20/20 MONEY: Recent Episodes
Adam Cmejla
20/20 MONEY, hosted by Certified Financial Planner and experienced Wealth Adviser Adam Cmejla, aims to bring clarity to financial concepts and strategies that impact optometrists.
For more information on the show and on Adam, please visit https://www.integratedpwm.com/
What if the pressure to add specialty services is distracting you from the value already sitting inside your practice?
In this episode of 20/20 Money: The Business of Optometry, Adam is joined by Dr. Kyle Klute for a thought-provoking conversation about specialization, comprehensive eye care, and the growing pressure practice owners may feel to purchase new technology or build a niche service line.
Kyle explains why labeling dry eye, myopia management, glaucoma, and other areas as "specialties" can unintentionally allow optometrists to treat them as optional. Instead, he argues that ODs are uniquely trained and positioned to manage a broad range of their patients' eye and vision needs through comprehensive primary eye care.
They also discuss why the patient and the clinical protocol should come before the equipment purchase. Rather than buying an expensive device and hoping to create demand, practice owners should first establish consistent diagnostic triggers, treatment protocols, follow-up systems, and a proven flow of patients who would benefit from the technology.
The conversation ultimately moves beyond specialty services and into a deeper question: Who are you professionally, and what role do you want to play in your patients' lives?
In this episode:
- Why Kyle believes specialization in optometry may be overrated
- The difference between comprehensive care and a specialty-service mindset
- How equipment FOMO can create expensive "doorstops" in a practice
- Why protocols and patient demand should come before purchasing technology
- The unique value optometrists provide that other eye care professionals may not
- How professional identity and confidence influence clinical and business decisions
- Why understanding your personal strengths can improve leadership and practice culture
Next Best Step: Become clear, confident, and capable in your professional identity. Define the role you want to play in your patients' lives before deciding which services, systems, or equipment belong in your practice.
Link to Chris Wolfe Episode
Optometry Simplified: Kyle's newsletter
Review of Optometric Business Article (Specialization is Overrated)
The Optometry Success Podcast
Enneagram
Link to Six Types of Working Genius assessment
Have a podcast-related question? Contact our team here!
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Check out Adam's new book: How to Buy an Optometry Practice
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
A profitable practice can create tremendous cash flow—but it does not automatically create personal wealth.
In this episode of 20/20 Money: The Business of Optometry, Adam bridges the gap between running a successful optometry practice and using that success to build lasting financial independence. Drawing on nearly 20 years of working with business owners, he explains why practice size, income, and personal net worth are related—but far less correlated than many owners assume.
Adam shares several patterns consistently demonstrated by financially independent practice owners, including intentionally moving excess cash out of the practice, diversifying into multiple income-producing assets, maintaining adequate liquidity, and increasing their investments before expanding their lifestyle.
He also addresses one of the biggest financial risks facing practice owners: relying on the eventual sale of the practice as the primary retirement plan. Buyer availability, health changes, burnout, market conditions, taxes, outstanding liabilities, and unrealistic valuation expectations can all disrupt a transition.
The wealthiest owners Adam has worked with did not become wealthy when they sold their practices. They became wealthier. The practice sale simply converted one asset into another—it was the whipped cream and cherry on top of the financial sundae, not the sundae itself.
In this episode:
- Why generating cash and deploying cash require different skill sets
- How excess cash in the practice can create significant opportunity costs
- The importance of building wealth outside the practice
- Why net worth and liquidity are not the same thing
- How lifestyle creep can reduce flexibility inside the business
- Why practice owners should build income-producing assets
- The risks of making the practice sale your retirement plan
- How personal financial pressure can derail practice-sale negotiations
- Why financial independence should be built before closing day
Next Best Step: Ask yourself this question: If your practice were worth 30% less than you expect—or you had to retire five years earlier because of your health—would your financial plan still work?
If the answer is no, your practice is not merely part of your retirement plan. It is your retirement plan—and that may be the greatest financial risk you are carrying.
Referenced episodes:
Are you building wealth...or just feeding the machine??
3 financial lessons learned from my grandpa and grandma
Have a podcast-related question? Contact our team here!
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Check out Adam's new book: How to Buy an Optometry Practice
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Check out Adam's other podcast!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
Welcome to this REWIND episode of 20/20 Money! My guest on today's show is Dr. Chris Wolfe, OD. Chris joins me on the show to share in a conversation about how ODs can think about pricing the different services provided in the practice and how to frame that conversation with your patients, how ODs can think about researching their pricing on medical procedures, how to think about scheduling in your practice to be as efficient with OD hours as possible, 4 questions to consider asking every pt as it relates to dry eye, the 5 steps needed to introduce change in your practice, and how practice owners can think about setting their fees in relationship to the different 3rd party payors.
And with that introduction, I hope you enjoy my conversation with Dr. Chris Wolfe, OD.
Resources:
Book a Triage call with Adam
CodeSafePlus
EyeCode Education
EyeCode Media Podcast
Adam's in-flight conversation with Chris
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Check out Adam's book: How to Buy an Optometry Practice
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Check out Adam's other podcast!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
A practice sale that should have been the easiest transition imaginable ended before negotiations even began—and the lessons could save you from making the same costly mistake.
In this episode, I shares the story of an anonymized internal succession plan that unraveled despite all the ingredients for success: a trusted associate, established patient relationships, and a seller committed to staying through the transition. So what went wrong?
Using this real-world case study, I'll share the psychology of selling a practice, why valuations are opinions—not verdicts—and how misunderstanding business value can derail even the most promising transition.
Along the way, I'll also tackle one of the most misunderstood metrics in business valuation—EBITDA—and explain why practice owners should be cautious about relying on it when estimating what their practice is worth.
Have a podcast-related question? Contact our team here!
Resources:
Berkshire YouTube clip: Every time you hear EBITDA, substitute it with "bull***" earnings
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Check out Adam's book: How to Buy an Optometry Practice
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Check out Adam's other podcast!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
What if the next level of your practice requires less time in the lane — not more? In this episode of 20/20 Money: The Business of Optometry, I'm joined again by Nathan Hayes for a wide-ranging conversation about how practice owners should think more intentionally about their most limited resource: time.
We pick up where our last conversation left off and explore what it really means to work on the business, not just in it. Nathan and I discuss why growth is not always linear, why some seasons of ownership are meant for building while others are meant for harvesting, and how owners can begin evaluating whether their time is being spent in the highest and best way.
We also talk about the importance of getting out of the practice — both for true vacation and intentional planning — and why practice retreats, team alignment, leadership rhythms, and clear delegation can become force multipliers for the business.
As always, we close with practical NBSs to help owners audit how they're spending their time and identify the next best step toward building a more intentional practice.
Have a podcast-related question? Contact our team here!
Resources:
20/20 Money Episode: Are you building wealth or just feeding the machine?
Traction by Gino Wickman
Using EOS to Create Clarity and Traction in Your Practice with Tom Restivo
Asana
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Check out Adam's new book: How to Buy an Optometry Practice
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Check out Adam's other podcast!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
AI can feel overwhelming, overhyped, and impossible to keep up with — especially when every conversation seems to swing between "this changes everything" and "this is all just noise." In this episode of 20/20 Money, I'm joined once again by Dr. Mick Kling for a practical conversation about where AI is actually useful for practice owners right now — without the doom-and-gloom, hype, or technical jargon.
Mick shares how he's been thoughtfully experimenting with AI inside his own workflows to improve efficiency, analyze practice financials, model business decisions, and simplify strategic planning. More importantly, we discuss how practice owners can start using these tools in approachable, low-risk ways without needing to become programmers, coders, or "tech people."
We also discuss:
- Why AI should be viewed more as an assistant than a replacement
- The biggest mistakes owners make when using AI tools
- How Mick built AI-powered financial analysis tools without coding experience
- The "LENS" framework for creating better prompts and better outputs
- Practical ways to use AI for business planning, associate hiring decisions, and cash flow analysis
- Why dashboards and reporting may evolve dramatically over the next few years
- The importance of human connection in a profession increasingly influenced by technology
- How to begin experimenting with AI without getting completely overwhelmed by it
As always, we close the conversation with practical NBSs (Next Best Steps) for listeners who want to begin thoughtfully integrating AI into their practice and business workflows.
Have a podcast-related question? Contact our team here!
Resources:
Previous episode with Mick about adding an associate OD in the practice (I think we did one on this topic??)
Check out Wispr Flow (voice dictation software)
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Check out Adam's new book: How to Buy an Optometry Practice
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Check out Adam's other podcast!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
What if the biggest reason patients aren't buying glasses from your practice… is the experience you've unintentionally created around optical? In this episode of 20/20 Money, I'm joined once again by Dr. Jennifer Stewart for a candid and energetic conversation around the subtle — and sometimes overlooked — ways practice owners can dramatically improve optical sales without feeling "salesy."
Jen shares how she's intentionally built an optical-forward patient experience that turns eyewear into something patients genuinely get excited about, why most practices unknowingly make optical feel transactional and overwhelming, and how small shifts in attention, storytelling, and intentionality can completely change patient behavior. We also explore the mindset many owners have around optical being a "dead" profit center, why that belief becomes self-fulfilling, and practical ways to start taking ownership back without blowing up your entire practice model.
We also discuss:
- Why patients asking "what glasses are those?" is a bigger opportunity than most doctors realize
- How Jen strategically uses her own eyewear to influence frame and lens sales
- The hidden danger of treating optical like a commodity business
- Why practices often lose optical sales long before price ever becomes the issue
- How to think about your optical as a separate business within your practice
- The importance of creating a shopping experience instead of a transactional one
- Why independent frame lines and storytelling matter more than recognizable brands
- Practical first steps for owners who feel overwhelmed or frustrated with optical
As always, we end the conversation with several practical NBSs (Next Best Steps) you can implement immediately in your practice.
Have a podcast-related question? Contact our team here!
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Check out Adam's new book: How to Buy an Optometry Practice
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Check out Adam's other podcast!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
What if the biggest mistake practice owners make with dry eye isn't buying the wrong technology… but building their entire strategy around the technology itself? In this episode of 20/20 Money, I'm joined once again by Dr. Chris Wolfe for a fascinating conversation around dry eye, specialty services, patient communication, and the dangerous trap of becoming "device-centric" instead of patient-centric.
Chris shares a candid behind-the-scenes perspective on what he's observed from practices across the country when it comes to implementing dry eye services and expensive treatment technologies. We discuss why so many practices buy devices that ultimately underperform, the seductive marketing around "specialty" care, and the critical distinction between having a widget versus building a system that actually supports patient outcomes and practice profitability.
More importantly, we explore how the most successful clinicians aren't simply better at selling treatment — they're better at understanding the doctor-patient relationship, evidence-based medicine, and how to guide patients toward the right next step without overwhelming them.
We also discuss:
- Why many dry eye devices end up becoming expensive dust collectors
- The hidden problem with building your identity around a piece of equipment
- How patient communication dramatically impacts treatment acceptance
- Why separating the dry eye conversation from the comprehensive exam changes outcomes
- The difference between being "widget-centric" and patient-centric
- How successful practices build systems around disease management instead of technology
- Why evidence-based medicine involves more than just clinical studies
- The role patient preference plays in treatment recommendations
- How practices can objectively evaluate whether a new device will actually support profitability
As always, we close the conversation with practical NBSs (Next Best Steps) to help practice owners think more intentionally about specialty services, technology adoption, and patient care systems inside their practice.
Have a podcast-related question? Contact our team here!
Resources:
Dr. Cecelia Koetting Dr. Selina McGee Dr. David Kading Dr. Kyle Klute Are you building wealth...or just feeding the machine (20/20 Money Episode with Nathan Hayes) Book a Triage call with Adam Download the Practice Owner's Financial Toolkit 20/20 Money Ultimate Financial Success Masterclass OD Mastermind Interest Form Check out Adam's new book: How to Buy an Optometry Practice
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Check out Adam's other podcast!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
What if serving Medicaid patients wasn't a drain on your practice… but one of the most efficient and fulfilling business models in optometry? In this episode of 20/20 Money, I'm joined by Dr. Ryan Hansen to discuss a truly unique model he's built inside a public school district that provides eye care exclusively to children on Medicaid — while still creating a financially viable and highly efficient practice structure.
Ryan shares how he operates a school-based satellite clinic inside the Rockford public school system, why the traditional "either/or" mindset around Medicaid and profitability may be flawed, and how he's leveraged simplicity, delegation, and strategic partnerships to create a practice that serves an incredible need in his community. We also unpack the emotional realities of caring for underserved populations, the operational logistics of working within a school district, and the surprising economics behind a model many ODs assume can't work.
We also discuss:
- How Ryan sees up to 16 pediatric Medicaid patients in just a few hours each morning
- Why low overhead dramatically changes the Medicaid profitability equation
- The logistics of scheduling, transportation, and dispensing glasses through the school system
- The role school nurses and principals play in making this model successful
- Why many children who "pass" school screenings still desperately need glasses
- The hidden challenges of working with Medicaid reimbursement and bureaucracy
- How this model creates remarkable work-life balance and flexibility
- What optometrists should consider if they want to explore a similar partnership in their own communities
As always, we close the conversation with practical NBSs (Next Best Steps) for listeners who may want to explore opportunities like this in their own school districts and communities.
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Check out Adam's new book: How to Buy an Optometry Practice
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Check out Adam's other podcast!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
Why do so many optometric practices hit a ceiling in their practice? We know it's not because the owner isn't working hard enough, so what is it? It's because the business was never designed to scale in the first place. Eugene Shatsman joins me back on the show to talk about the ceiling practice owners inevitably hit in their practice—and a system he's created to help owners break through it. In our conversation, we discuss the systems and frameworks behind building a more intentional, scalable practice, including the five operational pillars Eugene believes every successful practice must manage well. We also talk about the hidden KPIs that quietly hurt profitability, how to create stronger accountability within your team, and why elevating the patient experience from transactional to consultative can dramatically improve both growth and practice value.
Resources:
Eyecare BOSS (Pre-order Eugene's book, The EyeCare Boss on their website!)
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Check out Adam's new book: How to Buy an Optometry Practice
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Check out Adam's other podcast!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
What if one of the biggest financial mistakes practice owners make is confusing "spending money in the practice" with actually investing in it? In this episode, I'm joined once again by Nathan Hayes for a thoughtful and nuanced conversation around reinvesting in your practice, opportunity cost, and the hidden tradeoffs owners often overlook when deciding what to do with excess cash flow.
We explore the mindset many owners have that every dollar spent on equipment, technology, or expansion automatically creates enterprise value — and why that assumption can quietly create long-term financial consequences if it's never challenged. Nathan and I unpack the difference between true investment versus simply adding expense, how owners should think about ROI inside the practice compared to investing outside the practice, and why many of the highest-value drivers in a business have nothing to do with buying another piece of equipment.
We also discuss:
- Why more equipment does not automatically mean a more valuable practice
- The hidden opportunity cost of continually reinvesting back into the business
- How enterprise value is actually created in an optometry practice
- The difference between spending, investing, and simply staying operational
- Why patient flow and schedule utilization matter more than most owners realize
- The role marketing can play in growing enterprise value versus buying more technology
- How practice owners should think about free cash flow after taxes, debt service, and reserves
- The dangerous feedback loop created by depreciation-driven purchasing decisions
- Why many owners underestimate the value of investing outside the practice
As always, we close the conversation with practical NBSs (Next Best Steps) to help owners think more intentionally about capital allocation decisions both inside and outside their practice.
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit 20/20 Money Ultimate Financial Success Masterclass OD Mastermind Interest Form Check out Adam's new book: How to Buy an Optometry Practice Four Levers in Retirement IDOC Simple Numbers, Straight Talk, Big Profits! Simple Numbers, Straight Talk, Big Profits with Greg Crabtree
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Check out Adam's other podcast!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
Most optometric practice owners have no idea how much money they're quietly losing in their optical simply because of merchandising, layout, and the conversations happening—or not happening—between staff and patients.
Welcome to this episode of 20/20 Money: The Business of Optometry. My guest on today's show is Kayla Ashlee. Kayla joins me on the show to talk about the subtle but incredibly powerful levers that influence buying behavior inside the dispensary and why the difference between a thriving optical and an average one often has less to do with pricing and more to do with psychology, presentation, and process.
In our conversation, we discuss the difference between optician-led versus patient-led frame selections, why many owners underestimate the power of suggestion in the optical, and how practices may be unintentionally leaving revenue on the table simply through the way eyeware is presented.. We also talk about practical merchandising strategies that can materially influence capture rate and optical performance without adding more patients to the schedule.
Resources:
MassGeneral cafeteria experiment
"You will read this first" image
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Check out Adam's new book: How to Buy an Optometry Practice
Checkout all the benefits of becoming a Spexy Member at www.spexy.co Use code 2020money to get your first month of Spexy+ Premium for $1 at checkout.
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Check out Adam's other podcast!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
Thinking about buying or expanding a practice, but nervous about debt, banks, or making an expensive mistake?
In today's episode, I'm joined by Mike Smith of Bank of America to demystify the lending process for optometrists. We break down what banks actually look for in a borrower, how student loans and cash reserves really factor in, why tax returns matter more than stories, and the common traps buyers and sellers fall into when financing a deal. If utilizing OPM, other peoples' money like a bank's, is on your radar (now or in the future), this conversation can save you time, money, and unnecessary stress.
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Check out Adam's new book: How to Buy an Optometry Practice
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Check out Adam's other podcast!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
What if the biggest threat to your practice isn't reimbursement, competition, or overhead—but the way you hire, lead, and retain people?
In today's episode, I'm joined by Mike Dixon, president of Hoops, for a conversation every practice owner needs to hear. We unpack why staffing issues feel so hard, why most owners were never trained to lead, and how the right systems can turn your team from your biggest headache into your greatest competitive advantage. If you've ever said, "I just can't find good people," this episode may challenge the way you think about the real problem—and the real opportunity.
Resources:
FEAR Setting Exercise from Tim Ferriss
HoopsHr.com
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Check out Adam's new book: How to Buy an Optometry Practice
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Check out Adam's other podcast!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
The financial decisions you make early in your career can shape the next several decades—and most people don't realize it until much later. On this episode, I'm sharing a presentation I recently gave to students at the Indiana University School of Optometry on the timeless financial and business lessons every optometrist should understand. I discuss the power of compounding, how to think about saving priorities, student loans, disability and life insurance, and why your income is your greatest wealth-building tool. I also cover important concepts on the business side of optometry, including ownership, practice valuation, buying in, cold starts, and why some of the best opportunities in the profession are often overlooked because of geography. Whether you're a student, recent grad, or experienced provider, this episode is about making intentional decisions with your money so you can create more confidence, options, and freedom over time.
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Check out Adam's new book: How to Buy an Optometry Practice
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Check out Adam's other podcast!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
Ever wonder if, when, or how to build stronger operations within your practice? In this episode, I sit down with Tom Restivo to unpack EOS and what it looks like to build a stronger operational foundation inside an optometric practice. Tom shares his experience leading a rapidly growing eye care organization through expansion, complexity, and the pressures that eventually exposed where systems were missing. We talk about why growth without structure creates avoidable friction, how core values shape hiring and leadership decisions, and why vision has to be more than a vague idea if you want your team aligned.
We also get practical about how EOS actually works inside a practice. Tom breaks down the six key components of the system, the role of the Vision Traction Organizer, how Rocks help teams focus on the right priorities, and why Level 10 Meetings can transform communication and accountability. If you are feeling like the business is starting to run you instead of the other way around, this conversation offers a useful framework for creating more clarity, consistency, and traction in your practice.
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Check out Adam's new book: How to Buy an Optometry Practice
Tom Restivo's LinkedIn
EOS Worldwide
Traction: Get a Grip on Your Business by Gino Wickman
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Check out Adam's other podcast!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
In this episode I sit down with Dr. Steve Vargo to unpack a mindset that many practice owners quietly wrestle with: the belief that there is no longer money to be made in the basics of optometry. We start with a real question from a practice owner who feels discouraged by stagnant reimbursements and declining capture rates, and use it as a springboard to discuss the deeper issue underneath it all: communication.
Steve explains why successful practices are not necessarily dependent on adding new cash pay services, but instead on improving how doctors listen, communicate, and guide patients toward solutions that solve real problems. If you have ever felt frustrated by patients walking with their prescriptions or wondered whether the future of your practice depends on adding the next new service, this conversation will challenge that assumption and give you practical ideas to improve both patient outcomes and the financial performance of your practice.
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Check out Adam's new book: How to Buy an Optometry Practice
Connect with Dr. Steve Vargo on LinkedIn
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Check out Adam's other podcast!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
In this episode I sit down with John Marvin to explore a challenging but important idea for private practice owners: the difference between independence and isolation. We unpack John's perspective on why fierce independence can sometimes limit growth when it prevents doctors from learning from others or leveraging the resources already available to them.
Our conversation touches on mindset, the importance of personal growth as a business owner, and why building something bigger than yourself often requires becoming comfortable with discomfort. If you are thinking about the long term future of your practice and how to strengthen private practice in an evolving profession, this discussion will challenge the way you think about leadership, collaboration, and the role you play in the success of your business.
On a personal note, I really enjoy my conversations with John. I usually get a number of pieces of feedback from listeners when I have him on the show. He's been around the profession and business of optometry for decades, and I certainly appreciate his candor, perspective, and opinions. I trust you as a listener do as well.
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Private Practice Was Not Defeated by Corporate, It Surrendered
Connect with John Marvin on LinkedIn
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Check out Adam's other podcast!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
Most optometrists think growth comes from better marketing or more patients—but the real advantage often starts somewhere much less obvious: your team and your culture.
In this episode of 20/20 Money, Dr. Kurt Steele joins me back on the show to discuss the leadership philosophy and operational frameworks that helped him build a thriving multi-million-dollar optometry practice while developing future leaders inside the organization.
The conversation explores why the strongest practices aren't simply focused on production or patient volume, but instead invest heavily in building engaged teams, creating ownership opportunities, and designing a culture where people feel personally invested in the success of the practice.
We also talk about the realities of practice ownership today—from the growing influence of private equity to the decline of independent ownership in healthcare—and why developing future partners inside your practice can be one of the most powerful ways to preserve independence.
Along the way, Kurt shares practical frameworks that practice owners can implement immediately, including how to track meaningful practice KPIs and how to implement operational improvements using a 7-30-90 strategic plan.
Whether you're early in your ownership journey or beginning to think about the long-term transition of your practice, this conversation offers a thoughtful look at what it really takes to build a practice designed to grow, endure, and eventually pass on.
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Check out Adam's new book: How to Buy an Optometry Practice
Check out Dr Kurt Steele's website here
Purchase a copy of Dr. Steele's book, "We're Not Selling, We're Winning: The Simple Blueprint That Grew Our Practice from $280K to $4M" on Amazon
Health insurance is one of the most confusing and frustrating decisions practice owners face. In this episode I sit down with Matt Allen, founder of Iconic Insurance, to break down the real options available to optometric practice owners and their teams. We walk through the three primary approaches to offering coverage including fully funded plans, self funded plans, and reimbursement strategies. Matt explains how each structure works, when they make sense, and why understanding the risk profile of your team can dramatically impact cost and plan design.
We also spend time discussing a second scenario many practice owners eventually face: the gap between selling a practice and becoming eligible for Medicare. Matt shares how the Affordable Care Act marketplace works, how income planning can impact premium subsidies, and why network design is one of the most overlooked risks when transitioning from employer coverage to individual plans. If you have ever felt overwhelmed trying to navigate health insurance decisions for yourself or your team, this episode will give you a clearer framework for evaluating your options.
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Check out Adam's new book: How to Buy an Optometry Practice
Iconic Insurance
Connect with Matt Allen on LinkedIn
Many optometrists are either leaving money on the table with their tax strategy—or unknowingly pushing the boundaries of tax law.
Today's episode is my guest appearance on Dr. Steve Vargo's Eye Own a Business Podcast. Steve invited me onto his show to talk about tax planning for optometrists—specifically the strategies practice owners should be embracing right now, the ones they should avoid, and where costly mistakes often show up on tax returns.
In our conversation, we walk through several examples of where optometric practice owners tend to be either too conservative or too aggressive with their tax strategies, the difference between proactive tax strategy and reactive tax preparation, and a practical case study highlighting an error that occurred on an OD's tax return—and what correcting that mistake will mean for them going forward.
If you've ever wondered whether you might be leaving money on the table when it comes to taxes—or potentially putting yourself on the wrong side of tax law—this episode should help you think a little differently about where to look and what questions to ask.
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Check out Adam's new book: How to Buy an Optometry Practice
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Check out Adam's other podcast!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
In this episode I sit down with Dr. Vicki Weiss, president of VOSH International, to talk about how optometrists can use their clinical skills to create impact far beyond their own practices. We discuss how VOSH has evolved from the traditional short term clinic model into a global organization focused on education, partnership, and strengthening optometric care in low and middle income countries. Dr. Weiss shares how she became involved, what the organization looks like today, and the many ways ODs can contribute through time, talent, and treasure. If you have ever wondered how your work as an optometrist could make a broader difference in the world, this conversation offers a practical and inspiring place to start.
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Check out Adam's new book: How to Buy an Optometry Practice
VOSH Website
Video of a VOSH Mission
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Check out Adam's other podcast!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
Recording live from IDOC Connection in Orlando, I sit down with Dr. Todd Cohan, Sadie Blair, and Polly Stearns from Forsight Vision and Midwest Dry Eye Center to talk about the relationship between vision and execution inside a growing private practice. We go into the dynamic between the owner (visionary) and the operations lead (integrator), and why that chemistry matters more than most doctors realize.
We discuss leadership cadence, how they structure weekly meetings, how goals are set and tracked, and what it looks like to invest in developing internal talent. We also unpack the real risk and reward of moving a top producer into a leadership role, how they think about KPIs and staff engagement, and the systems they use to keep everyone aligned.
If you're thinking about growth, delegation, or strengthening your leadership bench, this episode will give you a practical framework to consider.
Resources:
Harnessing the power and momentum from optometry meetings with your operations manager: a conversation with Dr. Todd Cohan & Sadie Blair
Ted Lasso: "Be curious, not judgemental"
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form Check out Adam's new book: How to Buy an Optometry Practice
Midwest Dry Eye Center
Forsight Vision
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Check out Adam's other podcast!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
In this episode, we share how to confidently give patients clear choices in the exam lane without creating confusion or pushback around vision and medical care. We explain how setting expectations early and taking ownership of clear communication builds trust and increases acceptance of follow up visits. We also touch on how to structure your schedule to support shorter, more frequent visits and why giving patients ownership of their decisions improves both the patient experience and practice profitability.
Hosted By Adam Cmejla, CFP and Chad Fleming, OD, FAAO
Have a question? Submit it here
Subscribe on Apple Podcasts: https://shorturl.at/Fq1Ro
Subscribe on Spotify: https://shorturl.at/jCtsk
The Optometry Success Podcast, hosted by Adam Cmejla, CFP and Chad Fleming, OD, FAAO helps private-practice optometrists build profitable, sustainable businesses with clarity and confidence. Hosted by Adam Cmejla, CFP—a financial planner and CFO to ODs nationwide—and Dr. Chad Fleming, OD—a multi-location practice owner with decades of hands-on experience—each 20-minute episode delivers practical strategies and actionable insights you can apply right away. From leadership and financials to team culture, operations, and growth, this is your weekly dose of real-world advice for real-world practice owners. New episodes every Wednesday.
Please be sure to subscribe to The Optometry Success Podcast on Apple Podcasts and Spotify now to check out the next two episodes right now!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Eugene joins me to talk about how artificial intelligence is showing up in optometry and why there's a growing gap between how patients use AI in their daily lives and how most practices are adopting it.
We discuss how this shift is changing patient expectations, what it means for the patient journey, and where practices can use AI to improve engagement, communication, and efficiency—without losing the human element of care. We wrap up with a look at where AI in healthcare is headed and how practice owners can use it intentionally to enhance both patient experience and practice operations.
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
National Strategic Group
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
In this episode, we dive into the critical concept of schedule health and how it drives strategic growth, especially when adding associates. We explore how data-driven insights help us make confident, informed decisions that support sustainable scaling for our practices.
Hosted By Adam Cmejla, CFP and Chad Fleming, OD, FAAO
Have a question? Submit it here
Subscribe on Apple Podcasts: https://shorturl.at/Fq1Ro
Subscribe on Spotify: https://shorturl.at/jCtsk
The Optometry Success Podcast, hosted by Adam Cmejla, CFP and Chad Fleming, OD, FAAO helps private-practice optometrists build profitable, sustainable businesses with clarity and confidence. Hosted by Adam Cmejla, CFP—a financial planner and CFO to ODs nationwide—and Dr. Chad Fleming, OD—a multi-location practice owner with decades of hands-on experience—each 20-minute episode delivers practical strategies and actionable insights you can apply right away. From leadership and financials to team culture, operations, and growth, this is your weekly dose of real-world advice for real-world practice owners. New episodes every Wednesday.
Please be sure to subscribe to The Optometry Success Podcast on Apple Podcasts and Spotify now to check out the next two episodes right now!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Ever feel like you're stuck in the "messy middle" and on the operations "hamster wheel" in your practice? If so, this one's for you. Mandy Brown joins me to talk about operational efficiency and what it really takes to run a well-functioning optometry practice.
We discuss the challenges practice owners face with delegation, the importance of hiring the right people, and developing an operational mindset that supports long-term success. Mandy also shares how virtual assistants can play a meaningful role in freeing up time, improving focus, and helping owners work more intentionally on their business rather than getting stuck in the day-to-day. We wrap up the episode with Mandy providing a very insightful NBS for listeners to consider.
Resources:
Connect with Mandy on LinkedIn
How one owner left his practice for 30 days—and why more owners should consider it
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Check out Adam's new book: How to Buy an Optometry Practice
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
In this episode, we explore how we can shift from traditional scopes of practice to a more intentional, patient-centric approach. We dive into embracing managed vision care plans, redefining our billing practices, and using strategic communication to better serve our patients. Along the way, we share actionable insights to improve practice efficiency and patient outcomes as optometry continues to evolve.
Hosted By Adam Cmejla, CFP and Chad Fleming, OD, FAAO
Have a question? Submit it here
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
The Optometry Success Podcast, hosted by Adam Cmejla, CFP and Chad Fleming, OD, FAAO helps private-practice optometrists build profitable, sustainable businesses with clarity and confidence. Hosted by Adam Cmejla, CFP—a financial planner and CFO to ODs nationwide—and Dr. Chad Fleming, OD—a multi-location practice owner with decades of hands-on experience—each 20-minute episode delivers practical strategies and actionable insights you can apply right away. From leadership and financials to team culture, operations, and growth, this is your weekly dose of real-world advice for real-world practice owners. New episodes every Wednesday.
Please be sure to subscribe to The Optometry Success Podcast on Apple Podcasts and Spotify now to check out the next two episodes right now!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
You know optical design is important, but you also know it's complicated. Where do you begin? How much should you spend? What should you focus on? On this episode, my guest on today's show is Bill Gerber, founder and CEO of the Optical Marketing Group. Bill joins me to talk about the role practice design plays in patient experience and overall financial performance.
We discuss how thoughtful design can influence capture rates, why understanding your ideal patient avatar matters, and how to recognize when your space needs a refresh. Bill also shares common design pitfalls, how technology fits into modern practice design, and why proper planning is critical to a successful remodel.
Resources:
Optify Aloha Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
The Optometry Success Podcast, hosted by Adam Cmejla, CFP and Chad Fleming, OD, FAAO helps private-practice optometrists build profitable, sustainable businesses with clarity and confidence. Hosted by Adam Cmejla, CFP—a financial planner and CFO to ODs nationwide—and Chad Fleming, OD, FAAO—a multi-location practice owner with decades of hands-on experience—each 20-minute episode delivers practical strategies and actionable insights you can apply right away. From leadership and financials to team culture, operations, and growth, this is your weekly dose of real-world advice for real-world practice owners. New episodes every Wednesday.
Please be sure to subscribe to The Optometry Success Podcast on Apple Podcasts and Spotify now to check out the next two episodes right now!
The Optometry Success Podcast
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
Reducing business risk when adding associate ODs in an established practice
Adding associate ODs in an established practice feels risky. Let's go from risky to empowering! In this episode, we explore the mindset shifts, financial considerations, and key performance indicators necessary for successful expansion. We'll discuss how to proactively determine when your practice is ready for an associate and how to break down the investment of hiring an associate into your practice.
Have a question? Submit it here
Subscribe on Apple Podcasts: https://bit.ly/4tttng6
Subscribe on Spotify: https://bit.ly/4tuf0YM
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
If you wait until you're ready to sell to start planning, you're already late. My guest on today's show is Tom Turmell, founder of TMT Capital. Tom joins me to talk about practice ownership, succession planning, and what optometrists need to understand long before they ever think about selling their practice.
We discuss why creating value ahead of a transition matters, the importance of having the right advisory team in place, and how personal goals should drive exit decisions—not the other way around. Tom also shares why checking out during the sale process can be costly and why starting the planning conversation years in advance is one of the best moves a practice owner can make.
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
TMT Capital
Current State & Business Plan Handout
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
If you've ever felt chained to your practice and the thought of stepping away for an extended period of time felt impossible, I PROMISE you do not want to miss this inspiring and yet very pragmatic conversation. Dr. Jeremy Ciano joins me back on the show to share his journey of taking a recent sabbatical and what it taught him about business and life.
We talk about the challenges of stepping away from a practice, the importance of intentional planning, and building a team that can operate without the owner being involved day to day. Jeremy also reflects on the personal growth that came from taking time off and why being intentional with both your business and your life matters more than most practice owners realize.
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Tim Ferriss's Fear Setting
Die With Zero (book by Bill Perkins)
I'VE BEEN HACKED!!! A 20/20 Money TAKEOVER by Drs. Jennifer Stewart and Jeremy Ciano
Cold Start & Satellite Expansion Edition w/ Drs. Jeremy Ciano & Jennifer Stewart
ANOTHER 20/20 Takeover: Your favorite KPIs (and why?!) w/ Drs. Jennifer Stewart, OD & Jeremy Ciano, OD
How to Think About Vision Plans and Profitability in Your Practice with Drs. Jennifer Stewart & Jeremy Ciano
The How and Why of Having an Accountability Partner as an Optometrist with Drs. Jennifer Stewart and Jeremy Ciano
The "how" behind what made 2020 the best year ever for one high-producing practice owner with Dr. Jeremy Ciano
The Dose Episode 11 – Inside the Mindset and Methods of a Multi-Million dollar, single OD practice w/ Dr. Jeremy Ciano
The Dose Episode 14 – Financial Decision-Making for Optometrists with Dr. Jeremy Ciano
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
In this derivative of a show takeover, Dr. Brianna Rue interviews me to explore my journey in podcasting and the insights I've has gained about the optometry profession. We discuss the challenges optometrists face, the importance of financial literacy, and many other lessons I've learned through and because of the conversations I've had on this show. We cover a lot in this dialogue and—among many topics—our conversation emphasizes the need for clarity in goals, the significance of delegation, and the value of building relationships in practice ownership. Towards the end of the conversation , we also touch on the future of the show and the significance of continuous learning and adaptation in the profession.
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Episodes Referenced:
Lessons from the (former) President of TSO: cooperative strategies to counter PE disruption and empower private practice ownership with John Marvin
Thoughts and opinions on the state & future of private practice optometry from the president of a $110 million optometry organization: a conversation with John Marvin, President of Texas State Optical
A deep dive into practice transitions with Dr. Mick Kling, OD (Part 1)
A deep dive into practice transitions with Dr. Mick Kling, OD (Part 2)
Dr. Jennifer Stewart's "tepid" start optometry practice: the power of vision & intentionality, the importance of an ideal patient avatar, and reconciling business risk with a conservative personality
Increasing optical revenue by rethinking--from buying to selling--your frame management with Kayla Ashlee of Spexy
Rethinking the perception of sales in your office with Kayla Ashlee, Founder of Spexy
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Most practice owners know they should be tracking specific measurables in their practice that will help them understand their paths to profitability. But which metrics should you track, and which ones are more vanity metrics than they are useful and beneficial towards running a profitable and growing practice? In this conversation, Nathan Hayes and I explore the many different KPIs that we have heard practice owners track over the years and the ones we believe all practice owners should be tracking.
Resources:
Books & Benchmarks
Profit Works: Unravel the Complexity of Incentive Plans to Increase Employee Productivity, Cultivate an Engaged Workforce, and Maximize Your Company's Potential
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Arguably the biggest ongoing challenge practice owners face can be lumped into staff—both OD and non-OD alike. This challenge can be amplified for owners in small town/rural practices. Hear from successful practice owner Dr. Andy Yaryan on the approach he's taken to recruit and retain ODs in his small town practice, how he's making the intentional decisions to become a better leader and owner, and the significant results those decisions have had on his life—personally and professionally.
