From Associate to Owner:
How Edwards & Associates Helped Dr. Elam Navigate Practice Ownership
Introduction
For most dentists, the transition from associate to practice owner is both exciting and complex. Beyond clinical expertise, ownership requires navigating financing, tax planning, negotiations, and long-term financial decisions that can shape the future of the practice.
When Dr. Maegan Elam began exploring the purchase of Bedford Dentistry, she knew she needed advisors who understood not only accounting but the business realities of dentistry. Edwards & Associates stepped in as more than tax preparers, serving as trusted advisors throughout the purchase, practice growth, and even the acquisition of the building itself. With industry insight and responsive support from the entire team, Dr. Elam was able to move forward with confidence, building a thriving practice while maintaining the work-life balance that drew her to dentistry in the first place.
The Challenge
When Dr. Maegan Elam began preparing to purchase the dental practice where she had been working as an associate, she knew she needed an accountant who understood the dental industry. “I had been an associate for a few years and was starting to explore buying the practice,” she explains. “I needed a new accountant and couldn’t find anyone who really understood dentistry.”
Through a lender at Bank of America’s healthcare lending program, Dr. Elam was introduced to Edwards & Associates, and its founder, Robert Edwards. From their first meeting, the difference between a general CPA and a dental-focused advisor was clear. “My husband and I met with the team at Edwards & Associates early on, and they were able to explain things clearly and lay out a solid plan,” she says. “They understood the business side of dentistry, and our goals were aligned.”
As her plans to purchase the practice moved forward, Dr. Elam realized she needed more than tax preparation. She needed guidance navigating the financial and operational complexities of practice ownership.
The Solution
Dr. Elam initially worked with Edwards & Associates for routine tax preparation, but the relationship quickly expanded as her career progressed.
When she purchased the practice in 2018, the Edwards & Associates team played a key role in guiding the transaction. “Robert personally helped me through the process of buying my practice,” Dr. Elam says. “He provided advice, helped with negotiations, and connected me with attorneys and other vendors I needed.”
Edwards & Associates also acted as an advocate during conversations with lenders and the previous owner. “There were times when Edwards & Associates stepped in and handled discussions directly, so I didn’t have to,” she explains. “They knew the questions to ask and helped move things forward.”
Today, the firm supports her practice with tax planning, tax preparation, and monthly bookkeeping. “Numbers aren’t my thing,” Dr. Elam says with a laugh. “Their monthly bookkeeping is amazing. They take care of everything, and I know it’s done right.”
When she purchased the building for her practice last year, Edwards & Associates again helped review the financial details and ensure the transaction made sense for the business.
Dr. Elam now works closely with Erika and the Edwards & Associates team for ongoing tax planning and advice. “Erika is fantastic,” she says. “She’s always quick to respond and will suggest ideas or strategies before we file taxes.”
The Results
With Edwards & Associates handling the financial side of the business, Dr. Elam has been able to focus on running her practice and caring for patients.
That support has also helped her maintain the work-life balance she hoped dentistry would provide. “One of the reasons I chose dentistry was to balance work and family,” she says. “Because of the team at Edwards & Associates, I can go home at night without worrying about the financial side of the practice.”
Looking ahead, she expects the firm to remain a key partner in her business’s future. “I plan to continue working with them for tax planning and financial advice,” she says. “They’ve been an important part of my journey as a practice owner.”
Testimonial
“I genuinely feel like I wouldn’t be where I am professionally without Edwards & Associates. They’ve guided me through major decisions, supported my practice growth, and always provide a personal level of service. I recommend them to other dentists whenever I can.”
Dr. Maegan Elam
Are you ready to meet us?
We Are Your Financial Experts.
Related CPA Services
Monthly Core Services
Monthly Core Services In this stress-free accounting offering, we handle bookkeeping, taxes, financial reporting, and…
Financial Planning
Strategic Financial Planning for Dentists Secure your financial future with expert guidance tailored to dental…
Transition Services
Transition Services for Dentists Whether you’re launching a new practice, expanding, or preparing to sell,…
Dental Practice Consulting
Dental Practice Consulting Running a dental practice comes with unique challenges. Since 1987, our team of…
Have Questions?
Contact us at info@eandassociates.com or call us at (972) 267 9191 to schedule a consultation!
When Should I Start Thinking About Implementing a 401k Plan?
As soon as possible! The founder of our firm, Mr. Robert Edwards gets these questions all the time and he always answers them the same way: “I’m always encouraging our clients to save for retirement even when they starting their dental practice. Remember, if you do not put money away, you are more likely to spend it! You only stand to benefit by funding a retirement plan in the early years of your practice because you don’t have any other eligible employees.”
Are Dental Services Subject to Sales Tax?
It is important to remember that dental services and appliances are exempt from sale and use tax in most cases. However, the sales of non-prescription toothpaste and toothbrushes can be subject to sales and use tax.
If you decide to sell non-prescription items to your patients, the first step is to apply for a Sales and Use Tax Permit. You can apply for a permit online using Webfile. The Sales and Use Tax permit also allows you to be exempt from paying sales tax on any items that you purchase for resale.
Next, you need to set up your dental software to track taxable transactions to allow for accurate record keeping. Contact your software help desk for helping in creating the necessary monthly taxable activity reports.
If you are required to collect sales tax on nonexempt transactions such as toothbrushes and toothpaste, your reporting and remittance schedule depends upon how much sales tax you are collecting within a monthly, quarterly, or yearly time frame. You are required to file a Texas Sales and Use Tax Return (Form 01-117) and submit the collected tax based on the collection levels below:
- You must file Monthly if you collect $500 or more tax in a month.
- You must file Quarterly if you collect <$500 per month or <$1500 per quarter.
- If you collect less than $1,000 in tax per year, then you need only file one per year. However, if you are collecting close to this level of tax then a quarterly filing pattern is a safer option.
The Texas Comptroller allows multiple methods for reporting and payment including paper filing and Webfile.
Are Dental Practice Management Consultants Worth the Investment?
If you own a dental practice, you know that it’s a job that requires you to juggle many responsibilities. The reality is that not everybody is cut out to juggle everything required to run a dental practice, while also being a good dentist. And even if you are one of the few dentists that can “do it all”, how do you give it the time it deserves while also seeing patients and perfecting your craft?
Unless you’re prepared to hire an in-house team to run your business, you’ll have to look elsewhere for guidance and support. A great place to start is with a dental practice management consultant. A dental consultant helps dentists improve their practice by providing advice, training, and expertise.
This includes, but is not limited to:
- Coaching Your Team
- Building Patient Relationships
- Identifying Behavioral Styles
- Team Building
- Partnerships that Thrive
- Implementing Incentive Programs
- Equipment purchases
- Finances and billing
- Maintaining an Effective Hygiene Program
- Scheduling to Goal
Dental Practice Consultants are most useful when you are starting up a new practice, looking to expand your dental empire, or going through other transitional periods such as adopting new management software, onboarding new staff members, or selling your dental practice. Dental practice consultants can also be used to help you improve your practice efficiency and evaluate weak points. At Robert Edwards & Associates PC, we are lucky to have renowned dental practice consultant Dr. Sharon Tiger, who has decades of experience in helping dental practices make the best decisions to ensure success.