Private Practices in Maine

Are you a licensed professional such as a dentist, attorney, chiropractor, veterinarian, or eye doctor who is working to build an independent practice? Did you spend years in school only to find yourself unprepared for the business of your practice? This podcast can help fill the gaps. Hosted by Michael Malloy, an experienced business lawyer and entrepreneur who has assisted hundreds of Maine private practices, we have thoughtful conversations and provide actionable information for Maine’s independent professionals. Each episode discusses how to build a thriving business for your practice so you can get past the anxiety and get on with your legacy.

016: An Insider's Guide to Title Searches with Brendan T. Barry 11/29/2023

016: An Insider's Guide to Title Searches with Brendan T. Barry Title searches are a crucial part of a property transaction. For title insurance to be issued, the property's history must be known, which is where a title search comes into play. On this episode of Private Practices in Maine, Michael welcomes Brendan Barry, associate attorney at The Malloy Firm, back to the show to continue their discussion on real estate transactions. This time, they’re breaking down title searches and how they impact the ability to obtain title insurance. Michael and Brendan begin their discussion by explaining what a title search is and how to perform them. Once a title search is complete and the property's history is evident, Michael and Brendan explain how that relates to title insurance and the issuance of a policy. You will also hear what it means to have a marketable title, the curious property descriptions you may find in New England, and what land surveys can tell you about a property’s boundaries. Knowledge is power, and Michael and Brendan want to put more power in your pocket as they outline more steps in the property transaction process. In this episode, you will hear: What a title search is and the steps attorneys take to conduct a title search The skill and professionalism required to decipher the large amount of information a title search will provide The information included in a summary following a title search, which is used to prepare a title insurance commitment Marketable title, what it means, and who decides what a marketable title is How land boundaries are described in the Registry of Deeds and the ways in which those are used for title examination and insurance When land surveys are conducted and who requests them The conversation to have with your lender to get a title search completed earlier in the process of purchasing a property Maine title standards and how they impact marketability Resources from this Episode: Website - Phone - (207) 333-6700 Follow and Review: We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on . Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. Episode Credits: If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at Let them know we sent you. /episode/index/show/d9e78235-0949-458c-bb29-d9e3b13864e0/id/28828198

015: Mastering Real Estate Title with Brendan Barry 11/22/2023

015: Mastering Real Estate Title with Brendan Barry Reviewing the title is one of the biggest items in closing a real estate deal. There are many types of deeds, and understanding the ins and outs of the one that applies to your situation is critical. On this episode of Private Practices in Maine, Michael welcomes attorney Brendan Barry back to the show to continue their discussion surrounding real estate title and how they impact the purchase of a business. Brendan is an associate attorney on staff at The Malloy Firm and has a particular interest in real estate law, particularly title. He helps Michael break down the intricacies surrounding real estate titles. To begin their conversation, Brendan defines basic real estate terminology, such as what a deed is and the different types of deeds. You will hear how attorneys trace title transfers, how long they are required to trace the title in the state of Maine, and what it means to have a warranty deed. Finally, Michael and Brendan explain the six promises a warranty deed makes and what they do for buyers and sellers. Real estate transactions can be tricky, especially when purchasing a business, and Michael and Brendan are making real estate title easier to understand and execute. In this episode, you will hear: The definition of a property deed and how it acts as an instrument of conveyance What the Registry of Deeds is, and how it impacts the buying and selling of real estate The ability to trace every transaction on a property and why it is not necessary today in Maine Maine’s requirement to trace property transfers back 40 years until a warranty deed is discovered The purpose of a warranty deed and the six promises it makes Other types of deeds and how they affect the transference of properties The benefit of a warranty deed when buying or selling a property Resources from this Episode Website - Phone - (207) 333-6700 Follow and Review: We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on . Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at Let them know we sent you. /episode/index/show/d9e78235-0949-458c-bb29-d9e3b13864e0/id/28747058