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
A Better Way to Pay ODs (Dr. Chad Fleming article from Review OB)
Check out Adam's new book: How to Buy an Optometry Practice
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode, I wanted to share a bit of a personal story about 3 lessons that I learned from my grandparents that have in large part shaped the money story and lessons that have guided my financial journey and how I view and use money money in my life. I hope this conversations gives you a benchmark and different viewpoint to compare your own money values and purpose. If you feel like you don't have a grasp on your own money story and purpose, my hope is that it inspires you to start thinking intentionally about how you make spending and investing decisions with your dollars.
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Check out Adam's new book: How to Buy an Optometry Practice
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode rewind of 20/20 Money! In keeping with tradition of years past, I'm bringing back this episode yet again.
If you are a long-time listener of the show, I still think it's worth listening to these episodes and other repeat episodes, whether it's on my podcast or other podcasts, for two reasons. Number one, the host of the show valued the episode and thought it to be worthy enough for a repeat listen. Second, you are not the same person that you are when you first listen to the episode. It reminds me of one of my favorite quotes from the philosopher Heraclitus, who said "No person stands in the same stream twice, for they are not the same person and the stream is not the same." The same thing can be said for podcast episodes, books that we read or listen to, coaching programs that we're involved in, or any other content we're consuming with the goal of personal and/or professional improvement. If it was valuable at some point in the past, there's a good chance that it will be valuable in the future. Listening to things again at a different place in your life can allow you to pick up different pearls of knowledge from the same lesson.
Given the time of year, this is usually when we are thinking about goal setting, and everyone's schedule is anything but normal around this time. I wanted to bring back the conversation that I had with my friend, business collaborator, and advisor coach Stephanie Bogan from early 2022. I'll share some info about Steph here shortly in the intro and then close out this introduction with some personal thoughts and reflections.
While Stephanie has built and sold a number of businesses in her career, most recently she is the founder of Limitless Adviser, a coaching program where she empowers financial advisors to create and build wildly successful practices and a life that they love. This was a special conversation for me when I originally had it as I've been privileged to be involved in that program in a couple of different ways—first as an advisor that was being coached by Stephanie (from 2018-2020) and then serving as an advisor coach, where I help coach and empower other advisors to work intentionally on their practices by applying the mindset and methods that Stephanie teaches in the curriculum and that I've learned over the years as well. I exited that coaching business at the end of 2024 and I'd be lying if there was a part of me that doesn't miss what I was doing in that program, but my other businesses were asking a bit more of me and it was time to pass the torch to another group of advisors.
In this conversation we talk about something that tends to be popular around this time of year: goal setting. However, we talk about it from a bit of a different angle, which is first spending time focusing on your purpose and intention for building what you're building and how money plays a role in that plan. We talk about it from two angles: the first being the practice owner that's at the tail end of their career and facing an inevitable transition from their practice and also from the lens of a younger practice owner that has many years in front of them.
Now hundreds of episodes into 20/20 Money, this show has continued to grow and develop into something bigger than I thought it would have and I'm eternally grateful for everyone that's been involved in the show. To all my guests that have given their time to come on the show and share their perspective, experience, and expertise—thank you. To my producer Kyle— yet another thank you for all your help with the show. From getting it initially set up in 2018 to handling everything with the show after I've finished recording an episode…I appreciate all that you do for the show. And lastly, to you, the listener of the show. Whether this is your first episode, or you've listened to dozens (or even hundreds!) of them, I'm sincerely grateful for the intimate, albeit asynchronous relationship that we've been able to have. My goal is to have positive impact at scale in the optometric community and help practice owners make educated and informed decisions in their business and with their money and this podcast has allowed me to have a platform to share not only my knowledge and experience but also the experience of the guests that I've had on the show. I have always tried to keep the show as objective and unbiased as possible. I've never taking a dollar of sponsorship money, no guest has ever paid to be on the show, nor have I ever paid a guest to be on the show. This podcast is organic and authentic, and your continued support through listening and sharing the show is something that I'm both humbled and grateful for and I look forward to another great year.
And with that introduction, I hope you enjoy this rewind episode of 20/20 Money: The business of optometry. Here's to your continued success.
Links
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
In this reflective episode, we'll explore the most impactful books I've read in 2025. From exploring personal growth and professional evolution to sharing insights on leadership and success, I'll share the themes that shaped my year. I'll discusses the challenges and triumphs of balancing identity and ambition, hopefully offering valuable takeaways for optometry professionals and beyond.
Book List:
- Driven: Understanding and Harnessing the Genetic Gifts Shared by Entrepreneurs, Navy SEALs, Pro Athletes, and Maybe YOU – Doug Brackmann ➡️ https://www.amazon.com/Driven-Understanding-Harnessing-Entrepreneurs-Athletes/dp/1619616939 Amazon
- From Strength to Strength: Finding Success, Happiness, and Deep Purpose in the Second Half of Life – Arthur C. Brooks ➡️ https://www.amazon.com/Strength-Finding-Success-Happiness-Purpose/dp/059319148X Amazon
- Wanting What You Want – Dan Sullivan ➡️ https://www.amazon.com/Wanting-What-You-Want-Sullivan/dp/1897239394
- Never Split the Difference: Negotiating As If Your Life Depended On It – Chris Voss (with Tahl Raz) ➡️ https://www.amazon.com/Never-Split-Difference-Negotiating-Depended/dp/0062407805
Perennial books I've revisited:
- Turning the Flywheel: A Monograph to Accompany Good to Great – Jim Collins ➡️ https://www.amazon.com/Turning-Flywheel-Monograph-Accompany-Good/dp/006291268X
- Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones – James Clear ➡️ https://www.amazon.com/Atomic-Habits-Proven-Build-Break/dp/0735211299 Wikipedia
- Be Your Future Self Now: The Science of Intentional Transformation – Benjamin Hardy ➡️ https://www.amazon.com/Be-Your-Future-Self-Now/dp/1401967571
- To Sell Is Human: The Surprising Truth About Moving Others – Daniel H. Pink ➡️ https://www.amazon.com/To-Sell-Is-Human-Surprising/dp/1594631905
Fun Books:
- Project Hail Mary – Andy Weir ➡️ https://www.amazon.com/Project-Hail-Mary-Andy-Weir/dp/0593135202
- The Devil in the White City: Murder, Magic, and Madness at the Fair That Changed America – Erik Larson ➡️ https://www.amazon.com/Devil-White-City-Madness-Changed/dp/0375725601
- Shoe Dog: A Memoir by the Creator of Nike – Phil Knight ➡️ https://www.amazon.com/Shoe-Dog-Memoir-Creator-Nike/dp/1501135910
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Almost every business owner knows they need to spend time working ON and not just IN their business. But what does it mean to take that concept to a whole new level by traveling and spending time outdoors with colleagues and strategic partners? Whether you choose to take time out of your business to work on your business and do it across town or across the country, this conversation with Drs. Julie Helmus, OD and Paul Mormon, OD talk about what it takes and means to truly invest in yourself by finding your tribe and community. This is also a perfect time to remind you, the listener, that in addition to sharing what Paul has created with GRT, the concepts and benefits we're discussing in today's episode are what we are striving to accomplish with OD Masterminds (link in the show notes). The important NBS for you: find your tribe and structure that fits you best—and helps you make progress.
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
GRT Summit
PERC
IDOC
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Why failure can be your friend with Dr. Chris Wolfe, ODHow can failure be your friend, and why should you embrace failure? On this episode—which is actually me guest-hosting Dr. Chris Wolfe's podcast EyeCode Media—we discuss a journey Chris has been on for awhile, how he failed, and why he considers the failure a positive influence in his life. I share my perspective of the situation and the lessons practice owners should take away from Chris's experience.
Links to grab:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Eyecode media
Eyecode education
Dunning-Kruger Effect
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
ODs tend to be a pretty risk-averse group, which means failure and risk can be avoided or almost taboo topics. But risk is required for any type of return in life. So how should practice/business owners think about risk? If you're embarking on a new growth goals for your practice—like adding an associate doctor—how do you prepare for that investment into the practice and how long do you continue down that path if it's not working? How do you pivot and what are the financial decisions you can make to hedge the risk as best as possible?
Resources:
Book a Triage call with Adam
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Books & Benchmarks
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
So much of business ownership is about your mindset. So what happens when you take the cognizant approach to shift your mindset from a practice owner to a CEO? What are the necessary strategies you must incorporate into your life if you want accomplish more but yet do it in the same (or less time)? And how does this work when you try and build a tech company on top of it all? Dr. Brianna Rhue, OD—co-founder of DrContactLens.com and owner of West Broward Eyecare Associates in Tamarac, FL—joins us back on the show to give us a peek behind what has worked for her as she has grown not only her private practice but also scaled her tech platform DrContactLens.com.
Resources:
Dr. Contact Lens website
West Broward Eyecare Associates
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
In this episode, Dr. Steve Vargo returns to talk about a topic many ODs quietly struggle with: the role of sales in patient care and practice performance. Inspired by a recent post he shared on LinkedIn, we explore why certain KPIs feel frustrating to improve and how a simple shift in perspective can change the way doctors think about influencing patient outcomes.
Steve and I discuss the stories we tell ourselves about what "selling" means, why the word carries so much baggage in healthcare, and how a reframed definition can open the door to clearer communication and better patient experiences. We also look at how asking better questions—rather than doing more talking—can transform the way patients make decisions in the exam room.
If you've ever felt conflicted about the idea of sales in your practice, or if you're looking for more effective ways to guide patients toward the care they need, this conversation offers a refreshing and practical lens on a topic that's often misunderstood.
With that introduction, I hope you enjoy my conversation with Dr. Steve Vargo, OD.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Why has the profession of optometry had such a complicated relationship with VCPs (vision care plans) over the years? Some practice owners love them. Others despise them. Some practices are on all the panels. Some have intentionally jettisoned themselves from every plan and gone out of network entirely.
On this episode, which in a way serves as a follow-up discussion to my conversation with Dr. Chris Smiley, OD (link in the show notes), Dr. Pete Kehoe and I have an engaging and well-rounded discussion about VCPs and the role they can play in running a successful practice—and why it doesn't have to be a choice of embracing VCPs or running a profitable practice.
Before we get into today's episode, I want to make something explicitly clear about this conversation: This episode was not sponsored by EyeMed, Pete, or any other entity. I have never—nor will I ever—take a dollar of sponsorship or "pay to play" from a guest.
I realize that the profession continues to be divided on this topic, and my singular goal with this episode—and with this show in totality—is to bring the best proven practices, methods, and strategies to help you, the practice owner, run your business as best you can and use the profits from providing value to your patients to ultimately build wealth and achieve financial independence.
With that introduction, I hope you enjoy my conversation with Dr. Pete Kehoe, OD.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Power Hour Episode: Managing Managed Care, Capture Rates and the Missing Middle for Practice Growth with Todd Lossone
EyeMed
20/20 Money Episode: Embracing vision plans to profitably grow your practice w/ Dr. Chris Smiley
Ted Lasso "Be curious, not judgemental" YouTube clip
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode, we explore the unique intersection of financial planning and personal growth, discussing the importance of thinking on our thinking, the paradigm shift from accumulating to decumulating assets, and the role of community in achieving financial confidence. Roger shares insights from his Rock Retirement Club, emphasizing the value of optionality and the art of managing complex problems. Whether you're planning for retirement or simply curious about financial wisdom, this episode offers a wealth of knowledge and inspiration.
As a reminder, you can get all the information discussed in today's conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly "planning life on purpose" newsletter that's filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you're interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become "brilliant at the financial basics," or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Rock Retirement Club
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
There are few episodes where I tell you to rewind and listen again to something that a guest has says. This is one of those episodes. From the importance of using the patient's name to offering appointment options without directly asking if they want to schedule, this conversation with Tim is a great example of why words matter in all aspects of the patient experience.
As a reminder, you can get all the information discussed in today's conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly "planning life on purpose" newsletter that's filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you're interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become "brilliant at the financial basics," or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Tim Merrigan.
Resources:
https://acquios.com/
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Ever wonder where all your money's going in your practice? Sharon's here to share the "usual suspects" of practice (mis)management that's costing practice owners tens (sometimes hundreds) of thousands of dollars. We also highlight the importance of goal setting and creating a positive workplace culture to retain staff and drive practice growth. Lastly but importantly, if there's a topic that you hear us discuss that you'd like us to dive deeper into on a future episode, let me know! Email podcast@integratedpwm.com with your suggestion and Sharon has promised to come back on the show for a deeper dive on listener favorites.
As a reminder, you can get all the information discussed in today's conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly "planning life on purpose" newsletter that's filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you're interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become "brilliant at the financial basics," or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Sharon Carter.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Dr. Adam Bryan shares his journey of transitioning his optometry practice through a private equity sale. He discusses the evolving landscape of optometry ownership, the challenges and opportunities presented by private equity, and the importance of maintaining practice culture during the transition. Dr. Bryan reflects on the decision-making process, the negotiation of the sale, and the communication strategies employed with his team. He emphasizes the need for thorough due diligence and the significance of protecting one's legacy while considering various exit strategies.
As a reminder, you can get all the information discussed in today's conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly "planning life on purpose" newsletter that's filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you're interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Dr. Adam Bryan.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Dr. Chris Smiley offers a contrarian—but experience-backed—perspective on one of the most divisive topics in optometry today: vision plans. While many private practice ODs are dropping them entirely, Dr. Smiley makes the case that with the right strategy, vision plans can actually be a powerful engine for growth, profitability, and sustainability. He challenges the myths around reimbursement, explains how to leverage Coordination of Benefits (COB), and breaks down how most high-volume practices still rely on vision plans to scale. This episode is for any OD who’s felt bullied by plans—but still wants to build a thriving private practice without burning bridges, burning themselves out, or missing hidden revenue.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Dr. Chris Smiley, OD.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
20/20 Money Episode #223: How one OD used fear and the unknown to positively uplevel himself and his practice into a multi-location practice; a convo with Dr. Chris Smiley OD
Evaluating VCPs in your practice to determine which ones to cut with Dr. Adam Ramsey, OD
https://pumpkinplan.com/
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Let's discuss the legal intricacies of exiting a practice, particularly in the context of private equity transactions. On this episode, David Cohen and I explore the importance of managing expectations for sellers, understanding the valuation process, and the implications of debt and real estate ownership in practice sales. Our conversation emphasizes the need for thorough preparation and professional guidance to navigate the complexities of selling a practice successfully.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with David Cohen.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Takeaways
You will exit your business at some point.
Exiting to a corporate buyer is very different than peer-to-peer transactions.
Sellers need a realignment of expectations regarding control and changes post-sale.
Understanding the enterprise value is crucial for sellers.
Debt must be paid off at closing, complicating the sale process.
Real estate ownership can impact the sale and lease agreements.
Negotiating lease terms is essential to maintain property value.
Expectations around performance metrics must be managed carefully.
Professional guidance is vital in navigating practice sales.
Preparation is key to avoid pitfalls in the selling process.
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Selling to PE can be conflicting for some owners. On this episode, Dr. John Abbondanza discusses the decision-making process, the importance of understanding one's values, and the impact of the sale on his team and patients. The conversation delves into the nuances of private equity in optometry, the significance of communication during transitions, and the lessons learned throughout the experience.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Dr. John Abbondanza, OD.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
In this eye-opening episode of The Power Hour, host Eugene Shatsman welcomes back Adam Cmejla, Certified Financial Planner, Founder and Owner of Integrated Planning & Wealth Management, and Host of 20/20 Money Podcast — to pull back the curtain on the relentless “compression” squeezing optometry practices right now.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today's show is Nathan Hayes.
In this episode, we discuss the complexities of business valuation and exit planning for optometry practices. We explore the importance of understanding cash flow, market multiples, and the necessity of being exit ready at all times. The conversation delves into the five D's of business exit planning, sources of value in a business, and the critical role of financial statements in preparing for a sale. We emphasize the need for proactive planning and knowing one's financial needs to ensure a successful transition out of practice ownership.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Books & Benchmarks - Bookkeeping Services for Optometry Practice Owners
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Long term care (LTC) is a complicated, misunderstood, and emotional topic for any family to discuss. Even if you're a younger listener and think "Oh, this episode isn't applicable to me," I'd still encourage you to give it a listen as the topic of LTC is generational. On today's episode, Bryan and I discuss the basics of what LTC is and what it's not, the difference between LTC planning and LTC insurance, at what age a practice owner should consider evaluating options, and a tax-deductible way that practice owners can pay for the premium.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Bryan Langdon.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Masterminds Request Form
Ash Brokerage
Bryan's Email
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today's show is Taylor Schulte, CFP®, host of the Stay Wealthy Retirement Show Podcast.
In this episode, we discuss the often-overlooked aspects of retirement planning, focusing on the importance of understanding blind spots, the need for purpose in retirement, and the role of community. We explore cash management strategies, the limitations of the 4% rule, and the benefits of flexible withdrawal strategies to ensure a successful transition into retirement. Our conversation emphasizes the need for intentional planning and the significance of having a solid foundation for financial decisions in retirement.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Taylor Schulte.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Of Dollars & Data
Nick's book The Wealth Ladder
Stay Wealthy Retirement Podcast
Define Financial
Retirement Podcast Network
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Takeaways
- Retirement planning should focus on what you are retiring to, not just what you are retiring from.
- Purpose and fulfillment are crucial in retirement; many underestimate this transition.
- Community involvement can significantly enhance the retirement experience.
- Cash management is vital during the transition to retirement to avoid emotional roller coasters.
- The 4% rule is outdated and overly conservative for many retirees.
- Flexible withdrawal strategies can provide more confidence and adaptability in retirement spending.
- Mistakes in retirement planning can have severe consequences due to the lack of time to recover.
- Diversifying investments is essential to manage risks during retirement.
- Having a cash war chest can help weather financial storms during retirement.
- The best investment plan is one that aligns with your personal goals and allows for flexibility.
If you’ve ever wondered how to take some of the emotional sting out of estimated tax payments, this episode is for you. I share a simple yet impactful way to manage your cash flow, a simple formula to help you better estimate your estimated payments, and how to segregate your savings to give you a clearer picture of your cash-on-hand to make your quarterly estimated payments.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
20/20 Money Episode #180 – Understanding estimate tax payments to proactively manage cash flow
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
My guest today is John Marvin, former President of TSO (Texas State Optical). John joins me to talk about two intertwined issues reshaping private-practice optometry: the accelerating influence of private equity and the growing challenge of recruiting—and retaining—enough ODs to meet patient demand. We explore the cultural and financial trade-offs of PE consolidation, the shifting career aspirations of new graduates, and practical ways independent practices can protect their culture, stay competitive, and thrive.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with John Marvin.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
20/20 Money Episode #297 – Thoughts and opinions on the state & future of private practice optometry from the president of a $110 million optometry organization: a conversation with John Marvin, President of Texas State Optical
20/20 Money #336 – My “Frankenstein:” how I would assemble the perfect optometry practice
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today's show is Nathan Hayes. Nathan joins me on the show to do a deep dive into 2024's Books & Benchmark's annual report. He shares ranges of the numbers that practice owners should really care about and should be tracking: COGS, non-OD staff expense, Associate OD comp ranges, occupancy costs, and G&A (general & administrative). We also talk about some of the lessons that practice owners can learn from these numbers and walk through a number of examples that both he and I have seen in our work with owners.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Download the 2024 Books & Benchmarks Report
Learn more about Books & Benchmarks
Embezzlement in optometry practices: how it happens, who's likely to do it, and ways in which you can prevent it from happening w/ Dr. Bethany Fishbein, OD
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Peter Lazaroff, CFA, CFP®. Peter joins me to examine whether the much-touted tax benefits of opportunity zones (OZs) justify the risks required, or if investors are letting the “tax tail” wag the investment dog. We cover how OZs work, what the new One BBB Act means for the program’s future, and practical ways optometric practice owners can decide whether rolling a large capital gain into an OZ—or into something else—really serves their overall financial plan.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Peter Lazaroff.
Resources:
20/20 Money Membership Information
OD Masterminds Interest
Get Peter's Book
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today's show is Dr. Dodge Perry, OD. Dodge joins me on the show to have an open discussion after listening to my "Frankenstein" episode, which was inspired by him asking me the question "If I could create an ideal private practice, what would go into that decision making process?" We discuss the intricacies of setting up an optometry practice, emphasizing the importance of location, financial planning, and the role of AI in practice management. We explore how personal and professional lives intersect in decision-making, the significance of understanding financial metrics, and the evolving landscape of patient experience in the context of technological advancements.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Dr. Dodge Perry, OD.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
My "Frankenstein" Practice Episode
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
In this episode of 20/20 Money, I break down some of the most impactful tax and planning changes introduced in the recently passed Big Beautiful Bill Act—Congress’s sweeping update to the tax code that makes many TCJA provisions permanent while adding new wrinkles that matter to private practice owners.
Whether you’re thinking about how to reduce your taxable income, maximize deductions, or just stay ahead of legislative changes that affect your financial life, this episode is designed to help you take stock and plan strategically.
🏡 Individual Tax Provisions
- SALT cap increase to $40,000 through 2029, with phase-down for high earners
- QBI deduction made permanent, with higher income thresholds
- Return of personal exemptions and new senior standard deduction
- Expanded Child and Dependent Care Credit: up to $7,500
- Introduction of Trump Accounts: tax-advantaged savings accounts for minors
- Increased EV tax credit with potential application to business purchases
🧾 Business Tax Planning
- 100% bonus depreciation made permanent
- Section 179 deduction limit increased to $3 million
- Updated QBI deduction strategies for S-corp owners and those near the new thresholds
⚠️ Watch-Outs and Questionable Strategies
- Can you use 529 plan funds for CE expenses? (Short answer: only if they’re required for credentialing)
- New car loan interest deduction—but don’t overbuy just for the tax break
- Overtime and tip income exclusions for employees—opportunities for staff retention, but not game-changers for owners
🧮 Interesting Items Tucked into the Bill
- 1099 reporting threshold increased from $600 → $2,000 (finally!)
- No unemployment benefits for individuals earning > $1 million/year
- Debt ceiling raised by $5 trillion—and why that doesn’t mean the Fed is buying debt
📌 Key Takeaway:
This legislation reshapes both personal and business tax planning for optometric practice owners. It’s a great time to revisit your compensation strategy, equipment financing, gifting plans, and entity structure—especially before year-end 2025 when many provisions take effect.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money. In the spirit of Independence Day, today’s episode explores a different kind of freedom—financial independence—and the common decisions that often stand in the way of achieving it. I walk through five recurring mistakes I see optometric practice owners make that limit their long-term financial freedom, both personally and professionally. From overleveraging and ignoring balance sheets to misjudging the impact of time and delaying planning altogether, these decisions can quietly undermine your goals.
My hope is that this episode prompts you to evaluate which of these areas might be holding you back—and take steps now to build a more intentional path toward true independence.
Topics covered include:
– The hidden cost of overleveraging in life and business
– How time and money intersect in your practice profitability
– Why your balance sheet matters more than your income
– The danger of relying solely on your practice sale for retirement
– The importance of creating an integrated personal and professional plan
Next Best Step:
Take 10 minutes this week to identify which of these five decisions may be showing up in your life—and commit to course-correcting just one of them before year-end.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
Resources:
3 financial lessons learned from my grandpa and grandma that can shape your relationship with money
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guests on today's show are my two good friends—and successful practice owners—Drs. Jeremy Ciano and Jennifer Stewart, OD. This is another takeover episode, so I'm honestly not sure where they'll take the conversation. The only direction I gave them was the title of the episode, so I'm just as curious as you are as to where the conversation will lead!
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy this take over episode with Drs. Jennifer Stewart, OD and Jeremy Ciano, OD.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money. My guest on today’s show is Dr. Michael Neal, OD.
Mike joins me on the show to talk about the evolution of delegation as a practice owner—specifically, the journey of learning to trust your team with everything outside of your core revenue-producing activities. We share our own experiences with delegation, what it looked like early on, how our thinking evolved, and the impact it’s had on our ability to focus on our Unique Abilities™ and lead more effectively.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Dr. Mike Neal, OD.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Trapped Value Episode with Mike Neal
Build My Team
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today's show is Mike Jorgenson from Carr Healthcare Realty.
Mike joins me back on the show to talk about what goes into a demographics search when evaluating the location of a practice—and he does it from both a cold start as well as existing practice's point of view. We talk about the minimum OD:population ratio that's generally advisable when setting up or buying a practice and other details as it pertains to the factors that influence the demographics of a practice's location. Our conversation then transitions into, well...practice transitions! Whether a selling doctor leases or owns the real estate that the practice is located in, Mike shares important real estate considerations that both sides—buyer and seller alike—should be thinking about and and proactively planning.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Mike Jorgenson.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Carr Healthcare Realty.
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Mick Kling, OD.
Mick joins me back on the show to talk about the power of community within the profession and how optometrists can avoid the “race to the bottom” when it comes to pricing by focusing on delivering and communicating value to their patients. We also discuss how to evaluate the affordability of a practice, the tools available to help aspiring owners make informed decisions, the current shortage of associate ODs, and the importance of building strategic partnerships throughout a practice owner’s career. Be sure to check out the show notes for a number of helpful resources we reference throughout our conversation.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Dr. Mick Kling, OD
Resources:
20/20 Money Membership Information
OD Masterminds Request Form
Adding an Associate Spreadsheet
The Buy-In Spreadsheet to help you evaluate whether a practice is worth buying, how much to pay, and what you’ll earn (Part of the Toolkit)
Vision Source - AOD open positions
Adding an Associate White Paper
Vision Source Next
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money. My guest on today's show is Dr. Mike Satryan, OD, a partner with Mountain View Eye in Altoona, PA.
Mike is a long-time practice owner who brings over 25 years of experience running an in-house optical lab within their practice. We dive into the substantial cost savings his practice has realized by finishing lenses on-site and how that margin improvement supports a compensation model tied to gross revenue growth. We explore how having an in-house lab not only boosts profitability but also enhances second-pair and annual contact lens supply conversions, thanks in part to a more efficient optical experience. He also shares his buying criteria when evaluating edgers, what ultimately influenced his choice of supplier, and whether the edger is patient-facing or kept behind the scenes. Whether you’re a solo OD or managing a multi-doctor practice, this conversation offers valuable insight into the operational and financial upside of bringing lens finishing in-house.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Dr. Mike Satryan, OD.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Edging In-House vs Outsourcing: The Economics, Trade-Offs, and Data An Optometric Practice Needs to Measure with Drs. Jennifer Stewart, OD & Sam Hornberger, OD
Kayla Ashlee — Increasing Optical Revenue
Kayla Ashlee—Tracking Frame Turn
Connect with Mike
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today's show is Lee Raykovicz, OD, a mortgage broker with Go Rascal Mortgages.
On today's episode we dive into what goes into the mortgage underwriting process, how practice owners can get creative when it comes to purchasing their homes, the details on what Physician loans actually are and how they work, how to think about the total DTI ratio when thinking about your mortgage & student loans, and ARM strategy ideas in today's rate environment.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Lee Raykovicz.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Contact Lee
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this REWIND episode of 20/20 Money! Given that my grandpa just recently celebrated his 96th birthday, I wanted to bring back this episode and share it again for new and long-time listeners alike. It's also a subtle reminder about the importance of understanding longevity risk in one's financial plan. I can only imagine the unfortunate situation my grandpa would be in had he and my grandma not had a sound investment strategy that has allowed them to build up a portfolio that has lasted the entirety of his retirement.
On this episode, I wanted to share a bit of a personal story about 3 lessons that I learned from my grandparents that have in large part shaped the money story and lessons that have guided my financial journey and how I view and use money money in my life. I hope this conversations gives you a benchmark and different viewpoint to compare your own money values and purpose. If you feel like you don’t have a grasp on your own money story and purpose, my hope is that it inspires you to start thinking intentionally about how you make spending and investing decisions with your dollars.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today's show is Dr. Chris Wolfe, OD.
Chris joins me back on the show to talk about why it's important to be intentional about the business decisions you make in your practice and make those decisions based on data and a plan. We talk about this concept through the lens of schedule management and how to think about pre-appointing your patients within a practice, and it's in part based off some listener feedback that I received almost a year ago.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Dr. Chris Wolfe, OD.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Practice Performance Partners
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today's show is Kayla Ashlee.
Kayla joins me on the show to discuss how the communication cues (or miscues) that unknowingly are happening in your office can be both positively or negatively impacting your patient experience and thus influencing the buying decisions of your patients. She shared examples of good and not-so-good cues that can be happening across the patient journey—from the moment the patient comes into your office all the way through their optical buying experience. This was a very enjoyable and timely conversation given the relative proximity to the Frankenstein episode I did a couple of weeks ago, because as I said in that episode, one of the investments I would make in both myself and my team as early as possible is good sales and communication training...and this confirmation was an example of why it's so important.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Kayla Ashlee.
Resources:
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Cues by Vanessa VanEdwards
Spexy
Stop the Walkouts Series
20/20 Frankenstein Episode
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes with Books & Benchmarks and IDOC. On this show, Nathan and I RAGE!! That's right, we Rant Against Growth Excuses. We talk about the common headwinds, obstacles, and challenges that we both hear when talking with practice owners...and how to think about solving those issues by thinking differently about the challenges.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
Resources:
IDOC Books & Benchmarks Link
How to increase the multiplier in your practice value with Nathan Hayes
How to use (and NOT use) benchmarks with Nathan Hayes
Edging in-house vs outsourcing: the economics, trade-offs, and data an optometric practice needs to measure with Drs. Jennifer Stewart, OD & Sam Hornberger, OD
Forget goal-setting and focus on purpose: a mindset conversation with Stephanie Bogan
10x Is Easier Than 2x: How World-Class Entrepreneurs Achieve More by Doing Less
Extreme Ownership: How U.S. Navy SEALs Lead and Win
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! This week's episode is the recording of my presentation at NSUOCO, titled "Top 10 Tips for (Financial) Success for Optometrists."
Over the course of the year, I'm privileged to present in front of a variety of optometry schools' private practice clubs and classes. The purpose of the presentation is to help ODs understand the ABCs and 123s of personal finance and how to better understand the business of optometry so that, upon graduation, they are able to make educated and informed decisions about their money. Given that the content and lessons are pretty evergreen, I thought this would be a good "refresher" episode for listeners of the show—young and "seasoned" alike. Even though you won't have the Powerpoint deck to follow along, I tried to present the content in a way that would transfer well to the podcast. Special shout out to my producer Kyle for working his magic with the audio as well as Corbin Lill, a student at NSUOCO, for having me. If you are either in school or connected to a school and would like me to do a similar presentation, please email me at podcast@integratedpwm.com.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my live presentation from NSUOCO.
Resources:
20/20 Money Membership Information
OD Mastermind Interest Form
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money!
What would I do if I were starting an optometric practice from the ground up? A listener posed the question—and I went deep. In this episode, I walk through everything from choosing the right location (hint: geography is everything) to building the skills that matter most when you’re just getting started.
We cover:
- Why defining your Ideal Patient Avatar (IPA) is mission-critical
- The underrated value of sales coaching and communication training
- Why I’d buy a small-town practice instead of cold-starting in suburbia
- The non-negotiables when assembling your professional advisory team
Whether you’re dreaming about opening your own practice or wondering how you’d do it differently if you had a do-over, this episode is full of real-world insight and practical advice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
Resources:
20/20 Money Membership Information
OD Masterminds Request Form
Tim Ferriss Fear Setting
Jen Stewart from IDOC 2024
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! In this episode, we tackle the confusion around key financial numbers in your optometric practice and why it’s critical to have a common understanding of their definitions. From gross COLLECTED revenue, cost of goods sold, and net operating income, we explore the most important KPIs that influence your bottom line. Whether you’re looking to grow, improve efficiency, or just understand your business better, this conversation will help you create a clearer, more actionable financial dashboard.
We dive into:
- Why “collections” and “gross revenue” are not the same thing
- The 3-5 core numbers every practice owner should track consistently
- How to think about net income in your practice as both the clinician and the owner
Stop guessing. Start tracking what actually matters.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
Resources:
20/20 Money Membership Information
OD Masterminds Information Request
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! In today’s episode, we’re diving into the details of your tax return—beyond just whether you got a refund. We’ll break down the difference between deductions and credits, how our tax brackets work, why you should focus on Line 24—your total tax paid—instead of Lines 34 or 37, and what Line 38 might be telling you about penalties and interest. We’ll also highlight common areas for errors, clarify how the QBI deduction applies depending on your income level, and walk through important forms like Form 8960 for NIIT cancelation, Form 8889 for HSAs, and the health insurance deduction.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
Resources:
20/20 Money Membership Information
OD Masterminds Information Request
20/20 Episode #332 - Difference between Saving & Deferring Taxes
Planning for the QBI (199A) Deduction in your practice
Review of Optometric Business 199A Article
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Ted McElroy, OD. Ted and I share in a conversation that's on the heels of a 2 hour CE session I did at SECO 2025, which was titled The Art of Delegation. We talk through why practice owners get stuck on delegation, ways to think about becoming more comfortable delegating, the true cost of NOT delegating, and some NBSs for you to think about around this very important topic.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Dr. Ted McElroy, OD.
Resources:
20/20 Money Membership Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
In this episode, we break down the common misconception that tax deferral is the same as tax savings—spoiler alert: it’s not. We discuss how strategies like funding retirement plans, loss harvesting, and depreciation only push taxes into the future, while true tax savings come from tools like QCDs, business deductions, and Roth account growth. We explore when deferring taxes makes sense, and when it might actually cost you more in the long run.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
Resources:
20/20 Money Membership Information
OD Masterminds Information Request
The Augusta Rule
20/20 Money Episode #319 – Year-End Tax Planning Concepts & Strategies to Minimize Tax Stress with JR Armstrong, CPA
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Daniel Palmer. Daniel joins me back on the show to talk through a growing service and role in small businesses (optometry included), which is the Fractional CO service. I use the * to depict the fact that this role could be Chief Operating, Marketing, Information/Technology, and yes Financial Officer. We talk about the differences between a consultant and a fractional CO and how to think about each of those roles in your organization, how a practice can think about if & when they're ready to add that relationship to their leadership team, and the value that this role should be providing in an organization.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Daniel Palmer.
Resources:
20/20 Money Masterclass Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Rick Norwood, founder & President of Norwood Device & Diagnostics. Rick joins me on the show to talk through an often-discussed topic in practice ownership, and that is the responsible purchasing of equipment. We talk through how practice owners should evaluate various suppliers, the cadence and frequency of replacing and upgrading your equipment, and how to avoid purchasing "buyer's remorse" through the process.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Rick Norwood.
Resources:
20/20 Money Masterclass Information
Norwood Device & Diagnostics
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guests on today’s show are Drs. Jennifer Stewart & Sam Hornberger, both private practice owners in their respective practices.
Sam and Jennifer join me on the show to talk about a topic that admittedly, in over 300 episodes of 20/20 Money, I haven't talked about yet: edging and the decisions around whether to bring edging in-house or continue to outsource it to your lab. We talk through how each of them made the decision to bring edging in-house—Sam making the decision after years of outsourcing it to a lab and Jennifer making the decision within the first year of launching her cold start practice. They give a peek behind the curtains on how vision plans influence the decision, the specific edgers each of them have in their practice, the economic benefits they've experienced, and how they use it as a unique differentiator and value-add to their respective patient bases.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Drs. Sam Hornberger & Jennifer Stewart, OD.
OD Masterminds™ Information Request
Resources:
20/20 Money Membership Information
Episode #256: Successful Implementation of VT in your practice with Dr. Heidi Bell
OVDRA
Cherry Financing
Emergent VT Training Platform for Vision Therapists
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Leigha Nielson, OD FOVDR, founder of High 5 Vision Development in New Braunfels, TX.
Leigha joins me on the show to talk about how she's created both a successful practice and a life she loves—personally and professionally—through a vision-therapy focused practice. She talks about her journey as a practice owner under the TSO (Texas State Optical) brand and how she transitioned to her own stand-alone practice and why she made the commitment to to change. She also shares the details about the operations of her practice—from the pricing discount she provides to patients that pay all in full to how she thinks about leverage and return-on-investment with the team that supports the care provided to patients, Leigha is very transparent about how she's made her practice profitable while also not compromising her passion for vision therapy.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Dr. Leigha Nielsen, OD, FOVDR.
OD Masterminds™ Information Request
Resources:
20/20 Money Membership Information
Episode #256: Successful Implementation of VT in your practice with Dr. Heidi Bell
OVDRA
Cherry Financing
Emergent VT Training Platform for Vision Therapists
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! This week's episode is my guest appearance on Dr. Steve Vargo's show "Eye Own a Business," produced by IDOC.
Steve had me on the show to talk about something that I've been thinking about for some time, and I used his show to "stake my claim"—I don't like term "admin day" and want to see the profession start embracing a different way of thinking about the work that owners do ON the business. I share my beliefs and reasoning behind this and why I feel it behooves owners to start thinking differently about their role in their practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Steve Vargo.
Resources:
20/20 Money Membership Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Jackson Pace, CPA. Jackson joins me on the show to talk about ways owners can maximize the ROI on their team, specifically non-OD team members. He shares examples of ways in which practice owners have brought focus and intention to different areas of the practice, how practice owners can empower their team to take ownership of an incentive program, and examples of a couple of different "dark corners" of the practice that can benefit from some attention.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Jackson Pace, CPA.
