History, Mission and Future of the
The year 2014 marks a significant step in the evolution of the Professional Advisory and gives us a moment to pause and reflect on our history.
On October 27, 2000, seven independent, well-established, passionate and experienced professionals primarily serving oral healthcare practitioners met to share our common vision. Each of us saw a critical need to enhance our own understanding of other members’ areas of expertise. We also wanted to educate dentists who did not have the benefit of a network of advisors by providing contacts to whom they could turn for professional expertise. This group included chartered accountant David Chong Yen, certified financial planner Barry McNulty, realty lease consultant Ian D. Toms, lawyer Barry Spiegel, practice consultant Dr. Ron Weintraub, dental practice broker Graham Tuck, and insurance broker Dr. Ian Wexler.
Based on that initial meeting, a group was formed which collectively agreed to:
- keep other members advised of current developments within each of our professions,
- communicate our expertise with dentists, frequently and in an easy-to- understand, accessible manner,
- offer our advice solely with a view to educating healthcare providers, and without an expectation of business in return,
- remain financially independent of each other, with no expectation or obligation between any of us, ensuring that we remain associated only by our keen interest in providing our own clients with the best independent advice, and
- maintain a professional, honest and unbiased perspective by covering our publication and meeting expenses ourselves, and not accepting financial compensation such as subscription fees or sponsorships.
To fulfill this mandate, we decided to call the group the “Professional Advisory”. We developed our mission statement, set out at the beginning of each of our publications:
“The Professional Advisory consists of a group of seven independent professionals who provide services to the dental profession, each of whom specializes in a different field. They have gathered to keep each other informed of the latest developments relating to the profession, and to produce this publication which is designed to provide expert information and advice solely for dentists and their advisors.”
We committed to write short articles to be brought together in a magazine published five times annually, designed by a first-class creative consultant, printed on high quality paper, and distributed through Oral Health.
Our mission has been fulfilled now each year for the past 13 years, during which time the Professional Advisory has published 62 volumes distributed to approximately 7,000 Ontario dentists. In other words, 7,000 dentists have each received 62 volumes containing six or seven separate articles in each volume, equating to over 3,000,000 education opportunities.
The value of this educational endeavour to each of the Professional Advisory members, to our clients, and to the readership has been incalculable.
As time has changed, so has the Professional Advisory.
- David Rosenthal assumed leadership of Spiegel Rosenthal, and now reports on legal matters to our readership and to the other Professional Advisory members.
- Mark McNulty has assumed leadership of the McNulty Group and now reports on financial planning and transition matters to our readership and to the other Professional Advisory members.
- David Lind has assumed leadership of Professional Practice Sales and now reports on practice valuation and brokerage matters to our readership and to the other Professional Advisory members.
- We dearly miss Dr. Ian Wexler but are encouraged by the knowledge that many dentists will continue to read and profit from his legacy of over sixty thoughtful articles for many years to come.
- Dr. Ralph Crawford joined the Professional Advisory as editor, consistently organizing each issue so that the articles were presented to the highest standards.
- The look, layout and readability of the Professional Advisory has also evolved through coaching by a University of Toronto writing professor, along with layout changes and the addition of appropriate photographs.
But most importantly, the Professional Advisory members and readers have been better equipped to provide high-quality professional services thanks to the knowledge published and shared through the Professional Advisory.
Looking back over the past thirteen years, the Professional Advisory has considered subjects as diverse and relevant, as:
- how dentists may incorporate their dental practice through the use of professional corporations and include their family members as shareholders
- what legal issues to consider when buying or selling a dental practice
- understanding value drivers in a dental practice
- how to properly evaluate, market and sell your practice
- changes in the premises leasing industry including rental rates
- how the premises lease affects your practice
- how to administer your position as a tenant
- how to successfully transition your practice to a new owner
- how changes in HST affect your practice
- practice transition planning and administration
- investment planning and administration
- personal and corporate tax planning and management
- when is the right time to sell your practice
- death and disability insurance advantages and disadvantages, and appropriate coverage
- evaluating practice performance to improve clinical outcomes
- internet information technology revolution and it’s impact on a contemporary office
- the delivery of dental services by a team compared to a sole provider
- the stock market crash of 2008 and the impact on retirement plans and dentistry as a whole
- new ideas for tax efficient investment income.
Consistent with our Mission Statement, and in order to advance our educational mandate, as of January 1, 2014 the Professional Advisory has implemented an on-line presence through our own website (www.professionaladvisory.ca) and with Oral Health by:
- providing an electronic copy of each Professional Advisory publication, in addition to the paper copies circulated to Ontario dentists; and
- providing an archival library of all previous volumes, to be available without charge to Ontario dentists and their own professional advisors.
The Professional Advisory looks forward to continuing the tradition — educating ourselves and the dental profession – and sharing our advice, knowledge and experience for many years to come.
Warmest regards, Ian D. Toms, David Lind, Mark McNulty, David Rosenthal, David Chong Yen, and Ron Weintraub.