014: Decoding Title Insurance with Brendan T. Barry 11/15/2023

014: Decoding Title Insurance with Brendan T. Barry While title insurance may seem like a small component in a real estate transaction, it is one of the most important pieces of the real estate transaction puzzle. It protects the policy holder even after the sale is completed if issues arise. On this episode of Private Practices in Maine, Michael introduces us to Brendan Barry, the newest associate attorney on staff at The Malloy Firm. Brendan began his tenure at The Malloy Firm as a summer intern and continued to work through his third year of law school as a paralegal. He recently became a fully licensed Maine attorney and is particularly interested in real estate law. Michael and Brendan begin their conversation with Brendan’s decision to become an attorney and his interest in real estate. Many properties in Maine have been handed down through the generations, making it a unique place to practice real estate law. You will hear about selling property and transferring land and why title insurance is essential. They also explain what title insurance protects, who issues title insurance, and how often you pay the premiums for it. Purchasing a property, whether residential or commercial, can be tricky. One way to avoid future hiccups is to ensure you have the proper insurance. To learn more about how title insurance is beneficial during a real estate transaction, tune in for this informative conversation with Brendan Barry. In this episode, you will hear: An introduction to Brendan Barry, the newest attorney at The Malloy Firm. What drew Brendan to business law versus becoming a litigator and his family’s involvement in owning a business The process of selling and transferring land and the importance of title insurance in that process An explanation of title insurance’s role in the buying and selling transaction Why properties that are handed down generationally through families often do not have title insurance Who originates title insurance policies and The Malloy Firm’s role as a licensed agent of the insurance carrier The benefits a title insurance policy can provide to an owner if a claim is filed and examples of circumstances that might prompt an owner to file a claim How often title insurance premiums are paid, how the insurance company evaluates risk, and what exceptions to the policy they can put into place Resources from this Episode Website - Phone - (207) 333-6700 Follow and Review: We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on . Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at Let them know we sent you. /episode/index/show/d9e78235-0949-458c-bb29-d9e3b13864e0/id/28640078

013: The Power of Emotions with Dr. Tarryn MacCarthy 09/06/2023

013: The Power of Emotions with Dr. Tarryn MacCarthy Emotions play a much more significant role in our success than we sometimes believe. Professional practitioners can be particularly egregious when acknowledging and handling their feelings. Instead, they place their noses to the grindstone and continue pushing ahead while stifling any negative emotions that may crop up. In this episode of Private Practices in Maine, Dr. Tarryn MacCarthy will explain why stifling your emotions instead of dealing with them is the wrong approach. Allowing yourself to feel your feelings can propel you to success while giving you the gift of being fully present in your personal and professional lives. In her conversation with Michael, Dr. MacCarthy offers tips for acknowledging your emotions, why professionals often struggle with their feelings and imposter syndrome, and how to take radical personal responsibility for your feelings. Dr. Tarryn MacCarthy is an orthodontist and co-owner of MBrace Orthodontics in Falmouth, Maine. She is also the podcast host of The Business of Happiness and the founder of The Business of Happiness Transformational Mindset Coaching. As an immigrant, a practice owner, and a professional, Dr. MacCarthy felt something was missing in her pursuit of happiness. She went on a personal journey to figure out what was wrong and discovered that it all came back to how she dealt with her emotions. Ultimately, it led to the founding of The Business of Happiness, which teaches other professionals how to find happiness and balance as she did. Finding yourself struggling with unhappiness after working tirelessly to achieve success can be overwhelming, and Dr. MacCarthy’s advice for taming the fight-or-flight response makes this a must-listen episode. In this episode, you will hear: Dr. Tarryn MacCarthy’s move at 12 years old from South Africa to the United States and the impact her immigration had on her success The missing component in her pursuit of a dentistry career and how that led her to purchase a practice How Dr. MacCarthy discovered what really mattered to her after a downward spiral into a fight-or-flight state Her realization that she did not choose the life she was living and why the disconnect comes from not living in alignment with your own values What radical personal responsibility is, the impact it can have on a professional career, and how Dr. MacCarthy defines happiness Why knowing yourself well can help decrease your stress levels Dissociation, aggression, and control’s roles in coping with what’s happening in your life Feeling the full spectrum of emotions to find happiness and processing them in a safe space Why you must take responsibility for your own feelings and how meditation can help Setting a meditation routine and habits to incorporate it into your day Everyone is in their own heads--just like you are--and chaos can feel like safety Dr. MacCarthy’s program, Radical Happiness for Practitioners, and how it can help professionals calm their nervous systems down Resources from this Episode Dr. Tarryn MacCarthy’s website - Find Tarryn on Instagram - Connect with Tarryn on Facebook - Find Tarryn on LinkedIn - Website - Phone - (207) 333-6700 Follow and Review: We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on . Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at Let them know we sent you. /episode/index/show/d9e78235-0949-458c-bb29-d9e3b13864e0/id/27947226