Resources:
20/20 Money Membership Information
Refractional CFO
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Steve Vargo, OD. In addition to being a practice management consultant with IDOC, Steve is also the host of the podcast "Eye Own a Business" a show with episodes aimed to help independent ODs grow a thriving practice while wearing the hats of both OD and business owner.
In this episode Steve and I talk about the importance of staying true to your vision and passion in practice ownership. We talk about how easily owners can get distracted by what other owners are doing and think that they have to compare and keep up to what others are doing instead of staying true to the vision and mission they set out on when they got into ownership.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Dr. Steve Vargo, OD.
Resources:
20/20 Money Membership Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes with IDOC & Books & Benchmarks.
Nathan and I spend time discussing a topic that was briefly brought up on our last conversation (here's the link to that discussion) which is the importance of understanding the relationship between multiples and the risk associated with ownership. Said differently, we bring clarity to the math on why it's less risky for a buyer of a practice to write a bigger check for a larger practice that commands a higher multiple when compared to buying a lower valued/lower multiple "fixer upper" practice. I believe this conversation is valuable both buyers and sellers of practices.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more. Lastly, if you're interested in learning more about OD Masterminds™, an exclusive program we created to help ODs leverage collective knowledge & collaboration to achieve extraordinary results personally and professionally, the link to the application is in the show notes.
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
Resources:
20/20 Money Membership Information
How To Buy an Optometry Practice
Practice Owner's Financial Toolkit
Books & Benchmarks
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Peter Lazaroff, CFA, CFP®, Chief Investment Officer at Plancorp, host of The Long Term Investor podcast, and the author of the book Making Money Simple.
Peter joins me on the show to talk about an investment approach that has been around for a long time but is starting to become more prevalent for investors: direct indexing. We talk about what direct indexing is through an abridged story on the evolution of investment vehicles for investors, some of the considerations and tradeoffs, how a direct indexing approach can minimize a practice owner's tax bill in the year that they sell their practice, and why an index investor should be, at the very least, doing their own due diligence on a direct indexing advisory firm & manager to complement their already-sound investment philosophy.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Ultimate Financial Masterclass, a course that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Peter Lazaroff, CFA, CFP®.
Resources:
20/20 Money Masterclass Information
Get a FREE copy of Peter's Book!!
Single-stock volatility & equity market returns - JP Morgan Guide to the Markets
S&P 500: Index Concentration & Valuations - JP Morgan Guide to the Markets
Magnificent 7 Performance & Earnings Dynamics - JP Morgan Guide to the Markets
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to the first episode of 2025! In this episode, I take a bit of a trip down memory lane as I recently came across a list that I wrote 10+ years ago. Re-reading it, I thought it would be a great way to kick off the new year and give optometrists & practice owners some principles and habits that can guide and shape how they plan & live their life, on purpose.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
Resources:
Plan Your Year: An Introduction to Free, Focus, and Buffer Days
20/20 Money Membership Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
As we set up for the beginning of yet another year, I wanted to bring back an episode that I released earlier in the year. I think the timing of replaying this episode is good as it's being released during a very busy time of year and also while you're likely thinking through how you want to set yourself up for success in 2025. All the best to you and your family during the holiday season!
In the spirit of managing information overload, I wanted to take a week to pause on new information and rather share a process or organizing and prioritizing your thoughts, goals, and actions that can often stem from listening to shows like 20/20 Money and the consumption of other content.
Resources:
20/20 Money Membership Information
reMarkable 2 Tablet
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode rewind of 20/20 Money! In keeping with tradition, I'm bringing back this episode again, just like I did last year, for one of the last episodes of 2024!!
Given that this is the last episode of the year, this is usually when we are thinking about goal setting, and everyone’s schedule is anything but normal being the day after Christmas, I wanted to bring back the conversation that I had with my friend, business collaborator, and advisor coach Stephanie Bogan from early 2022. I’ll share some info about Steph here shortly in the intro and then close out this introduction with some personal thoughts and reflections.
While Stephanie has built and sold a number of businesses in her career, most recently she is the founder of Limitless Adviser, a coaching program where she empowers financial advisors to create and build wildly successful practices and a life that they love. This was a special conversation for me as I’m also privileged to be involved in that program—first as an advisor that was being coached by Stephanie and now currently serving as an advisor coach, where I help coach and empower other advisors to work intentionally on their practices by applying the mindset and methods that Stephanie teaches in the curriculum and that I’ve learned over the years as well.
In this conversation we talk about something that tends to be popular around this time of year: goal setting. However, we talk about it from a bit of a different angle, which is first spending time focusing on your purpose and intention for building what you’re building and how money plays a role in that plan. We talk about it from two angles: the first being the practice owner that’s at the tail end of their career and facing an inevitable transition from their practice and also from the lens of a younger practice owner that has many years in front of them. We talk about some of the “sacred cows” that exist in practice ownership, why some of them should be questioned, and how to think about solving those problems. We wrap up with Stephanie’s very powerful answer to the one question that I ask every first-time guest on 20/20 Money.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the 20/20 Money Ultimate Financial Masterclass, a course that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
Now over 300 episodes into 20/20 Money, this show has continued to grow and develop into something bigger than I thought it would have and I’m eternally grateful for everyone that’s been involved in the show. To all my guests that have given their time to come on the show and share their perspective, experience, and expertise—thank you. To my producer Kyle— yet another thank you for all your help with the show. From getting it initially set up in 2018 to handling everything with the show after I’ve finished recording an episode…I appreciate all that you do for the show. And lastly, to you, the listener of the show. Whether this is your first episode, or you’ve listened to dozens (or even hundreds!) of them, I’m sincerely grateful for the intimate, albeit asynchronous relationship that we’ve been able to have. My goal is to have positive impact at scale in the optometric community and help practice owners make educated and informed decisions with their money and this podcast has allowed me to have a platform to share not only my knowledge and experience but also the experience of the guests that I’ve had on the show. I have always tried to keep the show as objective and unbiased as possible. I’ve never taking a dollar of sponsorship money, no guest has ever paid to be on the show, nor have I ever paid a guest to be on the show. This podcast is organic and authentic, and your continued support through listening and sharing the show is something that I’m both humbled and grateful for and I look forward to another great year in 2025!!
Resources:
OD Masterminds Application
20/20 Money Membership Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome back to another episode of 20/20 Money. My guest on today's show is JR Armstrong, CPA and a partner at May & Co, a CPA firm dedicated to serving optometric practice owners nationwide.
JR joins me back on the show for a year-end tax planning episode. We talk about the importance of taking a multi-year approach when evaluating your depreciation strategy on equipment, how inventory influences year-end tax planning, how to "penalty proof" your personal tax return, and other important tax concepts practice owners should be thinking about and discussing with their advisory team.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
Resources:
OD Masterminds Application
20/20 Money Membership Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Today's episode talks about how I think about Dave Ramsey's baby steps towards financial independence as it pertains to optometrists. I share where I think the baby steps are great to follow and I also share some iterations on the baby steps that I believe are more relevant and applicable to ODs, specifically with regards to the journey as a practice owner.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
Links & Resources: 20/20 Money Membership Information Dave Ramsey's Baby Steps Holland Student Loan Debt Episode #1 Holland Student Loan Debt Episode #2 (Re) thinking your investment asset allocation as a practice owner ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is my friend Ashby Daniels, CFP® and we have what I think is a very engaging and revealing conversation about the emotional and mental journey a business owner goes through when considering a sale of their business. We talk about getting over the fear of selling, how to think about regrets, the alternatives to selling, the importance of having something to retire to, and the surprising truth about what it feels like when the check from the sale of your business hits your bank account. I really enjoyed this conversation and I trust you will as well, especially if you are a practice owner that has considered selling (or know, deep down, that you should be thinking about selling, if for no other reason than you’d like to enjoy the next chapter of life post-practice ownership).
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Ashby Daniels.
Resources:
20/20 Money Membership Information
20/20 Money Episode #284 – Dr. Jennifer Stewart’s “tepid” start optometry practice: the power of vision & intentionality, the importance of an ideal patient avatar, and reconciling business risk with a conservative personality
My first conversation with Ashby
Tim Ferriss Fear Setting Exercise
Inside the Contrarian Mind of Sam Zell
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Chris Wolfe, host of The Chris Wolfe Podcast, founder of the online billing & coding LMS EyeCode Education, and a partner in Exclusively Eye Care, a private practice in Omaha, NE.
This is part 2 of my conversation with Chris and I’d really encourage you to check out Part 1 of our conversation over on Chris’s podcast The Chris Wolfe Podcast (links in the show notes of this episode). Part 1 will really give some context behind the mindset that’s required to embrace some of the strategies and concepts that Chris talks about during this conversation.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Masterclass, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Dr. Chris Wolfe, OD. Listen to part 1 on Apple Podcasts Listen to part 1 on Spotify
Resources:
20/20 Money Membership Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guests on today’s show are Drs. Jeremy Ciano & Jennifer Stewart. This is another 20/20 Money takeover, so while I usually will spend the introduction giving you a glimpse into what we talk about on the show, your guess is as good as mine about what this episode is about…since I just gave them the platform to talk about whatever was top of mind for them around the topic of cold starting & satellite expansion. Enjoy!! As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center, and we have a link to that site right here in the show notes of this episode. While visiting the website, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more. And with that introduction, I hope you enjoy the show takeover conversation with Drs. Jeremy Ciano & Jennifer Stewart!! Resources:
20/20 Money Membership Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Bethany Fishbein, OD, consultant and executive coach with Leaders of Vision. Bethany has been on the show many times in the past and today she joins us to talk about a topic that is admittedly harder and more distressing to talk about: embezzlement in optometry practices. In Bethany’s experience as a consultant having worked with many practices over the years, she’s unfortunately been privy to instances where embezzlement was happening. We talk about who’s likely to do it, what they’re likely to do, and small ways you can cross check the systems in your practice to ensure that you’re running a tight business.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Dr. Bethany Fishbein, OD.
Resources:
20/20 Money Membership Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
ChatGPT Prompt/Answer
Embezzlement in an optometry practice (or any healthcare setting) can occur in several ways due to the complex nature of transactions, including patient billing, insurance claims, and cash handling. Below are some realistic examples of how an employee might embezzle funds in an optometry practice:
### 1. Billing Fraud:
-
Overcharging Insurance: An employee could submit inflated insurance claims by increasing the cost of services or adding services that were never provided. They would then pocket the difference between the amount paid by the insurance company and the actual cost.
-
Phantom Patients: Creating fake patient records and submitting claims for services or products (like glasses or contacts) that were never provided, then diverting the insurance reimbursement to themselves.
### 2. Skimming Cash Payments:
-
Cash Payments Not Recorded: If a patient pays in cash, an employee might record the visit as "invoiced" or "to be billed later" rather than marking it as paid. The employee then takes the cash and destroys or alters any record of the payment.
-
Under-reporting Receipts: An employee could under-report the total cash collected at the end of the day, skimming small amounts regularly to avoid detection.
### 3. Inventory Theft:
-
Selling Optical Inventory: Employees could steal optical products (like glasses, contacts, frames, etc.) and resell them privately. Since optical products are high-margin items, this could go unnoticed if inventory management is lax.
-
Ordering Extra Supplies: Over-ordering contact lenses, frames, or other supplies and then selling the excess or returning items to vendors for cash or personal store credits.
### 4. Falsifying Refunds or Discounts:
-
Fake Refunds: An employee could process fake refunds for products or services and divert the refunded amount to their personal account or as cash.
-
Unauthorized Discounts: An employee might give unauthorized discounts to friends or family and accept a bribe or kickback in return.
### 5. Manipulating Payroll or Expenses:
-
Payroll Padding: The employee could inflate their working hours or add fake employees to payroll, then collect their salaries or wages.
-
Expense Reimbursement Fraud: An employee might submit inflated or completely fake expense reimbursement claims, such as fake mileage for business travel or falsified invoices for office supplies or services.
### 6. Misappropriating Patient Deposits:
- Misusing Prepayments: In cases where patients prepay for services or products (e.g., contact lenses ordered in advance), an employee could misappropriate these funds, not recording the prepayment in the system.
### 7. Altering Financial Records:
-
Adjusting Daily Ledgers: An employee responsible for managing the daily financial ledger could adjust entries to match up with the cash they skimmed or misappropriated, making it appear as though the totals balance.
-
Reconciling Bank Deposits: Employees responsible for reconciling bank deposits might under-report the actual cash received, depositing a portion into their own account or taking some before it is deposited.
### 8. Vendor Fraud:
-
Fake Vendor Invoices: An employee could create a fake vendor, submit invoices for non-existent goods or services, and then approve payments to the fake vendor (which is actually the employee’s personal account).
-
Colluding with Suppliers: An employee could collude with a real supplier to submit inflated invoices for services or products, splitting the overpayment with the vendor.
### Safeguards to Prevent Embezzlement:
While this experiment is theoretical, it’s crucial to implement safeguards to minimize the risk of embezzlement. These may include:
-
Segregation of Duties: Ensuring that no single employee has control over multiple aspects of financial transactions (e.g., someone handling cash should not be responsible for reconciling the ledger).
-
Regular Audits: Conducting surprise audits and thorough annual reviews to catch discrepancies early.
-
Inventory Management: Using automated systems to track inventory and spot unusual fluctuations in stock levels.
-
Bank Reconciliation: Assigning bank reconciliation duties to someone outside of the person handling deposits.
-
Transparent Payroll: Having a separate, trusted party regularly review payroll and expense reports.
Testing your practice’s internal controls without actually attempting fraud can help you spot weaknesses before they become a real problem. Would you like to explore specific ways to strengthen the financial controls in your practice?
Welcome to this episode of 20/20 Money! My guest on today’s show is Mike Neal, OD. Mike joins me on the show to talk about something that we’ve indirectly talked about on various episodes in the past: delegation. Specifically, we talk about the mindset shift that happened for Mike when he started looking at his team as an investment in the business and the opportunity cost of him hanging onto so many trivial and administrative tasks in the practice…and what happened to him and his business when he let go of those items and focused his time on the best and highest impact activities in the practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Dr. Mike Neal, OD.
Resources:
20/20 Money Membership Information
Atomic Habits
Email us your best delegation task
Bonus structures that work for non-OD team members w/ Dr. Michael Neal, OD
Welcome to this episode of 20/20 Money! My guest on today’s show is Erich Mattei, founder of Akrinos. In this conversation, Erich and I discuss five specific concepts and ways that optometrists can make prudent business decisions in their practice and reduce the chances of making a strategic wrong decision.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Erich Mattei.
Resources:
20/20 Money Membership Information
Akrinos
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Jennifer Stewart, founder of the private practice Look New Canaan and OD Perspectives.
In this episode, we talk about two major themes that she’s observed over the years as she has consulted with both friends and colleagues. Whether it be an OD launching a cold start or trying to make decisions inside of an established practice, there are two reoccurring themes that she’s observed ODs doing that is causing them to make mistakes with some unfortunate financial and quality-of-life implications.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Dr. Jennifer Stewart.
Resources:
20/20 Money Membership Information
Episode on Accountability Partners
The Hedgehog Concept
Extreme Ownership
Who Not How
The Impact Filter™
Welcome to this episode of 20/20 Money! My guest on today’s show is Daniel Palmer, founder of Morether Creative, a Fractional CMO for optometrists nationwide.
In this conversation, we talk through and explain the Story Brand process and the SB7 framework. We talk about the common marketing mistakes that biz owners (not just ODs) make when it comes to marketing their brand, how to think of the SB7 framework through the patient experience, and some of the Next Best Steps that ODs can take based on our conversation. Daniel also shares a really impactful framework called the one-line story brand and how ODs can use this simple, 3-part framework to explain each part of the patient’s journey through the practice which ultimately demonstrates the value of the practice to the patient.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Daniel Palmer.
Resources:
20/20 Money Membership Information
My StoryBrand
Building a Story Brand (book)
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Bethany Fishbein, OD, Consultant & Executive Coach with Leaders of Vision. Bethany and I talk about a topic that an OD might not think about directly correlating to the financials of a practice: leadership skills. However, I believe that we quickly illustrate in our conversation how the things that negatively impact a practice’s profitability—staff turnover, patients not returning, and an overworked/overwhelmed owner just to name a few—are usually the symptoms of an underlying “disease:” an owner that has neglected to focus on improving their leadership skills and emotional intelligence. Throughout this conversation, Bethany shares practical ways for owners to take action and, at the end, shares a very easy Next Best Step that an owner/leader can take to make progress.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Dr. Bethany Fishbein, OD.
Resources:
20/20 Money Membership Information
https://www.leadersofvision.com/leadershipEQ
Parenting with Love and Logic Podcast
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Michael Neal, OD. Michael joins me back on the show to discuss bonus structures that work for non-producing members of your team, and how they can be put together in a way that is advantageous to both the team member and the overall growth of the practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Michael Neal, OD.
Resources:
20/20 Money Community Information
Flights And Insights: https://www.youtube.com/watch?v=CHEtC0iyNMg
How utilizing a streamlined hiring service can help save time and money by ensuring the right people are on the bus with Dr. Mike Neal, OD
How a hyper-effective, right-fit team can increase your profitability: a follow up convo with Dr. Mike Neal, OD
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
In this episode, we break down why the Federal Reserve decided to cut interest rates by 0.5% (50 basis points) and what it signals about the economy. More importantly, we dive into actionable steps that optometry practice owners can take to benefit from these lower rates while preparing for potential economic shifts. Resources:
20/20 Money Community Information CS Eye Optometric Billing Consultants
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Kurt Steele, OD. Kurt joins me back on the show to talk in further detail how he and his partners have structured their compensation structure in a way that works for everyone in the practice while also ensuring that there is parity in comp based on the amount of revenue that each of them collect for the work they do clinically in the practice. He shares the details and formula he uses and we run a couple of hypothetical examples to show how the numbers work out for each partner. He also shares how he uses operational margins as an incentive bonus structure for his non-OD staff and which line items of the P/L are used to determine whether they’ve accomplished their margin goals and when those bonuses are paid out.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Kurt Steele, OD.
Resources:
20/20 Money Community Information
https://www.legitvisionpllc.com/
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes from Books & Benchmarks. Nathan joins me back on the show to talk all things business financials and how owners should be thinking about actual profit in a business—and where to look in your business financials to learn how much money the practice has actually provided to you on the personal side. Nathan & I have a great back-and-forth discussion, trading stories and experiences we’ve both had in our respective roles advising practice owners—and how that information can help you as a practice owner feel clearer and confident about the financial health and performance of your business. I also wrote a complementary article for Review of Optometric Business, which is linked here in the show notes, that can help practice owners focus on the right financial metrics in their practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
Resources:
20/20 Money Membership Information
Review of Optometric Business – 3 Metrics that Reveal the True Financial Health of Your Practice
———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Chris Tuff. Chris is the author of the book The Millennial Whisperer and in this conversation we talk about all things related to leading a team. As one might expect, a lot of the conversation that we had is applicable to leading all team members—not just Millennials. We talk about the importance of understanding your employees’ purpose and what they want out of their career…not just their purpose in your organization. Chris shares a simple way to build better connections with your team and the impact that has on your organization. Overall this was a very enjoyable conversation, highlighting the responsibility that we as leaders have to the team we employ, while also sharing practical solutions to implement these concepts.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Chris Tuff.
Resources:
20/20 Money Membership Information
Culture Index
Save Your Asks by Chris Tuff
———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is David Mason, Ph.D. David joins me on the show to talk about a seemingly abstract but important distinction that you should consider when thinking about your team: do you have satisfied team members or engaged team members? Our conversation spills over into multiple different topics, ranging from the importance of acknowledging impact in your practice, the three levels of an engaged employee, and tools that you can use to better understand the level of engagement your team has in your practice. As business owners, we know how important our team is to our success and the success of our business, but I feel that it can become an “oh, by the way” part of business ownership…when it should be something that you’re thinking about daily. David does a good job illustrating ways in which we can better manage the systems in our business so we can lead the people we employ.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Dr. David Mason.
Resources:
20/20 Money Membership Information
David Mason Speaking
Gallup’s Q12 Survey
———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dennis Moseley Williams. Dennis joins me to revisit the importance of the customer experience on the success of your practice. He shares the five phases of the patient experience and how to think differently about the way you engage your patients in your practice. I really love having these conversations because of how important the patient experience is to the financial success of a practice. When we talk with our clients or other OD owners around the country and ask them what they feel makes their practice successful, the patient experience is near or at the top of all reasons, yet it can be harder for some than others to understand what that means and how they can think differently about the patient experience.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you and use promo code FOUNDER to lock in a lifetime membership discount by September 30th.
And with that introduction, I hope you enjoy my conversation with Dennis Moseley Williams.
Resources:
20/20 Money Community Information
Sivers Email
Link to Jen Stewart's IDOC conversation
———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Today's episode is a bit special because I'm FINALLY able to announce that the 20/20 Money Membership is live! The beginning of the show is a walk-through of the membership, the offering, who it's for, and why I created it. One IMPORTANT item that I didn't share in the episode: join the Membership by September 30th using promo code FOUNDER and get $200 off the annual membership (use FOUNDERMONTHLY if you're opting for the monthly subscription to get a $20/mo discount)! As a founding member, you'll * lock in the discount as long as you're a Member * recognized as a Founding Member within the Membership * Have the opportunity to shape the Membership going forward through exclusive feedback forums * Small group onboard calls with me personally
I spend the last part of the show talking through the math behind buying a practice, specifically as it relates to the cost of the loan as well as your personal tax rates. You can download the spreadsheet I'm discussing in the show by clicking on the link below. Resources:
https://www.2020membership.com/
https://www.2020membership.com/practice-buy-in-spreadsheet
———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Justin Kwon, OD. Justin joins me on the show to talk all things myopia control. Justin’s passion for this topic is very evident and I found our conversation very informative. While there’s the obvious clinical angle that is a deeper and separate discussion than what we had here on the show, Justin does a great job illustrating the mutual benefits that exploring the implementation of myopia control in a practice can have on both the patients that you serve as well as the business that you own.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Dr. Justin Kwon, OD.
Resources:
20/20 Money Membership Information
———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Chris Lopez.
Chris joined me back on the show to talk about all things related to the associate OD/owner OD relationships. As the career consultant at ODs on Finance, Chris has a unique perspective and gives us insight on the conversations he has been having with both associate ODs and owners looking to hire associates. We touch on the importance of communication in any relationship, managing and setting expectations from both parties around the compensation structure, what ODs surprisingly value the most in their job, and some good questions that associate ODs can think of asking a practice owner during the interview process.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.
And with that introduction, I hope you enjoy my conversation with Dr. Chris Lopez.
Resources:
20/20 Money Membership Information
Chris Lopez 1st Interview on 20/20 Money
Simon Sinek on Millennials in the Workplace
Brene Brown TED Talk
———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Pete Kehoe, OD. Pete joins me back on the show to discuss all the hard lessons he and his team have recently learned while they navigated their practice being shut down due to a massive ice storm that destroyed a large portion of the building's roof. Pete shares more about the headaches endured when he learned his practice wasn't adequately insured due to a clerical error, how he kept his team afloat during their time closed, and the importance of transparent communication with him team throughout the entire process.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Pete Kehoe. OD.
Resources:
20/20 Money Community Information
———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is John Marvin President of Texas State Optical. As one of the country’s oldest optometry business models, TSO has seen many different headwinds and tailwinds that have impacted optometry. As President of TSO over the past 20 years, John has seen TSO grow into one of the top 10 retail optical organizations in the country, doing over $110 million in annual sales across nearly 100 locations. Our conversation is wide reaching, including the pivots that TSO has made in the wake of the pandemic and influx of private equity funds into the profession, how the unique value proposition of TSO has evolved over the years (and why pratices, regardless of brand affiliation or business model, need to continue to focus their energy and efforts on the patient), the talent shortage that their doctors have been experiencing and why it’s been happening, and a variety of other topics.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with John Marvin.
Resources:
20/20 Money Community Information
Texas State Optical
———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Tim Merrigan with Acquios Advisors. In the 16 years or so that I’ve been an advisor, I’ve noticed that there’s something “motivating” about turning 50: people start thinking about their lives differently and thus they start re-evaluating the way they’ve been investing and spending not only their money, but also their time. Tim joins me on the show to dialogue about some of the common questions, concerns, and opportunities that we see from each of our respective points-of-view when ODs put a half-century worth of candles on their birthday cake (and yes I did use that specific framing of a half-century to emphasize the point that we’re not getting any younger but yet we’ll keep getting what we’ve been getting if we keep doing what we’ve been doing. You’re welcome). :)
One other note about the goal setting study that I reference towards the end of the episode: turns out, based on a bit of research post-recording, that neither study actually happened despite it being recited in the annals of consulting, personal productivity, and business management content over the years. Despite this debunking, I think we can all agree that setting and writing down goals is much more beneficial and gives us a much better chance of succeeding than wishing things to happen. There’s a link to an article I found in the show notes that expands on this in greater detail.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Tim Merrigan.
Resources:
20/20 Money Community Information
Article on the Harvard (or Yale?) goal-setting study (that I guess doesn’t actually exist?)
———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Mike Jorgenson with Carr Healthcare Realty. Mike joins me back on the show to give us an update on what he and his team around the country are seeing in the commercial real estate market. We also dive into some of the considerations, mistakes, and blind spots that both buyers and sellers find themselves in when selling a practice and the role that the real estate plays in the transaction.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Mike Jorgenson
Resources:
Making the right decisions and avoiding mistakes with commercial real estate with Mike Jorgenson of Carr Healthcare Realty
20/20 Money Community Information
To learn more about The OD Mastermind Program, please email Podcast@integratedpwm.com
———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Eugene Shatsman, Managing Partner of National Strategic Group and new host of The Power Hour Podcast.
In this wide-reaching marketing conversation, Eugene shares a variety of “low hanging marketing fruit” mistakes and misconceptions that practice owners nationwide have about how marketing should be leveraged in their practice. We talk about a variety of topics, ranging from the importance of being able to measure your marketing spend, why it’s not “if” but “how many” new patients you are likely losing by not having an online scheduler on your website, the different ways in which marketing should be viewed for a growing vs established practice, and many other conversations. Admittedly, doing episodes like this almost feel like a disservice because there are so many different tangents that we could go down, but despite the wide ranging conversation I believe you’ll still come away with a handful of action items that, as I mention in the beginning of the episode, you can immediately communicate to your strategic partners to help you improve or implement.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Eugene Shatsman.
Resources:
Eugene Shatsmans Studio
20/20 Money Community Information
To learn more about The OD Mastermind Program, please email Podcast@integratedpwm.com
———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Amber Morgan, CPA with Mohr CPAs. In the wake of tax season, Amber and I run through some of the easy and conspicuous action items that you can take proactively over the year that not only will have a positive impact on your overall tax planning, but also make for a happy and productive CPA-client advisor relationship.
One additional PSA that Amber thought of post-recording as it pertains to extensions: filing an extension is not a bad thing. You’d rather file an extension and make sure that your CPA is working on your taxes with a fresh set of eyes (and morale) rather than stressing and hurrying to get your return filed at 11pm on April 14th. Nothing bad happens when you file an extension (as long as you’ve paid the amount owed, as Amber explains in further detail in the episode). But mistakes can happen if a return is rushed out the door if for no other reason than to get it filed prior to April 15th. If you do file an extension, just don’t sit on it until the fall when you’re right back up against the actual deadline.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Amber Morgan.
Resources:
20/20 Money Community Information
To learn more about The OD Mastermind Program, please email Podcast@integratedpwm.com
———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Amanda Bennett. Amanda joins me on the show to talk about a topic that we’ve discussed directly and indirectly on this show—human capital. Specifically, Amanda talks about a gap that she saw in the hiring process over the years and how she developed a platform to help automate part of the hiring process. We start out talking about how her journey and role in the practice has evolved over the years and why she felt compelled to create a solution for a problem that she found to be persistent not only in the practice she managed but in other practices she would interact with a well. We talk about how important it is to have alignment of expectations with potential candidates, the responsibility that practice owners have to share as much of the right information as possible as early on in the hiring process to ensure that both parties are not wasting time, and the benefits she’s seen from systematizing the process in their practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Amanda Bennett.
Resources:
20/20 Money Community Information
EyeHR
———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Ryan Gustus, OD. Ryan joins me on the show live from Vision Expo East to discuss something that is very timely given the recording location: how practice owners can think about the implementation of various pieces of equipment in your practice to ensure that it's done with intention and leads to profitability. As an example, Ryan shares the personal experience and process that he went through when he and his partner made the decision to implement an IPL in their multi-location practice to treat dry eye for their patients. Ryan also shares a unique way in which he actually had patients partially pre-pay for their upcoming treatment, even before he purchased the equipment, as a way to validate their commitment to the treatment, thus giving him the confidence to know that it was the right decision for their practice. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you! And with that introduction, I hope you enjoy my conversation with Dr. Ryan Gustus.
Resources:
20/20 Money Community Information
To learn more about The OD Mastermind Program, please email Podcast@integratedpwm.com
———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
Resources:
20/20 Money Community Information
To learn more about The OD Mastermind Program, please email Podcast@integratedpwm.com
The Ultimate Practice Owner’s Financial Planning Toolkit
A pay structure that works for optometry partnerships with Kurt Steele, OD
Reconciling a successful succession plan with a growing practice with Dr. Kurt Steele, OD
———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Adam Ramsey, OD.
Adam joins me back on the show to continue the conversation that we teased at the end of our first conversation which was how Adam evaluated the decision to go out of network with a variety of VCPs that he was taking in his practice. He shares how he came to the realization that he needed to do it, how he evaluated the different 3rd party payors to determine which ones to punt and which ones to keep, how he benchmarked success in the process, what it meant to his practice’s profitability, and the importance of being intentional and purposeful in practice ownership and what that’s meant to him and his business. He also talks about a passionate topic that he shared in a LinkedIn post. You can tell Adam’s extremely passionate about the profession of optometry and wants to see private practices succeed and for ODs to become more knowledgeable about the business of optometry and I was happy to provide the platform for him to share his lessons and journey.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Adam Ramsey, OD.
Resources:
20/20 Money Community Information
Adam’s LinkedIn post
Fear Setting Exercise:
https://integratedpwm.com/wp-content/uploads/2023/09/Fear-Setting-Exercise.docx ———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes with IDOC.
Nathan joins me back on the show and we put a quantitative spin on our conversation today. We talk all things benchmarks and margins in an optometry practice. We discuss how to use benchmarks to make smart practice decisions and ways in which benchmarks can actually give you a false sense of anxiety and stress in your practice. We explain (defend?) why it’s better to focus on increasing your revenues in your practice than focusing on shaving small percents off of a limited number of expenses in your practice. We also spend time defining and talking through optometric net in a practice, why it’s important, and how to use that number to better inform you about the efficiency of the OD time in your practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the the 20/20 Money Membership, please check out the link in the show notes to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
Resources:
IDOC Books & Benchmarks Link
20/20 Money Community Information
Interview with Dr. John Ormando
———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
In the spirit of managing information overload, I wanted to take a week to pause on new information and rather share a process or organizing and prioritizing your thoughts, goals, and actions that can often stem from listening to shows like 20/20 Money and the consumption of other content.
Resources:
20/20 Money Community Information
reMarkable 2 Tablet
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guests on today’s show are Dr. Todd Cohan and Sadie Blair.
Todd & Sadie join me on the show today to talk about the successful dynamic that exists between both of them as owner and practice operations manager. Todd shares how impactful it’s been to have a great team member and integrator like Sadie in the practice and how that has allowed the practice to continue to grow. They share how they’ll both process all of the ideas, strategies, and concepts that they (and their team) will have learned at IDOC Connection and how they decide which ones they’ll implement and how they manage timelines. Sadie shares how she successfully transitioned from a larger corporate-structured practice into Todd’s smaller, private practice and how she earned the buy-in from the team that Todd already had in place. I enjoyed recording this conversation because it shows the different vantage points from owner and operations manager—and why open lines of communication on all fronts is so important for practice success.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with
Resources:
20/20 Money Community Information
All in by Mike Michalowicz
6 Types of Working Genius
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Bethany Fishbein, OD.
Bethany joins me on the show live from Vision Expo East to talk about one of the most important relationships in an optometric practice: the relationship between the practice manager and the owner/OD. In this conversation, she talks about the evolution of the managerial role in the practice as the practice matures and grows, the characteristics of a valuable practice manager, the mistakes that both she and others have made when filling the practice manager role in the office, and the importance of the practice owner's vision for how they want the practice to function. She also shares how to think about creating a job description (and why you should use a templated job description as a starting point for creating your customized version) and how you can use an honest conversation with your practice manager to align expectations in your office...ultimately using that conversation as the launch point for future performance and goal reviews.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Bethany Fishbein, OD.
Resources:
20/20 Money Community Information
www.leadersofvision.com
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Jennifer Stewart, OD.
Jen joins me on the show today to talk through her journey launching her tepid start practice, Look New Canaan. I’ve had Jen on the show multiple times in the past, and this was admittedly one of my more enjoyable conversations with a podcast guest. Maybe it’s because it was live, or maybe it’s because Jen’s passion for this profession is so, well…passionate. But we hit on so many amazing and pointed topics that I would challenge any listener to NOT find at least one actionable or impactful idea, strategy, or concept. We talk about the interesting dichotomy that exists between the risk that’s needed to start a business from scratch and the generally conservative nature of ODs—and how she’s been able to so successfully reconcile those two opposed forces.
And just one additional point to clarify that I don’t think we made explicitly clear later in the conversation: Jen does see medical patients, it's just cash pay. She doesn’t take medical insurance…but she does see patients for medical reasons on a cash pay basis. People will think that "she doesn't do medical" because she doesn't do medical insurance...she does medical, it's just cash pay.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with
Resources:
20/20 Money Community Information
Jeremy Ciano interviews
Kyle & Chris 20/20 Money Takeover
Three River Optical
IDOC
Derek Sivers CD Baby Story
Look New Canaan
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Kayla Ashlee from Spexy.
Kayla joins me live on location at IDOC Connection 2024 to talk all things optical. Optical is admittedly an area of practice management that has always been intriguing because of the retail component—I feel like there are a lot of “retail 101” lessons that we can take from how other retailers manage their business. While practice owners may not have the multi-million dollar IT and inventory management systems that large, big-box retailers have, Kayla illustrate why it doesn’t take an incredible amount of time, energy, or expertise to significantly improve the way you run your optical, and thus the profitability of your practice. We talk about best practices for frame reordering and the common mistakes and missteps she sees opticals making, whether it’s beneficial to be “an inch wide and a mile deep or a mile wide and an inch deep” with regards to frame lines and designs, a case study on how one optical was able to increase their sunglasses sales, and how to think about showcasing different brands to increase sales of a particular line.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership in January of 2024, please check out the link in the Resources to learn more about what we have in store for you! In next week’s episode, I’ll have more information on some upcoming webinars that you can attend which will give you a sneak peak into the membership and details about joining the first cohort!
And with that introduction, I hope you enjoy my conversation with
Resources:
https://learn.bespexy.com/courses/frameturnintro
20/20 Money Community Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Adam Ramsey, OD, representing VA Healthcare. In this episode, we talk about the role that a virtual medical assistant can play in your practice’s patient flow and how to think about the changes that you’d have to make in your practice for this to be a viable option. Adam provides a list of responsibilities that they’re doing in his practice and how he thinks through capacity for this person while ultimately striving to deliver the best experience for his patients.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership in January of 2024, please check out the link in the Resources to learn more about what we have in store for you! In next week’s episode, I’ll have more information on some upcoming webinars that you can attend which will give you a sneak peak into the membership and details about joining the first cohort!
And with that introduction, I hope you enjoy my conversation with Dr. Adam Ramsey.
Resources:
20/20 Money Community Information
Weave
https://socialitevision.com/
www.hellorache.com
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes from IDOC.
Nathan joins me back on the show to discuss and dialogue about the two basic ways practice owners can think about the way in which they hire associates for their practice: easing into it by bringing them into the practice gradually or proactively planning ahead by stockpiling cash in the practice and thus then “making the leap” by hiring an associate full-time—and then intentionally stewarding the practice to success by ensuring profitability in as timely manner as practicable for the practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
Resources:
20/20 Money Community Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Kurt Steele, OD. Kurt joins me back on the show to talk in further detail how he and his partners have structured their compensation structure in a way that works for everyone in the practice while also ensuring that there is parity in comp based on the amount of revenue that each of them collect for the work they do clinically in the practice. He shares the details and formula he uses and we run a couple of hypothetical examples to show how the numbers work out for each partner. He also shares how he uses operational margins as an incentive bonus structure for his non-OD staff and which line items of the P/L are used to determine whether they’ve accomplished their margin goals and when those bonuses are paid out.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with
Resources:
20/20 Money Community Information
https://www.legitvisionpllc.com/
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Mike Neal, OD. Mike is the founder of a number of different businesses, include a primary care practice in PA called Lakeside Vision and Build My Team, an effective outsourced hiring system for eyecare that does not use resumes. Mike joins me back on the show to provide additional context and clarity around the numbers that he shared on the first episode, proving/dispelling the naysayers out there about the margins of his practice. This episode admittedly went long, but I really believe it's packed with a lot of great insight for practice owners. We talk about the process he used to successfully add an associate in the practice and what that’s meant to the profitability, how he embraces training for success, and leadership qualities that have proven to be successful when empowering his team to effectively run the practice and own each of their respective responsibilities to drive profitability in the practice. We talk about how he’s been able to protect his margins so well year-over-year. We wrap up the conversation with the time-tested (albeit probably frustrating) reoccurring theme that successful practices and their owners take that contribute to their success.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership in January of 2024, please check out the link in the Resources to learn more about what we have in store for you! In next week’s episode, I’ll have more information on some upcoming webinars that you can attend which will give you a sneak peak into the membership and details about joining the first cohort!
