Dr. Andrew Shannon’s take on leasing dental equipment

Dr. Andrew Shannon of Vancouver, BC recently sat down with us to discuss the benefits of leasing dental equipment.

With 26 years of experience running a dental office and leading the Canadian field in cosmetic dentistry, he understands the dos and don’ts of operating a successful practice. Here is what he had to say:

Q: Dr. Shannon, you've been a customer of CWB National Leasing since 1999 and have leased everything from dental chairs and drills to filing cabinets and computers. Why did you start leasing equipment for your practice?

A: I leased as a new practitioner because I was able to manage cash flow plus utilize the tax benefits. 

Q: Yes, there are several advantages to leasing dental equipment, one being the fact you can potentially write off your lease payments as a business operating expense. How much do you think this has saved your practice over the years?

A: I’d have to check with my accountant for the exact number, but I could easily say leasing over my 26 years of practice has saved me thousands of dollars. The biggest thing is how it helped me manage my cash flow.

 

 

Q: That’s great to hear. At CWB National Leasing we really try to offer sound financial advice to ensure you have enough cash in reserve to manage unexpected costs or grow your business in other ways. What’s it like working with your Account Manager?

A: It is as simple as I give my Account Manager a call and let Natioanl Leasing know what I need. Within a very brief time they get back to me saying I’m approved. How much easier does it get? I have a fabulous team at CWB National Leasing. They set up my payments exactly how I like them. I don’t even have to think about it.

Q: So, what happens when the latest, greatest gadget comes on the market to help keep our pearly whites gleaming?

A: You know I don’t immediately lease the latest equipment. I always try to assess what will be the real impact on my patients and make a judgment call from there. But again, this is another great reason to lease because equipment depreciates, so even when I do replace equipment, I’m not taking a huge loss on what would have been the cost to buy it in the first place.

Q: One last question: what is the #1 piece of advice you would give to a new dentist on starting up the business side of a practice?

A: Sit down with your accountant to see the best way for you to handle any big office purchases. They best know your cash flow and how to take advantage of the tax savings.