28 - The Physician Entreprenuer

09/30/23 • 28 min

Dr. Kevin Mailo interviews fellow Physician Empowerment co-founder and co-host, Dr. Wing Lim about entrepreneurship. Wing is an accomplished businessman, entrepreneur, and real estate investor in addition to being an excellent doctor, and he talks with Kevin about what it took to make his journey from Med School to where he is now.

Wing recalls how risk averse he was when he initially graduated from Med School thirty years ago. He looks back and see how dramatically he has grown and changed and a lot of it had to do with mindset and learning how to develop the entrepreneurial side of being a physician. What physicians aren’t taught is how to manage the clinical side, the business, the “dark suit” side of their careers outside of patient treatment, often to the detriment of personal fulfillment and smooth-running clinics.

In this episode, Dr. Kevin Mailo and Dr. Wing Lim address how physicians can encourage their entrepreneurial sides to grow. They talk about not being the know-it-all and becoming comfortable with being “the dumbest guy in the room” in new situations because it offers a chance to learn. Failure is part of growth as much as embracing dormant dreams and learning to feed other aspects of smarts besides simply intelligence. Kevin and Wing share their ambition to help all physicians realize their entrepreneurial sides through mentorship and Masterclass advice of the sort Wing offers in this episode.

Resources Discussed in this Episode:

Physician Empowerment Masterclass

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Contact Information:

Physician Empowerment: website | facebook | linkedin

Transcript

Dr. Kevin Mailo: [00:00:01] Hi, I'm Dr. Kevin Mailo, one of the co-hosts of the Physician Empowerment podcast. At Physician Empowerment we're dedicated to improving the lives of Canadian physicians personally, professionally and financially. If you're loving what you're listening to, let us know. We always want to hear your feedback. Connect with us. If you want to go further, we've got outstanding programming both in person and online so look us up. But regardless, we hope you really enjoy this episode.

Dr. Kevin Mailo: [00:00:34] Hi, I'm Dr. Kevin Mailo, one of the co-founders and co-hosts of the Physician Empowerment podcast. And on today's episode, I'm going to be interviewing my fellow co-founder and host Dr. Wing Lim. Wing is, as many of us know, is a very, very busy, ambitious dreamer within our profession. And it's truly admirable what you've done, Wing, over the years. And I thought that today we should explore a little bit about your journey, because when we look at you as, you know, an entrepreneur and a real estate developer and a highly successful clinician, there is a lot there. But I have the feeling that it hasn't always been the case, that you were something else when you started 30 some years ago. So with that being said, Wing, why don't you tell us about how you journeyed from being, you know, a physician to becoming a physician entrepreneur because we see that a lot in our Masterclass attendees. So a lot of our attendees in the Masterclass with Physician Empowerment are entrepreneurial. They're trying to build something, whether it's something they're building in real estate, building in their practice, we even have some that are kind of working more in a tech space. So it's really, really interesting to see how physicians come to this point of moving from being strictly a professional to being a professional who's also an entrepreneur. So tell us a little bit about your journey, Wing.

Dr. Wing Lim: [00:02:02] Yeah, sure. So yeah, so I go to a local med school, went to U of A like 30 some years ago. And I just finished my 30th year of practice in family practice. So the journey is torturous. There are ups and downs and if you have a time machine and just bring me back to the me 30 years ago and just the present Wing and the Wing that is just out of practice, I think if you say this is going to be you in 30 years, I say that it's a lie. I couldn't even believe that, the metamorphosis is like unbelievable. Right? I was at a larval stage.

Dr. Kevin Mailo: [00:02:41] You were just a little grub.

Dr. Wing Lim: [00:02:44] I was just crawling on the space. Right? It's like the primordial soup. So where I was was I was risk adverse. I was diligent, hardworking, medical graduate, just like anybody else. But then life, life has its twists and turns. Right? Yeah. So to recap one of the stories is my preceptor had a really good faith in me more than I had faith in myself. He actually spent the money. He wanted to build a clinic. He spent all the money to p...