And with that introduction, I hope you enjoy my conversation with Dr. Mike Neal, OD.
Resources:
20/20 Money Community Information
Link to first convo with Mike https://www.slybroadcast.com/
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Kurt Steele, OD. Kurt is one of the owners of Precision Eyecare, a member of the Vision Source Network, in Newport, TN and also the founder of Legit Vision, a consulting firm to help ODs unlock the potential in their practice. Kurt joins me on the show today to talk through the unique and successful way that he has married the growth of his practice into the succession planning considerations that he wanted to have in place to ensure continuity of the practice to the next generation of ODs. We talk through a hypothetical example that illustrates the timeline and buy-in options along with a number of different details around the structure of his deals and why it’s been so successful for him and his partners.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership in January of 2024, please check out the link in the Resources to learn more about what we have in store for you! In next week’s episode, I’ll have more information on some upcoming webinars that you can attend which will give you a sneak peak into the membership and details about joining the first cohort!
And with that introduction, I hope you enjoy my conversation with Dr. Kurt Steele, OD.
Resources:
20/20 Money Community Information https://www.legitvisionpllc.com/
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Charlie Steingas, founder and chief actuary at Cash Balance Actuaries, a firm that specializes in the design, implementation, and ongoing monitoring of cash balance plans.
In this episode, we define what a cash balance plan is and how it’s different from a defined benefit plan (hint: they’re similar, but still different), what influences whether one would go DB vs Cash balance plan, how investing your plan assets impacts overall plan funding requirements, how cash balance plans influence the funding strategies of a defined contribution plans like a profit sharing plan, and the positive changes that took place in the wake of SECURE Act 2.0 passing.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership in January of 2024, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Charlie Steingas. Check out the Case Study video: https://bit.ly/3IkDn4N
Resources:
20/20 Money Community Information
https://www.cashbalanceactuaries.com/
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Michael Neal, OD and this is another episode in which I experimented a bit with the format of 20/20 Money: we recorded this episode at 8,000 feet, flying from Indianapolis to Chicago! As you’ll hear in the beginning of the episode, Mike was in town meeting up with other successful practice owners from around the country. They’re all friends and have turned their personal friendships into a professional mastermind group, where they get together at least one time per year to exchange ideas, talk about the business of optometry, share what’s working in each of their practices, and learn what’s not working…all in the spirit of helping each other deliver a great patient experience while running highly efficient and profitable practices.
As Mike and I were chatting during one of our recent recording sessions for the show, he mentioned that his return flight home to Pennsylvania was departing from O’Hare and that he was riding up to Chicago with one of the guys in the group on Friday morning. Knowing my calendar was flexible…and having the idea of capturing some of the ideas from his recent meeting…and ALWAYS looking for a reason to fly, I invited to give Mike a lift on a short flight to Chicago Executive airport and from there he could take a 15-minute Uber to ORD. During our flight, Mike shared some insights and takeaways from his meeting, the topics of which you can see in the title of this episode.
I hope you like this different format of the show. It’s one that I may do more of from time to time, as the situation presents itself. If you have thoughts either way, you can email me via the link in the show notes of this episode.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership in January of 2024, please check out the link in the Resources to learn more about what we have in store for you! In next week’s episode, I’ll have more information on some upcoming webinars that you can attend which will give you a sneak peak into the membership and details about joining the first cohort!
And with that introduction, I hope you enjoy my airborne conversation with Dr. Mike Neal, OD To see some video of this podcast recording, please subscribe to our YouTube page: https://bit.ly/49F6pb7
Resources:
20/20 Money Community Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guests on today’s show are Drs. Eric Baas and Bob Steinmetz, co-founders of iCare advisors, a consulting firm dedicated to the success of cold start practices nationwide. With close to 350 successful cold starts nationwide and 11 practice starts between them, I was really excited to have them back on the show to talk through the “state of the cold start” marketplace—looking back on 2023 as well as looking forward (as best they can) to what’s coming down the pipe here in 2024. We spend time talking through data that their team has compiled directly from the source—that is to say it’s not self-reported—and what they’ve learned from that data that is helping cold start ODs be successful. We also take a bit of a trip down memory lane, with both Bob and I sharing some pieces of data that we both just happen to come across in our respective archives, that show just how much optometry has changed over the years, and why that should give us so much confidence on the success of private practice into the future. We discuss rural optometric practices and what they’re observing as established practices are looking to sell and how they reconcile that with a younger OD that is faced with the decision of buying that established practice vs cold-starting in the area (hint: if you are an owner of said rural practice, we share an offer/statement you should most definitely NOT share with anyone). We wrap up the conversation with a light-hearted discussion about how both of them manage to get so much done in all of their businesses.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership in January of 2024, please check out the link in the Resources to learn more about what we have in store for you! In next week’s episode, I’ll have more information on some upcoming webinars that you can attend which will give you a sneak peak into the membership and details about joining the first cohort!
And with that introduction, I hope you enjoy my conversation with Drs. Eric Baas and Bob Steinmetz.
Resources:
20/20 Money Community Information
iCARE ADVISORS
Buy Back Your Time by Dan Martell
Bob’s Review of Optometric Business Article
Warming up to cold starts Part 1
Warming up to cold starts Part 2
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Kevin Wills. Kevin is Sr. Vice President, Healthcare Business Banking with PNC Bank and I wanted to have Kevin on the show to discuss the state of lending, specifically in the healthcare space, from a nationwide perspective. In this episode, Kevin and talk about steps borrowers can take to put themselves in the best financial position prior to going through underwriting, how important projections and pro formas are in the underwriting process, how the banking landscape has changed as more and more banks have focused on healthcare lending, and a number of other topics.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Kevin Wills.
Resources:
20/20 Money Community Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guests on today’s show are two more of my favorite people in the optometry space: Drs. Chris Wolfe and Kyle Klute.
Although, this is a bit of a different episode in that they’re not only guests on the show…they’re guest hosting the show! This is another 20/20 Money Takeover and basically a response to the first takeover episode I release with Drs. Jennifer Stewart and Jeremy Ciano (link here). Kyle was kind enough to reach out to me after the original takeover episode aired and shared some perspectives and opinions on the show and, in true transparency, included Jeremy and Jennifer on the message thread. There was a lot of great convos had and I thought that having Kyle and Chris on the show to talk about “the response” to the first takeover was a great idea.
What neither of the duos know, though, is that I already have an idea for a 3rd episode: getting the four of them together on a virtual roundtable and just hitting record. No agenda. No topics. No script. Not even really a time limit. Just the four of them and a couple of microphones. It’ll be like a battle royale, optometry-podcast style.
Long time listeners will know that my introductions usually give you a bit of an insight into the topics that’ll be discussed on this show. Not this one. Again, just like the first one, I’m listening to it for the first time right alongside you.
I’m excited to hear what they talked about and will be curious to hear your feedback (if you’re so inclined). If you do have feedback for the show (on this episode or any other episodes), you can always email the show at podcast@integratedpwm.com.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership in January of 2024, please check out the link in the Resources to learn more about what we have in store for you! In next week’s episode, I’ll have more information on some upcoming webinars that you can attend which will give you a sneak peak into the membership and details about joining the first cohort!
And with that introduction, I hope you enjoy this 20/20 Money Takeover with Drs. Chris Wolfe and Kyle Klute.
Resources:
20/20 Money Community Information
Eyecode Education
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Ted McElroy. This is part two of our conversation that we teased on last week’s episode, and today Ted and I talk about the importance of resilience as a trait and quality that we should all embrace. He shares what resilience has meant to him in his life and how it was demonstrated throughout his life, most influential and notably by his grandfather, and how he’s strengthened that quality over his life…and how that’s benefited him in his life personally and professionally. From my perspective, I share some thoughts on the importance of resilience as it pertains to your money as well as why journaling is one of the single most important actions you can take today to improve how you think about resilience and how you respond when faced with any type of challenge or setback.
If you remember back to last week’s episode, you’ll remember that I accidentally had the wrong mic IDed with my recording software. Since Ted and I recorded these conversations back-to-back, this episode is the same way. Big shout-out and kudos to my producer Kyle for being the audio ninja that he is and doing the best he could to turn the episode audio into as best of a finished product as he could. Again, I appreciate you Kyle!
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership in January of 2024, please check out the link in the Resources to learn more about what we have in store for you! In next week’s episode, I’ll have more information on some upcoming webinars that you can attend which will give you a sneak peak into the membership and details about joining the first cohort!
And with that introduction, I hope you enjoy my conversation with Dr. Ted McElroy, OD.
Resources:
20/20 Money Community Information
The Coaching Habit by Michael Stanier Bungay
The War of Art by Steven Pressfield
Link to Ted’s podcast
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Ted McElroy. This is part one of our conversation where we talk about the importance of vulnerability as a leader, and why the two traits (vulnerability from today’s episode and resilience from next’s week’s episode) are intertwined. That is to say you can’t have one without the other. I believe Ted and I hit on a number of very important ideas in this albeit abstract conversation, but it’s one that I really enjoyed…and I actually do a pretty decent job of weaving in some personal and business finance into the conversation! We wrap it up with Ted sharing great questions to ask your team in a 1:1 setting and why that’s been beneficial for him.
Lastly, I must admit that, even 250+ episodes into 20/20 Money…I still make mistakes…which I guess is fitting for the topic of this episode: I had the wrong microphone in use for the recording. So while Ted sounds very crisp, I sound like I’m recording using the built-in mic on my MacBook…which is exactly what happened. For you the listener, I’m sorry about that and hope that it doesn’t detract away too much from the content and message of the episode.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership in January of 2024, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy part 2 of my conversation with Dr. Ted McElroy.
Resources:
20/20 Money Community Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! This “housekeeping” episode is all about knowing the timely and relevant numbers that impact your various savings strategies as we enter into the new year. I also spend some time talking about an awesome new feature for defined benefit plans (thanks to SECURE Act 2.0) and a PSA to all of you that received the ERC in 2023 (or anticipate receiving it in 2024).
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
Resources:
20/20 Money Community Information
Backdoor Roth Episode
Per pay period numbers for 401k contributions:
$958.33/pp at 24
884.61/pp at 26
1270.83 at 24
1173.07 at 26
Lively HSA
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! Kicking off the new year, I wanted to share with you three important questions I ask myself that I’ve found to be very valuable and impactful when considering new projects, initiatives, or “asks” that occur throughout the year. These questions, when asked successively and answered together, can help bring a lot of clarity around where and how you spend your capital of time, money, and energy.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership in January of 2024, please check out the link in the Resources to learn more about what we have in store for you! In next week’s episode, I’ll have more information on some upcoming webinars that you can attend which will give you a sneak peak into the membership and details about joining the first cohort!
And with that introduction, I hope you enjoy this solo episode, and Happy New Year!
Resources:
20/20 Money Community Information
Belay Solutions
The Power Practice
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode rewind of 20/20 Money! I think I’m starting a bit of a tradition, because I felt compelled to bring back this episode again, just like I did last year, for the last episode of the 2023!!
Given that this is the last episode of the year, this is usually when we are thinking about goal setting, and everyone’s schedule is anything but normal being the day after Christmas, I wanted to bring back the conversation that I had with my friend, business collaborator, and advisor coach Stephanie Bogan from early 2022. I’ll share some info about Steph here shortly in the intro and then close out this introduction with some personal thoughts and reflections.
While Stephanie has built and sold a number of businesses in her career, most recently she is the founder of Limitless Adviser, a coaching program where she empowers financial advisors to create and build wildly successful practices and a life that they love. This was a special conversation for me as I’m also privileged to be involved in that program—first as an advisor that was being coached by Stephanie and now currently serving as an advisor coach, where I help coach and empower other advisors to work intentionally on their practices by applying the mindset and methods that Stephanie teaches in the curriculum and that I’ve learned over the years as well.
In this conversation we talk about something that tends to be popular around this time of year: goal setting. However, we talk about it from a bit of a different angle, which is first spending time focusing on your purpose and intention for building what you’re building and how money plays a role in that plan. We talk about it from two angles: the first being the practice owner that’s at the tail end of their career and facing an inevitable transition from their practice and also from the lens of a younger practice owner that has many years in front of them. We talk about some of the “sacred cows” that exist in practice ownership, why some of them should be questioned, and how to think about solving those problems. We wrap up with Stephanie’s very powerful answer to the one question that I ask every first-time guest on 20/20 Money.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership in January of 2024, please check out the link in the Resources to learn more about what we have in store for you!
Now over 250 episodes into 20/20 Money, this show has continued to grow and develop into something bigger than I thought it would have and I’m eternally grateful for everyone that’s been involved in the show. To all my guests that have given their time to come on the show and share their perspective, experience, and expertise—thank you. To my producer Kyle— yet another thank you for all your help with the show. From getting it initially set up in 2018 to handling everything with the show after I’ve finished recording an episode…I appreciate all that you do for the show. And lastly, to you, the listener of the show. Whether this is your first episode, or you’ve listened to dozens (or even hundreds!) of them, I’m sincerely grateful for the intimate, albeit asynchronous relationship that we’ve been able to have. My goal is to have positive impact at scale in the optometric community and help practice owners make educated and informed decisions with their money and this podcast has allowed me to have a platform to share not only my knowledge and experience but also the experience of the guests that I’ve had on the show. I have always tried to keep the show as objective and unbiased as possible. I’ve never taking a dollar of sponsorship money, no guest has ever paid to be on the show, nor have I ever paid a guest to be on the show. This podcast is organic and authentic, and your continued support through listening and sharing the show is something that I’m both humbled and grateful for and I look forward to another great year in 2024!!
A couple of big announcements that I’m now far enough along in development to share with you all and to keep an eye out for (see what I did there) coming into 2024:
· I’m going to be launching OD Masterminds™. The goal with the masterminds is to bring three key qualities to the group: clarity, accountability, and camaraderie. I’ll have more details in early January about how you can learn more about the masterminds and what’s required to qualify for them, so stay tuned. I’ll share in a future episode intro during the first couple weeks of January
· I’m in the final stages of writing a book! The (working) title is How to Buy an Optometry Practice and it’s going to take buyers through an A-Z process of buying an optometry practice. Whether you’re an associate already in a practice that you’re wanting to buy into, looking for one nationwide, or just curious to learn more about it…this book will have everything you’ll need.
· Along that same note, we’re going to be launching OD Transitions™, which will serve as a completely separate set of services to help in the valuation and transition of private practice, specifically from OD-to-OD. Again, I’ll have more on that in early January, so don’t skip through the intro of future episodes, because that’s where I tend to nest these updates.
I hope you’re all having an enjoyable holiday season and we’ll talk to you next year!
And with that long introduction, I hope you enjoy the last episode of 2022 with Stephanie Bogan.
Resources:
20/20 Money Membership Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Bethany Fishbein, CEO of The Power Practice and host of the Power Hour podcast.
On today’s episode we continue our dialogue that we started on my last appearance on the Power Hour podcast, which was around year-end planning. However, this conversation starts with the non-financial decision-making process that practice owners should be considering as they map out the direction of their practice going into the new year, specifically around the addition of treatments, therapies, and services they can provide to their patients.
Bethany shares great insights on how practice owners can start thinking about which treatment/therapies/services ODs should consider in their practice, the dangers of giving into FOMO and the bandwagon effect, how to present change to both your team as well as an associate OD you might have in the practice, and the importance of understanding the opportunity cost of these decisions. We wrap up conversation by distilling all of this down into the most important KPI (key performance indicator) that you should be tracking and reconciling a decision like this against in your practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership in January of 2024, please check out the link in the Resources to learn more about what we have in store for you! In next week’s episode, I’ll have more information on some upcoming webinars that you can attend which will give you a sneak peak into the membership and details about joining the first cohort!
And with that introduction, I hope you enjoy my conversation with Dr. Bethany Fishbein, OD.
Resources:
20/20 Money Community Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Erik Ferjentsik, MBA, founder of Visionary Practice Group.
Erik and I have good, spirited discussion about transitions and what he’s seeing in the marketplace right now. We spend some time giving an update on the state of private equity, some common mistakes that he sees being made, the difference of listing with a broker vs “just” paying for a valuation and then shopping/listing it on their own through their own network, and a number of other topics.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Erik Ferjentsik.
Resources:
20/20 Money Community Information
Review of Optometric Business PE article
Links to previous conversations with Erik’s conversations on 20/20 Money
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Jackson Pace, founder of the Refractional CFO. Jackson and I talk through some of the year-end planning considerations that are likely on OD practice owners’ minds and how to think through that decision matrix. We talk about the importance of essentially beginning with the end in mind, evaluating paying cash vs financing a new piece of equipment, how purchasing equipment should be thought of for owners that are looking to sell in the near future, and other mistakes and misunderstandings that we’ve both observed in the work that we do.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Jackson Pace.
Resources:
20/20 Money Community Information
Jackson’s first appearance on 20/20 Money
Review of Optometric Business: How to use debt in your practice
Review of Optometric Business: How Best to Grow the Cash You Choose to Keep in Your Practice
Schitt’s Creek Write-off clip
Refractional CFO
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! This is my guest appearance on The Power Hour podcast hosted by Dr. Bethany Fishbein, OD, CEO of The Power Practice.
I really enjoyed this conversation with Bethany and was grateful that she had me back on her show. We talked about year-end planning considerations (both financial and otherwise) and how practice owners can be thinking more intentionally about their practice as they prep for the upcoming new year. If you don’t already, I put links to Power Practice in the show notes and I really encourage you to subscribe to their podcast.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Bethany Fishbein.
Resources:
20/20 Money Community Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! This episode is my guest appearance on Akrinos Access Live, a livestream hosted by Erich Mattei, founder of Akrinos. Erich had me on his series to talk through practice succession options for sellers. The specific option that we discussed during this conversation was around owner-financing. I share my thoughts on the benefits and exchanges of owner financing and how that decision impacts other aspects of the selling process.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my guest appearance with Erich Mattei.
Resources:
20/20 Money Community Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Mila Ioussifova. Dr. Mila is founder of South Waterfront Eye Care in Portland, OR and she joins me on the show to talk about her journey as a successful, 10yr old cold start. What’s unique about Mila, though, is how intentional she’s been about how she runs her practice and the role that she plays in her businesses. During our conversation, she’ll share her journey as a cold start and why she chose the location that she did, how she’s delegated things in the practice, the progression of cutting down days in clinic to reallocate that time to reinvest in herself to expand the services that she provides to her patients, why she went back to school to pursue another passion, and what impact all of these decisions have had on her—personally, professionally, and financially.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Mila Iousifova.
Resources:
20/20 Money Community Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guests on today’s show are two of my favorite people in the optometry space: Drs. Jeremy Ciano and Jennifer Stewart.
Although, this is a bit of a different episode in that they’re not only guests on the show…they’re guest hosting the show! I decided to try something different and essentially just turn the show over to them. No agenda. No topics. No script. Not even really a time limit. Just the two of them and a couple of microphones.
My introductions usually give you a bit of an insight into the topics that’ll be discussed on this show. Not this one. I’m listening to it for the first time right alongside you.
I’m excited to hear what they talked about and will be curious to hear your feedback (if you’re so inclined). If you do have feedback for the show (on this episode or any other episodes), you can always email the show at podcast@integratedpwm.com.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you! We are on pace for a January 2024 launch, so if you’ve been thinking that next year is THE year to get organized financially but you don’t quite feel ready to commit to a 1:1 relationship with an advisor, then I think you’ll really like what we have in store for the Membership. We’ll be announcing some launch webinars shortly where we’ll go into more detail and give a bit more of a behind the scenes look at the membership, so if you’re interested in learning more, please click on the link in the show notes to receive updates on the Membership.
And with that introduction, I hope you this unique and exciting episode of 20/20 Money.
Resources:
20/20 Money Community Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
Resources:
Plan Startup Costs SECURE Act 2.0 Credits Explained SIMPLE IRA Termination Notice - Template 5 Reasons Why I Don't Like SIMPLE IRAs for Optometry Practice Owners ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Gina Wesley, OD.
Gina joins me back on the show to talk about the journey she's been on over the better part of year simultaneously launching an in-house patient membership plan called "the 2020 club" while also going out of network with her last (and largest) vision care plan. Gina talks through how she proceeds to evaluate the impact that it was going to have on her practice and the goals that she set which initially defined success. She shares how she communicated this strategy with all of her stakeholders: her associate ODs, her team, and the patients of the practice. She's very transparent in this conversation by sharing her "before and after" numbers as it pertains to number of patients seen and how that's translated into the impact on both her top line revenue as well her profit margins. Lastly, we talk about the personal head trash she worked through as the transition progressed and how she dealt with it.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Gina Wesley, OD.
Resources:
20/20 Money Community Information
Resources:
Fear Setting TED Talk
Fear Setting Resources
Gina's previous scheduling interview on 20/20 Money
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money!
In this episode, we have a special guest joining us, Dr. John Rumpakis.
Dr. Rumpakis is a medical coding consultant for OD’s, and founder of CodeSAFEPLUS, which gives you the knowledge and factual data you need to be safe, compliant, and profitable in today’s healthcare environment.
Today Dr. Rumpakis will walk us through a step-by-step process for optimizing practice revenue, including identifying the right CPT codes, setting appropriate prices, and leveraging automation to streamline the revenue cycle.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose.
You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose.
You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. John Rumpakis.
Resources:
- Codesafeplus.com
- PRMI
- Sign up for the the 20/20 Money Membership™
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes with IDOC. Nathan joins me back on the show to revisit a topic that we’ve discussed in the past but is worth revisiting on another episode: partnerships. Nathan and I share both of our experiences and thoughts about practice partnerships at all stages of their lifecycle: before, during, and towards the end of a partner’s career. We talk about how partnerships can be formed and structured, each of our thoughts on the idea of 51/49 partnerships, options to consider if there are disagreements, and more.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
Resources:
20/20 Money Community Information
The Partnership Charter by David Gage
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Heidi Bell, OD, FCOVD. Heidi is a partner in Elite Eyecare, which houses Elite Vision Therapy within the practice and joins me on the show to talk about the success and passion she has for vision therapy and how following that passion has led to incredible success in the practice and fulfillment for her—personally and professionally.
This was a very enjoyable conversation and we start off by talking about her journey in practice ownership and how a focus on vision therapy took hold in the practice and what it’s meant to her, her team, and her patients. She shares both the strategy and tactics that worked well and what didn’t work when building out VT inside of the practice. She also talks about her pricing model and what the economics of VT have meant to the overall financial success of the practice. She also shares a number of resources that have helped her through the various stages of VT success in her practice as well as what steps you should consider taking if you’re considering implementing vision therapy inside of your practice. And one final note, Heidi did confirm the percentage revenue from VT to be around 20% with the caveat that it can be difficult to nail down that number as there’s a trickle effect from VT patients and “cross-pollination” of revenue, so the 20% is likely low. This last point will make a lot more sense towards the end of this conversation.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr Heidi Bell.
Resources:
20/20 Money Community Information
PAVE (Dr Santiz) course out of San Diego. Teaches functional vision and how to implement.
Dome Eye Stretches example.
Tony Bristol (consultant in FL).
DIGI Vision (online courses...old COVD courses that are recorded).
COVD, OEP foundation (oepf.org), look at Functional vision into SECO and others
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
Resources: https://adviserinfo.sec.gov/ https://www.sec.gov/news/press-release/2022-104 20/20 Money Community Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Andy Yaryan, OD.
Andy and I have a great and wide-ranging conversation. Andy shares why his culture has been so important to his success and demonstrative ways in which he measures culture in his practice, why focusing on the two things every human wants can be instrumental in productive team members, a number of lessons he's learned by being involved in a dental practice coaching program, and other best practices that have helped him elevate his success. I really enjoyed this conversation and hope you find it as informative as I did enjoyable to record.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Andy Yaryan, OD.
Resources:
20/20 Money Community Information
Scheduling Institute
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Mike Jorgenson with Carr Healthcare Realty. Mike joins me on the show to discuss all things real estate and optometric practices and we discuss many different aspects of real estate. We talk about evaluating the location of your practice, buying vs leasing, the timeline for buildouts, why it’s a mistake to just call the number that’s in the window of a space for lease, the size of space to consider when thinking through the growth plans of your practice, and many other topics.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Mike Jorgenson.
Resources:
20/20 Money Community Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Matt Mitchell, OD. Matt joins me back on the show to put a light-hearted spin on some of the traditional practice benchmarks that are used in the profession. He talks about benchmarks that he feels are a bit over-rated in their use and dependency and which complementary benchmark that could be used that is under-rated, but still very impactful in helping you know the KPIs (key performance indicators) of your practice that can help you run a smooth and profitable practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Matt Michell, OD.
Resources:
20/20 Money Community Information
Episode 182 (Three Variables that influence revenue)
Episode 178 (Scheduling to profitability with Dr. Gina Wesley)
SolutionReach (Software for recalls)
Buying and growing a rural optometry practice
Adding an associate by understanding marginal chair cost
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guests on today’s show are Mike Kogelis & Dr. Julie Helmus, OD. Mike and Julie join me on the show to talk about the growth of each of their respective businesses—Mike as the co-owner with his wife Dr. Rasa Tamulavichus of Big City Optical, a 17 location practice in the greater Chicagoland area and Dr. Julie Helmus, the G2 owner of Helmus Optometry, a super-single location in Davis, California.
In this enjoyable conversation, we talk about the mindset involved in deciding to go multi-location vs staying single, how Mike solved economies of scale within their multi location practice and how Julie’s thinking through the same goals within her practice, the “skill of observation” that most business owners possess, how they each think about reinvestment of capital back into the business and their funding model to feed expansion, and how remote optometry is helping Big City Optical “scale special” within their practice. This was a really enjoyable conversation and I hope you enjoy hearing these two great perspectives from two accomplished practice owners.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Mike Kogelis & Dr. Julie Helmus, OD.
Resources:
20/20 Money Community Information
10X is Easier Than 2X
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Pete Kehoe, OD. This intro is packed with great info, so I hope you’ll listen to the entirety of it before jumping forward to the conversation.
Pete and I share in a great conversation focused around one of the more important facets that impact a successful and cohesive practice: ensuring you have the right team members in the right roles within the practice doing work that they are inherently great at doing. We have this conversation based on the lessons and teachings from Patrick Lencioni in his new book The 6 Types of Working Genius.
As a certified Working Genius facilitator, Pete is uniquely qualified to talk through the concepts discussed and taught in the book as he’s worked with a number of practices that have taken the assessment. We have a spirited discussion about getting the most out of your team members in your practice and doing it in such a way that it’s rewarding and empowering for them in the work that they do. We finish the conversation with Pete taking me through a discussion about my own team’s working geniuses at our firm, Integrated Planning & Wealth Management, which was a lot of fun to do live on the show.
Lastly, Pete shares two very special offers for listeners of 20/20 Money. First, he shares an invite to the Live to Lead 2023 Virtual Leadership event, where you can learn from world-class leadership experts so you can implement a new action plan with renewed passion and commitment. Guest speakers include John C Maxwell, Ryan Leak, Kendra Scott, and Marcus Buckingham. The virtual price is $79/ticket. $10 for every virtual ticket sold will go to Optometry Care, OneSight or Optometry Giving Sight. Second, ODs that are interested in learning more about the Working Genius model can access a special offer by clicking on the link below in the show notes and Pete talks more about the offer and process midway through our conversation, so be sure to stick around through the initial discussion (before we get into my firm’s evaluation) to hear more about that offer. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Pete Kehoe, OD.
Resources:
20/20 Money Community Information
L2LtttVirtual.com
Working Genius Assessment (20/20 Money Offer)
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Lauryn Williams. Lauryn is an experienced consultant with www.studentloanplanner.com, a service started by Travis Hornsby a number of years ago. Travis and his team that he’s grown has come to be one of the leading authorities nationwide as it pertains to student loan repayment strategies.
Lauryn joins me on the show today to talk about the current status of student loan strategies given that we now have clarity from the Biden administration about when repayments begin and key upcoming dates to put on your calendar. We discuss rules of thumb to evaluate whether pursuing loan forgiveness vs refinancing is your best course, the different IDR strategies currently in play with an emphasis on the new SAVE program, and a couple of changes regarding PSLF that could be advantageous to ODs working in TX and CA. You even get to hear me miss a “Captain Obvious” answer to my own question on the show and the fun we both had with me missing an obvious answer. We talk about the tax bomb on IDR plans, the IDR waiver/account adjustment, refinancing in a higher interest rate environment, and a variety of other topics that are all going to be very valuable to anyone with questions about their student loan repayment strategies.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Lauryn Williams.
Resources:
20/20 Money Community Information
Student Loan Planner
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Matt Mitchell, OD. Matt joins me back on the show in response to a very thoughtful piece of feedback he sent me about his view on debt and money after listening to a number of episodes of the show. Matt’s been a long-time listener of the show and has also been a guest a number of times. I really appreciated Matt sending the feedback and rather than dialogue about it 1:1, I thought his viewpoint would make for a very enjoyable conversation to share with the entire community of 20/20 Money listeners. We talk about Matt’s journey to being debt free, what caused him to change course, the impact it’s had on him and his family, how he views investments back into the practice, how he thinks about the opportunity cost of waiting by paying cash rather than financing purchases, and other viewpoints.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Matt Mitchell, OD.
Resources:
20/20 Money Community Information
Buying and growing a rural optometry practice
Adding an associate by understanding marginal chair cost
Zac & Joelle Holland episodes (Part 1 and Part 2)
Dave Ramsey
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! On today’s episode I share some insights and experience as to why there can be a disconnect between owner and associate when it comes to establishing a buy-in price on a practice in which the associate has been working. This misalignment of value happens all-too-often and I’m hoping that this conversation can give you insights as to what both parties are thinking compared to what is correct and fair.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
Resources:
20/20 Money Community Information
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Mike Neal, OD. Mike owns both a private practice in rural PA and is also the founder of Build My Team, a platform intended on helping practice owners nationwide simplify and streamline the hiring process for non-OD team members. Mike joins me to talk about how he flipped hiring on its head for his practice and how he’s built an entirely different service and process to help ODs hire the best candidates for their practice to ensure that they have a highly efficient, highly successfully, and highly profitable practice. I’ll be honest—this was one of those conversations that I kept probing for a hole, gap, or “gotcha” in the conversation, but Mike was very transparent and had had an answer (and data!) for all the questions.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Mike Neal, OD.
Resources:
20/20 Money Community Information
Build My Team
Rocket Fuel
Strategic Coach
Kolbe Index
CliftonStrengths®
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Kayla Ashlee. Kayla is the creator behind Spexy, an online training platform that’s built to help independent ODs and their teams make the most out of their optical and empower them to embrace change in their practice. Kayla joins me back on the show to talk about the importance of tracking frame turnover in your optical and how important it is to track that data and what it can mean for your numbers. We also talk about pricing within your optical, defining the basic econ term “price elasticity of demand,” independent brands vs “the big names” and its impact on optical, how ODs should think about evaluating frames, and the “kiss of death” in optical based on the threshold of limited retail to showcase in your practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Kayla Ashlee.
Resources:
20/20 Money Community Information
Spexy
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Jackson Pace. Jackson joins me on the show today to talk through his journey working for a growing and thriving practice as a CFO and the lessons he’s observed along the way that he’s helping apply to the work that he does with practice owners around the country. We talk about when he thinks a practice is ready for a full-time CFO, the biggest challenges in understanding the cash flow of a practice, the cadence of reviewing financials, and other interesting points.
As a reminder, you can get all the information discussed in today’s conversation by visiting our new website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Jackson Pace.
Resources:
20/20 Money Community Information
Kayla Ashley Episode (BeSpexy)
GPN EDGEPro
www.refractionalCFO.com
Richens Eye Center
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! On this episode I talk about the importance of having a multi-year timeline when deciding to sell your business and why factoring your practice’s perceived or actual potential into the valuation isn’t a strategy that’s going to actually show up in the value of your practice..
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
Resources:
20/20 Money Community Information
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Julie Helmus, OD. This is part 2 of my conversation with Julie and in this episode, we dive deeper into the deal structure of buyer her parent’s practice, how it was funded, the current org chart of the practice, and some of the pieces of tech that they are using to manage a practice as large as theirs. Julie is also gracious in sharing some detailed numbers of her practice and we talk about the trajectory of the practice going forward. We wrap the conversation by talking about her passion with a new service that her practice is offering and her passion surrounding this type of care as well as thinking through the difference between a CEO and a business owner.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr Julie Helmus, OD.
Resources:
20/20 Money Community Information
Weave
Loom
Crystal
Helmus Optometry
Avulux Lenses
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Julie Helmus, OD. Julie joins me on the show to share her journey into practice ownership as the G2 owner of Helmus Optometry (IOW, buying her parent’s practice). She shares the journey that she went through as a partial owner, navigating perceived nepotism in the practice during the acquisition process, her decision to keep it a “super single” as opposed to growing into multiple locations, and the importance of having an experienced attorney look over your shareholder agreements. We finish our conversation with a discussion about business ownership and how hard it can be to take time out of the business...but why it’s so important to intentionally manage your time and take breaks from the business.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Julie Helmus, OD.
Resources:
20/20 Money Community Information
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Chris Wolfe, OD. Chris joins me on the show to share in a conversation about how ODs can think about pricing the different services provided in the practice and how to frame that conversation with your patients, how ODs can think about researching their pricing on medical procedures, how to think about scheduling in your practice to be as efficient with OD hours as possible, 4 questions to consider asking every pt as it relates to dry eye, the 5 steps needed to introduce change in your practice, and how practice owners can think about setting their fees in relationship to the different 3rd party payors.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Chris Wolfe, OD.
Resources:
20/20 Money Community Information
CodeSafePlus
EyeCode Education
EyeCode Media Podcast
Adam’s in-flight conversation with Chris
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Matt Curts. Matt has a long and storied career. As a long-time CFO, he has a lot of experience working on businesses through the numbers. But, as Matt continued to lean into his passion and purpose, he realized that purpose and the pursuit of purpose is not limited to just a few but should be possible for everyone. He made the decision to leave corporate life and move into a ministry position within his church for four years, which ultimately led him on the path to co-found his current company Switchback. He’s passionate about giving away friendships and developing pathways for both leaders and team members to discover their whole life’s purpose.
In this conversation, Matt and I talk about the importance of culture in an organization, how practice owners should think about something as “intangible” but important as culture, some of the limitations he’s observed with personality profiles, the importance of nurturing a team member in their career to increase productivity, and what tools they can consider using to intentionally work on the culture in their organization. He also shares what it was like for him and his wife Stephanie (who is the OD) to take over a long-and-solo-owned, small-town based private practice and what that experience meant to both he and Stephanie as well as the team and former owner. He also talks about a process they use called “Life-mapping” to help team members better connect with their purpose and thus increase their connectedness to the practice, which thus increases their efficiency and ultimately the profitability of the practice. He also talks about why it’s important to stop looking for what’s wrong and start looking for what’s right in team members and within the practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Matt Curts.
Resources:
20/20 Money Community Information
Top Strategies for Employee Retention
Switchback website
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Ali Oromchian. Ali joins me back on the show to talk about a not-too-common but very important part of any partnership: the terms and conditions of the buy/sell agreement that essentially is a part of every partnership. The extent to which the terms of the buy/sell are explicitly documented, however, can be wide-ranging.
In this conversation, Ali and I define a buy/sell, how they work, some of the key elements of a buy sell, who needs one, and valuation ideas for quantifying the value of the practice. We also talk about pros and cons of a 51/49 partnership agreement, different triggering events of a buy/sell, and how one should protect themselves against financial decisions of their partner should financial insolvency become an issue.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them ultimately live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Ali Oromchian.
