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The Transition Coach: A Dentist's Guide to Financial Independence

by Barry R. McNulty CFP, CIM, FMA, FCSI

150 pages; quality trade paperback (softcover); catalogue #04-1391; ISBN 1-4120-3563-5; US$31.60, C$39.95, EUR26.00, £18.02

In this book, Barry McNulty uses the experience he gained working with dentists for over twenty years to address the unique challenges that dentists face when working towards their financial security.

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about the book      about the author      excerpts      catalogue info

About the Book In the course of your lifetime you'll go through many types of transitions. They're a fact of life. Some happen naturally, such as the progression from childhood to adolescence to adulthood. Others require decision-making and appropriate follow through. When it comes to your dental practice, taking the time and necessary steps to plan for your transition is vitally important. It's not something to leave to chance. Think of it this way. Imagine taking a long drive to a remote location that you've never been to before. Would you load the family into the car one beautiful morning and start out without any preparation? Not likely. Nor would you want to leave without being sure of such vital facts as the condition of your car or being able to get sufficient fuel and food along the way. When it comes to making this type of journey being properly prepared makes sense, doesn't it?

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About the Author Barry R. McNulty is a financial planner and wealth manager who has specialised in providing financial and transition planning advice to dentists for over 20 years. By understanding and addressing the integrated planning needs of both the client's practice and personal affairs he and his staff are able to help their clients strategically focus their resources on their most important goals. As a result clients typically have more control over their financial lives, pay less tax and build the necessary wealth that allows them to enjoy a relative level of financial security and accomplish a smooth and effective transition. Barry was among the first Canadians to qualify for the REP designation, which is awarded by the Canadian Association of Financial Planners (the associations name was recently changed to Advocis) under rigorous qualification criteria. He is also a Certified Financial Planner, a Certified Investment Manager, an accredited Financial Management Advisor and a Fellow Of The Canadian Securities Institute. He has been very active in the CAFP (Canadian Association of Financial Planners) where he has served on both the Ontario and National Board of Directors. He has served on the advisory board to a Canadian Univeristy on their financial planning curriculum and co-authored a book published by Thompson Publications entitled Guide to Personal Financial Planning. This book has been used by the CAFP as a professional standard for the financial planning field. Barry has over 30 years of experience in the financial services field at a senior level including positions such as Vice President of a major US Bank Affiliate, Vice President of a Full Service Investment Firm, and President of a Leasing Company. Barry has published hundreds of articles and booklets on financial and practice issues for dentists aand has lectured extensively on these topics. This includes a full day workshop series for the Canadian Dental Association entitled "Surviving and Thriving in the Nineties" which was delivered across Canada and a series of seminars sponsored by the Bank of Nova Scotia delivered throughout Ontario entitled "A New Look at Finacial Planning for You and Your Practice". Finally Barry has just completed a book entitled The Transition Coach, A Dentist's Guide to Financial Independence which will be available later this spring.

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Excerpts

Eveyone's transition preferences are individual, but for most people financial considerations influence decision-making. After all, money is more than just a medium of exchange in our society. Human beings tend to be concerned with "status", and money (or the lack of it) has a strong influence on one's place in society. If you're financially successful, your friends, colleagues, neighbours, and family are more likely to admire and respect you.

Financial success even has a strong influence on how you view yourself. Without sufficient money you may not have the freedom to live your life to what you might describe as the "fullest". Financial stress is difficult to bear. It can affect your health, your relationships, and even your ability to provide security for yourself and your family from life's random challenges. Of course it's important to keep in mind that money is relative. What's sufficient for you may not be for another person.

It's also important to remember that transitions come in many forms with multiple variations. Some people plan on selling their practice and retiring to their idea of the good life, without even looking back. Others prefer the idea of a staged transition where they sell part of their practice, allowing them to slow down but at the same time continue to enjoy the benefits of ownership. Still others choose to sell out, but do so with the proviso that they can continue to associate for a specified period of time. Six months or one year is common when the purpose is to facilitate the transfer of patient goodwill to the buyer, but other associate arrangements may involve a much longer period of time.

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Catalogue Information

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