Resources Discussed in this Episode:

Physician Empowerment Masterclass

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Contact Information:

Physician Empowerment: website | facebook | linkedin

Transcript

Dr. Kevin Mailo: [00:02:41] You were just a little grub.

Previous Episode

26 - Corporate Structuring Strategies with KPMG Tax Lawyer Jason Pisesky (masterclass faculty)

Dr. Kevin Mailo hosts Dr. Wing Lim interviewing KPMG tax lawyer Jason Pisesky, a Masterclass faculty member, about corporate structuring strategies and corporate tax planning. Jason pulls from a wealth of practical knowledge and experience to shed light on what to do and what to avoid with a PC.

Dr. Wing Lim asks Jason to first explain the SBD, small business deduction, of $500,000 and strategies Jason advises around that amount. There are things to consider in how you structure your PC that will affect the SBD in the future, and Jason explains what those considerations are. Wing and Jason break down their discussion in ways that offer insight to physicians regardless of which career stage you’re currently in.

In this episode, you’ll learn from KPMG tax lawyer Jason Pisesky how to set up PCs between spouses in similar career fields, or with partners, that offer the structure for corporate taxes. He breaks down why it may not be the best advice to invest everything into your PC, things to consider for future sale options, and when to start a trust if you want one. Above all, Jason shares that investing and structuring with intention is the best way to plan ahead and advises talking to a professional if you haven’t started tax planning yet.

About Jason Pisesky (masterclass faculty):

Jason’s practice covers a broad spectrum of taxation law matters including corporate, personal, farm and estate tax planning as well as representation in dispute resolution and litigation matters

Jason joined KPMG in January 2021. Prior to starting at KPMG, he spent over six years working at a leading western Canadian boutique tax law firm. Jason has experience in both the tax dispute and tax planning for both personal and corporate taxpayers.

Jason has worked with small and medium-sized owner-managed operations to reorganize structures in a tax-efficient manner, acting as counsel for vendors and purchasers in arm’s length deals as well as families in the midst of related party estate and succession planning. He has argued on behalf of taxpayers in many contexts and obtained favourable results for taxpayers from auditors, appeals officers and lawyers at the Department of Justice. Jason has appeared before the Alberta Court of Queen’s Bench.

Resources Discussed in this Episode:

Physician Empowerment Masterclass

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Contact Information:

Physician Empowerment: website | facebook | linkedin

Jason Pisesky: website | linkedin

Transcript

Dr. Kevin Mailo: [00:00:01] Hi, I'm Dr. Kevin Mailo, one of the co-hosts of the Physician Empowerment podcast. At Physician Empowerment, we're dedicated to improving the lives of Canadian physicians personally, professionally, and financially. If you're loving what you're listening to, let us know. We always want to hear your feedback. Connect with us. If you want to go further, we've got outstanding programming both in-person and online. So look us up. But regardless, we hope you really enjoy this episode.

Dr. Kevin Mailo: [00:00:34] All right. It looks like we've got everyone here. I am so sorry. Three years into everybody using Zoom, I still struggle with it, but we are slowly, slowly getting there. So at any rate, I want to thank everybody for joining us for the webinar tonight. I'm Kevin Mailo, one of the co-founders of the Physician Empowerment podcast. And our programming, as you know, we cover a wide spectrum of topics and today we are very, very glad to have Jason Pisesky returning back on the webinar, back on the show, to talk about tax hacks for busy physicians, busy medical professionals. And what we're going to be covering today is corporate structuring, one of the most powerful wealth creation vehicles that physicians enjoy in this country is the ability to be incorporated, to set up holding corporations. But it has to be done properly. And that's why we're bringing in an expert. So Jason is a tax attorney who works with KPMG. He is a KPMG tax attorney. And so he has an incredible, not only knowledge base, but a whole well of experience to draw on. So I'm going to be stepping back and Wing's going to be interviewing Jason. And if you like what you're hearing, you want to know more, come and join us for the Masterclass because this is what we teach. And Jason, of course, is one of our faculty members. So again, thank you, everyone, for being here tonight. And why don't I let you take it away, Wing?