Resources:
20/20 Money Community Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes with IDOC. Nathan joins me back on the show to give another perspective around the question I asked Erich on last week's episode: how should a potential buyer/future owner look at lower-revenue private practices and whether it's better to buy a "fixer upper" vs cold starting their own practice. This was another spirited conversation filled with anecdotal examples of what can go right and wrong when purchasing practices and planning for the eventual succession of a private practice. We touch on a variety of topics, ranging from financing options, how valuations are determined and when they can be more harm than good in the succession of a practice, and another reminder about how all of these decisions still emphasize the importance of having a plan and understanding the role that your practice plays in your overall financial plan.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
Resources:
20/20 Money Community Information
IDOC
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to another episode of 20/20 Money. My guest on today's show is Erich Mattai with Akrinos. My conversation with Erich is essentially one of two conversations that I had with two different guests (the second guest/conversation will be next week's episode), all focused around one question: what should someone do if they're considering buying (or selling) a low-revenue private practice. To put context around this number, we're talking about private practices that are grossing somewhere between $400-700k in collections. The question that I posited to Erich was how a future owner should think about the decision matrix of whether to buy a "fixer upper" practice with possible latent potential or whether they should forego that practice and just strike out and cold-start on their own. We discuss financing the purchase of an existing practice compared to a cold started. We also have a spirited discussion around this topic as well as how an owner can evaluate the ROI of an established practice vs a cold start over the long term.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Erich Mattai.
Resources:
20/20 Money Community Information
Akrinos
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money. My guest on today's show is Dr. Ted McElroy, OD. Ted's become a good friend and collaborator over the years and there are few individuals that I've met that are more vocal and passionate about communicating the importance of developing leadership skills to private practice owners. In today's conversation, Ted and I go through an abridged version of the presentation that he presented at Vision Expo East titled "The 3.5 tools of leadership." Ted also walks us through a great, 4-level hierarchy of delegation that he uses when thinking about how he can free up his time to focus on only the best and highest impact projects and initiatives in his practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Ted McElroy, OD.
Resources:
20/20 Money Community Information
Patrick Lencioni's Working Genius Assessment
Patrick Lencioni
Strategic Coach Impact Filter
Vision Source
Vision Expo East
Resources:
20/20 Money Community Information
A deep dive into practice transitions with Mick Kling (Part 1)
A deep dive into practice transitions with Mick Kling (Part 2)
Built to Sell by John Warrillow
Social Contagion Theory
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Mick Kling, OD (Mick’s Practice, info on Mick’s Impact Leadership business). Mick joins me on the show today to talk about the balance and “passing of the torch” from the seller to the buyer if the seller decides to stay in the practice and work post-sale and what that means for the culture of the practice. We talk about the idea of high power/low power positions of authority, the difference between direct and indirect communication styles, why it’s likely inevitable that you’ll have turnover in the practice post-close (and why that’s not necessarily a bad thing), and that despite the perceived challenge of maintaining and understanding culture, we know that success isn’t just possible, but probable from one generation of practice owners to the next.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Mick Kling, OD.
Register for our zoom webinar on May 3rd with Dr. Todd Cohan, OD: https://bit.ly/41zwaWA
Resources:
20/20 Money Community Information
A deep dive into practice transitions with Mick Kling (Part 1)
A deep dive into practice transitions with Mick Kling (Part 2)
Built to Sell by John Warrillow
Social Contagion Theory
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Bethany Fishbein, host of the Power Hour podcast and CEO of The Power Practice. Bethany joins me on the show to talk about how making tiny improvements in your practice and lead to remarkable financial results in your practice. This is another conversation had through the filter of what James Clear talks about in his book Atomic Habits, but this time Bethany shares ideas and concepts from the practice management point of view. From actually charging for retinal photos to changing your pt load on different days of the week and tweaking your schedule, Bethany shares a number of examples in this conversation from practices she’s worked with that have made small changes and thus experienced remarkable results—financially and otherwise!
Included in the show notes of this episode is a link to James Clear’s website where you can sign up for a free 30 day course that James created to help guide you through habit building and stacking. (I have no affiliation, just a follower of his work and the impact that it can have on peoples’ lives).
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Bethany Fishbein, OD.
Register for our zoom webinar with Dr. Todd Cohan, OD: https://bit.ly/41zwaWA
Resources:
20/20 Money Community Information
James Clear Habit Journal
James Clear Homepage with 30 days to better habits
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Todd Cohan, OD (email; website). Todd joins me back on the show to unpack the success that his practice had in 2022 and what made it his best year in practice—both in quality of work as well as profit margin.
We cover a lot of different areas in this conversation, including his continued expanding scope of care that he’s providing to his patients, how he evaluates and makes decisions on new technology and equipment to add into his practice, how he engages his team to stay focused on the objective, the flow of patients through his practice and how he positions his pretesting process, and what the culmination of all of that has meant to not only the high quality of care that he’s able to deliver to his patients but the positive financial impact it’s had on his business. And be sure to stick around to the end where we announce a follow up event to this conversation. If you’re really curious and don’t want to wait until the end, the link to the upcoming event is located in the show notes of this episode.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Todd Cohan, OD.
Resources:
20/20 Money Community Information
www.integratedpwm.com/179
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! This was a very special episode of 20/20 Money, as it not only was live on location at IDOC Connection 2023 in Orlando with Nathan Hayes but also done in front of an audience with a Q&A session towards the end of the conversation.
Nathan and I talked about practice profits and household budgets and how to build personal wealth through the business of optometry. We discuss the cadence of distributions from the business to satisfy your personal budgetary needs, how to come up with a “basic” savings number and how close that will get you to retirement, the true “expense” of underpaying yourself a W-2 wage, and a few other topics. We wrap it up by taking a number of questions from the audience. This was no doubt one of, if not the most fun, I’ve ever had recording an episode of 20/20 Money and I hope you enjoy listening as much as I enjoyed creating the episode. A very special thank you to Nathan and the rest of the team at IDOC. I have appreciated the collaborative relationship and friendship that I’ve made with Nathan and others on the team and they are truly there to serve private practice and embody their slogan of “independent, together.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my “on location” conversation with Nathan Hayes.
Resources:
20/20 Money Community Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
In this episode, we'll talk about how you can use information from last year's tax return to plan proactively for the coming year. This approach can help you save money on taxes and avoid common mistakes and, as an optometric practice owner, take more agency over your cash flow during the course of the year. Referenced 20/20 Money episodes Taxes 101 Savings Hierarchy for Optometrists Understanding estimate tax payments to proactively manage cash flow (eps 180) Resources: 20/20 Money Community Information Credits and Deductions Under the Inflation Protection Act ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guests on today’s show are Drs. Zac & Joelle Holland, OD. Zac and Joelle join me back on the show to celebrate something that I know many younger ODs aspire to achieve and a number of seasoned ODs have already achieved: the paying off of their student loans. What makes their story so unique, inspiring, and empowering is the amount of student loan debt they had and how quickly they paid it off.
This is essentially “Part 2” of our conversation as I had them on the show way back on episode #86 to talk with them about the journey when they were in the thick of the repayment plan. On today’s episode they share a lot of insights and information. They’ll share how much and in what time period they paid it off, how the journey into practice ownership influenced their plan, how they think about debt going forward, and what they’ve learned throughout the process. They’ll also share an unexpected joy they’re experiencing on the “other side” of being debt free. I hope you’ll enjoy listening to this conversation as much as I enjoyed having it.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Drs. Zac and Joelle Holland, OD.
Resources:
20/20 Money Community Information
Aupaircare
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Pete Kehoe, OD.
Pete joins me back on the show to talk through his journey as an investor when overlayed on top of his professional journey as a practice owner. He shares examples of successful and not-so-successful investments that he’s made, resources and platforms that have helped him become a more informed and educated investor, how he thinks about assets vs income, and how he thinks about the business of optometry relative to other investment ideas. The goal that we both had in having this conversation is to help ODs think intentionally about their investment goals and objectives and communicate the importance of aligning intention with action, specifically around the type of investing that ODs do on a consistent basis.
As a personal note (and admittedly from a compliance perspective as well), some of the resources that we mention in this conversation are not the ONLY way to build towards financial independence, but they are A way to build towards it. The best investment plan is one that you (a) understand, (b) can stick with, and (c) helps you accomplish your financial goals and objectives.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Pete Kehoe, OD.
Resources:
20/20 Money Community Information
Bigger Pockets
Rich Dad, Poor Dad
Wealth Formula Podcast
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
In this episode, we'll be discussing the concept of basis and its impact on taxes for S-corp optometric practices. Basis is a crucial concept that can affect the way S-corp optometric practices are taxed, and it's important to have a clear understanding of it. We'll break down the basics of basis, how it applies to S-corp optometric practices, and why it matters.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
Resources:
20/20 Money Community Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On today’s episode, we’ll discuss the different ways a business can be formed and the way that each of those entity selection types is taxed to the shareholder/owner. We’ll also talk about different criteria to consider when selecting your entity type, why it may change over the course of your practicing career, and the importance of understanding the various short and long-term implications of underpaying yourself as a W2 employee.
Resources:
20/20 Money Community Information
Apply for EIN through IRS website
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! This was my guest appearance conversation with Dr. Bethany Fishbein, OD, CEO of Power Practice and host of the Power Hour Optometry podcast.
On Bethany’s show, we dove a little deeper into some concepts and ideas that she shared in an episode of Power Hour towards the end of 2022, which was all around using the numbers of your practice to evaluate the success of your practice and planning for the next year. We continue that dialogue, but we put it through the filter of changing habits in the way that James Clear talks about in his book Atomic Habits. As always, this was a really enjoyable conversation with Bethany and we cover a lot of different angles—both personally and professionally—as it relates to your finances.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Bethany Fishbein on The Power Hour podcast.
Resources:
20/20 Money Community Information
Atomic Habits
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! This week’s episode is my guest appearance on IDOC’s “Eye Own a Business” podcast hosted by Dr. Steve Vargo.
Steve had me on the show to talk about the relationship between business and personal goal planning and how related they are to one another. We talk about the importance of asking “why” before asking “how,” why it’s important to be specific when visualizing your goals, the importance of being intentional with your time and why practice owners are reluctant to delegate various responsibilities in their personal and professional lives.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation on “Eye Own a Business” podcast.
Resources:
IDOC
Upwork
Fiverr
20/20 Money Community Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Chris Smiley, OD.
Chris joins me on the podcast today to talk about his journey as a multi-location owner and his evaluation as both an OD and business owner. He shares what prompted him to go into private practice and the catalyst that inspired him to start buying multiple locations in the Columbus, OH area. We talk about the importance of taking a self-inventory of how you think about yourself and how he’s not only acknowledged the fear he’s had in the various up-levels he’s taken in his life, but how he’s actually used that fear to fuel the next iteration of his practice, which continually turns out to propel him to the next level of success. We wrap up the conversation with some very actionable steps practice owners can take to perform a self-inventory of how you’re using your most precious—and limiting—commodity…and those of you that have listened to the show for any length of time know exactly which commodity I’m talking about.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Chris Smiley, OD.
Resources:
20/20 Money Community Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Denise Logan.
Denise joins me on the show to talk about what I feel is an area of business ownership that is often overlooked and that is the subtle but very real and powerful emotional connection we have to our businesses. This is amplified when a practice owner is contemplating selling their practice and determining their transition readiness. We talk about her own transition to selling her business and what inspired her to do the work that she does today as well as discussion the relationship to your financial and emotional readiness. Denise gives us a good response the next time we’re asked the question “What do you do?” She’ll also provide some very pragmatic tools and questions to ask through self-reflection that can help you address the relationship you have with your practice as you plan for an eventual transition—whether that transition is months or decades in the future. This was a really enjoyable conversation that ties both the financial, behavioral, and emotional journey every practice owner will go on when they sell their practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Denise Logan.
Resources:
20/20 Money Community Information
Life in Weeks calendar
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Ankit Patel. Ankit and I chat about how he and his wife have taken delegation and outsourcing in their practice to a whole new level by building part of their team overseas in the Philippines. We talk about their path through practice ownership and how they keep a pulse around their patient satisfaction. We also talk about their interview process and questions they ask, how they manage their team both stateside and overseas, impactful interview questions they ask, and the financial metrics that caused them to start looking for alternative solutions to their team. We then dive deep into the journey he’s been on building and managing a virtual team in the Philippines and the work they’ve started doing for other offices.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Ankit Patel.
Resources:
20/20 Money Community Information
Culture index
My business care team
FreePBX
8x8
Asana
EOS®
ScribeHow
Loom
Trainual
Topgrading (book)
Who (book)
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Understanding the relationship between business risk and the multiples that are paid on practices is important for anyone that's buying or selling a practice to understand. In this episode, I'll discuss how multiples are calculated, the different ways we can think about risk when it comes to investing, and why it's important to make sure that you're being honest with yourself about the financial metrics of your practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
Resources: Why Selling to PE Could COST You Six Figures! 20/20 Money Community Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Steve Vargo, OD with IDOC.
Steve joins me back on the show to talk about the idea of employee productivity and how that translates into the overall success of the practice. We bifurcate this topic by first talking about associate vs owner productivity and steps that an owner can take to increase productivity of associates in their practice. We transition then into talking about the front of practice activities (optical and front desk) and the importance of distilling the big practice goals down into measurable and impactful activities that each team member can take ownership improving over the course of the year.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Steve Vargo.
Resources:
20/20 Money Community Information
The 12 Week Year by Brian Moran
Eye on Leadership by Dr. Steve Vargo, OD
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode, I wanted to share a bit of a personal story about 3 lessons that I learned from my grandparents that have in large part shaped the money story and lessons that have guided my financial journey and how I view and use money money in my life. I hope this conversations gives you a benchmark and different viewpoint to compare your own money values and purpose. If you feel like you don’t have a grasp on your own money story and purpose, my hope is that it inspires you to start thinking intentionally about how you make spending and investing decisions with your dollars.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
Resources:
20/20 Money Community Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes with IDOC. Nathan joins me back on the show to have a continued dialogue about what it means to not only look at but actually use your practice financials to make good business decisions. In our conversation, we talk about the 7 key areas of expenses in an optometric practice that should be segmented on a profit loss statement, how a balance sheet is calculated, the range you should expect for both cost of goods and staff expense, the importance of reviewing your cash flow statement, and many other valuable pieces of information.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
Resources:
20/20 Money Community Information
IDOC Books and Benchmarking
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode rewind of 20/20 Money! Given that this is the last episode of the year, this is usually when we are thinking about goal setting, and everyone’s schedule is anything but normal being the day after Christmas, I wanted to bring back the conversation that I had with my business coach Stephanie Bogan from the beginning of the year. I’ll share some info about Steph here shortly in the intro and then close out this introduction with some personal thoughts and reflections.
While Stephanie has built and sold a number of businesses in her career, most recently she is the founder of Limitless Adviser, a coaching program where she empowers financial advisors to create and build wildly successful practices and a life that they love. This was a special conversation for me as I’m also privileged to be involved in that program—first as an advisor that was being coached by Stephanie and now currently serving as an advisor coach, where I help coach and empower other advisors to work intentionally on their practices by applying the mindset and methods that Stephanie teaches in the curriculum.
In this conversation we talk about something that tends to be popular around this time of year: goal setting. However, we talk about it from a bit of a different angle, which is first spending time focusing on your purpose and intention for building what you’re building and how money plays a role in that plan. We talk about it from two angles: the first being the practice owner that’s at the tail end of their career and facing an inevitable transition from their practice and also from the lens of a younger practice owner that has many years in front of them. We talk about some of the “sacred cows” that exist in practice ownership, why some of them should be questioned, and how to think about solving those problems. We wrap up with Stephanie’s very powerful answer to the one question that I ask every first-time guest on 20/20 Money.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 45min Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
Now over 200 episodes into 20/20 Money, this show has grown and developed into something bigger than I thought it would have and I’m eternally grateful for everyone that’s been involved in the show. To all my guests that have given their time to come on the show and share their perspective, experience, and expertise—thank you. To my producer Kyle—thank you for all your help with the show. From getting it initially set up in 2018 to handling everything with the show after I’ve finished recording an episode…I appreciate all that you do for the show. And lastly, to you, the listener of the show. Whether this is your first episode, or you’ve listened to dozens (hundreds!) of them, I’m grateful for the intimate, albeit asynchronous relationship that we’ve been able to have. My goal is to have positive impact at scale in the optometric community and help practice owners make educated and informed decisions with their money and this podcast has allowed me to have a platform to share not only my knowledge and experience but also the experience of the guests that I’ve had on the show. Your continued support through listening and sharing the show is something that I’m both humbled and grateful for and I look forward to another great year in 2023!! I hope you’re all having an enjoyable holiday season and we’ll talk to you next year!
And with that long introduction, I hope you enjoy the last episode of 2022 with Stephanie Bogan.
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! As we approach the end of the year, I thought it would be appropriate to share with you the 5 books I think all OD practice owners should read in 2023, and why I believe they will have a valuable impact on your business. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 30min Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you! Resources 1. Turning the Flywheel: A Monograph to Accompany Good to Great
- Who Not How: The Formula to Achieve Bigger Goals Through Accelerating Teamwork 3. Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones 4. Simple Numbers, Straight Talk, Big Profits!: 4 Keys to Unlock Your Business Potential 5. Simple Wealth, Inevitable Wealth: How You and Your Financial Advisor Can Grow Your Fortune in Stock Mutual Funds https://jamesclear.com/ https://eyethrive.net/contributor/adam-cmejla/ ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes of IDOC. Nathan joins me back on the show to talk about a goal that a certain subset of ODs aspire to achieve, and that is to embrace more of a CEO role in their practice and spend more time working ON and OUT of the practice than IN the practice clinically. We talk about what’s needed to make that transition, some of the self-awareness that’s needed to embrace that role, and what an OD should and should not be doing with their time while in admin mode. We then shift our conversation towards a current “state of the profession” in what we’re both hearing and seeing practice owners do in the dynamic, post-COVID economic climate we’re still in and some of the trends we’re observing.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 30min Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
Resources:
20/20 Money Community Information
The Psychology of Money book
When is your practice ready for an associate (and how do you prep for it) with Nathan Hayes of IDOC
Simple Numbers, Straight Talk, Big Profits with Greg Crabtree
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Jeremy Pemberton. Jeremy is the Chief Investment Officer at Waterway Family Funds and has an extensive career in the real estate profession. I wanted to have Jeremy on the call today to talk about the various different ways one can own real estate as part of their portfolio and the different types of vehicles that exist. Jeremy and I talk about how real estate partnerships are structured in regards to the general partner (GP) and limited partner (LP), how fees and promotes work, and comparing private real estate investments to other real estate opportunities like REIT’s and non-traded REITS, and how investors can think about the way that owning real estate might make the most sense for them in their portfolio.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Jeremy Pemberton.
Resources:
20/20 Money Community Information
————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher —————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Rob Bertman. Rob is a senior consultant for Student Loan Planner who specializes in making customized, easy-to-implement student loan plans for people with 6-figure student debt and up. He has been a financial professional for nearly 20 years and holds both the CFA and CFP® designations.
Rob is also the founder of Family Budget Expert where he helps parents who feel behind financially finally find the extra money to build savings and pay off debt without a restrictive budget and even if they don't see eye-to-eye with their spouse.
In this conversation, Rob shares an update on the current state of affairs in the student loan area given all the changes that have occurred legislatively and politically. He also talks in detail about the new IDR (Income Driven Repayment) waiver, what the change in servicers have meant to borrowers, how to begin understanding what you actually owe, how optometrists should think about a student loan repayment plan in a rising interest rate environment, and refinancing options for ODs that are going to be refinancing their loans.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Rob Bertman.
Resources:
20/20 Money Community Information
Studentloanplanner.com Optometry Posts
NSLDS link
Refi Page at Student Loan Planner
Refi Page at ODs on Finance
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Pete Kehoe, OD.
Dr. Kehoe is a fellow of the Academy of Optometry, National Academies of Practice and a Diplomate of the American Board of Optometry. He has served the profession in a variety of roles and was president of the American Optometric Association 2008-2009. He is a partner in three private practices in central Illinois and serves Vision Source as an administrator in Illinois since 2000 and a variety of roles as a senior advisor since 2014. Dr. Kehoe served as a non-executive board member of Optos, Plc and currently serves as a consultant in professional development for Transitions Optical, Heru and Optos.
During this episode, we spend the majority of our conversation talking about the importance of planning for the success and succession of your private practice…whether you’re 35, 55, 65, or even 75 and the owner of a practice. Pete shares what was successful for him in recruiting and retaining providers that eventually became partners in his practice. We talk through how he financed the buy-in, the emotional component of selling part of one’s practice, the compensation structure that has worked well for their partnership, and some of the headwinds and tailwinds he observes in optometry and what practice owners can do about them.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you! We made the announcement back on episode 200 and are still “cooking in the kitchen;” we’ll keep you posted as we have updates around the timeline of the launch and what the model will look like, etc.
And with that introduction, I hope you enjoy my conversation with Dr. Pete Kehoe.
Resources:
20/20 Money Community Information
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Kim Hockaday (links) from Nations Lending.
Kim has been on the show previously, is a long-time friend of mine, and has a lot of experience in the mortgage business. I wanted to have her on the show today to talk about the current state of the mortgage market as we close in on the 4th quarter of 2022 and what both buyers and sellers should be considering in this new environment we’re in (relative to 2020 and 2021).
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Community please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Kim Hockaday.
20/20 Money Membership Information
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! This episode is the guest appearance I did on Dr. Chris Wolfe’s podcast Eyecode Media (which is part of Eyecode Education). Chris had me on the show to unpack private equity a bit more and talk about how PE is structured from an investment perspective and what the “end game” looks like for a PE fund. This is a follow up conversation to an article that I wrote for Review of Optometric Business (link) where I showed the math on how selling to a PE firm could actually cost a practice owner 6 figures. Before I get into the episode, I’d like to just acknowledge that I have no horse in this race: the purpose of this show has always been to be objective about any of the planning strategies or concepts that I discuss and lay out the pros and cons or benefits and exchanges to the decisions that one makes with their money. With private equity getting a lot of attention lately it could be perceived that I’m taking a contrarian view for the purpose of building exposure, and that’s simply not the case. For some practice owners, a private equity exit might be the best option for them. For others, not so much. My position, with a decision like this, has been to be transparent about the entirety of the process and, using history as our guide, what it could mean for the profession of optometry.
Everything that we do with our money comes at a cost—sometimes that cost is explicit and sometimes it’s implicit. But it’s our job (responsibility?) to ensure that we know as much as we can about the implications of our decision…and that’s been the focus of this show. With the subject of this episode and the conversation that Chris and I have, I wanted to just share that additional update.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Chris Wolfe.
Resources:
Review of Optometric Business: Why Selling to PE Could COST You Six Figures
Research paper: Financialization in Health Care: The Transformation of US Hospital Systems
20/20 Money Community Information
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! On today’s show we discuss the relationship between tax loss- and gain-harvesting and capital gain distributions from ETFs and mutual funds. We’ll run through a couple of examples of how you can proactively review your portfolio and potentially reduce your tax liability and not be surprised by a large 1099-DIV report during 2023’s tax season.
Resources:
What is the “wash sale” rule?
Fidelity’s Tax Loss Harvesting article
20/20 Money Community Information
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! On today’s show we discuss the relationship between tax loss- and gain-harvesting and capital gain distributions from ETFs and mutual funds. We’ll run through a couple of examples of how you can proactively review your portfolio and potentially reduce your tax liability and not be surprised by a large 1099-DIV report during 2023’s tax season.
Resources:
What is the “wash sale” rule?
Fidelity’s Tax Loss Harvesting article
20/20 Money Community Information
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Larry Golson. Larry is the founder of Envision Eyecare & Eyeware in Ashville, NC and in addition to practice ownership he has taken on another role in the optometric profession, serving as a consultant and coach to practice owners looking to implement the concepts and applications discussed in the book Traction by Gino Wickman.
Larry and I talk through his implementation journey with EOS® and what he’s learned through that journey. He shares how important the beginning stages were of the process, how he knew he was ready for change, the importance of empowering team members to provide feedback, why culture is a driving force in any business (including optometry), the cost that bad-fit team members can have on a practice, how he’s measured success with the system, and when a practice is ready for EOS.®
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Community please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Larry Golson.
Resources:
Radical Candor
Rocket Fuel
Multiplication by Substraction
www.sherpaconsulting.net
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Larry Golson. Larry is the founder of Envision Eyecare & Eyeware in Ashville, NC and in addition to practice ownership he has taken on another role in the optometric profession, serving as a consultant and coach to practice owners looking to implement the concepts and applications discussed in the book Traction by Gino Wickman.
Larry and I talk through his implementation journey with EOS® and what he’s learned through that journey. He shares how important the beginning stages were of the process, how he knew he was ready for change, the importance of empowering team members to provide feedback, why culture is a driving force in any business (including optometry), the cost that bad-fit team members can have on a practice, how he’s measured success with the system, and when a practice is ready for EOS.®
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Community please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Dr. Larry Golson.
Resources:
Radical Candor
Rocket Fuel
Multiplication by Substraction
www.sherpaconsulting.net
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Ali Oromchian. Ali is an attorney and founder of DM Counsel, a law firm based in the SF Bay area that serves medical professionals nationwide.
Ali joins me on the show today to revisit the ABCs and 123s of estate planning and the importance of not putting off a planning item that oftentimes see go neglected. We share some anecdotal stories of why you shouldn’t delay taking action, the differences between trust and will estate planning techniques and outcomes, and a nuance of beneficiary designations that can impact your planning. We then dive into some of the planning considerations that practice owners need to be aware of and what strategies you can consider to ensure that not only your family but also your team and patients are planned for accordingly in the unfortunate situation of something happening to you, the practice owner.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. If you’re interested in learning more about the upcoming launch of the 20/20 Money Community please check out the link in the Resources to learn more about what we have in store for you. Lastly, this is again another personal ask to you, the listener, to take 30 seconds and leave us a 5 star review and positive feedback in your podcast player. That’s the biggest catalyst to this show getting found by more ODs just like you.
And with that introduction, I hope you enjoy my conversation with Ali Oromchian.
Resources:
Phone: 925-999-8200
www.dmcounsel.com
Integrated Planning’s Estate Planning Questionnaire
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Ali Oromchian. Ali is an attorney and founder of DM Counsel, a law firm based in the SF Bay area that serves medical professionals nationwide.
Ali joins me on the show today to revisit the ABCs and 123s of estate planning and the importance of not putting off a planning item that oftentimes see go neglected. We share some anecdotal stories of why you shouldn’t delay taking action, the differences between trust and will estate planning techniques and outcomes, and a nuance of beneficiary designations that can impact your planning. We then dive into some of the planning considerations that practice owners need to be aware of and what strategies you can consider to ensure that not only your family but also your team and patients are planned for accordingly in the unfortunate situation of something happening to you, the practice owner.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. If you’re interested in learning more about the upcoming launch of the 20/20 Money Community please check out the link in the Resources to learn more about what we have in store for you. Lastly, this is again another personal ask to you, the listener, to take 30 seconds and leave us a 5 star review and positive feedback in your podcast player. That’s the biggest catalyst to this show getting found by more ODs just like you.
And with that introduction, I hope you enjoy my conversation with Ali Oromchian.
Resources:
Phone: 925-999-8200
www.dmcounsel.com
Integrated Planning’s Estate Planning Questionnaire
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Amy Alvarez with IDOC. Amy joins me on the show today to discuss a topic that is certainly impacting practice owners in multiple different ways and at multiple different level: attracting and retaining staff in your practice. Amy shares a lot of great information and insights, including tips on how to how to best create a job ad to attract quality candidates, why yet again it “starts with why” in your practice, the mismatch in available candidates relative to open positions that she’s seeing in the marketplace, how bonus structures have changed in today’s marketplace, and different strategies to search for the ideal team member.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Community please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Amy Alvarez.
Resources:
IDOC
Amy’s profile
Indeed Employer Page
QR Code generator
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Amy Alvarez with IDOC. Amy joins me on the show today to discuss a topic that is certainly impacting practice owners in multiple different ways and at multiple different level: attracting and retaining staff in your practice. Amy shares a lot of great information and insights, including tips on how to how to best create a job ad to attract quality candidates, why yet again it “starts with why” in your practice, the mismatch in available candidates relative to open positions that she’s seeing in the marketplace, how bonus structures have changed in today’s marketplace, and different strategies to search for the ideal team member.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Community please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Amy Alvarez.
Resources:
IDOC
Amy’s profile
Indeed Employer Page
QR Code generator
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! Today, I talk about the importance of understanding your savings rate and how that relates to the overall owner income that the practice produces. We’ll also tie this into the long-term planning implications of NOT knowing and understanding your savings rate and how lifestyle creep can be silent headwinds as you work towards making work optional.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
4 Levers in Retirement
Backdoor Roth IRA
Hierarchy of savings for optometrist
SECO
20/20 Money Community Information
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! Today, I talk about the importance of understanding your savings rate and how that relates to the overall owner income that the practice produces. We’ll also tie this into the long-term planning implications of NOT knowing and understanding your savings rate and how lifestyle creep can be silent headwinds as you work towards making work optional.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
4 Levers in Retirement
Backdoor Roth IRA
Hierarchy of savings for optometrist
SECO
20/20 Money Community Information
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! I’m joined by Kayla Ashlee (founder of Spexy) live at Vision Expo West. Kayla and I spend our time talking about a word that often gets a very negative connotation in practices: sales. We talk about ways to make sales a positive experience, we each share our definition of what sales means to us, and ways to think about changing sales culture in your office. We wrap up the conversation with Kayla telling us what two words, if given the chance, she would abolish from every optometry office.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
Resources:
Spexy
20/20 Money Community Information
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! I’m joined by Kayla Ashlee (founder of Spexy) live at Vision Expo West. Kayla and I spend our time talking about a word that often gets a very negative connotation in practices: sales. We talk about ways to make sales a positive experience, we each share our definition of what sales means to us, and ways to think about changing sales culture in your office. We wrap up the conversation with Kayla telling us what two words, if given the chance, she would abolish from every optometry office.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
Resources:
Spexy
20/20 Money Community Information
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Billy Murray with myeyedr.
I wanted to have Billy on the show to talk about the current state of private equity in the optometry space and have him share his perspective as someone that is working with partner practices that choose to align with myeyedr. We talk about everything from the basics of PE, where he feels we’re at in the cycle of PE, the benefits and exchanges of a PE-based exit strategy, how he thinks about the challenge of rural optometry, and a number of other topics. I’m grateful that he came on the show to talk through these items and give you, the listener, the “buyer’s perspective.”
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Billy Murray.
20/20 Money Community Information
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Billy Murray with myeyedr.
I wanted to have Billy on the show to talk about the current state of private equity in the optometry space and have him share his perspective as someone that is working with partner practices that choose to align with myeyedr. We talk about everything from the basics of PE, where he feels we’re at in the cycle of PE, the benefits and exchanges of a PE-based exit strategy, how he thinks about the challenge of rural optometry, and a number of other topics. I’m grateful that he came on the show to talk through these items and give you, the listener, the “buyer’s perspective.”
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Billy Murray.
20/20 Money Community Information
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome this episode of 20/20 Money! Practice financials can sometimes seem complicated and overwhelming, especially if you haven’t had any business training or your accountant/CPA or bookkeeper hasn’t spent time helping you understand your financials.
In this episode, I’ll walk through the basics of the three important financial documents and how to put those through the filter of your own personal finances and monthly budget.
Resources
https://integratedpwm.com/201
20/20 Money Community Information
Email 20/20 Money
podcast@integratedpwm.com
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome this episode of 20/20 Money! Practice financials can sometimes seem complicated and overwhelming, especially if you haven’t had any business training or your accountant/CPA or bookkeeper hasn’t spent time helping you understand your financials.
In this episode, I’ll walk through the basics of the three important financial documents and how to put those through the filter of your own personal finances and monthly budget.
Resources
https://integratedpwm.com/201
20/20 Money Community Information
Email 20/20 Money
podcast@integratedpwm.com
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! This is a very special episode of 20/20 Money in that it is our 200th episode!!
And I can’t think of a better way to celebrate than to announce the launch of the “20/20 Money Community!”
In this episode I’m going to get pretty personal with you and share some of the backstory and context around how this show has evolved, the “why” behind a lot of the work that I do, and what we’re going to be rolling out here at 20/20 Money in the next couple of weeks. I’m so excited to share this announcement with you and I appreciate your continued support of the show!!!
20/20 Money Community Information
Email 20/20 Money
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! This is a very special episode of 20/20 Money in that it is our 200th episode!!
And I can’t think of a better way to celebrate than to announce the launch of the “20/20 Money Community!”
In this episode I’m going to get pretty personal with you and share some of the backstory and context around how this show has evolved, the “why” behind a lot of the work that I do, and what we’re going to be rolling out here at 20/20 Money in the next couple of weeks. I’m so excited to share this announcement with you and I appreciate your continued support of the show!!!
20/20 Money Community Information
Email 20/20 Money
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is JR Armstrong. JR joins me back on the show to talk about a common tax planning strategy that we both see utilized in optometric practices: buying a vehicle through the practice. We cover the basics of what needs to be considered, some of the nuances and limitations of having the practice buy the vehicle, and most importantly ensuring that you understand the big picture of what it means to depreciate property like vehicles in your practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose, or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with JR Armstrong.
Resources:
https://integratedpwm.com/199
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Jennifer Stewart. Jen joins me again on the show to talk about an interesting transition that’s just occurred for her, and that was selling her practice! Longtime listeners of the show will know that she owned a very successful practice in Connecticut. However, she also felt a calling to use her experience as a successful practice owner to help others in the profession run successful practices and viewed this part of life as the time to do it, and in this conversation we dive into the details of that transition.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Jennifer Stewart.
Resources:
Rocket Fuel
Welcome to this episode of 20/20 Money! My guest on today’s show is Greg Crabtree, CPA.
Greg is the author of two of my favorite books about running a business and using the numbers of your business to make informed decisions (Simple Numbers, Straight Talk, Big Profits and Simple Numbers 2.0: Rules for Smart Scaling). He’s also the Partner in Charge in the Huntsville, AL office of Carr, Riggs, and Ingram and I was excited to chat with him about the concepts he talks about in his book. We talk about cash reserves in your business, the 4 forces on cash flow and the importance of starting with profitability, the lies that business owners tell themselves through their financials, why meal periods are important to him, and why the rolling 12 month financial report is so much more important than YTD.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Greg Crabtree.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Mick Kling, OD. Last week was part 1 of our two-part conversation on all things related to practice transitions. We talk about practice transitions from both the buyer’s and seller’s perspective and talk about the entire life cycle of the process.
Today’s episode is Part 2, and we continue the conversation by first diving deeper into the banking and financing aspects and best practices of practice transitions. We then talk about submitting your offer, binding vs non-binding terms in an LOI, why valuations are largely unimportant and dare I say useless, how the ownership of the building can play into the deal, and the confirmatory due diligence process and closing, including some thoughts on credentialing and its impact on the transition.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Mick Kling.
Resources:
https://integratedpwm.com/196
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Mick Kling, OD. In this two-part conversation with Mick, he and I have a deep and well-rounded discussion on all things related to practice transitions. We talk about practice transitions from both the buyer’s and seller’s perspective and talk about the entire life cycle of the process.
Today’s episode is Part 1, and we cover information related to the beginning stages of buying a practice. We talk about the qualitative and quantitative characteristics of a buyer, how to find practices for sale, and we explore the due diligence process in detail.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Mick Kling.
Resources:
https://integratedpwm.com/195
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Steve Alexander. I wanted to have Steve back on the show to “bookend” the mini-series we did around the subject of vision care plans and their role in your practice’s profitability. In this conversation, we discuss some of the highlights and takeaways we both had based off last week’s episode with Dr. Kyle King. If this is your first time checking out 20/20 Money, thanks so much for being here!! This usually isn’t the case, but today’s episode will have a lot more context if you have listened to the previous two weeks’ episodes, so I really encourage you to go back and listen to those first before listening to this conversation.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Steve Alexander and this mini-series on going out of network with vision care plans!
Resources:
https://integratedpwm.com/194
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Kyle King. Kyle is a partner at Evansville Eyecare Associates in Evansville, IN and is a 2011 grad of IU School of Optometry (I know this because he graduated with my wife). Kyle joins the show today to talk about a journey and transition that I feel a lot of practice owners have thoughts about in the past, and that was his and his partner’s decision to become out-of-network for all vision plans and effectively be a fee-for-service practice. Kyle talks about the tipping point that essentially forced the practice to make this decision, the patient communication strategy that they implemented to ensure that patients weren’t surprised about the change, a few lessons learned, as well as the various benefits they’ve seen after having made the switch.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Kyle King.
Resources:
https://integratedpwm.com/193
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Steve Alexander from Anagram.
Steve joins me on the show today to talk about a topic that is getting an increasing amount of attention in the private practice landscape: the role that VCPs play in a private practice and how the landscape is shifting in the way that practice owners evaluate the partners they have in their practice, and how that impacts their top and bottom lines. We touch on a variety of topics that cover everything from how to prepare your practice for this type of pivot to how you can use this change to proactively market to the public, how to think about your patient acquisition cost, the pricing of your materials, and some scripting and “reframing” you can do in the communication with your patients.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Steve Alexander.
Resources:
https://integratedpwm.com/192
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! On today’s show I recap some of the ideas and thoughts I shared during the recent town hall event I did with The Power Practice. I talk about ways to attract and retain your team members, specific areas to drill down on your profit/loss statement, why you need to revisit the debt in your practice, what can happen to multiples of practices in a rising rate environment, and why you need to be more observant of how much and the cost of cash in your life right now.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
There are so many options an optometrist can consider when thinking about the prioritization of savings vehicles for both short term and long term needs. In today’s show, we walk up the savings ladder through the lens of tax efficiency.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.
