Dental Wealth Nation: 7 Steps to Decrees Taxes, Increase Impact, and Leave Your Lasting Legacy

By Timothy McNeely and Andrew Phillips

You Deserve To Thrive Amidst An Uncertain World!

In Dental Wealth Nation you will learn:

• The truth about investment consulting - Page 23
• How to improve your cash flow and leverage tax mitigation strategies - Page 31
• How to protect your wealth from unjust means - Page 68
• How charita

• Language: English
• Publisher: Expert Authority Effect™ Publishing
• Release date: May 16, 2023
• ISBN: 9781957699073

Timothy McNeely

Top-rated show host of Dental Wealth Nation and #1 best-selling Author, Tim McNeely is known for helping dental entrepreneurs build true wealth so they can thrive amidst an uncertain world. Tim serves as the personal CFO to a limited number of successful families helping them take even better care of the people they love, and make a meaningful impact on the world.

Book preview

by Andrew Phillips

Allow me to be transparent in revealing my personal truth and my life story, detailing the good, the bad, and the ugly. It is my sincerest prayer that my ups and downs inspire you to thrive in the midst of an uncertain world. Sit back and indulge in the adventure of my trials, turns, and triumphs.

First, I want to introduce you to Tim McNeely’s business, The LifeStone Companies, where Tim excels at helping dental entrepreneurs optimize their financial world. This book provides exceptional insight and detail in a lighthearted and easy-to-understand format. In these pages, not only will you learn what it takes to achieve true success, you’ll be equipped to take the necessary steps that will benefit everyone you care for the most and leave your thriving legacy by optimizing your financial world.

Every day in my work at The Phillips Group, I work with successful entrepreneurial dental practice owners like you, helping them make sense of their finances and eliminate their fears surrounding money so they can stay focused on their practice, which means giving their patients the best care.

In these pages, Tim takes you through multiple scenarios in the lives of characters: Dr. Virtual Family Office, Dr. Middle of Career, Dr. Exit, and Dr. Do It Yourself. Their stories will relate to your personal experiences in some way (now or in the future). Pay attention to how Tim guided them so you, too, can decrease taxes, increase impact, and leave your thriving legacy as a successful dental entrepreneur, fueling the future growth and prosperity of America.

Success, for most people, is generally measured by the attainment of money. While one’s financial status is an easy measurement, I have a feeling that success for you is much more than that and includes increasing your impact and leaving your thriving legacy to your future generations as they become the sons, husbands, fathers, daughters, wives, mothers, partners, and community members preserving everything you’ll be passing down.

The strategies of the super-rich and ultra-wealthy that are revealed in this book are the best of the best I have seen to help successful dental entrepreneurs like yourself optimize your financial world even more. I firmly believe that you will put yourself in the best possible position by implementing the strategies Tim shares.

I am very passionate about tax planning and the strategies you are about to discover in Dental Wealth Nation. To understand why, I’d like to share my personal history with you. My enthusiasm to help you optimize your financial world is a direct result of my experience, including the tragedies and the triumphs.

First off, this will not be another sob story, but I want you to know that every word comes from a heart of service. It is my sincerest intent to share deeper insights with you so that you can use them as guided inspiration throughout your journey.

It was an interesting start, to say the least . . .

I grew up in Orange County, California. My dad frequently put in long hours as a CPA, and my mom was a homemaker. Thanks to them, I enjoyed a blessed and comfortable youth. However, I was told I was a handful as a kid. Because of my exposure to a variety of environments throughout my public school years, I saw and experienced various family lifestyles. The diversity among my classmates made me realize that not all kids were as fortunate as I was. Combined with my involvement in the church, it gave me a comprehensive worldview.

My father was always eager to grow both personally and professionally throughout his CPA career. That, I believe, is a powerful asset. He was the greatest business mentor I could have wished for. My grandparents were also powerful factors in my life throughout my somewhat rebellious upbringing.