012: Intricacies of Private Practice Financing with Rob Westhoven (Part 2) 08/30/2023

012: Intricacies of Private Practice Financing with Rob Westhoven (Part 2) Borrowing money from a community-based bank has distinct advantages over large corporate banks, including looking at the whole person--not just who they are on paper. In this episode of Private Practices in Maine, Michael welcomes back Rob Westhoven of Androscoggin Bank for part two of their discussion on private practice financing. Rob is an expert in commercial financing, and his expertise brought private practice lending to Androscoggin Bank. As a Senior Vice President and Director of Dental Banking, Rob understands the intricacies of private practice financing. Michael and Rob’s conversation covers why other banks have difficulty replicating Androscoggin Bank’s lending practices, the role of “collateral risk” in lending to small private practice owners, problems you may face when using Small Business Association (SBA) loans, and the issues that can arise in medical practice lending while preserving innovation and community assets. You will not want to miss Michael and Rob’s final thoughts on private practice lending in a community environment. In this episode, you will hear: The three types of lending institutions and how they differ Why borrowing money from banks to purchase professional practices can be difficult and how banks approach the healthcare industry How Androscoggin Bank k sets itself apart from other banks and why other banks have a difficult time replicating the Androscoggin Bank private practice lending process The first step in understanding the risk of lending to a private practice professional Allowing for “collateral risk” that may be present with a small private practice owner is dependent on the person you’re dealing with Problems that can arise with a Small Business Association (SBA) loan versus a loan with a community-based bank Rob’s experience as a commercial finance specialist and how his expertise convinced the president of Androscoggin Bank to set up a dental lending program in their community Overcoming problems in private practice lending while preserving community assets and innovation Resources from this Episode Connect with Rob Westhoven on LinkedIn - Androscoggin Bank - Website - Phone - (207) 333-6700 Follow and Review: We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on . Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at Let them know we sent you. /episode/index/show/d9e78235-0949-458c-bb29-d9e3b13864e0/id/27866085

011: Intricacies of Private Financing with Rob Westhoven (Part 1) 08/23/2023

011: Intricacies of Private Financing with Rob Westhoven (Part 1) A dream that many newly licensed professionals share as they enter the marketplace is starting their own business. While that goal is clear, it is often unclear how to make it a reality. In this episode of Private Practices in Maine, Michael welcomes guest Rob Westhoven, a Senior Vice President and Director of Dental Banking at Androscoggin Bank. As Director of Dental Banking, Rob specializes in helping professionals fund their practice dreams. With Rob’s extensive knowledge of lending, together they remove some of the mystery from obtaining a professional practice loan in part one of this series. They discuss what a savvy loan officer should understand about their institution and how it impacts the client, the five Cs of credit, and why lenders typically like to see a borrower that has experience before they purchase a practice. Making your dream of owning a practice should not be mysterious, and with Michael and Rob’s expertise, you will walk away from this episode more informed and prepared for a practice loan. In this episode, you will hear: Rob Westhoven’s path to settling in Maine with his family and how he ultimately landed at Androscoggin Bank as a senior vice president His decision to transition from loan officer to credit analyst and the differences between the two roles Why it is important for a loan officer to understand the priorities and requirements of their institution How Rob became interested in private practice lending and what makes it different from other industries The five Cs of credit Rob’s lending approach for new professionals who want to borrow money to start or purchase a practice Why a borrower should have clinical experience before purchasing a healthcare practice and how lenders assess relationships between buyers and sellers The investment professionals make in their careers and how that dedication and character help create business relationships Resources from this Episode Connect with Rob Westhoven on LinkedIn - Androscoggin Bank - Website - Phone - (207) 333-6700 Follow and Review: We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on . Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at Let them know we sent you. /episode/index/show/d9e78235-0949-458c-bb29-d9e3b13864e0/id/27799521