Why the backdoor Roth IRA matters for optometrists
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Peter Lazaroff (LinkedIn Profile).
Peter is a Chartered Financial Analyst, firm owner, author, speaker, podcast host, and chief investment officer of Plancorp, LLC, a fee-only Registered Investment Advisor in St. Louis overseeing over $6 billion of assets for clients around the country. Peter joins me on the show to talk about a variety of topics around investing that apply to an optometric practice owner. We dive into which investors are really moving the markets, the importance of diversification as a practice owner, how to take an evidentiary approach to investing, and we touch on the hot topic of inflation in today’s current market and how to think about it in relation to your portfolio.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Peter Lazaroff.
Resources:
The Long Term Podcast
Get a copy of Peter’s free book!!
How Peter Invests His Money
Four levers podcast
Rethinking your approach to investment allocation as a practice owner (Barbell approach)
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Ryan Gustus. Ryan is a partner at Eyecare Associates of Bluffton and Roanoke and also co-founder of Lensquote and their newest tool called Profit Assist.
Ryan joins the show today to talk about something that every practice owner should be focused on in their practice and that’s the pricing of their contact lenses. We talk about how to think about your pricing model, how you evaluate profitability, strategies for pricing CLs in your practice, and some of the fallacies that surround pricing models in optometric practices.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Ryan Gustus.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes with IDOC.
In this conversation Nathan and I talk through the qualitative and quantitative metrics and mindsets to consider when identifying whether and when your practice is ready to add an associate. We talk about the importance of beginning with the end in mind, the steps to consider when adding an associate, how the math works in which you’ll make more money working less in the practice, and how practices can end up making LESS money as they get bigger by losing focus on the business.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Eric Nelson (@servowealth on Twitter). Eric joins us back on the show to talk through being an investor in a choppy market, as we’re recording this as the major markets are knocking on the door of a bear market, which is when markets decline 20% from their previous highs. We talk about celebrating diversification, the role of fixed income in the current interest rate environment, portfolio distributions in retirement, and investing in challenging markets when you haven’t taken action on your portfolio in a long time.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Eric Nelson.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Running a practice can be complicated and there is no shortage of numbers to track. Distilled down, though, an optometry practice (or any business for that matter) has three areas in which to deploy the excess cash that it produced. In this episode, we’ll discuss those three areas, the prioritization of those areas, and why it’s important to understand the relationship that all three of them have with one another.
Resources:
Do you have an intentional practice? – Review of Optometric Business
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this rewind episode of 20/20 Money! My guest on today’s show is Dave Goetsch. I wanted to bring this episode back from early 2020 because we are finding ourselves in the midst of another market correct, albeit for different but yet related reasons. What I think it still timely (and timeless) about this conversation is the part where Dave talks about some of the big bets and lessons he made as investor along the way to having a disciplined investment philosophy. I think it’s important today as investors reconcile with some of the concentrated areas of the market that are experiencing some steeper corrections than others, notably those assets in the cryptocurrency space as well as the tech and “COVID stock” parts of the market.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dave Goetsch.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Erich Mattei. Erich is the founder of Akrinos, a consulting firm that not only helps ODs thrive in today’s practice management landscape but takes it a step further by helping with the implementation and execution of identified strategies that will improve upon a practice’s success.
In this conversation, Erich joins me live at Vision Expo East in New York City to discuss the best way for Associate ODs to approach practice owners about compensation adjustments, and how to best set yourself up for success.
Opportunity Simulator on Akrinos website
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Sometimes we can lose focus of just how simple business can be, and an optometric practice isn’t any different. In this episode I’ll break down the three factors that, when multiplied together, will give you the top line, gross revenue of your practice. I’ll then walk you through the mindset and logistics of how you can use this number to start thinking about intentionally creating the practice that ultimately serves you and your personal goals.
Resources:
Register for “Looking back to look ahead” tax planning webinar
Do you have an “intentional” practice? – Review of Optometric Business
Plan your year: an introduction to free, focus, and buffer days (episode 114 of 20/20 Money)
If you’re interested in registering for our tax planning workshop on May 11th, you can click on this link to register.
Info on the AOA Credit Card
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Bethany Fishbein. Bethany is the CEO of Power Practice and host of the Optometry Power Hour podcast. Bethany joins me live from Vision Expo to talk about her perspective on why we both love the model of private practice model in optometry, why it’s important to surround yourself with a good community as a business owner and OD, the importance of learning about leadership and business, and ways in which you can take action on the areas that we discuss.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Bethany Fishbein.
If you’re interested in registering for our tax planning workshop on May 11th, you can click on this link to register.
Info on the AOA Credit Card
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! Coinciding with tax day, this episode will dive into the nuances and understanding the clarity (and penalties) associated with not understanding that getting an extension to file your tax return is not an extension to pay. I’ll also discuss the details of underpayment penalties as well as how to think about proactive cash flow planning and how that influences your tax payment schedules and strategies.
If you’re interested in registering for our tax planning workshop on May 11th, you can click on this link to register.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
Info on the AOA Credit Card
Failure to pay penalty information from IRS.gov
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Todd Cohan (email; website).
Todd joins the show to talk about how much of a positive impact integrating ocular surface disease has been not only for the increased standard of care he’s been able to provide patients but also how that has helped him run a very profitable practice. We start out talking about how his practice does things a bit different by charging for the pretesting in their office, how that has translated into his revenue per patient being in the 99th percentile, how he got involved in OSD, a bit of a clinical digression about Lipiflow, mistakes he’s observed practice owners make, and how practice owners can begin to think about executing on this plan in their practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Todd Cohan.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Gina Wesley, OD. Gina joins me for another conversation around the importance of being tuned into the scheduling metrics of your practice and how important it is to your overall profitability. We talk about the metrics she uses to evaluate and determine success, strategies her team uses to fill up the schedule, how she “triages” candidates to backfill the schedule, how she tracks all of this in her HER, and the important benefit that online scheduling plays in the flow of her schedule.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Gina Wesley.
Complete Eyecare of Medina
Gina’s Tip of the Week article
Episode #80 of 20/20 Money: Managing your schedule to profitability
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Jennifer Stewart. Jen joins the show live while we were both presenting at IDOC’s Connection meeting in Orlando to talk about something that’s very timely for every practice owner out there right now: retaining and empowering team members and using metrics to guide your human capital. We touch on a variety of topics in this wide-reaching conversation and I believe you’ll gain great insights and ideas on ways to manage and lead your teams.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Jennifer Stewart.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Solomon Gould, OD MBA (Facebook. LinkedIn, Instagram, Email).
In addition to owning two private practices in MN and being part of a multigenerational optometric family, Solomon is a speaker, author, practice management consultant, and all-around glass-half-full kind of guy and I really enjoyed this conversation with him. Our conversation first starts with us talking about KPIs in a practice and which ones to focus on and which ones to not focus as much attention. We then pivot the conversation, diving into the human capital conundrum that a lot of practice owners are feeling right now and how generational differences can impact the way that practice owners should be showing up in their practice and how they lead their team. We also discuss ways in which practice owners can reduce their expenses, the value of buying groups, why online scheduling is table stakes for practice owners right now, and whether we’d each rather be a buyer or a seller right now in today’s market. Last but certainly not least, I give Solomon an acuity check on the spot and he shares his answer to the question that we ask every first-time guest on the show.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Solomon Gould.
Resources:
Jason Dorsey’s page
Solomon’s bio page & resources
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! This episode is my guest appearance on Medical Millennial series with Dr. Emilie Seitz. Emilie was kind enough to have me on the channel to talk about a variety of topics that impact younger practitioners and practice owners, but I’ll emphasize that the topics are relevant to all practice owners—regardless of experience. In this conversation we talk about when and how to hire an advisor, how to think about setting personal and financial goals, defining success for yourself, mistakes that young practice owners make, and the importance of “betting on yourself” for long term success.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.
And with that introduction, I hope you enjoy my conversation with Dr. Emilie Seitz
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! This episode is my guest appearance on the Power Hour Optometry Podcast hosted by Dr. Bethany Fishbein, CEO of Power Hour. Bethany wanted to have me on the show to talk about the various different areas of a practice owner’s life that they should be planning for in case of a disaster or emergency, and I enjoyed this conversation and tried to make it as fun as possible for an otherwise scary and not urgent topic. Our conversation starts on the personal side of planning and then we quickly shift over into the various areas of practice ownership that should be planned for, addressing the continuity of a practice in both a partner-owned and solo owned practice model.
Two “housekeeping announcements” about this show: first, the show notes for this episode of 20/20 Money contains the link to the Disaster Recovery Checklist we mention in our conversation; you don’t have to click into the Power Hour show to get it, though we highly suggest you subscribe to the Power Hour Optometry podcast. Second, we had a bit of a connectivity and streaming issue in the beginning of the show, so there are a few points in the beginning of the episode that have a slight break in the audio. We fixed the issue mid-episode and the remaining part of the conversation sounds better. My apologies!
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Bethany Fishbein on Power Hour Optometry.
Disaster Recovery Checklist
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Hayley Stewart. Hayley is the Financial Services Manager for IDOC and predominately focuses her time and expertise on bookkeeping services for IDOC clients. Hayley joins the show to talk about the importance of bookkeeping in practices and how to properly ensure that your books are accurate. We spend a lot of time talking about items that are reported on the balance sheet and specifically talk about why it’s important to understand the relationship of your retained earnings and your net income.
Today’s quote comes to us from Ben Franklin: “An investment in knowledge pays the best interest.”
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Hayley Stewart.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Phil Huber, CFA, CFP® (@bpsandpieces).
Phil has been involved in the financial services business since 2007 and is the Chief Investment Officer in Savant Wealth’s Lincolnshire, IL office, is a member of the Investment Team, has a membership interest in Savant, and is a member of the Investment Committee. He is responsible for portfolio management, contributing to Savant’s investment strategy, and managing investment processes for clients. He takes an active role in writing straightforward commentary to inform clients and explain the firm’s investment philosophy and also writes on his own blog, aptly named Bps and Pieces. And FYI, a “bip” is a basis point. One basis point is one hundredth of one percent. So a mutual fund with an expense ratio of 0.35% would, in “investment speak,” have an ER or 35bps. That’ll be important to understand and have context around at various points in the conversation.
Prior to joining Savant, Phil was employed at a global asset management company where he worked closely with financial advisors to develop investment strategies for their clients. He earned a bachelor’s degree in finance from the Kelley School of Business at Indiana University. He is a CERTIFIED FINANCIAL PLANNER™ professional, has attained his Chartered Financial Analyst® (CFA®) designation, and is a member of the CFA Society of Chicago.
Phil joined the show to talk about the past, present, and future of asset allocation of investors’ portfolios. He shares why we should be rethinking the construction of the flagship 60/40 portfolio, the evolution and definition of “alternative investments,” the role that one’s own business plays in their investment portfolio, and gives some direction and guidance to investors that want to begin the due diligence on whether and to what extent alternative asset classes are going to fit into their overall portfolio.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Phil Huber.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Ashy Daniels, CFP®. Ashby is an advisor, firm owner, blogger, and friend of mine and I wanted to have him on to talk about a variety of thoughts and perspectives as it relates to financial planning and portfolio management and how that specifically applies to ODs and practice owners. In this conversation, we talk about the differences between information and knowledge, how investors should think about risk in their portfolio related to the risk in their financial plan, why we both don’t like risk tolerance questionnaires, the mindset of retiring TO something instead of FROM something, and finally Ashby’s answer to the one question that I ask every first-time guest.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Ashby Daniels.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes. Nathan joins me back on the show today to talk about a topic that was actually inspired within the ODs on Finance Facebook community: why practices are valued the way that they are and whether the valuation method that’s used is fair to the seller. Nathan and I discuss this question at length and from several different viewpoints. We also talk about why it’s beneficial for younger ODs looking to purchase a practice to have more cash on your personal balance sheet and have outstanding loans than it is to aggressively pay off your debt…but then not have any liquidity to show for it.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
Links:
4 ways to increase the pre-sale value of your practice (Review of Optometric Business)
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Wade Weisz from For Eyes Bookkeeping.
Wade joins the show to talk with me about something that we’re both passionate about: numbers! However, Wade and I are looking at it through two different set of lenses, though we’re both doing it for the same reasons – to ensure that practice owners can be confident in the business decisions and tax planning that they’re making based on the numbers of their practice. In our conversation, we talk about a variety of areas that practice owners should be focused on with regards to their books, including the 4 reports and absolute 1 thing that every practice owner must do as it pertains to their financials.
Today’s quote comes from John Kennedy: “Leadership and learning are indispensable to each other.”
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Wade Weisz.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Brianna Rhue, OD, co-founder of DrContactLens.com and TechifEYE. Brianna joins the show today to share with us both the qualitative and quantitative benefits of improving the contact lens purchasing experience your patients experience during the exam and overall buying process. We also talk about the genesis of TechifEYE and how creating that platform is allowing practice owners to implement vetted tech tools in their practice to elevate their patient experience and thus relationship equity with their patients. Today’s quote has an unknown source: “Leaders instill in their people a hope for success and a belief in themselves. Positive leaders empower people to accomplish their goals.”
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.
And with that introduction, I hope you enjoy my conversation with Dr. Brianna Rhue.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Eric Nelson, CFA (@ServoWealth). Eric is the found of Servo Wealth Management, a fee-only RIA located in Oklahoma City, OK.
Eric and I share very, very similar investment philosophies in the way we manage client portfolios and I wanted to have him on the show to talk through how investors can think about their own investment philosophy. We talk about the degrees in which one can change their philosophy and approach to investing, why we believe (and the data overwhelmingly shows) that there’s more return to capture in the markets than just investing in the S&P 500 (though it’s a great start), and many other data-driven ideas.
Today’s quote comes to us from Jerry Colonna’s conversation on the Tim Ferriss Show: “How have I been complicit in creating the conditions I say I don’t want?”
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Eric Nelson.
Callan Chart 2020
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Stephanie Bogan.
While Stephanie has built and sold a number of businesses in her career, most recently she is the founder of Limitless Adviser, a coaching program where she empowers financial advisors to create and build wildly successful practices and a life that they love. This was a special conversation for me as I’m also privileged to be involved in that program—first as an advisor that was being coached by Stephanie and now currently serving as an advisor coach, where I help coach and empower other advisors to work intentionally on their practices by applying the mindset and methods that Stephanie teaches in the curriculum.
In this conversation we talk about something that tends to be popular at the beginning of the year: goal setting. However, we talk about it from a bit of a different angle, which is first spending time focusing on your purpose and intention for building what you’re building and how money plays a role in that plan. We talk about it from two angles: the first being the practice owner that’s at the tail end of their career and facing an inevitable transition from their practice and also from the lens of a younger practice owner that has many years in front of them. We talk about some of the “sacred cows” that exist in practice ownership, why some of them should be questioned, and how to think about solving those problems. We wrap up with Stephanie’s very powerful answer to the one question that I ask every first-time guest on 20/20 Money.
Today’s quote comes to us from Albert Einstein, who says that “No problem can be solved with the same consciousness that created it.” This quote was one of the most impactful quotes for me because it forced me to take ownership of how I was showing up in my businesses and realized that if I wanted things to change in the business, it was dependent on me to first change the way I thought about the problem and thus the outcome that I was striving to create.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks and blog posts.
And with that introduction, I hope you enjoy my conversation with Stephanie Bogan.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Erich Mattei. Erich is the founder of Akrinos, a consulting firm that not only helps ODs thrive in today’s practice management landscape but takes it a step further by helping with the implementation and execution of identified strategies that will improve upon a practice’s success.
In this conversation, Erich and I talk about each component of their Analyze.Strategize.ImplementTM process and discuss a variety of topics that practice owners should be focusing their time and attention to help them improve the efficiency and thus profitability of their practice. Specifically, Erich shares the 6 areas that a practice owner can focus on to determine whether there is room for improvement.
Today’s quote of the day comes from John Maxwell: “The pessimist complains about the wind. The optimist expects it to change. The leader adjusts the sails.”
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Erich Mattei.
Opportunity Simulator on Akrinos website
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is JR Armstrong. JR is a CPA and partner with May & Company and similar to our firm has a focus of serving optometric practice owners nationwide. JR joins us on the show to talk about not only why it’s important to know the financials of your practice, but specifically how important it is to ensure that the financials are accurate and correct before making business decisions based on your financial metrics. We discuss items such as the importance of not going “negative equity” in your business, why it becomes really confusion to commingle business and personal expenses on one credit card, and other business financial overlooks.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.
And with that introduction, I hope you enjoy my conversation with JR Armstrong.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is…me! On this episode of 20/20 Money, I’m sharing with you the conversation I had with Dr. Bethany Fishbein that was originally recorded and released on the Power Hour Optometry podcast, which is the podcast hosted by The Power Practice. The Power Practice is a consultancy founded by Dr. Gary Gerber in 2003 that helps optometric practice owners achieve their most audacious business goals by creating their own definitions of success and building their practice with intention. We’ve put links to the Power Hour podcast and several of their resources in the show notes of this episode.
Today’s quote comes to us from Albert Einstein. “No problem can be solved with the same consciousness that created it.”
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
And with that introduction, I hope you enjoy my conversation on The Power Hour Podcast.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Ryan Nesbitt.
Ryan joins the show today to give us a unique perspective. As a consultant and advisor to private equity firms that are acquiring private practices across the healthcare verticals (including optometry), Ryan and I spend time talking about his experience working in private equity deals and sharing with us what drives value and return to private equity when acquiring practices. Knowing this information can help practice owners “spruce up” their own practices if they are considering a sale. We also spend some time specifically talking about how to navigate the timeline and conversation with associate ODs in the practice, since retaining providers is one of the biggest drivers of (short term) success for the practice post-sale.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.
And with that introduction, I hope you enjoy my conversation with Ryan Nesbitt.
Resources/References:
Staying Independent or Selling to PE? A financial analysis (Review of Optometric Business)
Knowing your number with Nathan Hayes
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Bethany Fishbein.
Bethany is the CEO of The Power Practice and she joins the show today to talk to us about how she’s handled an all-too-common question, challenge, and (perceived) hurdle that many practice owners will eventually face: how do you most efficiently transfer an existing patient base from the OD practice owner to either another partner or associate in the practice. In today’s conversation, Bethany shares with us what went right (and wrong) in the transition, the catalyst that caused her to make this decision, her own mental head trash that she had and how she got over it (hint: it’s never as bad as we think it’s going to be), and what surprised her most about the transition.
Today’s quote again comes to us from Warren Buffett: “It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’d drift in that direction.”
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
I’d also like to share that I was fortunate enough to be Bethany’s guest on the “Optometry Power Hour” podcast and our conversation will be released on Wednesday, December 8th. If you don’t already subscribe to Power Hour, I’ve put links to their show in the show notes of this episode or you can just search “power hour optometry” wherever you get your podcasts.
And with that (long) introduction, I hope you enjoy my conversation with Dr. Bethany Fishbein.
Tim Ferriss Fear Setting
Fear Setting Worksheets
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
With a little over a month before the end of the year, there’s still time to proactively plan your finances both personally and as a practice owner. In this episode we’ll highlight 3 strategies to consider and 3 strategies to avoid between now and year-end.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
Why the backdoor Roth IRA matters for Optometrists
Taxes 101: Understanding Tax Brackets, Deductions, and Credits
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
One of the benefits of being a practice owner is having the flexibility to control where the net income from your practice falls on your personal tax return. This translates into the question, “How much should I pay myself?” In today’s show, we revisit this conversation and talk through some of the different implications of paying yourself a high or low W-2 salary, specifically as it pertains to the accumulation of your Social Security benefits and it’s relationship with the 199A deduction.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country utilize their practice to grow their net worth, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and other blog posts.
Form 8960 (Net Investment Income Tax)
IRS Wage Compensation Fact Sheet
How much should you pay yourself (Epsd 68 of 20/20 Money)
Planning for the 199A deduction in your practice
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
How well does your spouse or significant other understand the cash flow of your practice? How consistent are you in harvesting cash out of the business? Have you ever had trouble on the home front making financial decisions or commitments together because s/he didn’t understand with clarity and confidence how much and how consistent cash flow will be out of the practice? In this week’s episode (inspired by a client conversation), I’ll share why it’s important to have these discussions with the personal stakeholders in your practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country utilize their practice to grow their net worth, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and other blog posts.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to a “Rewind” episode on 20/20 Money! I wanted to bring this episode back because I believe there’s a lot of “evergreen” material in this conversation that’s worth revisiting for practice owners. My guest on this episode (released in late 2020) is Dennis Moseley Williams. Dennis is one of a few certified experience economy experts and his sincere passion and mission is to help business owners understand the importance of the customer experience and why it’s increasingly influencing where consumers spend their dollars.
In this far-reaching conversations, Dennis explains why it’s so important to understand the difference between service and experience, the 5 stages of the customer experience, 4 questions you should ask to “move the experience dial” in your practice, what you can learn from Apple and Starbucks in your practice, and many other nuggets of information and perspective that I truly hope get you thinking about how up-leveling the patient experience in your practice cannot be ignored if you want to experience long-term growth and differentiate yourself from other practices and especially online competition. We reference a number of resources in today’s episode, so be sure to check out the show notes or visit the episode page on www.integratedpwm.com/learningcenter.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country utilize their practice to grow their net worth, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and other blog posts.
And with that introduction, I hope you enjoy my conversation with Dennis Mosley Williams.
20/20 Money Epsd 11: Inside the Mindset and Methods of a Multi-Million dollar, single-OD practice with Dr. Jeremy Ciano
Revolutioneyes
The Experience Economy
The Starbucks Experience: 5 Principles for Turning Ordinary Into Extraordinary
Dennis Mosley-Williams Strategic Consulting
Serious Shift Blogcast
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
If you’re a practice owner and a homeowner, there’s a little planning strategy that can allow you to get money out of your practice tax free. It’s not going to add up to a massive amount of money, but every little bit helps. It’s called the “Augusta” rule and it allows someone that rents out their home for 14 days or less the ability to receive rental income tax-free. In this episode, I’ll share how this can be applied to optometric practice owners.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.
Section 280A(g)
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Most of us can’t remember the last time that we actually earned anything worth noting on our cash reserves. The days of 4%+ savings accounts are decades-old memories. However, there is one silver lining of rising inflation: I-bonds are attractive again, and it’s a great option for optometrists to consider when looking to get some yield on cash that needs to be risk-free.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
Resources:
www.treasurydirect.gov
Treasury Direct information on I-Bonds
Treasurydirect.gov account signup page
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! We’re 150+ episodes into this podcast and this was the first episode we’ve dedicated to the “backdoor Roth IRA!” In this episode I’ll discuss the strategy, when you need to utilize it, mistakes that we’ve observed throughout the process, and the future of the backdoor Roth IRA.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes. This conversation is a follow up to the episode that Nathan and I did around partnership compensation structures. In that episode, Nathan in passing made a couple of comments around associate compensation structure and the feedback we received from that episode around that specific topic warranted its own show. In this episode, we talk about making sure that associates understand and acknowledge that there’s risk in employing an associate, how to think about the demand of the schedule, give a range of market rates, share some examples of associate comp structure and which ones work well and why, and wrap it up with some notable exceptions on why you’d deviate from the preferred associate structure we discuss.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
Key considerations when thinking about partnerships with Nathan Hayes
Adding an associate with Steve Vargo
Kolbe A
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! On this episode, we’ll provide a brief refresher on the important components of long term disability, talk about the differences between short and long term disability (and why I will usually not recommend you purchase short term disability policies), and provide an update on the group disability insurance plan offered through the AOA.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.
Episode 42: The ABCs and 123s of Disability Insurance
Get a quote for DI through Physician Financial Services
AOA DI Application Page
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Steve Vargo. Steve joins me back on the show to talk about a certain growing pain that practice owners may eventually find themselves in and that’s the idea of adding an associate to their practice.
We tackle this conversation from two different viewpoints—the qualitative (“Is my practice ready for an associate?”) and qualitative (“Do I want an associate and what am I solving for in my practice by adding an associate?”). We then dive into the details of how to craft a unique job description, where to list and recruit associates, and how to think about the math and ROI of an associate in your practice as it relates to compensating them fairly and competitively.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.
And with that introduction, I hope you enjoy my conversation with Dr. Steve Vargo.
IDOC
Eyes On Eyecare (formerly New Grad Optometry/Covalent Careers)
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to a Rewind episode of 20/20 Money! It’s September, which means that it’s the time of year when practice owners should be reviewing their current retirement plan and determining if it’s the same type of plan that they want to have serving their practice into the next year. This was a popular episode around this time last year, so I’m bringing it back for another listen.
Choosing a retirement plan for your optometry practice is an important decision and it’s one of those processes that can often be put on the back burner by ODs. It’s common for us to see mature practices still utilizing a SIMPLE IRA in their practice and, when asked why they still use a SIMPLE IRA, a common answer we hear is “Because it’s much cheaper than a 401(k).” This is also advice that we see being shared in online communities as well.
In today’s conversation, I want to share with you five reasons why the SIMPLE IRA is not the long-term retirement plan solution for your practice, backed up with specific examples and case study illustrations and projections.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Jen Goldman. Jen has spent her career helping service-based businesses think through and build processes that ultimately help the business grow larger than any individual owner, thus allowing the practice owner to build a bigger enterprise value (higher valuation) of their business while allowing more freedom and flexibility for the practice owner.
It doesn’t come easy, though, and in this conversation, we talk through some concepts, strategies, and action plans that practice owners can take to help “systematize to specialize” their patient experience and other practice processes.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.
And with that introduction, I hope you enjoy my conversation with Jen Goldman.
References:
Lucid charts
Asana
Monday.com
Process.st
Brene Brown
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! Back with me on today’s episode is Nathan Hayes with IDOC.
The genesis for this episode stems from a slight digression we had on a previous conversation around the importance of understanding cash flow in your business, specifically as it relates to reading and understanding your statement of cash flow that you can pull from your accounting software. Nathan and I talk about why the profit loss is important but it’s not everything in your practice, the pitfalls that partnerships need to be wary of when determining partner compensation, the importance of tax planning and knowing your estimated tax liability and how to plan for that based off your cash flow, and a bit of a “tease” on a new service that IDOC will be launching which will be very valuable to practice owners.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can subscribe to our newsletter and also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
IDOC Books and Benchmarks
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr Matt Mitchell and this is actually an episode rewind, going back to episode #43 of 20/20 Money which aired almost 2 years ago to the day!
I’ve been having a lot of conversations with both new and existing clients about how and when to break through to the next level and add an associate to help grow revenues and, ultimately, net income to the practice owner. There are a couple of different ways to determine when to take that next step, and this conversation with Matt really got into the weeds about how he thinks about capacity constraints in his office. Here’s my recommendation for this episode if the words “marginal chair cost” sound foreign: have a cleaned up/accurate profit/loss of your practice handy for the first 20 minutes or so of the episode and take good notes about how Matt calculates his marginal chair cost. If you want a sample P/L that we recommend ODs, click on the link in the show notes to download a sample chart of accounts that we’ve put together for your P/L. Once you’re through the first 20 minutes or so, then you can go for your run, or go to the gym, mow your lawn, or whatever else it is that you do when you listen to 20/20 Money on a weekly basis.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.
And with that introduction, I hope you enjoy my previous conversation with Dr. Matt Mitchell, OD.
Welcome to this episode of 20/20 Money! My guest on today’s show is Ed Wildermuth, CFP®, ChFC®, CPA. Continuing on the topic of permanent insurance that I started on last week’s episode, Ed joins me on the show today to do a deeper dive on permanent insurance solutions such as whole life and universal life and talk through some of the dos and don’ts with those type of policies. We also discuss the best and not-so-best ways to structure policies, how getting retirement income out of the policies ACTUALLY works, how the role of permanent life insurance can change as your life and plan changes, and a number of other topics.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.
And with that introduction, I hope you enjoy my conversation with Ed Wildermuth.
Email Ed
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! Today’s episode is all about the options that you have if you’ve purchased whole life insurance in the past and you’re wondering what options you have if it hasn’t necessarily lived up to your expectations. While whole life insurance can have a place in a financial plan and we’re not 100% anti-whole life, we’ve seen more than our fair share of examples where it’s been misused, mis-sold, or placed with less-than-ideal carriers.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money! My guest on today’s show is Nathan Hayes. Long time listeners will know that Nathan and I can talk about almost any business subject that impacts optometrists, and today’s topic is no different but it’s one that I think is going to resonate with a lot of OD practice owners: key considerations when evaluating partnerships within your practice. In this conversation, Nathan and I talk about when you should you consider a partner and whether the practice can support it (hint, if you’re below $1.4MM in top line revenue, you’re probably not ready), partnership compensation structures, the importance of recognizing admin/leadership time and pay for partners, and a number of other topics. It’s a conversation that I thoroughly enjoyed and believe you will as well.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
Resources:
Nathan’s Tip of the Week on Partnerships
The Partnership Charter by David Gage (Amazon link to the book)
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to another episode of 20/20 Money! My guest on today’s show is Michael Pote.
Michael has been on the show before (you can check out those conversations by clicking here for Part I and here for Part II) to talk about selling your practice to private equity and I wanted to have him back on the show for a couple of reasons as I’ve found myself personally having more conversations and doing more planning with clients that are soon to be or in the midst of selling to a private equity firm. Michael’s had a storied career in the optometry profession and has spent the last 4+ years helping ODs understand and navigate the process of selling to a private equity firm, notably not being tied to any one firm but rather helping the OD find the best deal for their practice.
In this conversation we talk about what ODs get right and wrong about their financials prior to the sale of their practice, a current “state of the market” as it relates to PE deals and his best guess as to the state of the private equity cycle, the range of adjusted EBIDTA multiples he’s seen in recent deals (hint: it’s gone up), and the importance of ensuring you not only have a business plan, but a personal plan for how you’ll exit from your practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Michael Pote.
The Growth Co-op
Consolidation eBook
Getting the Most Out of Your Practice Sale eBook
20/20 Money #55: Contemplating a PE Exit—The Story of Dr. Ken Krivacic, OD
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to another episode of 20/20 Money! My guest on today’s show is Nate Ebel.
Nate is the founder of Ten31 Marketing, a marketing agency located in Bloomington, IN that serves optometrists nationwide. In this conversation, Nate and I talk about different strategies and tools practice owners can use to increase the effectiveness of their marketing, web presence, and patient communication platform. I also share some very specific action items for ODs to act on as a result of this conversation. Finally, Nate also shares some additional valuable resources for ODs to use that are available by clicking on the links below in the show notes or on our website.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Nate Ebel.
Mailchimp
ActiveCampaign
ConvertKit
Hubspot
Free resources for ODs: www.ten31.marketing/2020
Contact Nate: nate@ten31marketing.com
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to another episode of 20/20 Money! My guest on today’s show is Nathan Hayes. Nathan’s been a guest in the past on the show and he joins me today to talk about a topic that’s been front-and-center for both of us in a lot of conversations that we’ve been having lately with ODs around the country: preparing for an exit. Specifically, we break it down into three questions that an owner needs to ask (and answer!) before selling their practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
Nathan’s Tip of the Week on Exit Planning
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money, and if you’re listening to this on July 12th, happy National Heterochromia day! Today’s episode is my guest appearance on the podcast Try Not 2 Blink, a really enjoyable optometry podcast hosted by two great ODs Drs. James Deom and Roya Habibi. I’ve put links to the podcast in the show notes or just search Try Not to Blink on your favorite podcast player. I was really excited to be back on the show to talk about transitioning from “survive to thrive” mode and how ODs should think about their planning strategies as they move from stage to stage in their personal and professional lives. I hope you enjoy listening as much as I enjoyed talking with James and Roya and please remember to give their show a listen.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
One other note, the podcast episode of 20/20 Money that I mention early in this episode was actually released on July 5th (last week) so if this is your first time listening to our show, go back and check out that episode for the full context around that topic.
And with that introduction, I hope you enjoy this episode of 20/20 Money!
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! I often get asked the question “Have I saved enough” for retirement or “How did my portfolio do compared to the benchmark?” In this episode, I’ll share with you why I think that’s the (semi) wrong question to be asking…and what the right questions to be asking are regardless of where you are in your wealth building timeline.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.
Investors, prepare to be disappointed – The Irrelevant Investor
Natixis Survey – The Next Normal
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to another episode of 20/20 Money! My guest on today’s show is Justin Castelli. Justin has become a good friend of mine and is also an advisor located in Fishers, IN. Through Justin’s storied career as an advisor, he’s built his firm RLS Wealth Management and is more recently taking an active role as the VP of Marketing and Brand Development with Onramp, an integration platform that helps investment advisory firms safely, confidently, and intelligently invest in the new age of cryptoassets.
In this conversation, I’m admittedly “learning in public” as I consider myself in the due diligence phase of gathering information on how to incorporate digital assets into one’s overall portfolio. Justin has very much been a student of the crypto movement, having spent years learning about this emerging asset class as well as educating advisors and investors alike. The focus of this conversation is going to be a primer/intro to crypto assets and how they can be viewed as a potential holding in your overall portfolio along with the understanding of expectations around these asset classes relative to traditional asset classes like stocks and bonds.
And be sure to stick around to the end of the episode, when I ask Justin the one question I ask every new guest on 20/20 Money. It’s an answer that really resonated with me and should really be taken to heart by every OD listening, especially if you own your practice or are thinking about practice ownership in the future. It’s one of the reasons I absolutely love working with OD practice owners.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that albeit longer introduction, I hope you enjoy my conversation with Justin Castelli.
Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond
On Purpose Podcast by Tyronne Ross
Modern Finance with Kevin Rose podcast
Estate Planning & Cryptocurrencies
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to 20/20 Money! My guest on today’s show is Dr. Aaron Neufeld, OD and this is Part 2 of our 2-part conversation.
As mentioned in the first episode, Aaron wears many hats in the optometry space. He’s the owner of Los Altos Optometric Group, co-founder of ODs on Finance, the author of many optometry articles, co-author of The Optometrist’s Guide to Financial Freedom, and speaks at optometry events around the country.
In Part 2, we really dive into the topic of investing. We talk about the difference between trading and investing, the gamification of investing and trading and the perils to be aware of with these platforms, a slight digression down the cryptocurrency path, Aaron’s approach to asset allocation and diversification, and we discuss how the role of owning a practice can influence how you diversify and allocate your other “traditional” investments of stocks and bonds.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can subscribe to our newsletter or set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Aaron Neufeld, OD.
Welcome to 20/20 Money! My guest on today’s show is Dr. Aaron Neufeld, OD and this is Part 1 of a 2-part conversation.
Aaron wears many hats in the optometry space. He’s the owner of Los Altos Optometric Group, co-founder of ODs on Finance, the author of many optometry articles, co-author of The Optometrist’s Guide to Financial Freedom, and speaks at optometry events around the country.
I wanted to have Aaron on the show to both share the information and community that he’s created in the optometry community as well as get his perspective on investing and private practice ownership.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Aaron Neufeld, OD.
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money! My guest on today’s show is Dr. Ted McElroy. Ted joins us back on the show to talk about an albeit abstract concept that may not seem like it has direct financial implications: constraints in our lives and how we deal with them. We tag team this topic as we cover the concept of constraints from the personal, professional, and financial point of view…and how we’ve both used them and learned from them to grow in the three areas previously mentioned.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Ted McElroy.
Eyecode Media Podcast
Jocko “Good” Video
SECO 2021
Email Ted
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello 20/20 Money community, welcome to a “holiday week repeat.” Given that this episode is coming out on Memorial Day, I wanted to hold off on releasing a new episode and bring back a recent episode that seems to have struck a nerve with practice owners, and that’s the importance of practice owners “defining your number.” I had this conversation with Nathan Hayes from IDOC.
We’re defining “your number” as the amount of money that one should be saving to build towards financial independence. We talk about why banking on the sale of your practice usually leaves practice owners coming up short. We talk about the other side of that equation and how empowering it can be to know your number and thus be more convicted in the sale price you need to earn when you sell your practice. Nathan also allows me to indulge in a (somewhat) long-winded metaphor that connects flying, sailing, and retirement planning all into one story.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country use their practice as a wealth building vehicle, manage cash flow, align purpose with action, and make proactive money decisions.
And with that introduction, I hope you enjoy this holiday repeat conversation with Nathan Hayes, I hope you have/had an enjoyable Memorial Day holiday weekend, and I appreciate your support of the show.
Related episodes:
Four Levers in retirement
Cash balance plans with Karl Willman of Nyhart
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money! My guest on today’s show is Dr. Rich Zimbalist. Rich (who’s been on the show in the past) is a practicing OD with the VA in Columbia, Missouri and has turned his passion of website design into a business of helping optometrists around the country grow their practice through website design search engine strategies.
I’ll admit this episode is a bit unorthodox as we turned the topic of organic search engine optimization (SEO) into an audible case study. We did this by having me play the part of a patient looking for a new eyecare provider and quite literally giving the audible play-by-play of not only the results that I was seeing in front of me, but what strategies you as a practice owner can execute on your own website so that new patients in your area find you the way that I found the ECPs that were coming up in my search.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Rich Zimbalist.