My grandfather, Lou, included me in many of his church and business activities. While my grandmothers, Beverly and Helen, helped polish off those rough edges.

Grandma Helen showed me tough love with a little smack and hug, giving me the kick in the rear I sometimes needed. Grandma Beverly took a softer approach, sitting me down and teaching me life and lessons from the Bible while we baked pies together.

Despite their stark differences, I wouldn’t have had it any other way. As a result, I’m a fantastic baker with a strong sense of duty and unwavering family loyalty. You really should try my Snickerdoodles and killer boysenberry pie!

Every year, my brother, cousins, and I gathered oranges from Grandma Beverly’s orange tree. Then we’d reach over the fence with our orange-picking poles and steal more from the neighbors!

I wasn’t always a mischievous kid though! Remember your childhood lemonade stands? My lemonade was made with the lemons from Grandma Beverly’s plentiful tree. On this side of the fence—literally, I appreciated serving something that people could enjoy.

The budding entrepreneur in me relished those wonderful days.

To this day, I am unable to pass a child’s lemonade stand without indulging. I know that many can’t say this, but I had a wonderful childhood. I recognize how fortunate I am to have a safe and enjoyable upbringing.

Whether it was stealing oranges, skipping class, or playing pranks on friends, these events shaped me into the person I am now, and I have no regrets. What my experiences also provided was the opportunity to decide what side of the fence I wanted to live on for the rest of my life.

Throughout my teen and college years, a series of unfortunate events significantly impacted me. When my parents divorced and my grandparents, Lou and Beverly, developed dementia, it helped me realize how important my family was to me.

Today, you are reading words of wisdom from my personal and business life. As much as I enjoyed those early entrepreneurial experiences, I didn’t always want to be in business for myself.

Originally, I had my eyes set on the military, where I could have a career over twenty years, get my pension, and at a young age, move on to other work—such as something in the private sector.

I specifically desired to join the Navy as a corpsman. Discovering I might be trapped in a submarine, I quickly determined I wanted none of that!

The Army, I learned, would be better suited for me, so I joined as a medic after high school. I wanted to serve people in a unique way. As a medic, I could serve my country while also aiding people, which I enjoyed.

I used to think seeing both sides of the tracks at a young age was what influenced my decision to enlist in the military. However, now I can say–after digging deeper–what really drew me in was my desire for selflessness, patriotism, and camaraderie.

My time in the church and serving in the military shaped many of the values I hold today. Unfortunately, it wasn’t long before I was unexpectedly medically discharged from a training accident and I learned something profound:

Sometimes God closes one door so that He can open a bigger and better one for our future.

Without those doors being closed, and new ones opening, I wouldn’t be where I am now.

After being medically discharged from the Army in my early twenties, I worked on ambulances, a lumberyard, and even started a dental events company. All of these experiences got me thinking:

What are the skills I’m naturally good at? 

What do I enjoy doing the most? 

How can I best utilize my skill set? 

The series of events that turned my life around…

During this same time period, my father offered me an administrative assistant job in accounting. My grandfather Lou was always encouraging me to get into the accounting field. He wanted me to follow in my father’s footsteps because he saw how well my father had done for the family and himself. My father taught me a lot about business and money, which is another reason why I stayed.

Assisting my father’s clients struck me as an excellent way to help others. His was a solid company that served as a vehicle to simultaneously help people in business at an honest price while making good money in return.

Little did I know that the job opportunity provided by my father would be one of the stepping stones that would lead me to where I am today. As my time with the company (and my father) progressed, I came to deeply know that success is not just a finesse of business skills; it’s a finesse of people skills. I realized I didn’t need to be a CPA like my father; instead, I could help people another way.

I spent many years refining my skills. Today, I am grateful to spend my days doing what I love—building and nurturing relationships, then leveraging those relationships to develop new business. I have my father to thank for this strong foundational model because I watched him grow one of the largest, most well-respected powerhouse dental CPA firms in California from the ground up.