010: The Hidden Impacts of Non-Compete Agreements (Part 3) 08/16/2023

010: The Hidden Impacts of Non-Compete Agreements (Part 3) Companies like to use non-compete agreements to protect their interests, but what if an alternative type of agreement is a better fit? Non-compete agreements are often too restrictive, reducing someone’s ability to create an income in a specific geographic area or for a particular period of time. In a rural state like Maine, every single professional is needed, and non-compete agreements can get in the way of attracting or retaining these professionals, impacting access to care for local residents. In this episode of Private Practices in Maine, Michael continues to explore the laws surrounding non-compete covenants and why a non-solicitation or confidentiality covenant may adequately serve a business’s purposes. In this final installment on the hidden impacts of non-compete agreements, the focus shifts toward the existing, new, and proposed legislation in Maine pertaining to non-compete agreements. He explains why barring non-compete agreements does not ban confidentiality agreements, and highlights the crucial considerations employers should bear in mind concerning these agreements. Don’t miss this in-depth episode on the non-competes laws in Maine and the questions you should ask yourself before you ask an employee to sign one. In this episode, you will hear: How a non-solicitation covenant differs from a non-compete covenant The purpose of a confidentiality agreement and what it could apply to in a business Why a bar on non-compete agreements does not bar confidentiality agreements What a trade secret is and the law surrounding it and what Maine’s Uniform Trade Secrets Act does Maine’s definition of a non-compete agreement in the context of an employer-employee relationship and why that could be impacted by nondisclosure or confidentiality agreements What Maine’s minimum compensation threshold means as it relates to non-compete agreements Why some non-competes remain enforceable in Maine How a new law will affect veterinarians and corporate interests’ effects on veterinary medicine in Maine The profession that can’t be subjected to non-compete agreements--lawyers--and why that is A Maine proposed bill that would prohibit non-compete clauses altogether with a few exceptions The questions you should ask yourself before you ask an employee to sign a non-compete agreement Resources from this Episode Website - malloyfirmmaine.com Phone - (207) 333-6700 2023 HHS Poverty level - Maine Legislature Non-Compete Clause Rules: Follow and Review: We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on . Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at Let them know we sent you. /episode/index/show/d9e78235-0949-458c-bb29-d9e3b13864e0/id/27763200

009: The Hidden Impacts of Non-Compete Agreements (Part 2) 08/09/2023

009: The Hidden Impacts of Non-Compete Agreements (Part 2) Non-compete agreements are commonplace in the corporate world but also prevalent in professional practices such as dental offices and medical practices. A proposed bill, known as The Workforce Mobility Act of 2023, currently before Congress seeks to eliminate non-compete agreements nationwide. However, in the midst of a divided Congress, Presidents are turning to their administrative agencies as a way to achieve results without congressional involvement. In this episode of Private Practices of Maine, Michael continues his exploration of non-compete agreements and how they impact professional services. This time, the spotlight turns to The Federal Trade Commission (FTC) and its proposed regulation on non-compete agreements. Michael provides insights into the potential timeline for the rule’s implementation and the steps business owners can take to navigate it. Additionally, he also discusses how the FTC plays a large part in the implementation of executive orders. Finally, Michael provides a comprehensive breakdown of the FTC’s definition of a non-compete clause, what is included in it, and the definition of a worker as it relates to a non-compete clause. He also explains the gaps in existing rules and how that affects existing post-closing employment agreements. In this episode, you will hear: The difference between the FTC’s and Congress’s proposed rules on non-compete agreements. The role of federal agencies as rulemaking authorities and how presidents are using them to get things done without sending changes through Congress for approval President Biden’s order to the FTC in July 2021 related to non-compete clauses The FTC’s definition of a non-compete clause, what is included, and the definition of a worker as it relates to a non-compete clause What happens when an employer rescinds a non-compete clause The gaps in the current rules and regulations and how that impacts post-closing employment agreements A former commissioner’s dissent to this rule When the proposed new non-compete regulation would take place and why it is a political process that will likely be an election year issue What business owners can do to address this issue on a practical level Resources from this Episode Federal Non-Compete Clause Rules: Maine Legislature Non-Compete Clause Rules: P.L. Chapter 118 - Website - Phone - (207) 333-6700 Follow and Review: We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on . Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at Let them know we sent you. /episode/index/show/d9e78235-0949-458c-bb29-d9e3b13864e0/id/27683283