Dr. Wing Lim: [00:02:02] Okay. Thank you, Kevin. Yeah. So welcome, ev...

Next Episode

29 - Dr. Sarah Smith, founder of the Charting Coach

Dr. Kevin Mailo welcomes back Dr. Sarah Smith as his guest to discuss the topic of sustainable clinical practice, what it means, and how to achieve it. In this episode, they discuss the struggles physicians face to organize their day, combat burnout, and take time off. Dr. Smith shares tactics she learned through her struggles as a physician in Australia and Canada and how she overcame them.

Dr. Smith shares her best practices for physicians to manage their days, shift their mindsets, and set goals at a sustainable and manageable pace. You’ll hear the impact of small decisions, and little shifts can lead to big changes both in your personal and professional life. They also discuss ways physicians can feel more empowered and make proactive decisions to provide quality care and balance their own mental and physical health.

About Dr. Sarah Smith

Dr. Sarah Smith is the Charting Coach for Physicians. She is a Rural Family Physician and Certified Life Coach through The Life Coach School. She helps physicians get their admin and paperwork done more efficiently to create time for the things they love.

Dr. Smith has spent the last three years coaching hundreds of Physicians, over 1000 hours of coaching, in the specific area of “getting home with today's work done”.

Resources discussed in this episode:

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Physician Empowerment: website | facebook | linkedin

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Transcript:

Kevin 00:01

Hi, I'm Dr. Kevin Mailo, one of the co-hosts of the Physician Empowerment Podcast. At Physician Empowerment. We're dedicated to improving the lives of Canadian physicians, personally, professionally, and financially. If you're loving what you're listening to let us know we always want to hear your feedback. Connect with us. If you want to go further, we've got outstanding programming, both in person and online. So look us up. But regardless, we hope you really enjoy this episode.

Kevin 00:36

Hi, I'm Dr. Kevin Mailo, one of the co-hosts of the Physician Empowerment Podcast. And I am very, very glad to have a returning guest, Dr. Sarah Smith joining us again. So for those of you that have been following the podcast, we had Sarah on in one of our earlier earlier episodes, talking about charting and boundary setting. And Dr. Smith is known as the founder of the Charting Coach. And, yeah, and it's an outstanding program where she helps Canadian Family Physicians truly manage their practice, and more importantly, get to a better place personally and professionally. So that we are not feeling overwhelmed, that we feel like we can manage our work and our lives and your episode, the last time was just so powerful. It really connected with a lot of people, I got a lot of positive feedback about it. And so I'm very, very glad to have you back again, Sarah, and why don't you tell us a little bit about what you do. And I'll just introduce the topic today, which is sustainable clinical practice. And I'll let you tell us what that means to you and what that should mean to the profession.

Sarah 01:49

Sounds good. Thank you so much for having me back. Yes, last time I was on, I did promise to come back and talk about sustainable clinical medicine. So I'm back. I am a family physician, rural in Alberta right now and originally from Australia. And you'll find out how I got to Canada if you have listened to the last episode. But this time, we're talking from a slightly different perspective. So I went and did the hard work to become a different doctor. So originally, I was in that pain of hours and hours after work evenings, weekends, charting, inbox paperwork as a busy family doctor, and this particular painful experience had followed me from an Australian practice to a Canadian practice. So it wasn't the country at fault.

Kevin 02:41

We’re looking at a global phenomenon.

Sarah 02:43

It wasn't the EMR. And it wasn't the government. It was a me problem.

Kevin 02:47

You're kind of an interesting test case, in that sense, Sarah, right, because I think we always view our issues as hyperlocal. But I do I myself do look at some of this data in health care across the western world. And you can see it, it's actually a global phenomena. That's there are many factors driving it. And I don't want to get into all of them. But you are the interesting test case, I don't know that anyone else has moved across the world, only to discover the problems...

Sarah 03:...