What I learned from my father helped me strengthen my identity and establish the three core pillars on which my company now operates. My father’s legacy has since been passed down through the generations. Those core pillars are on my desk, and I think about them frequently as I further develop my business.

Few professionals get to say they actually enjoy what they do.

I can proudly and happily share that helping people is my passion.

I love hearing the success stories of passion and drive from our clients. It’s so rewarding to serve them while providing a fulfilling life for my family. It’s a win-win for everyone because this is what my wife and I love doing every day.

Credentials are important when looking for the right partners to help you expand and maximize your business, but don’t you want to know what kind of person they are? After all, you can’t trust just anyone! Don’t you want to know who you’ll be working with as you navigate and plan major life decisions? In today’s virtual everything society, it’s crucial to find a person who is personable and integrous. Something that my team and I look for—as Tim describes—is the human element. What value does the company place on our relationship?

We actively seek to partner with wholesome businesses. The desire to assist others stems not only from my own experiences but also from who and what I aspire to be. I’m excited to be a part of this impactful book and to help you optimize your financial world past what you can even dream of. Tim’s business is wholesome.

What excites me most about my profession is helping people achieve success. Everyone’s success manifests differently and to different degrees. Watching the progress and journey of each person’s story is uplifting and deeply affirms that I’m in the right business.

I have a dedicated team in place that can get the results our clients desire. We go above and beyond what the majority of professionals out there are doing. How do we do that? It comes back down to our three core pillars I eluded to earlier:

We Are Innovative.

We Are Compassionate.

We Are Client-Focused.

The dedication to each of the pillars separately is what makes us stand above the rest in our ability to serve our clients. This is one of the reasons I believe Tim chose me to write this foreword for you.

I’ve experienced the lows of being medically discharged, to the highs of finding my purpose of serving others through relationship-building in the financial world. During the expansive season while working for my father, the benefits I received were life-changing. That season is also when I met my wife, Laura. It took a few attempts to persuade her I was the one, but we eventually started dating and after some time got engaged. I’m excited to say that we’ve been happily married since 2014.

Just when you think it’s going well . . .

When life is going well, it’s easy to go into auto-pilot mode. But it’s during these times we often don’t appreciate those who have had a significant impact on our decisions. Those who have brought us to where we are today. I can name one person in particular who positively impacted me from the start: my dear friend and cousin, Harrison. He was an active and happy kid who lived life fearlessly and fully.

Unfortunately, Harrison died too young after a motorcycle accident in 2017. His charm, passion, and resolve to live without fear lives on in many of the people he knew and influenced. He left a legacy that will live on in people’s hearts forever. We both enjoyed riding motorcycles. He inspired me to never give up on what I love because of the energy and attitude he left behind. So I’m still riding. That’s what he’d want.

Who is the person who has inspired you? Who has modeled for you living your life with passion?

Why is right now the best time in history to optimize?

I worked for my father for about eleven years before Laura and I folded his company’s assets into The Phillips Group. Here, I get to feature one of my skill sets: connecting with my clients. Connection is essential to all relationships–business, spouse, children, and friends.

My connection with my team is just as important as my connection with my client. Starbucks, for example, could not have existed without what they call their partners. Success leaves clues. Why repeat their errors if we can learn from them what didn’t work?

I have found other successful entrepreneurs to be some of my best teachers and role models. Authors, show hosts, and industry thought leaders provide valuable insight and demand for their products to serve their clients at the highest level.

We serve our clients in various ways, but our primary focus is on Full-Service Accounting, Tax Planning & Preparation, and Practice Management Consulting.

Full-Service Accounting

Not only do we balance your books and reconcile your accounts, but we do your accounting and track your expenses as a percentage of your overhead. We use those figures to benchmark your practice against your competitors and to provide you with a comprehensive, visually-appealing, and easy-to-read packet of financial statements each month.

Tax Planning & Preparation