008: The Hidden Impacts of Non-Compete Agreements (Part 1) 08/02/2023

008: The Hidden Impacts of Non-Compete Agreements (Part 1) Non-compete agreements can have some intimidating language. Understanding what is actually enforceable is an important step toward neutralizing these fears surrounding your business or your employment. A proposed bill in the U.S. Senate, the Workforce Mobility Act of 2023, would ban non-competes around the nation with limited exceptions. When considering non-compete agreements, you may believe they only apply to executives or high-paying, white-collar professions. But, in fact, they can apply to low-wage workers as well--workers who may not be able to attain another position of the same caliber due to non-compete agreements. In part one of this three-part series of Private Practices in Maine, Michael explores the challenges of issuing non-compete agreements and why they may impede the free market. He examines arguments that propose non-disclosure agreements as a viable replacement for non-competes when it comes to protecting trade secrets or intellectual property. You won’t want to miss this episode covering the ins and outs of non-competes to understand how the bill pending in the Senate could affect your business. In this episode, you will hear: What non-compete agreements are, and why you need to understand how they can impact you The intimidating legal language of non-compete covenants, why they invoke fear, and how you can reset your expectations about them A pending bill in the U.S. Senate called the Workforce Mobility Act of 2023, the supporting arguments made by Senators in favor of the bill and its proposed new rules Why many non-compete agreements are not enforceable, and arguments on how non-compete agreements can restrict the free market How non-disclosure agreements may make non-compete agreements unnecessary in the effort to protect trade secrets How non-compete agreements can impact a community’s access to services. Resources from this Episode Website - Phone - (207) 333-6700 Senate Bill S.220 - FTC Non-Compete Clause Rule - Follow and Review: We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on . Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at Let them know we sent you. /episode/index/show/d9e78235-0949-458c-bb29-d9e3b13864e0/id/27630033

007: Importance of Due Diligence in Closing a Sales Transaction 07/26/2023

007: Importance of Due Diligence in Closing a Sales Transaction If you are planning to buy or sell a business--or it could happen sometime in the future--do not underestimate the importance of due diligence. One of the most common pain points buyers run into when purchasing a property is a lack of due diligence on the seller’s part. With the proper preparation beforehand, you can create a much smoother transaction for both parties. Furthermore, understanding the bank’s position in the acquisition can help you identify what needs to be done before involving the bank or the buyer’s counsel. In this episode of Private Practices in Maine, Michael outlines what you need to know before buying or selling a business. He explains when a bank should get involved, when you will need to bring in your attorney, and how doing your due diligence can save you a lot of time and money. While you may believe you have a good grasp on what should be done before a business sale, Michael reveals the critical steps many people miss. In this episode, you will hear: One of the most common pain points when acquiring a practice or other types of business assets Why a seller’s due diligence can smooth the transaction process, and when a bank and the buyer’s counsel get involved The process of underwriting a business acquisition loan and the role of the commitment letter The bank’s position in the acquisition, what the law of secured transactions is, and how collateral is guaranteed for the mortgage Some steps to take to ensure the title on the property that is being sold is clear Red flags that may occur during the acquisition of a property, including taxes and liens Why sellers need to be proactive in this process and why they need to put their business under scrutiny to understand the state of the business and its assets Resources from this Episode Website - Phone - (207) 333-6700 Follow and Review: We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on . Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at Let them know we sent you. /episode/index/show/d9e78235-0949-458c-bb29-d9e3b13864e0/id/27560874

