email about Bob from one of his clients. |
1:01.0 | I had a lot of great things to say about him. I think he walks on water. |
1:04.0 | Our quote of today comes from Thomas J. Stanley, a millionaire next door fame, who said you can get rich, you can act rich, or actually become rich. |
1:14.0 | Few of us will ever be able to do both and we certainly won't get rich by acting the part before we have the financial resources with which to pay for La Dolce Vita. |
1:22.0 | Well, I think that's a great quote. There's a lot of truth to that. It's one or the other. You either become rich or you act rich. |
1:28.0 | The nice thing about becoming rich is you can then act rich just fine. But if you act rich first, you're probably never going to get there. |
1:35.0 | Thanks for what you do. Life's hard. It's getting harder in most parts of the US according to the news, including Utah here. |
1:43.0 | In fact, I am getting all kinds of condolence emails from people across the country saying they're really sorry about our terrible COVID situation here. |
1:52.0 | Now, our COVID situation is the worst it's been. I mean, when we came out of lockdown first of June, we were only having about 100 cases a day in the state. |
2:00.0 | And now we're getting closer to 2000 cases a day. So it's definitely worse. You know, I'm actually seeing COVID patients at work this week. I walked five shifts last week. |
2:08.0 | And I'll bet I saw six positive cases. And so it's certainly here and so certainly on our minds. But apparently what is triggering all these emails is the Salt Lake Tribune ran an article where they interviewed the head of the hospital associations, some people up at the university who are really raised in alarm about the situation in Utah. |
2:27.0 | And then of course, they got picked up the national news wires like CNN. And so they announced in this article here a group of administrators representing Utah's hospitals presented the governor with a list of criteria they propose doctors should use if they are forced to decide which patients can stay in overcrowded intensive care units. |
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