If a dental practice produces 900k in fees. Owner can pay himself too high of a

Mar 30, 2023
6:22:46pm

AFCougK9 All-American

percentage out of that vs paying bills, etc. You buy supplies and pay expenses on credit but eventually it comes due. It’s easy to run a practice into the ground doing that. I think that’s what he probably did.

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AFCougK9

Bio page: AFCougK9
Joined: Sep 22, 2006
Last login: Apr 27, 2024
Total posts: 7,021 (218 FO)

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Messages

Author

Time

This is insane. Hundreds of thousands of credit card debt, crypto Ponzi scheme,

GRCoug

3/30/23 6:47am

His dental business was losing $120K per month?

donnerstag

3/30/23 6:51am

Was he not seeing any patients at all?

Indy Coug

3/30/23 6:53am

Even if had been working 120 hours per week, there is zero chance

donnerstag

3/30/23 6:55am

The article didn’t say “per month”

BYU'01

3/30/23 8:08am

Oh, he's good then

RealTaysomHill

3/31/23 8:56pm

I'm guessing he was overpaying salaries or rent?

ryebrye

3/30/23 6:54am

Paying himself too much most likely

AFCougK9

3/30/23 7:29am

You can’t pay yourself money you don’t have

Recipefordisaster

3/30/23 10:58am

You can when you own your own business. Pay yourself before you pay your bills.

AFCougK9

3/30/23 11:38am

0 dollars business income -100 dollar owner draw. Does not work. Simple math

Recipefordisaster

3/30/23 5:43pm

If a dental practice produces 900k in fees. Owner can pay himself too high of a

AFCougK9

3/30/23 6:22pm

When you own your own business, company money is your money. If you don't have

TailgateU

3/30/23 5:58pm

I own my own business and understand how he likely bankrupted the practice.

AFCougK9

3/30/23 6:24pm

Was he just putting in gold caps and not charging people?

HansMoleman

3/30/23 7:43am

I didn’t read “per month”

BYU'01

3/30/23 8:07am

It’s in the preview in the OP

donnerstag

3/30/23 8:58am

I get that. Nowhere in the article. I think the social media summary ≠ accurat

BYU'01

3/30/23 9:08am

It'd be even better if it was "per mouth"

ryebrye

3/30/23 12:30pm

I don't buy that figure.

coolblue

3/30/23 9:54am

They look so happy

SouthernBlueBlood

3/30/23 7:01am

Well we finally met someone who lost money in crypto

cougarbart

3/30/23 7:03am

RE: Well we finally met someone who lost money in crypto

moknowssports

3/30/23 8:21am

You've only lost it if you took it out. I still have diamond hands to the moon😂

Sparkling Delirium

3/30/23 8:49am

Doubt it

OMIllionaire

3/30/23 9:11am

Never trust a guy with a beard... well except Jesus. Always trust Jesus.

Methusaleh22

3/30/23 7:04am

Dan Smith thumbs'd down trusting Jesus. Have fun in Hades Dan. With all the

Methusaleh22

3/30/23 7:14am

Jesus has a beard yet Satan is clean shaved.... hmmmmmm....

VACOUGFAN

3/30/23 7:17am

You sure about that?

Methusaleh22

3/30/23 7:22am

I'd barely call that dirt on his chin a beard. But I agree that is Satan.

VACOUGFAN

3/30/23 7:25am

RE: You sure about that?

TailgateU

3/30/23 4:17pm

His first attempt to kill her was with a projectile button... any second now...

Methusaleh22

3/30/23 7:08am

Crap... I have a foot long beard... does this mean I'm going to kill my wife?

VACOUGFAN

3/30/23 7:10am

RE: Crap... I have a foot long beard... does this mean I'm going to kill my

Methusaleh22

3/30/23 7:15am

Can I just say how appalled I am about the anti-beard crowd here...

Jingleheimer

3/30/23 8:48am

Honor code is not the dress code. Beards should be allowed.

ParentingNotForSissy

3/30/23 9:15am

Brigham Young had a nice beard.

Mabuhay Coug

3/30/23 10:03am

Reported income of $780k in 2019

Gustav

3/30/23 7:18am

In my opinion, it’s very easy for a dentist to commit fraud. You go in for 1

Powerbait DPM

3/30/23 7:26am

I took my daughter to a dentist last year and they told me she had 11 cavities

25mphman

3/30/23 7:40am

Its a shame that there are those who lie and taint a great profession and public

Recipefordisaster

3/31/23 10:54pm

They always seem to have some new tech that isnt covered by insurance

panacablue

3/30/23 7:49am

Unfortunately where you are in ignorance and have to rely on the expertise

Joysey

3/30/23 8:08am

You can basically add any service to your list. Plumber, electrician, appliance

kotacoug

3/30/23 9:10am

Yup. Had a plumber come out to my house today. I need a flange replaced.

Powerbait DPM

3/30/23 11:28am

Dentist told me I needed a crown (but could technically get a filling that’d be

BYU'01

3/30/23 8:29am

Implant/crown is going to cost $3500, which also has failure rates to factor in

kotacoug

3/30/23 9:07am

Understand. My data has a sample size of 1 (hardly robust). But there is a real

BYU'01

3/30/23 9:48am

Dentists are squarely on the list of people that are mostly bad (or corrupt) at

Mitty

3/30/23 10:32am

These numbers don’t really add up. If they came from bankruptcy documents I

kotacoug

3/30/23 7:38am

His wife had three, yes 3, life insurance policies. Everybody take note. If a

Sparkling Delirium

3/30/23 7:26am

I expect the kids will; he won’t for sure

RWaters

3/30/23 7:28am

I'd be more worried about total insured amount, more than number of policies

Indy Coug

3/30/23 7:38am

“Slayer rule” - contingent beneficiaries get the benefit instead of him

DizzyBanshee

3/30/23 7:46am

I understand he wouldn't get anything. I guess it seems like the insurance

Sparkling Delirium

3/30/23 8:02am

Here's when the policies would not pay out -

DizzyBanshee

3/30/23 1:34pm

Thanks. That is what I was looking for.

Sparkling Delirium

3/30/23 2:46pm

That’s interesting because I know of a situation for #2 where the insurance did pay out

Odysseus

3/30/23 3:12pm

These are generalities- each company/policy will have specific exclusions

DizzyBanshee

3/30/23 3:52pm

You should have compassion for him, he is now a widower.

panacablue

3/30/23 7:49am

ok I'll try. Nope, didn't work.

qwerew

3/30/23 3:10pm

That's not true at all, I have 3 policies on my wife and 4 on myself

therock

3/30/23 9:05am

Do they? 3-4 policies on each spouse? That doesn’t seem normal.

kotacoug

3/30/23 9:11am

Most people nowadays just have a pre written gofundme request

King of Y

3/30/23 9:20am

RE: That's not true at all, I have 3 policies on my wife and 4 on myself

Sparkling Delirium

3/30/23 9:28am

Same. We each have 4-5.

Cougstreak

3/30/23 11:04am

my wife wanted to add an extra million to my life insurance. I said no in order

qwerew

3/30/23 9:37am

They did not mention his addiction to pornography, but other articles on him

King of Y

3/30/23 8:25am

I've got an uncle like this (not killing his wife crazy...). "Successful" estate planning lawyer who gambled away

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