006: The Power of Connections with Michael Royer, MST, CPA 07/19/2023

006: The Power of Connections with Michael Royer, MST, CPA If you’re exploring the idea of entrepreneurship, never underestimate the power of relationships. We all understand how making the right connections at the right time can lead to opportunities we didn’t envision. When you’re considering starting a small business, these connections become even more important--offering strategic alliances that can create greater success than you imagined. In this episode of Private Practices in Maine, Michael interviews guest Michael Royer, MST, CPA. Michael moved to Maine from Texas 35 years ago to pursue entrepreneurship, leaving behind a position at a Fortune 100 company. Today, he is President of Royer Advisors & Accountants, a CPA firm in southern Maine that specializes in dental practices. Together, they discuss the initial struggles and challenges of owning your own practice, and what it takes to overcome those hard times. Relationships matter, and they emphasize the importance of investing in and building strong relationships with your team, clients, and network. They can change your future if you’re willing to recognize their influence. In this episode, you will hear: The pivotal moment that caused Michael Royer to become an entrepreneur and the struggles he endured as he tried to get his business off the ground The power and value of strong connections with clients and business partners and how it impacts the ability of a business to provide comprehensive services The process and significance of rebranding a business, including insights on the behind-the-scenes decisions that are involved. His foray into the dental industry and what led him to it Why it's important to have a team you can trust and rely on Resources from this Episode Website - Phone - (207) 333-6700 Follow and Review: We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on . Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at Let them know we sent you. /episode/index/show/d9e78235-0949-458c-bb29-d9e3b13864e0/id/27501978

005: Empowering Maine Dental Professionals: A Partnership in Advocacy with the Maine Dental Association 07/12/2023

005: Empowering Maine Dental Professionals: A Partnership in Advocacy with the Maine Dental Association What does it mean to be a part of a self-regulating profession? Why do people volunteer to participate in professional boards without pay? In this episode of Private Practices in Maine, Michael answers some of those questions and more. He interviews Therese Cahill, Executive Director of the Maine Dental Association. Therese’s varied background in education and healthcare helped prepare her for the position she holds today, and she’s passionate about bringing more dental care options into Maine. You’ll hear how legislation at the state level can impact dentistry even though the profession wasn’t the target. Therese explains why it can be difficult to convince dentists to move into rural Maine and why it has so much to offer, and she shares that if you’re passionate about something and want to create change, you have to be willing to put your time and money where your mouth is. Therese’s passion and enthusiasm for her industry are infectious, and you won’t want to miss her insights into the role of professional boards. In this episode, you will hear: Therese Cahill’s career background and how it prepared her to become the Director of the Maine Dental Association Why she developed such a great respect for dental professionals, and how her experience reshaped how she felt about dentistry Who serves on the Maine Dental Association board, and how much time the board members devote to their responsibilities How the desire to give back motivates the board members to take on additional responsibility as well as promote the field The bills in the Maine legislature that will have the greatest impact on the profession and why legislators aren’t always aware of the effects on the dental profession What the legislative advocacy committee does, and how you can get involved The MDA’s efforts to attract dentists to rural practices and Maine The holdups people have about living in rural Maine and why Maine has so much to offer them than they may realize Resources from this Episode Website - Phone - (207) 333-6700 Follow and Review: We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on . Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at Let them know we sent you. /episode/index/show/d9e78235-0949-458c-bb29-d9e3b13864e0/id/27365259