Weave (3rd party review software)
How Revolutioneyes looks from a Google search perspective
RevolutionEYES website
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money! My guests on today’s show are Drs. Eric Baas and Bob Steinmetz, co-founders of iCare Advisors.
If you missed last week’s interview or this is your first time checking out 20/20 Money, please go back and check out last week’s interview. You don’t need to listen to that one first to gain value from the rest of our conversation, but you’ll definitely want to go back and give that a listen as there was a lot of great information.
As I mentioned in the intro last week, we continue the conversation today by discussing the runway to profitability and how they think about the return on investment in equipment in a cold start, how you grow into the next “chapter” of the practice’s life cycle, why a 2nd location might be better than expansion of your existing location, staffing and scheduling best practices, their outlook on cold starts and private equity’s influence on the success of cold starts, and we wrap it up with their insightful answers to the one question I ask every first-time guest of 20/20 Money.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy the rest of my conversation with Eric Baas and Bob Steinmetz.
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money! My guests on today’s show are Drs. Eric Baas and Bob Steinmetz, co-founders of iCare Advisors. iCare Advisors consults with ODs all around the country and their specific area of expertise is helping ODs navigate the decision making matrix and analysis behind opening a cold start practice.
This wide ranging conversation was so deep and so long that I actually wanted to break it up into two episodes. In part 1, Eric and Bob talk about how important it is to “start with why” when considering a cold start and the importance of having a mission and vision statement guide the process of opening your practice. We talk about the importance of having goals, taking the time to grow into your practice, and the importance of involving your spouse in the decision making process as well. We spend the rest of the time talking about one of the most important factors that plays into any cold start: location and occupancy cost.
In part two (next week), we continue the discussion by discussing the runway to profitability and how they think about the return on investment in equipment in a cold start, how you grow into the next “chapter” of the practice’s life cycle, why a 2nd location might be better than expansion of your existing location, staffing and scheduling best practices, their outlook on cold starts and private equity’s influence on the success of cold starts, and we wrap it up with their insightful answers to the one question I ask every first-time guest of 20/20 Money.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Eric Baas and Bob Steinmetz.
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
It’s tax season, which means that we’re spending a fair amount of planning energy reviewing clients’ tax returns to ensure that strategies that we’re discussing and implementing with clients are proactively and properly reported on their tax returns. However, sometimes lines of communication get crossed or DIY tax preparers overlook how strategies should be reported on your personal and business tax return. In this episode, I’ll share 4 places on your tax return that you should review to ensure that you’re not over-paying your taxes.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money! My guest on today’s show is Dr. Chris Wolfe. Chris joins the show to talk about a topic that can directly impact the profitability of a practice, and that’s around the introduction of managed care into an optometry practice.
Whether you’re a seasoned OD that has been providing managed care for your patients for years or you’re an OD that has intentionally stayed away from the “managed care” sandbox, I really believe you’ll enjoy this conversation. Chris talks about the ways in which ODs can start “dipping their toes” into managed care, how to think about your schedule and potential operational efficiencies to increase revenue on the same number of doctor hours, how to reframe your thinking when patients inform you that they have a high deductible health care plan, and why it’s so critically important that you revisit your negotiated fee schedule with your various payors and how you can benchmark that to determine if you’re getting a fair reimbursement. All of the information talked about in today’s conversation can directly impact not only your top line but also bottom-line profit, so I hope you enjoy listening as much as I enjoyed interviewing Chris.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and wisely invest their portfolios or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Chris Wolfe.
EyeCode Education
Episode 81: The Benefits and Strategy to Adding Dry Eye Tx to Your Practice with Dr. Damon Dierker, OD
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money! My guest on today’s show is Jordan Clarke. Jordan is one of the Vice Presidents of Charles M. Moore Insurance just outside of Bowling Green, KY and has an extensive career in in the insurance profession. I asked Jordan to come on the show to talk about a daunting and obscure task that the health insurance companies have seemed to obfuscate for business owners and that’s the topic of selecting group health insurance plans for themselves and their team members.
In this conversation we talk about the 3 different options that exist for practice owners, the breakdowns in cost and flexibility in cost sharing, how spousal carveouts work, “middle ground” options for practice owners that don’t want to insure on the individual marketplace but also don’t want to carry full group coverage, the difference between PPO and HMO plans from your perspective as the practice owner, and a couple of examples on why it could be expensive to do this all on your own.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And lastly, your HSA contributions that you can make in the year in which you turn 65 are pro-rata. For example, if someone turned 65 on May 5th and was electing Medicare, their eligibility date is May 1st, which means that they could contribute 4/12 (Jan, Feb, March, and April) the annual maximum HSA amount in the year in which they turn 65. I promise this will make sense towards the end of this show.
And with that introduction, I hope you enjoy my conversation with Jordan Clarke.
https://cmmoore.com/
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money! My guest on today’s show is…me! This is a different solo episode of sorts, because it’s actually the interview that I did for IDOC’s Focal Point Podcast, hosted by Dr. Steve Vargo, OD. If you’re interested in subscribing to Focal Point Podcast, the link is in the show notes of this episode.
On this episode, Steve asked me to talk about how business and personal planning are integrated and why it’s important to understand and be able to answer the question “In service of what?” and “What are you solving for?” when structuring your practice. We also talk about a very impactful tax planning strategy that can potentially save and/or defer practice owners tens if not hundreds of thousands of dollars in taxes in the year they sell their practice and the timeline to be aware of if you consider this strategy.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Steve Vargo.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money! My guest on today’s show is Nathan Hayes of IDOC. Nathan joins us to talk about something that is oftentimes discussed towards the end of the year and the beginning of the next year: budgeting, specifically budgeting your business expenses. Even though this show isn’t coming out until the spring, it’s still worthwhile to discuss, because as you’ll see throughout the conversation, it’s not just something that happens once a year.
In our conversation, we talk about what your target revenue growth should be per year (hint, it’s not a percentage), why your budget already exists and therefore why it’s actually hard to budget, how you should rethink the way you budget, how to assess when to spend money and how much to spend, financing vs paying cash for capital investments into the practice, a list of areas in your practice that you should be auditing, and 2 items that you absolutely must budget for on an annual basis.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money, I share one example of why it’s important to ensure that your portfolio has a well-rounded asset allocation and the importance of including all different asset classes in your portfolio—not just the most popular and well-known indices like the S&P 500 (and I’ll share some actual numbers to substantiate this thought process).
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
Callan Chart
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money! My guest on today’s show is Dr. Steve Vargo.
Steve joins me on the show to discuss a challenge and stepping stone that practice owners may eventually find themselves reaching: how to step out of their business and delegate leadership-type tasks and responsibilities to someone else on your team. Steve’s experience not only as a practicing OD but also as a leadership consultant for IDOC gives him a very informed and well-rounded perspective on this challenge. He’s a student of leadership develop and also an author on the topic (links below).
In this conversation, Steve and I talk about how to think about the process of removing yourself from the “messy middle” of practice ownership. Steve shares 5 areas that impact leadership at the practice level, we talk about why it’s important to think about developing your team instead of training them, the three P’s that make up any organization, and the quick test you can do to determine if you’re the best person for the task at hand.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Steve Vargo.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Dr. Wesley is back on the show to talk about a topic that I think might seem taboo to ODs out there, and that topic is around sales. Gina talks about her journey on how she got comfortable selling from the chair and you’ll very quickly hear in our conversation how and why it doesn’t even seem like sales…which is the point altogether! We talk about why sales get a negative connotation, how you might reframe the type of conversations you have with patients, how to work with your team to embrace the same structure of patient conversations, and the impact that it can have on your practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Gina Wesley.
Gina’s OTOTW Article
Loom
Good to Great
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money I talk about a new way to think about asset allocation and diversification as a practice owner and how a twist on the concept of asset location can have a significant impact on the overall value of your retirement portfolio.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
If you’re interested in providing feedback on today’s topic or having a question and featured on a future “mailbag” episode of 20/20 Money, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money! My guest on today’s show is Rob Bertman. Rob is one of the resident experts at Student Loan Planner, a business that was founded by Travis Hornsby that has now grown to a number of consultants that have collectively provided more than 5,000 consults on over $1.2B of student loan debt.
Rob joins the show today to help optometrists answer one of the most common questions that we get from younger ODs: how should I start thinking about paying back my student loans? In this wide-ranging conversation, Rob shares the basic formula for determining whether it makes sense to stay with the federal loan system on an IDR (income driven repayment plan) or whether to refinance with a private lender, the two saving graces of federal loan repayment plans, and the differences between IBR, PAYE, and REPAYE repayment plans. We actually use a young OD making $120k a year with plans of buying into a practice as a hypothetical case study when evaluating options, which I thought brought a lot of context around the concept of student loan repayment options. We wrap up the conversation by explaining how someone knows what kind of loans they have and how to think about repayment strategies given the recent extension of COVID-19 relief for federal student loan borrowers.
Rob provided a wealth of information and his contact information is below in the show notes, which will include links to my past conversation with Travis as well as how you can get direct access to Rob and the team at Student Loan Planner.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Rob Bertman, CFA, CFP®.
Why Refinancing During Residency is a Bad Idea
Contact Rob
Adam’s conversation with Travis Hornsby (episode #12 of 20/20 Money)
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this solo episode of 20/20 Money I will be explaining the process of gifting of assets to your children, strategies to employ including an UTMA account, and the impact those gifts will have on you, both now and 5-10 years down the road.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to another episode of 20/20 Money! My guests on today’s show are Dr. Gina Wesley and Nathan Hayes. Gina owns her very successful private practice in Medina, MN and Nathan is the practice finance consultant with IDOC, and I’m really excited for this conversation for multiple different reasons.
Today’s show is taking on the format of a case study. Specifically, the subject of today’s show is actually based on a potential relationship that reached out to our firm back in 2020. I’ll spend the first part of the episode sharing the anonymous details about this practice. From there, Nathan, Gina, and I engage in a great conversation, providing real-time, practical suggestions and ideas on how this practice owner can improve the profitability and thus the take-home income from the practice.
If you find yourself resonating with the practice that we discuss today and are starting to realize that you may be more in need of a practice management consultant instead of a comprehensive financial planning firm that specializes in serving optometrists, I can’t recommend Nathan and the team at IDOC highly enough as they’ve done a lot of great work over the years and have a wealth of knowledge in helping optometrists manage and grow their practice. Their work complements the work that we do as wealth advisors very well and it’s been a pleasure and privilege to collaborate together over the years.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Gina Wesley and Nathan Hayes.
Emyth Revisited.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
On this episode of 20/20 Money, my guest on today’s show is Dr. Jeremy Ciano, owner and founder of RevolutionEyes in Carmel, IN.
Jeremy’s been on the show in the past and episode #11 of 20/20 Money (back when it was called “The Dose”) is still in the top 10 most downloaded episodes (link below). Jeremy joins us back on the show to talk about how his practice not only survived, but ended up thriving in 2020. Jeremy talks about how important culture was to him and his team, the strategies that they executed to meet patients where they were (in more ways than one) during the pandemic, and how he’s thinking about strategic business decisions for 2021.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Jeremy Ciano.
Steven Covey Growing at the Speed of Trust
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money! My guest on today’s show is my good friend Josh Bannerman, (a.k.a. the “OG” from the Stacking Benjamins podcast).
Josh and I were talking the other night about the craziness that is going on in the markets recently. I got to thinking (after the conversation) that what we were just talking about would have made for a great episode for 20/20 Money. So, as good content creators do, Josh agreed to come on the show so that we could both talk about it and give you our perspectives. We start out by giving a brief backstory on what’s caused the trading frenzy with GME and AMC, how to think about it as an investor, and how to put it all into perspective. Josh also shares an unfortunately very sad story about how a close friend of his (not me!) ended up with significant losses as a result of some very risky bets in the market…and what lessons we can learn from it.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and other blog posts.
And with that introduction, I hope you enjoy my lively conversation with my good friend, the OG!
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Jennifer runs a very successful private practice and also a successful sports vision practice in Connecticut. Long-time listeners will know that Jennifer’s been on the show in the past and I was excited to have her back to talk through how she thinks about the KPIs (key performance indicators) of her practice, specifically around how they’ve increased their capture rate and second pair sales. In today’s conversation we talk about how she’s created a culture with her team to always strive for better, the language and scripting process she’s used to help convey the benefit to patients, a key annual conversation that she has every year with an outside resource, the proactive steps that her team takes before the patient even steps foot into her practice, and many other great strategies that can help you improve a KPI that, in the end, will help you increase the profitability of your practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Jennifer Stewart.
GPN EdgePro
Jerry Seinfeld Tim Ferriss Show Interview
Jerry Seinfeld Pop Tart Joke
Start with Why Simon Sinek
Kinder Hall Professional Storytelling Ted Talk
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money! My guest on today’s show is Dr. Chris Lopez, OD.
Contrary to what you might believe, picking the right investment is not your greatest wealth creating tool. It’s your income! Make sure that you know how to negotiate the right way and land the right job while also ensuring that it’s a win for the owner of the practice. In this conversation, practicing OD and career and contract consultant Dr. Chris Lopez talks to us about how both associates and owners should think about both the hiring process and rates of pay for associates in a private practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Chris Lopez.
Book a call with Chris!!
Email Chris!!
Jerry Maguire - Help me help you video
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to the first episode of 2020 Money in 2021! On this episode, I’m going to share with you how I’ve implemented Strategic Coach’s Entrepreneurial Time Management System and how I believe ODs can also benefit from this time management system, including how to think about the financials of your practice based on how you’ve budgeted your time throughout the year.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
How to Stay Focused and Set Yourself Up for Success
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode, I talk with Dr. Ted McElroy. Ted has owned his practice for the last 27 years and is also a Vision Source Administrator for the southern part of GA and north-central part of FL. In today’s episode, we use one of our clients as a case study that kicked off the process of hiring an associate in your practice—and hiring an associate that STAYS in your practice. Ted shares with us how he identifies and interviews associates in his practice, great questions to ask during the interview process, a simple exercise to help build trust with your existing team, and great questions to ask your team to give you feedback on how you can show up as a better leader in your practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and invest wisely or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Ted McElroy.
EyeCode Media Podcast
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hey everyone, before we get into today’s show, I wanted to let you know about an in-depth write-up I did on our website about the recently passed COVID-19 stimulus package and how it impacts optometrists. While at the time of this recording the Act has yet to be signed into law by President Trump and there seems to be a bit of volleying back and forth between the two branches of government about possible last-minute changes, I believe that the majority of the Act that would impact optometrists would stay intact. If you’re interested in reading that write-up, click on this link or visit our website at www.integratedpwm.com and click on Learning Center.
Now, for the last episode of the 2020, I wanted to share the most popular (as ranked by number of unique downloads) episode of the year. My conversation with Dr. Gina Wesley back in May was a conversation on how she uses her schedule to manage profitability in her practice. The original introduction for the episode is as follows:
Gina joined the show to discuss various ways in which scheduling has impacted the profitability of her practice. We talked about the direct and indirect benefits of having a scheduling philosophy and why empowering your team is an important component to helping you manage an efficient practice. We also discuss the importance of communicating and setting expectations with patients and why it’s important regardless of the type of exam or the journey that they went through (normal exam vs emergency vs walk-in). We also discuss one of the biggest culprits that exists in an office which can throw off the schedule (hint: it may or may not be who you think it is) and how you can fix that problem and we wrap up the conversation with her pre-appointing process and how online scheduling now plays an integral role in her recall process (including the strategic placement of her “Schedule Now” button based off the Z-pattern of how website visitors consume content).
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions that helps them live their “on purpose life.”
And with that introduction, I hope you enjoy the last episode of 20/20 Money IN 2020 and I look forward to continuing to connect with you in 2021!
Start with Why by Simon Sinek
Don Miller Story Brand
Complete Eye Care of Medina
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money, my guest is Dennis Moseley Williams. Dennis is one of a few certified experience economy experts and his sincere passion and mission is to help business owners understand the importance of the customer experience and why it’s increasingly influencing where consumers spend their dollars.
In this far-reaching conversations, Dennis explains why it’s so important to understand the difference between service and experience, the 5 stages of the customer experience, 4 questions you should ask to “move the experience dial” in your practice, what you can learn from Apple and Starbucks in your practice, and many other nuggets of information and perspective that I truly hope get you thinking about how up-leveling the patient experience in your practice cannot be ignored if you want to experience long-term growth and differentiate yourself from other practices and especially online competition. We reference a number of resources in today’s episode, so be sure to check out the show notes or visit the episode page on www.integratedpwm.com/learningcenter.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country utilize their practice to grow their net worth, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and other blog posts.
And with that introduction, I hope you enjoy my conversation with Dennis Mosley Williams.
20/20 Money Epsd 11: Inside the Mindset and Methods of a Multi-Million dollar, single-OD practice with Dr. Jeremy Ciano
Revolutioneyes
The Experience Economy
The Starbucks Experience: 5 Principles for Turning Ordinary Into Extraordinary
Dennis Mosley-Williams Strategic Consulting
Serious Shift Blogcast
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money! My guest on today’s show is me!
This is our AMA episode where my wife Andrea interviewed me on a variety of personal and professional questions that listeners of the show emailed us. We had originally planned on doing this as a way to celebrate the 100th episode of 20/20 Money but given where the timing of the episode fell in relation to the time of year, I opted to “shelf” the conversation until later in December because I wanted to ensure that the content we were putting out around episode 100 was still timely for the planning topics that are relevant during that time of year.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions that helps them live their “on purpose life.”
And with that introduction, I hope you enjoy this episode of 20/20 Money!
Implementing a Dry Eye Clinic with Dr. Damon Dierker
Adding an Associate: Understanding Marginal Chair Cost to Leverage Your Practice
The ABC's and 123's of Disability Insurance
Why Don’t Young ODs Want to Buy Practices??
Managing the Stress of Practice Ownership (and Life)
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money, my guest is Nathan Hayes.
Listeners of the show will recall that Nathan was just on the show a couple of weeks ago, but this was a topic that we both believe is really important for optometrists to get clarity on at all points of their career: what’s your number?
We’re defining “your number” as the amount of money that one should be saving to build towards financial independence. We talk about why banking on the sale of your practice usually leaves practice owners coming up short. We talk about the other side of that equation and how empowering it can be to know your number and thus be more convicted in the sale price you need to earn when you sell your practice. Nathan also allows me to indulge in a (somewhat) long-winded metaphor that connects flying, sailing, and retirement planning all into one story.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country use their practice as a wealth building vehicle, manage cash flow, align purpose with action, and make proactive money decisions.
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
Related episodes:
Four Levers in retirement
Cash balance plans with Karl Willman of Nyhart
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money, my guest is Kim Hockaday. Kim is an experienced mortgage loan officer with Ruoff Mortgage. In the historically low interest rate environment that we’re in these days, I wanted to bring Kim on the show to talk about mortgages and how optometrists should think about all aspects of home financing.
We talk about three things that are different as a buyer in this environment, how student loans play into the purchase decision, whether an underwriter prefers a borrower to have more cash on hand but a bigger loan balance or less cash on hand but lower loan balances, mistakes and wrongful assumptions practice owners make when applying for a mortgage, her thoughts on physician loan programs, and many more relevant topics.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country use their practice as a wealth building vehicle, manage cash flow, align purpose with action, and make proactive money decisions.
And with that introduction, I hope you enjoy my conversation with Kim Hockaday.
Kim Hockaday
NMLS#: 133658
317-286-8016. Email her.
Ruoff Mortgage NMLS# 141868
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
My guest on today’s episode of 20/20 Money is Nathan Hayes of IDOC. Nathan has been on the show in the past and I was excited to have him come on the show and talk about a topic that I find myself discussion with ODs regularly: how much cash to keep in your practice.
In today’s discussion, we talk about how we define expenses and how many months of practice expenses to keep in the practice. We also talk about this number in relation to the amount of cash that ODs are sitting on right now due to the combination of practice revenue, EIDL loan proceeds, PPP loan funds, and HHS funding.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country use their practice as a wealth building vehicle, manage cash flow, align purpose with action, and make proactive money decisions.
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
Nathan/IDOC’s Cash is King white paper
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
While having a conversation with a friend recently, we got talking about Dave Ramsey’s personal finance philosophy and how great it is for the vast majority of people that follow his principles. But it got me thinking about how those principles apply to optometrists. Given the financial circumstances that ODs find themselves in right out of graduation, I wanted to share some insight on which of his principles are in need of a slight modification for ODs.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country use their practice as a wealth building vehicle, manage cash flow, align purpose with action, and make proactive money decisions.
Epsd #86: How two ODs are CRUSHING their student loan debt
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Today’s episode will discuss a couple of updates around PPP forgiveness and how to think about the taxation of PPP funds along with an additional perspective on the EIDL loans that so many optometric practice owners have taken out as a backup cash reserve. I’ll also share some thoughts on why it’s important to understand the role that our entire government plays in relation to the platforms that presidential candidates campaign on and why we shouldn’t let the agenda of a presidential candidate influence our emotions until we know the results of ALL elections—not just the presidential election.
If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.
As a reminder, you can get all the information discussed in today’s conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions.
Straight Cash, Homie.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
It’s the week after Halloween, and while we’re all coming down from the sugar high we earned by stealing our kids’ candy (no judgement here, I do it at a felony-level rate) I thought I’d cover 5 scary financial decisions that optometrists make that can prevent them from becoming wealthy or keep them broke. In this episode I highlight 5 areas where we’ve seen optometrists make mistakes with both their money and their time and the implications of making those decisions.
If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.
As a reminder, you can get all the information discussed in today’s conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions.
All Things Student Loans with Travis Hornsby
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
The concept of talking to kids about money can be both a taboo and ambiguous process. For optometrists that own their own practice, there’s an added variable of owning your own practice and using it as a vehicle to not only be in a position of paying your kids but also the generational wealth that can be created by you.
In this episode I’ll share a number of ideas and tools to consider when teaching your kids from an early age about money. I’ll share what age you should start talking to kids about money, the importance of using an example-based teaching approach, the three-bucket approach, and an example of how we’re doing this in our family with our daughter.
If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.
As a reminder, you can get all the information discussed in today’s conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions.
Talking to Kids About Money – Child Mind Institute
Teaching Kids About Money (Dave Ramsey)
Financial Peace Jr (Kids Money Kit from Dave Ramsey)
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
As an optometrist, saving for college for your child or children can be a sensitive subject. Depending on how or if you had to pay for your own education can influence your mindset and how high on the priority list college savings is for you and your family.
If you decide that you want to save funds for higher education, there are a number of vehicles to consider with vary tax advantages. In this episode we look at 529 plans, Roth IRAs, utilizing a Family Management Company (FMC), how you can cash flow part of the cost when your kids get to college, and how life insurance could be used to fund college (though I admit it’s not one that I recommend).
If you’re interested in having your question and your voice featured on the upcoming AMA 20/20 Money podcast episode, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.
As a reminder, you can get all the information discussed in today’s conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions.
Links
What is a 529 Plan
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
We’ve had a number of tax planning strategies for optometrists to consider in the past, but we’ve never really covered the basics of our tax system. In this episode, I’ll share with you how our income tax system works. I’ll also cover the difference between deductions and credits, explain which one’s better, and some common tax fallacies that we’ve seen over the years.
If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.
As a reminder, you can get all the information discussed in today’s conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions.
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Understanding whether optometrists qualify for the R&D tax credit is not a simple answer. There are many questions that need to be asked and parameters that must be met. Unfortunately, not all of those parameters are met with clear, black-and-white definitions from the IRS but are rather subjective in nature. This can open the door for misunderstanding of the credit at best or outright fraud and abuse at its worst.
In this episode, join us as we have a discussion with Kyle Riddle of McGuire Sponsel about the in’s and out’s of the R&D tax credit.
As a reminder, you can get all the information discussed in today’s conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions.
Tax Deductions to Benefit From–and Exercise Caution Before Claiming
Simon Sinek on Millennials in the Workplace
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Owning an optometry practice requires you to wear many hats. As the owner, sponsoring a retirement plan in your practice is not without its share of responsibilities. In this episode, we talk about some of those administrative tasks that not only fall on you as the plan sponsor, but which of those responsibilities can be delegated to your professional team. We also share some additional resources that can help you satisfy your responsibilities as a plan sponsor.
As a reminder, you can get all the information discussed in today’s conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions.
List of certified companies providing Surety Bonds
TSP Investment Options
Follow us on Instagram: https://www.instagram.com/2020moneypod/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Podcasts
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
The Solo 401(k) is a viable option for independently contracted, 1099 compensated optometrists. It has many of the same benefits and options that a “normal” 401(k) has but without many of the testing and compliance requirements. However, they are not without their own limitations. In this episode, I share what optometrists need to know about when and whether a Solo/Individual 401(k) is a viable retirement planning vehicle to consider. For more information, visit the IRS.gov Solo 401k website.
As a reminder, you can get all the information discussed in today’s conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions.
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
One of the most popular questions we get asked is whether their 401(k) contributions should be Traditional or Roth contributions. There are many factors that play into that decision and some of the variables that impact the decision are unknown (like future tax rates). In today’s episode we break down the difference between the two types of contributions and situations and strategies an optometrist should consider when deciding which type of strategy they should use.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Understanding the different types of profit-sharing plans that exist can help an optometrist determine which type of plan is going to be best for their practice. In this episode we talk about the different type of profit-sharing plans that exist and the advantages and disadvantages of each. We also share the different vesting schedules that exist and wrap up with some thoughts on how to use a profit-sharing plan to increase staff loyalty and employee retention in the practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Optometrists that own their own practice are always looking for strategic ways to reduce their tax liability. The tax bill that’s generated when an optometrist sells their practice can have a big impact on how much money they keep as a result of the transaction.
Retirement plans like the 401(k) profit sharing plan are usually go-to strategies, but there are limitations in how much one can contribute annually into these plans. Additionally, there’s little that can be done with a 401k profit sharing plan to help offset and reduce the tax liability that’s generated in the year of the sale.
Cash balance plans are a little-used planning strategy by optometrists. If used correctly, though, a cash balance can help a practice owner accelerate their accumulation of retirement dollars, capture significant tax deductions in the year of contributions, and offset potential tax liabilities generated in the year of a practice sale.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Utilizing a retirement plan like a 401(k) profit sharing plan is a great tool to help optometrists save money for retirement. It’s also a way for them to reduce taxes in higher earning years and deferring that tax liability until future years.
While most optometrists may be familiar with Traditional 401k and profit sharing plans, a little known planning tool that exists is the ability to make after-tax contributions to a 401k plan. This strategy is often referred to as the “mega back-door Roth” strategy.
In this episode, we talk about the history, details, benefits, and strategies an optometrist can consider when utilizing their 401k for after-tax retirement plan contributions.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Having a website that stands out, drives new patient growth, and creates a great patient experience is a tall order for any optometrist that owns their own practice. Knowing where to begin or what areas of your website and digital marketing strategy to focus your time and dollars is another challenge. Thankfully, there’s someone out there that can see the challenge from multiple different perspectives. Dr. Rich Zimbalist, OD is not only a practicing optometrist but also an experienced digital marketing professional who has served many ODs in helping them create an online brand and marketing strategy that not only drives new patient growth but also creates a modern, pleasant patient experience from the moment they land on your practice’s home page. Join us in this far-reaching conversation where we talk all things digital marketing for optometrists.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Rich Zimbalist.
SEO Press
Yost SEO
RankMath
Neal Patel Ubersuggest
Serp STAT
SemRush
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Choosing a retirement plan for your optometry practice is an important decision and it’s one of those processes that can often be put on the back burner by ODs. It’s common for us to see mature practices still utilizing a SIMPLE IRA in their practice and, when asked why they still use a SIMPLE IRA, a common answer we hear is “Because it’s much cheaper than a 401(k).” This is also advice that we see being shared in online communities as well.
In today’s episode,, I want to share with you five reasons why the SIMPLE IRA is not the long-term retirement plan solution for your practice, backed up with specific examples and case study illustrations and projections.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions serve ODs & what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
As optometrists continue to deal with the personal and professional financial implications of COVID-19, the CARES Act has been the focal point for those looking for relief and assistance. The PPP, EIDL, and other provisions of CARES captured our attention for the last couple of months, but, on this episode, we discuss three strategies and provisions of CARES that are still worth evaluating in your personal and professional lives.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions serve ODs & what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! On today’s episode, I discuss 7 proactive strategies that you can consider as you evaluate your financials through the latter half of 2020. I discuss the importance of reviewing your list of itemized deductions even if you didn’t itemize and whether a charitable lumping strategy would be beneficial to consider. I also talk about why partnerships should reevaluate how income is classified on their K-1 and why shifting income from guaranteed payments to net income should be evaluated by their legal, accounting, and financial team. I also explain why it’s important to reevaluate your retirement plan on an annual basis, how Roth conversions and tax gain harvesting can have a big impact on your long-term success, how you may be leaving a $1,000 HSA-related tax deduction on the table, and how you can start a 529 for your unborn child and claim a tax-specific deduction in 2020 (even if your child isn’t going to be born until 2021).
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions serve ODs & what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
www.integratedpwm.com/13
Hello, and welcome to this episode of 20/20 Money! On this episode, I highlight seven line items on your tax return that optometrists should review to ensure you’re not paying too much in taxes. Those seven items (along with the location of where to find them on your personal tax return) are listed below:
- Health insurance deduction for SE (Schedule 1, line 16)
- Taxable interest (1040 Line 2b)
- QBI deduction for SE (1040 Line 10)
- SS tax refund (Schedule 3, Line 11)
- 529 deduction for your state (State tax return)
- Maxing out your HSA (Schedule 1, Line 12 & Form 8889)
- Roth conversions being coded incorrectly & correct 8606 filing (1040 Line 4a and 4b)
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we serve ODs around the country & what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money, Nathan Hayes from IDOC and I discuss how optometrists should be thinking about cash flow in their practice. We discuss how much cash reserves ODs should have in their practice in the wake of COVID-19 as well as why it’s important to get cash out of your practice instead of letting it sit in your business. Nathan also shares why leaving cash in your business might actually hurt your valuation from a buyer’s perspective. We also talk about how to reduce your tax bill as a practice owner and why it’s important to not “red line” your personal lifestyle against the distributions from your practice.
Our conversation then ties into how managing cash flow in the practice transitions into using that cash flow to accumulate and grow your net worth, the importance of not banking on extracting max value from your practice to fund your retirement, the 5 D’s of why a practice owner could be forced to sell, and how solo owners can and should be looking at a buy-sell agreement with another owner in their town as a contingency planning strategy to ensure that all is not lost in their practice if they’re forced to sell early.
In financial planning, we often hear the phrase “cash is king” and the variation on the theme with this episode is that cash (flow) is king. It’s not what you make, it’s what you keep that matters and in this episode we share many different strategies that optometrists should be considering when thinking about cash flow in their practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we serve ODs around the country & what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
Simple Numbers, Straight Talk, Big Profits by Greg Crabtree
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Mick Kling, OD. Mick has been on the show in the past and he joins me today to talk about a concept that is gaining more traction in the OD community and that is the accounting philosophy known as Profit First. Profit First is based on the popular book by Mike Michalowicz and Mick has unique experience in that he’s both adopted this accounting process in his own practices and has also consulted with many other ODs on how to transition their practices to profit-first accounting.
In our conversation, hear Mick’s 4 simple ways to think about expenses in a practice, the three criteria debt needs to fit before taking on a new liability payment, Mick’s way of thinking about how much debt you can afford in your practice, and a number of different “tweaks” to profit-first that has helped Mick and others better customize the strategy to optometry practices. Mick also shares an important checklist (which you can download here) that ODs can download for free to learn more about the profit-first system.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we serve ODs around the country & what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Mick Kling.
Integrated’s Debt Snowball calculator
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guests on today’s show are Drs. Zac and Joelle Holland. Joelle and Zac have been listeners of the show for some time and Joelle reached out to me to ask if I’d be interested in interviewing them about how they have both been laser focused on paying off their student loans. For me, it was an easy decision as creating a student loan repayment strategy is one of the most common challenges and discussion points for newer grads.
There’s so much amazing information and empowerment that’s shared in this episode. We start off on a bit of a tangent as Joelle and Zac talk about the decision they made when they had their first child to hire an au pair in their home and why that’s worked out so well for them compared to the traditional route of daycare that most families go with. They talk about how they found their au pair and their experience in using AuPairCare for placement, the process they went through, and specific examples of why it’s worked well for their dual-demanding professional schedules.
We then dive into the details on their plan and how they’ve built a plan to pay off the collective total of $673,000 in student loan debt they started out with after graduating optometry school. We talk about how they plan their income, why using a budget has actually given them more control and a greater sense of calm, how they changed their mindset to get comfortable with paying such a high amount month after month, the habit hacks they’re using to stay motivated and focused, and how their retirement savings strategy plays into their debt repayment goals. We wrap up the conversation with a couple of very real answers to the question that I ask every guest. If you’re an OD that has debt (regardless of whether it’s student loan debt or other practice debt) and you’re wondering how or if you can get crazy focused on paying it off, this is an episode you won’t want to miss. I’m so very grateful to both Zac and Joelle for being so open, honest, and transparent with their story and circumstances.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm, how we serve ODs around the country, or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Drs Zac & Joelle Holland.
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Colin Carr. Colin is the founder and CEO of CARR, a nationwide commercial real estate company specifically focused on representing the needs and interest of healthcare providers. Colin has mastered several niches in healthcare real estate and is passionate about helping others maximize their profitability through real estate.
In this conversation, Colin and I cover a wide spectrum of topics. Among them, Colin shares what NOT to do when you see vacant space that you’re interested in, three main ideas to consider when evaluating whether you should lease space vs buy real estate, why having great lease terms increases your practice’s valuation, the timeline for commercial real estate development, and areas to capitalize during a lease renewal and what would a new tenant get if they were coming into this space.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Colin Carr.
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Steve Vargo, OD. Steve has had a storied career in optometry, starting out as a clinician after graduating from ICO in 1998. His interest for business led him to earn his MBA and eventually land at IDOC in the role of a practice management consultant. Having had over 3,000 consultative conversations over the years, he’s realized what every OD needs to know: we all have largely the same playing field. The difference, however, is in the execution of ideas and strategies, and it was in his curiosity of execution that led Steve to author a number of books, including his most recent one titled Prescribing Change: How to Make Connections, Influence, Decisions, and Get Patients to Buy Into Change.
Steve joins me on the show to talk about what he’s learned in researching and writing his book on how to influence change at the patient level. We talk about how you first need to understand the patient’s problems and not necessarily just jump into making clinical diagnosis based off data collected. We talk about how to transition from a “versus” to a “team” approach in the decision making process, the different levels of the brain that are involved when we make decisions, ways in which doctors can influence and build trust with their patients, and the importance of understanding something called “motivational interviewing.” It was a very enjoyable conversation and I learned some things as well that I’ll be looking at in my own firm!
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we serve ODs around the country & what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Steve Vargo, OD.
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
This is part 2 of my conversation with Jason Preator. Please be sure to check out part 1 from last week!
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy part 2 of my conversation with Jason Preator.
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Jason Preator. Jason is one of the leading resources and advisors in the optometric space when it comes to helping optometry practice owners sell their practice to a private equity firm. Today’s conversation was so good and long that I actually made the decision to break it up into a two-part episode. In today’s episode, we talk about the duration of the process of selling, making sure you understand your why around selling your practice, two big factors that influence your valuation, why it’s important to understand first market mover advantage, when there’s an ideal time to break the news to your team and why you should have a conversation with your associate in the beginning, and we wrap up this part of the convo by discussing where are we at in the PE cycle.
I also wanted to let you know that we actually recorded this episode earlier in spring, long before the COVID-19 disruption turned everyone’s lives on a dime. I held the release of the show because I wanted to make sure that the content that we were putting out was timely and relevant. Now that practices are starting to open up, I reached out to Jason to see if he had any additional thoughts on how transactions are being affect post-COVID closures, and here was his response in an email: the market continues to change and evolve with the passage of time. The activity has definitely picked up with the buyers as states remove the stay at home orders and practices begin to re-open with many fully re-opened. The buyers are optimistic but cautious as they want to ensure that the demand is returning, which all indicators from the buyers and our clients is that the demand, capture rate, and other KPIs are strong.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Jason Preator.
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Damon Dierker.
Damon already has a very storied career in optometry, so I was excited to have him on today to talk about dry eye and I feel it’s important to give a bit of a backstory to help set the stage. Clinically, he is a partner and Director of Optometric Services at Eye Surgeons of Indiana, one of (if not the) top tertiary care/referral center in the state of Indiana. His areas of clinical expertise include advanced retinal disease including diabetic retinopathy, macular degeneration, and glaucoma as well as advanced ocular surface disease treatment. He is a frequent presenter of continuing education presentations to doctors across the country and is an adjunct faculty member of Indiana University’s School of Optometry and directs the clinical externship program at ESI. As if that wasn’t enough, he is also the President-Elect of the Indiana Optometric Association.
