From First Patient to Lasting Legacy:
How E&A Helped Dr. Gillespie Build, Grow, and Pass the Baton
Introduction
For more than 30 years, Dr. Thad Gillespie has counted on Edwards & Associates to keep his practice running strong and his mind at ease. From selling his first practice in Austin to building Liberty Hill Dental from the ground up, their relationship has always been about trust, honesty, and keeping things simple. Their tailored advice and willingness to roll up their sleeves allowed Liberty Hill Dental to nearly triple its revenue in four years, all while making complicated transitions feel straightforward and fair.
The Challenge
Dr. Gillespie’s relationship with Edwards & Associates dates back to the 1980s, when he was running his first dental practice in Austin. Back then, finding a good CPA firm was a challenge. “I didn’t want to get in trouble, but I also didn’t want to pay more taxes than I had to,” he recalls. After working with one firm that wasn’t aggressive enough for his needs, he started his relationship with Edwards & Associates and never looked back.
When Liberty Hill Dental began in 2002, the challenges grew more complex. Building a successful practice meant juggling rapid growth with maintaining financial stability. At the same time, personal milestones loomed large, Dr. Gillespie knew that at some point, he’d want to step back from the day-to-day work of running the practice.
“It wasn’t just about the numbers,” he explains. “I needed someone who could walk me through the hard decisions, especially when it came to the next chapter of my practice.” Preparing for ownership transitions that would keep the practice thriving even after he scaled back was a daunting challenge.
The Solution
Edwards & Associates became more than an outside accounting firm; they became an integral part of the Liberty Hill Dental family. Their solutions weren’t about just crunching numbers; they were about supporting a vision for the practice and helping Dr. Gillespie achieve his goals with confidence.
Here’s how they made it happen:
- Facilitating Ownership Transitions: The decision to sell part of the practice to Dr. Chris Felicetta and, later, to Dr. Candace Yong was not one to take lightly. Edwards & Associates performed thorough, fair appraisals to ensure a smooth process, helped Dr. Gillespie manage refinancing and loan approvals through their connections with financial institutions, and provided strategic counsel to guide each step of the transition.
- Streamlining Operations: From structuring production-based pay to simplifying financial processes with their internal bookkeeper, Edwards & Associates didn’t just offer advice; they made sure it worked for the team. Their dental-specific expertise ensured the practice could focus on growth and patient care with fewer headaches behind the scenes.
- Responsive Support Every Step of the Way: Whether it was keeping the practice on track during the uncertainty of the COVID-19 pandemic or answering routine questions about practice finances, Edwards & Associates was always just a phone call away. “If I need them, they’re there. Simple as that,” says Dr. Gillespie.
- Focusing on People First: Beyond financial management, Edwards & Associates brought a human touch. Their understanding of dentistry and their ability to anticipate the needs of a growing practice helped build trust, not just between them and Dr. Gillespie, but within the practice itself.
The Results
The numbers speak for themselves: “We’ve been growing close to 10% a year, which for a practice as mature as ours is amazing.” Revenue grew from $1 million to more than $3 million in just four years, with the team aiming for almost $4 million this year.
But the impact has been about more than numbers. The seamless ownership transitions ensured stability and continuity, while Edwards & Associates’ operational guidance has made the day-to-day running of the business easier and more efficient.
For Dr. Gillespie, the biggest difference is the peace of mind. “I’ve been able to cut back to three days a week, doing the work I love. I also know the practice is on track with the right people in place,” he says. “It’s not just about what they’ve done for the business, it’s how they’ve freed me up to focus on what really matters.”
Testimonial
“Edwards & Associates has been more than an accounting firm; they’ve been a partner in every major decision and transition of my practice. Their responsiveness, expertise, and ability to simplify even the most complex processes have allowed me to focus on what I love most: dentistry. I wholeheartedly recommend their services to any dental practice looking for a trusted partner.”
Dr. Thad Gillespie, Founder
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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.