004: Understanding Letters of Intent 06/28/2023

004: Understanding Letters of Intent Letters of intent are an important part of acquiring a business, but if you don’t understand their purpose, it can leave you open to legal issues in the future. A letter of intent is a guiding document for the deal, and once it’s signed, stepping outside of those parameters can present a whole host of problems later. When you think about letters of intent, you probably think of them as non-binding. That’s true but with caveats. If it moves forward, it’s an outline of the deal, and if those terms are misinterpreted or ignored, you’ll potentially leave yourself open to expensive and lengthy legal proceedings. In this episode of Private Practices in Maine, Michael outlines the purposes of letters of intent, why they’re akin to wet concrete, and why having legal counsel can save you headaches later on. If you’re considering a business acquisition, you don’t want to miss this episode on the true power of a letter of intent. In this episode, you will hear: What a letter of intent is, and when they’re used The role of the letter of intent in relation to a definitive agreement and its impact on a transaction Some examples of cases where a letter of intent led to legal action when the terms of the letter of intent didn’t come to fruition When a letter of intent is useful and the importance of a confidentiality or nondisclosure agreement Why you should treat a letter of intent as a binding agreement Resources from this Episode Website - Phone - (207) 333-6700 Follow and Review: We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on . Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. /episode/index/show/d9e78235-0949-458c-bb29-d9e3b13864e0/id/27279018

003: Choice of Entity Considerations 06/07/2023

003: Choice of Entity Considerations One of the most common questions for professionals starting their own practices is how to form a business entity. It’s a fundamental, bread-and-butter issue but an important one. Knowing what kind of entity you need can impact your tax liabilities and act as a veil of protection around your personal assets. Anyone can start a business, but unless you properly form a separate legal entity, there is no separation between you--the person--and you--the business. This is when the benefits of forming a business association come into play. In this episode of Private Practices in Maine, Michael outlines the benefits of forming your practice, the two most common types of incorporation people use, and why it can help create a more efficient business model. If you’re considering starting your own practice and wondering whether you should form your business, this episode is for you. In this episode, you will hear: The confusion surrounding forming a business entity for a practice Why you should form a business association and how it can protect your personal assets The two basic types of business associations most commonly used in Maine and what their differences are How an LLC can be structured to suit almost any legal arrangement and can be changed and scaled as the business changes How a corporation differs from an LLC Tax considerations for business entities How to choose the type of tax law to apply to your corporation and the most common setup Michael sees The importance of having good relationships with your accountant and lawyer The tax code and state business association statutes are two separate sets of rules Resources from this Episode Website - Phone - (207) 333-6700 Follow and Review: We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on . Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at Let them know we sent you. /episode/index/show/d9e78235-0949-458c-bb29-d9e3b13864e0/id/27073431

002: Cynics By Training, Optimists By Choice 06/06/2023

001: Escaping the Golden Handcuffs 06/01/2023

001: Escaping the Golden Handcuffs If you’re a licensed professional, you probably understand better than most what it means to feel trapped by the golden handcuffs of working for someone else. You went to school for years and probably took out student loans to get where you are, but you don’t love what you do every day. Being willing to take some risks can help you unlock those handcuffs. The discomfort is often where we find the most growth and opportunity. In this inaugural episode of Private Practices in Maine, host and founder of The Malloy Firm in Auburn, Maine, Michael Malloy, outlines his background, why he became an attorney, and what he wants you to take away from the show. This podcast is designed for you--the rare professional willing to get out there and take a chance. In this episode, you will hear: An introduction to Michael Malloy, the host of the podcast and a business lawyer in Auburn, Maine His philosophy about attorney-client relationships and how intimate those relationships can be His background as the child of a police officer/insurance agent and a labor and delivery nurse and how he eventually settled in Maine as an attorney What he learned as he made connections in his community and where that led his legal career Why he started his own practice in 2016 in his backyard and discovered his ideal clients Michael’s experience during the pandemic as a cloud-based business and why it was the best thing that ever happened to his business His goal for the podcast and what you can expect from it Resources from this Episode Website - Phone - (207) 333-6700 Follow and Review: We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at Let them know we sent you. /episode/index/show/d9e78235-0949-458c-bb29-d9e3b13864e0/id/27012495

Welcome to Private Practices in Maine! 05/22/2023

Private Practices in Maine

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