The reason that I wanted to have Damon on the show today is because he’s created a program that has helped many ODs around the country implement a dry eye treatment program in their practice. It’s no secret that treatment of dry eye is becoming a growing topic of concern—both from the patient’s and doctor’s perspective. It’s also an area that over time can boost revenue and thus profitability of a practice. However, implementing a dry eye program into an existing practice can seem daunting and something that ODs may put off until “they get around to it.”
In this conversation, Damon talks about how he came up with the idea of forming his Dry Eye Boot Camp program and how it evolved and grew into a passion project side business for him to help ODs implement dry eye tx into their practice. We cover all aspects of dry eye: the mindset shift that first must occur with the OD, the equipment and tech needed, the investment needed of both time and money, the potential ROI, a scheduling strategy to consistently grow dry eye in your practice, the standard of care for diagnosing and treating dry eye, and the various ways of marketing this additional service to both existing and new patients.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm and how we serve ODs all over the country or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Damon Dierker.
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Gina Wesley. Gina joins the show to discuss various ways in which scheduling has impacted the profitability of her practice. We talk about the direct and indirect benefits of having a scheduling philosophy and why empowering your team is an important component to helping you manage an efficient practice. We also discuss the importance of communicating and setting expectations with patients is important regardless of the type of exam or the journey that they went through (normal exam vs emergency vs walk-in) and examples of language that you can use to communicate to patients that you understand that their time is valuable as well. We also discuss one of the biggest culprits that exists in an office which can throw off the schedule (hint: it may or may not be who you think it is) and how you can fix that problem and we wrap up the conversation with her pre-appointing process and how online scheduling now plays an integral role in her recall process (including the strategic placement of her “Schedule Now” button based off the Z-pattern of how website visitors consume content).
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm, how we serve ODs around the country, or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Gina Wesley.
Start with Why by Simon Sinek
Don Miller Story Brand
Complete Eye Care of Medina
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to another episode of 20/20 Money. My guest on today’s show is Matt Howard. Matt is a CPA and CVA, which is a Certified Valuations Analyst, with Blue and Co here in Indianapolis. I’ve known Matt for a number of years and have always appreciated and valued his opinion. Today’s conversation is a bit unorthodox as there really wasn’t a whole lot of planning behind the content. What started out as a simple question on the phone between two friends and colleagues turned into I feel a very timely episode: how should buyers and sellers of practices be thinking about valuations in the midst of COVID-19?
In our conversation, we talk about what sellers should be focused on in their financials even more as practices look to come out and reopen. We talk about the timeline of transactions, the impact of a practice’s financials in 2020 on overall valuations, and how 2020 financials could be factored into transactions that are closed in 2021 and beyond. We wrap up the conversation by again emphasizing how important it is that optometrists have a plan for how they’re going to exit their practice and ensuring that they know what their personal financial plan “needs” from their practice in order to live their best life, on purpose.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm, how we serve ODs around the country, or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Matt Howard.
Matt’s LinkedIn profile
Blue & Co Transaction Advisory Services
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guests on today’s show are Drs. Jeremy Ciano and Jennifer Stewart. Longtime listeners of the show will recognize those names as I’ve had them both on a number of times in both 1-1 interviews as well as a three-way discussion. I respect both of their opinions and perspective as they both run highly successful practices, and that success does not come by accident.
Jennifer and Jeremy join me in today’s conversation to discuss accountability as a business owner. As practice owners, it can be sometimes be hard to set and maintain goals that we set for ourselves. Because there’s no one other than ourselves truly holding us accountable to our goals, it can be easy to slip into a sense of complacency or lose focus on where one needs to “move the needle” in their practice. Jennifer and Jeremy talk about where to find an accountability partner and how to make accountability work for everyone involved, some of the areas of their practice that they hold each other accountable, the frequency with which they check in and how they tie their frequent accountability check-ins to their long-term goals.
I’m a firm believer in having an accountability partner and I hope you enjoy this episode and that it empowers you to find someone or a small group to collective help everyone achieve more. Progress, growth, and thus profitability happen when you stay focused on your KPIs in your practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm, how we serve ODs around the country, or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Jeremy Ciano and Jennifer Stewart.
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dave Goetsch. Dave is the Executive Producer and writer for the hit TV show “The Big Bang Theory” and he joins me to talk about his journey not as a TV writer but as an investor. He shares his journey as an investor, lessons he’s learned along the way (one of them almost being a really expensive lesson), the investment philosophy he’s implemented and how he’s been able to go from feeling anxious and nervous to calm and resilient as an investor.
We also talk about why having an advisor is so important for him, even though his portfolio is already “constructed” and he’s not necessarily taking any explicit action on his investments. We also discuss why it’s so important to have your financial plan complementing your investment portfolio and we wrap up the conversation with Dave sharing with us which Big Bang Theory character he’d want to have as his financial advisor.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we serve ODs around the country & what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dave Goetsch.
Dave Goetsch
Dimensional Fund Advisors
The Evolution of Indexing
A Transformed Investor’s View on Market Volatility
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On today’s episode, I start out with an update on the Paycheck Protection Program and what we’ve learned through the first round of applications as well as an update (as of now) as to what the next round of stimulus funding might look like and when that might come to fruition. I then share details on another aspect of the CARES Act that hasn’t been as talked about but can still be an important planning consideration and that’s the Employee Retention Credit. I share the details on how the ERC works and an example of a practice where the ERC may actually be more advantageous than the PPP, which is partially dependent on the timing of the PPP loan as well as the number of employees the practice has when the office reopens. I wrap up the show talking about a couple of other planning strategies to consider along with a message to encourage you to “think about what you think about.”
How CARES Impacts Optometrists
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Matt Geller. Matt joins me back on the show today to talk about a variety of topics as it relates to staffing an office in the wake of the COVID-19. We talk about areas that practice owners should be focusing on now as well as some of the top items (personally and professionally, financially and otherwise) that ODs should be maximizing in this time of uncertainty. We emphasize the importance of cash, what someone looking for an associate position should do to stand out from the crowd, especially given the influx of talent that the marketplace is going to experience in the wake of all the temporary practice shutdowns. We also discuss the opportunity that telehealth will present to ODs in the future, even after we get back to a “new normal” after the temporary shutdowns. We wrap up the conversation talking about how to opportunistically look at this time as being a good time to “cautiously proceed” with either a cold open or purchase of a practice and also sharing more details on the upcoming virtual career fair that Matt and the rest of the team at Covalent Careers are holding in April.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Matt Geller.
Covalent Career Fair
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! Today’s show is a unique one in many ways, starting out with a longer-than-normal introduction. This episode is actually a replay of the 75 minute Q&A session I did with the ODs on Finance Facebook group on all things related to the CARES Act and how it impacts optometrists.
It’s important to understand that, at the time of the live Q&A session, both the IRS and Small Business Administration (SBA) had not yet released additional guidance on aspects of the CARES Act. By far the most popular topic in this discussion was on the Paycheck Protection Program, or PPP. Quite literally later that afternoon, the Treasury Department came out with guidance and interpretation of CARES and then the SBA released more additional, in-depth guidance two days later. Because (a) this was the most popular subject and (b) there are certain items of the PPP that have been clarified, I wanted to address those up front here in the introduction.
Here are the main points that have changed with regards to PPP:
- The amount of payroll includes wages, state and local taxes, costs paid to maintain group health insurance including premiums, and retirement plan contributions including profit sharing contributions if those contributions have already been made for 2019. The amount for payroll does NOT include federal taxes paid by employee and all employment taxes paid by employer and employee (SS and Medicare).
- When determining the amount of your loan (based on your average monthly payroll over the previous year), do NOT include independent contractors that you issued 1099 payments. ODs that worked in your practice as 1099 independent contractors will be eligible to apply for their own PPP, so do not include payments made to them in your calculations.
- The date to apply for small businesses and sole proprietors was April 3rd. Independent contractors and self-employed individuals can apply on April 10th. You need to apply directly with a bank. Start with your existing banking relationship; every bank is rolling this program out differently and with a different process.
- The 8 week window for loan forgiveness begins after the loan is made.
- You have until June 30, 2020 to restore your full-time employment and salary levels for any changes made between February 15th and April 26, 2020.
- The terms of the note have changed from 10 years at 4% to 2 years at 1%.
- Any amount that was received as a $10,000 grant through an EIDL loan and was used to pay payroll costs will REDUCE the amount of PPP funds eligible for forgiveness.
Keep this information in mind as you’re listening to today’s episode. We’ve all been trying to figure out which way gravity is working these days, and the only thing that seems to be constant is change: change in regulations, change in laws, change in practice management. Please know that I’ll continue to do everything that I can to provide timely, correct, and relevant guidance to you as a listener of 20/20 Money. We’ve also been actively publishing information on our blog, so be sure to head to www.integratedpwm.com and click on the Learning Center to subscribe to our blog.
As a reminder, you can get all the information discussed in today’s conversation by viewing the show notes or by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy this episode of 20/20 Money!
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hey there 20/20 Community. Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Justin Manning. I know ODs around the country are going through a lot right now as we all grapple with the disruption caused by COVID-19. I wanted to have Justin back on the show because I thought he’d bring a unique perspective to the show, as he’s the only OD I know that also has their MPH (Masters Degree in Public Health).
During our conversation we talk about various examples and ways in which we’ve both witnessed ODs making the best out of a bad set of circumstances. We talk about what he’s experienced in his role as an Executive Vice President with Healthy Eyes Advantage and the conversations he’s had with ODs around the country, how this disruption is forcing innovation in practices, including the implementation of telemedicine services, and how ODs can take an important role in the healthcare network by educating as many people as possible about all the different medical-based ways in which ODs can serve patients, thus diverting a would-be ER or PCP visit with a call to an OD. We wrap up the conversation talking about the importance of fear setting when dealing with moments of change and discomfort in life and ways in which ODs can work ON their professional self and/or practice during this setback.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also subscribe to our newsletter, set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm, or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Dr. Justin Manning.
Fear setting with Tim Ferriss
Seing Your Practice Through Your Patient’s Eyes – RoB Article
Health Eyes Advantage
Justin’s LinkedIn profile
Eyecarelive
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! Every practice owner around the country is trying to figure out which way gravity is working right now and figuring out how to make unprecedented decisions in their practice as it pertains to their cash flow and their team management. With that being the case, we wanted to provide some thoughts and ideas that practice owners can take during these time to better prepare themselves and their practices for the foreseeable future.
In this episode we talk about the importance of being proactive in a number of different areas in your practice and I also spend time going through some details on the new Coronavirus-related Emergency Paid Sick Leave Act that was passed late on Wednesday night and which goes into effect April 2nd. I wrap it up with, for lack of a better word, a plea to every practice owner on how important it is for you to “protect the asset” and being aware of your mindset and emotional state through everything as we go through these times.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy this episode of 20/20 Money.
Department of Labor Summary of Emergency Paid Sick Leave Act
Eyecarelive
SBA Disaster Relief Loan Application
How Families First Coronavirus Relief Act affects optometrists
www.asana.com
www.useloom.com
www.slack.com
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome back 20/20 Money Community to another episode. Well, unconventional times call for unconventional strategies. Some of you may have financial-related questions about what’s going on right now in the markets. Whether you’re a new investor and this is your first “taste” of volatility or you’re a seasoned investor on the brink of or in retirement, it’s times like these that questions, concerns, or doubt can creep into our psyche and mindset. I wanted to let you know that we’re going to be hosting a “town hall” type meeting/webinar on Wed, March 18th at 8pm EST to talk through some investing-related perspectives of what’s been happening in the financial markets. This is what it will NOT be: I will not pretend to know when the fluctuations in the market will end, I will not hold myself out as an epidemiologist or infection dx specialist—I’ll be coming at this purely through the lens of how to think about the recent events of the market, try and put some context around is based on what history has told us the way markets react to these events, and we’ll also open it up for questions as well with the ability to anonymously submit questions. If you’d like to submit a question beforehand, please do so by emailing podcast@integratedpwm.com. All questions will be read aloud anonymously on the recording and I’ll answer them as best I can.
With that being said, let’s move on to today’s episode. My guest on today’s show is Dr. Ryan Gustus. Ryan is a partner in Eyecare Associates of Bluffton, IN and also a co-founder of Lensquote, a resource that helps ODs and their team increase contact lens annual supply sales in their practice. In our conversation we spend time talking about Ryan’s path to partnership in the practice and the genesis of Lensquote. Ryan shares how the software evolved from a simple Excel spreadsheet with a few macros into a visually appealing web-based platform that helps patients and ODs understand the total net cost breakdown of contact lens options. We also take a few related digressions down the path of leadership, task delegation, why the idea of selling as an optometrist is a perfectly normal and necessary mindset to master (instead of thinking of it as sleazy or “sales-y” in the traditional sense).
As a reminder you can get links to all the resources discussed in this conversation by heading to our website at www.integratedpwm.com and clicking on the Learning Center.
And with that introduction, I hope you enjoy my conversation with Dr. Ryan Gustus.
Registration for IPWM Webinar
Lensquote
To Sell is Human
Ryan’s LinkedIn profile
Ryan’s Practice
Epsd 37: Buying and Growing a Successful Rural Optometry Practice
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money, I deviate a bit from the traditional topics of the show and talk about what investors should be thinking about and doing during market selloffs like we experienced last week. I actually bumped a previous episode to make room for this conversation just given the nature and timeliness of the events that occurred in the markets last week. I talk about the importance of having an investment philosophy, what you should be looking at with regards to your investment plan and timeline, the importance of understanding the amount of risk that you’re taking in your portfolio by knowing the loss deviation of your portfolio, historical examples of market performance during epidemics and pandemics, and why it’s a nearly impossible feat to try and predict or time the markets.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
Pandemics, Portfolios, and Perspective
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guests on today’s show are Drs. Jennifer Stewart and Jeremy Ciano.
Longtime listeners will know that both of them have been on the show a number of different times. Their business knowledge and practice insight has helped them each build and run very successful private practices.
On today’s show, we discuss one of the biggest decisions and factors that influence the gross revenue and thus profitability of an optometry practice: vision plans. Jeremy and Jennifer discuss their viewpoint on vision plans, the purpose with how they think about insurance plans, and how they understand the profitability of the plans in each of their respective practice.
We also discuss how vision plans can be used as a way to “jump start” a practice that is thinking about adding an associate but why it’s still important to make sure that you’re being calculated and measuring the progress and impact of the plans after you add the associate to make sure that it’s still a “win-win-win” for everyone involved in the equation.
And be sure to stick around to the end of the program, where Jeremy and Jen again revisit why it’s so important that you, as both the doctor and business owner, create a process in the practice that allows everyone to understand the different options that are available for patients and why it’s so important for everyone (the doctor, the team, and the patients) to see through the trivial many features of each respective vision plan for the vital few benefits that are going to directly impact the patient.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Drs. Jeremy Ciano and Jennifer Stewart.
Resources:
Edge PMS
Adam’s sessions at Vision Expo East
Jennifer’s sessions at Vision Expo East
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
As the owner of a private practice, a question that you will inevitably ask yourself is “How much should I pay myself as the owner of my practice?” There are a number of different ideas and considerations to think about with regards to this question and in this show I talk through some of the different decision points that exist for a practice owner to consider which can influence how much they pay themselves.
Profit First
The Profitable Doctor
My sessions at Vision Expo East (March 26-29 in NYC)
All of Mick Kling’s sessions at Vision Expo East
Mick’s Profit First Session at Vision Expo East
Planning for the 199A deduction in your practice
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
In this episode of 20/20 Money, I talk about three important ratios that optometrists should understand using their balance sheet. There are three big financial statements that practices should always be analyzing, and I feel that the balance sheet is the one that gets the least love from ODs. During the conversation, I talk about how to calculate your quick ratio, your current ratio, and your debt service to outstanding debt ratio and what range each of those should be within your practice.
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Nysha Blender. Nysha joins me on the show to talk about her journey in optometry and how she ended up in a somewhat unconventional role as a medical science liaison with Ocular Therapeutix. On this show we talk briefly about her path in optometry and what caused her to go down this path of becoming an MSL and what it’s meant to her personally, professionally, and clinically. She gives us an idea of “a day in the life of” and what has surprised her most about being in this position as well as how the compensation structure and numbers compare to her traditional clinical roles as an OD. We wrap it up with her answer to my one question I ask every guest.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Nysha Blender.
Nysha’s LinkedIn profile
Ocular Therapeutix —————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Life insurance for optometrists is something that probably isn’t the topic of conversation when ODs get together and chat, but it’s an important part of a well-rounded financial plan. Unfortunately, there are many different options for life insurance and they’re not all created equal, especially when you take into consideration the conflicts of interest that exist between you the client and the person selling you a policy.
On this episode I share with you the basics of the different kinds of life insurance and which type of life insurance I believe is going to be satisfactory for the vast majority of ODs. I also talk about how I think about life insurance, a unique way to think about structuring your life insurance policies, how to determine how much you need, and how carrying debt on the practice can influence and impact your life insurance strategies.
As a reminder you can get all the information talked about on today’s show by visiting www.integratedpwm.com and clicking on the learning center. While there you can also learn more about our process, how we work with ODs around the country, and even set up a quick 15 min call to learn more about our firm.
Life Insurance Needs Calculator
https://www.selectquote.com/
https://llis.com/
https://www.zanderins.com/
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dan Zone. Dan’s a VP and Senior Relationship Manager with Wells Fargo Commercial banking here in Indianapolis and is back for a second time on 20/20 money. What’s unique about Dan, though, is that he has a big focus on serving those in “white coat professions” including optometrists and I wanted to have him on today to talk specifically about financing the sale of a practice from both points of view: the seller and the buyer.
We start out our conversation by talking about the current state of the lending market and what changes he’s seen since our first interview back in late 2018. We then get into the weeds on practice debt and really focus our conversation around how both parties in a practice sale should think about debt and their personal finances before and during the transaction. We talk a bit about how seller financing can be a component of a practice transition and ways to think about whether it’s better to pay off your debt and be cash poor or be cash rich but balance sheet poor. Through all of our conversation, though, please know that everything that Dan and I talk about are his opinions and not those of Wells Fargo.
You can find any additional resources that we talk about during the podcast by going to www.integratedpwm.com and clicking on Learning Center. There you’ll find a list of show notes with links to any resources and additional contact information that we discuss on today’s episode. As a reminder, please don’t forget to subscribe so that you’ll always know when a new episode is released.
Without further ado, here’s my interview with Dan Zone.
Call Dan: 317-995-9087
Dan’s LinkedIn profile
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Mick Kling, OD.
Mick wears many different hats in the optometry community and spends a good deal of his time talking and consulting with other ODs around the country. In addition to owning Invision Optometry in San Diego, he is also the founder of Impact Leadership, an organization that helps ODs understand their practice’s finances and how to use that information to run a more profitable practice, albeit through maybe a bit more of an “unconventional” approach compared to how your CPA or other consultants would have you look at your practice. Mick provides a unique perspective to the profession of optometry because in addition to participating personally in a number of practice transition transactions, some of which have involved private equity partners, he’s also affiliated with Vision Source and serves in the role of a business coach with Vision Source-affiliated practices to help ODs understand where all the money is going in their practice.
During our conversation, we talk at length about the idea of selling one’s practice and a number of important variable and timelines for doctors to consider. We then discuss the details that a Vision Source franchised practice needs to consider when selling their practice and the pros and cons to selling their practice to another OD (and maintaining their Vision Source franchise agreement) or selling to a private equity firm or other 3rd party and dissolving their franchise affiliation. We also talk about the state of the economy and how the current access of cash has fueled transactions and why it’s important to “plan for the best and prepare for the worst.” We wrap it up with Mick’s answer to my “one question” and a tease about a future topic that we’ll discuss on another episode along with all of Mick’s contact information.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Mick Kling.
Impact OD
Email Mick
Call Mick: 619-379-2560
Vision Source
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
As the owner of an optometry practice, one of the benefits is being able to participate in not only the normal “earnings” that any other OD would make, but also the rewards of owning the practice in the form of profits. In this episode, we’ll talk through the different ways in which ODs can pay themselves out of their practice, which starts by understanding how your practice files its taxes. From there, we’ll discuss the type, timing, and frequency of how you can pay yourself out of your practice to satisfy both the practice’s and your own financial goals.
1099 Hell
Vision Expo: It’s What You Keep That Matters
Vision Expo: Thinking Outside the Box
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
It’s the start of a new year—the year of optometry!! Let’s start out 2020 by talking about 5 financial topics that optometrists should be reviewing both in their personal and professional lives. We start out by talking about funding your Roth IRAs (especially if you’re making those contributions via back-door Roth IRA conversions), HSAs, and 529s and also remind you to adjust your annual contribution savings amounts into your 401k or SIMPLE IRAs.
From there, I talk about the importance of making sure that your chart of accounts is accurate, which will give you an accurate profit/loss statement to analyze in your practice to determine areas of the practice in which you can make incremental improvements over the course of the year. It’s also the time of year to determine if and how much of a profit sharing contribution you may consider making within your practice’s retirement plan and why this is the time of year to determine whether your plan is set up to maximize your own wealth building potential. I wrap up the conversation talking about the recent passage of the SECURE Act and why the recent passage of that legislation should give you reason to revisit your beneficiary designations, especially if you have a trust named as a primary or contingent beneficiary.
Maximum Benefit and Contribution Limits for Retirement Plans
—————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
—————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to the last episode in 2019 of 20/20 Money! In this final episode of the year, I spend time talking about how important it is to take time to measure where your money is going in your personal life and how the only way to really get a good picture of that is by analyzing your spending by running a personal budget. I talk about the different kinds of expenses to track and a number of tools that you can use to help you kick-start the process of analyzing your spending.
I then discuss how having clarity and confidence around your personal expenses can help you make clear and confident decisions in your practice. Whether your practice is set up as a partnership, corporation, or LLC I’ll provide you some guidance and information on how you can think about paying yourself in multiple different ways with the net profitability of the practice.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
YNAB
Mint
Dave Ramsey
EveryDollar
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! On this episode I discuss my top 10 books that I believe ODs should read in 2020 to help them get closer to building the practice of their dreams and a life they love. The books are both personal and professional in nature (along with one investment-related book). Links to all the books can be found below in the show notes or at www.integratedpwm.com/59. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy this episode of 20/20 Money!
The EMyth Revisisted
Extreme Ownership
Atomic Habits
Getting Things Done
4 Hour Work Week
Experience Economy
Pumpkin Plan
Profit First
Family Board Meeting
Geometry of Wealth
Investment Answer
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Gina Wesley.
Dr. Wesley owns and practices at Complete Eye Care in Medina, MN and she’s been recognized as Minnesota’s Young Optometrist of the Year in 2011 and has also earned the Early Professional Achievement Award from The Ohio State University College of Optometry in 2013. She joins the show today to talk about something that almost every practice owner I’ve talked to struggles with at some point in their career: staff management. In this conversation, Gina and I talk specifically about a change she made in her practice which allowed her staff to be flexible in the number of hours they worked per week. We talk about the genesis of this change in her practice and some of the metrics that she’s used to analyze the effect of this strategy not only on the numbers of her practice but also the “intangibles” such as team morale and commitment to excellence in the practice. We use this idea as a jumping off point to talk about how important it is for ODs to manage their own time effectively and why it’s important to think about task management and delegation in your practice as something that can give you an incredible return on time which can translate to a great return on your investment in your team. She also shares a great success story on how she’s actually outsourced a good part of her practice management and COO-type responsibilities not to an in-office team member but to a 3rd party, unaffiliated business whose sole business model is to show up and actually work to get themselves fired from their clients…which is quite a novel idea but one that makes complete sense when you hear how Gina describes their services.
Just a heads up to you the listener: I recorded this episode with Gina while traveling and unfortunately did not have all of my recording equipment with me. I apologize if the audio isn’t as crisp as in past episodes, but don’t let that detract you from listening to what I felt was a great conversation with Gina.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Gina Wesley.
Pumpkin Plan
Microsoft’s 4 day workweek study
Healthcare Management Resources, Inc.
The One Thing
Essentialism
Athena Executive Assistants
Upwork
Deep Work
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! As we close in on the end of the year, it’s time to begin thinking proactively around different strategies you can still consider before the calendar rolls over to 2020. In today’s show I’ll discuss what you can and cannot do in your practice to control net pass-through income and thus reduce your tax bill. I’ll also revisit the 199A deduction (QBI) and profit sharing contributions into your practice’s retirement plan. On the personal side, I’ll share a number of ideas to consider before year-end and how decisions you make in the practice can influence what you do on the personal side and vise versa.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. As always, you can also set up a 15min pre-discovery conversation to learn more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy this episode of 20/20 Money.
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Hannah Cho, OD.
Hannah joins the show today to talk about the journey she’s had in private practice, going all the way back to when she started the practice cold while still a 4th year optometry student (and also shortly after having her first child). She talks about why establishing culture very early on in your practice is one of the key factors in delivering a WOW! patient experience and why that begins at the hiring level. She also shares the different avenues (the good, bad, and ugly!) she’s used to grow her patient base and why and how Yelp has been a great driver of new pts for the practice. She also shares what she sees for the future of optometry and how technology is helping growing access to care and why ODs should think of technology not as a threat to their practice modality but as another tool to leverage the pt experience…and how this belief has actually influenced her to ultimately sell her practice and focus all of her time on another business that she’s created to help ODs that don’t necessarily want to spend time working ON their practice leverage technology to help them run the back office.
As always, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars and also sign up for our newsletter.
And with that introduction, I hope you enjoy my conversation with Dr. Hannah Cho.
Resources:
www.floeppm.com
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Ken Krivacic. I believe my conversation with Ken will resonate with a number of listeners because Ken found himself on both sides of the private equity equation: first publicly opposed to it (even going so far as to author a number of articles written for Review of Optometric Business on why he WASN’T going to sell but then ultimately agreeing to sell his practice to a private equity firm.
During this conversation, we discuss why he didn’t decide to sell to his current owner. He talks about the current metrics of his practice and what tipping point in gross revenue can be used to estimate a higher-than-average EBITDA valuation for your practice. We also talk about why he’s benefited so much from having a broker and representation throughout this process as well as his timeline throughout the process. Ken also shares how many offers he was made by the firms and the structure of the deals that were made to him and how he determined what his buyout options were?
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. In addition, the success and growth of this show doesn’t happen without you, the listener, and we appreciate all of your support. If you’ve learned from this show, then chances are some of your colleagues and friends can learn as well, so please share the show and leave us a review on iTunes.
And with that introduction, I hope you enjoy my conversation with Dr. Ken Krivacic.
Enlightment Now
Why I Won’t Be Selling My Practice to a Private Equity Firm
Private Equity Revisisted: What I’ve Learned & Why I Still Don’t Want to Sell to PE
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Jeremy Ciano, owner of RevolutionEyes in Carmel, IN. Jeremy has been on the show in the past and today’s conversation was actually sparked by a question from one of our listeners and a prospective client of our firm, which was analyzing their fee schedule in their practice to determine if their profitability ratios are where they should be.
During this conversation, Jeremy shares so many good ideas and strategies to consider. He talks about how he thinks about the retail price of his glasses not based off some multiplier of cost but rather what patients are willing to pay, why this is a perfect time of the year to look at your frame prices and why you should raise them within the next month, how he organizes his frame board to optimize profitability, and how additional pre-testing services (and how those services are positioned and priced to the patient) can influence profitability as well.
We then jump over into the insurance side of the practice, where he talks about how he’s negotiated his fee structure with VSP (which actually turned into a tease for a future episode unto itself), and why you should have a few different CL fee schedules (but not so many that it makes it confusing for patients),
And be sure to listen to the end, where Jeremy shares why it’s so important for your front office team to really hear what your prospective patients are asking about when they call into your office to inquire about your cost and services and what your two action items are after listening to this conversation.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Jeremy Ciano.
https://revolution-eyes.com/
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
It’s that time of year again: open enrollment. While everyone is thinking about the holiday season that is right around the corner, small business owners and those individuals that aren’t eligible to participate in group health insurance plans also find themselves in their own version of “open enrollment season”—the window of time where we can change the type of coverage that we have, who we have that coverage with, and what our costs for next year will be.
In this episode, I share an update on our own personal journey through the health insurance system and what we’ve learned thus far during open enrollment—and how that news is causing us to consider different alternatives to traditional healthcare plans. I’ve also placed links to a number of different resources below that can help as you evaluate possible options for you personally and professionally.
Valleys of Death by Colonel William “Bill” Richardson, US Army (Ret.)
Extreme Ownership by Jocko Willink & Leif Babin
Healthcare.gov
How Healthcare Sharing Programs Compare to Traditional Health Insurance
Comparison of Different Healthcare Sharing Programs
Minimum Essential Coverage
Health Insurance: COBRA vs. Healthcare.gov
PeopleKeep
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! Today’s show takes on a bit of an unorthodox format as it’s actually the audio from a recent presentation that I gave at the University of Houston-College of Optometry. If you’d like to watch the video version of the presentation, head over to our website at www.integratedpwm.com and click on the Learning Center where you’ll not only find the video in a separate post but you’ll also find a variety of other resources to help ODs make smart and informed personal and professional financial decisions. The link to the video is also listed in the show notes for this episode.
I also want to give a special thanks to Chris Valliere, Joe Kirgis, Bryan Procopio, and the rest of the Private Practice Club leadership for extending the invite and allowing me the privilege and opportunity to share my perspectives with the club. I know they listen to the podcast as well, so guys…big thank you and I enjoyed chopping it up over a couple of beers after the presentation! In addition, if you are a student at another school or have connections to other schools that you think would be interested in hearing this presentation or other topics live on campus, please email the show at podcast@integratedpwm.com and we can discuss the details.
And with that introduction, I hope you enjoy today’s show!
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! In today’s episode, I spend the first part clarifying and expounding upon two previous shows and topics that we’ve discussed and then finish it up by talking about a relevant topic that has come up both in my personal life as well as with a number of clients over the past couple of weeks.
The first part dives into a few more clarifying points about disability insurance that was shared with me by a listener of the show and the second topic provides some clarification around the net investment income tax as it relates to the sale of a practice. I wrap it up by talking about something called anchoring bias, what it is, and how you can identify if it’s something that’s influencing your own decision making in your personal and/or professional lives.
It’s getting to be that time of year where year-end discussions should be taking place with your team of advisors to understand the current state of your financials which can also help guide any end-of-year decisions that not only impact 2019 but also potentially impact 2020. If you’re interested in learning about those conversations we’re having with our ODs, don’t hesitate to head to integratedpwm.com and schedule a no-obligation 15min Pre-Discovery conversation to learn more.
And with that introduction, I hope you enjoy this episode of 20/20 Money.
https://www.linkedin.com/in/craig-goldslager
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is none other than my wife Dr. Andrea Cmejla. As I celebrate 50 episodes of 20/20 Money, I thought this would be a great opportunity to have Andrea on the show to talk about her journey in optometry thus far and some of the lessons and knowledge she’s learned through her multiple modalities of practice. We talk about her first position as an associate out of school and spend a good part of our conversation talking about ways in which she and her team at LASIK Plus grew from just under $1MM in revenue to just under $6MM in revenue in just under 6 years by really focusing on the patient experience and journey. We round out the conversation with a discussion on leadership lessons she’s learned and also her answer to the one question I ask every guest at the end of the interview, which is financial lessons she’s learned that she’d go back and teach her younger self.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with my awesome wife, Dr. Andrea Cmejla, OD.
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! This is part 2 of my conversation with Dr. Justin Manning. In this continued conversation from VEW in Las Vegas, we discuss the importance that ODs play in patients’ lives (which is no surprise to ODs), but more importantly the role that ODs can play in the greater issue of population health, and we still do this through the lens of being a great leader and having a great practice culture. We talk about how to reframe tx plans through the filter of the benefits to the patient in real time instead of talking in medical jargon and how that can motivate a pt to align their actions after the exam with the tx plan you’ve prescribed.
We also talk about the unique privilege that ODs have in being able to see parts of the human body that really no other specialist has (other than an ophthalmologist) and how ODs can really think about what that can mean to a pt’s long-term health and how it can also benefit your practice, making it a win-win-win for everyone (the pt, your practice, and the greater population).
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
Justin’s LinkedIn page.
eyeLeader website
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! This is an extra-special episode of the show, because it’s being released exactly one year to the day from when the show was started. Back then, the show was called “The Dose” so if you haven’t checked out some of those earlier episodes, be sure to scroll through the show archives and check out our earlier episodes.
My guest on today’s show is Dr. Justin Manning. Justin is an optometrist based in Colorado and is focused on helping other ODs scale and grow their practice through a deep consultative process and using the experience he’s gained in growing a number of private practices himself to help other clinicians grow and expand their practice.
Justin joined me on the show today live on location at Vision Expo West to talk about a number of important topics that can help ODs be successful. Our conversation covered so much that we decided to break it into two parts. In Part 1 of my conversation, Justin and I talk about his journey in optometry and how he’s used something called design thinking to not only frame how he discusses tx plans with pts but how he’s also used it in a leadership capacity within his office.
From there our conversation continues to go down the path of why and how ODs should and can become better leaders within their practice and the impact that it can have not only on themselves but their entire practice.
I’ll also give a heads up that you may here an audible change in the background as we had to pause our recording because the area we thought was going to be quiet and remote at VEW turned out to get quite noisy…so when you hear a sudden change in the audio background, that’s why.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Justin Manning.
Justin’s LinkedIn page.
eyeLeader website
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money, I keep the theme going of “Selling in September” and talk about three of the biggest taxes to be aware of when you sell your practice and how those taxes will impact the net proceeds that you will walk away from after the sale of your practice. I also discuss the ongoing investment-related taxes that you need to be aware of as well and which investment vehicles are usually more tax efficient for a non-retirement brokerage account, which is typically the type of account that an OD will use for the net proceeds from the sale of their practice. In addition, I also provide a link to a more detailed discussion on ETFs (Exchange Traded Funds) for those that want to get a bit deeper on ETFs.
http://investorfieldguide.com/balchunas/
Capital Gains Tax Rates
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Erik Ferjentsik, and this is actually Part 2 of my conversation with Erik. You can check out Part 1 by listening to last week’s episode. Erik is the founder and principal of Visionary Practice Group, a firm that works with optometrists to broker, consult, and appraise their practice for transitions.
In part 2, I pick up the conversation with Erik where we started talking about the difference between an asset and a stock sale and how to think about goodwill in your practice. We also discussed why it’s so important to work with professionals on this type of transaction and compare it to selling your house with a realtor, only Erik does a great job talking about the glaring differences between the transactions. Erik also shares some ideas and strategies to think about after the transition to ensure that patient attrition is as low as possible, and he’s kind enough to share his own personal experience that him and his wife have gone through as they’ve recently sold her practice…so he knows first-hand what it’s like to go through this process.
As always, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars and of course we’d be grateful for any reviews you can leave on iTunes and for your help in sharing the podcast with your friends and colleagues.
And with that introduction, I hope you enjoy part 2 of my conversation with Erik Ferjentsik.
Visionary Practice Group
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Erik Ferjentsik. Erik is the founder and principal of Visionary Practice Group, a firm that works with optometrists to broker, consult, and appraise their practice for transitions.
I’ve known Erik for a number of years and it was great to have him on the show. We have a common bond in that we’re both married to ODs so we both look at the profession of optometry through a different set of lenses, so I was excited to dive into the conversation, and I wasn’t disappointed. We covered so much information that what was only scheduled to be one episode turned into enough content for two separate shows. This episode, we start out talking about the ideal timeline to begin prepping a practice for sale and how important it is that you have all of your practice financials in order, including a self-kept inventory list…and why the list that your CPA has may not always accurately represent your practice, thus leaving value out of the appraisal.
We also talk about how long you can expect the process to take up to the point of closing, why it’s important to comprehend the amount of risk that an OD is taking by not having a contingency/selling plan in place as they get closer to retirement, and why most practices that are under $600k in revenue are not a marketable practice. We also discuss some of the mistakes that are made when it comes to appraisals, updated profit/loss statements, and add-backs.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Erik Ferjentsik.
Visionary Practice Group
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! As a quick reminder, if you’re going to be attending Vision West in Las Vegas in a couple of weeks and have a topic you’d like to discuss, I still have one more opening in my schedule to record an episode in person. If you’re interested, be sure to email me at podcast@integratedpwm.com to share your topic.
My guest on today’s show is JT Metzger.
JT has a storied and tenured career of working to help businesses evaluate, strategize, implement, and measure changes in their business that will ultimately help them increase the enterprise value of their business. What’s unique about JT, though is that as a Certified Exit Planning Advisor, he’s worked with practices and businesses of all sizes with the common theme of helping them maximize the return that the owner sees when they sell.
In this conversation, we start out talking about the two different groups that business owners can be lumped into and how each group thinks about their business. JT talks about how you can increase your EBITDA in a business through two filters of either growing revenue or reducing expenses (or a combination of the two) and how both the buyer and seller should think about the EBITDA and subsequent multiple used when selling the practice as it relates to being able to service the debt needed to buy the practice. We also spend a good amount of time talking about why it’s so very important for business owners to think about their identity post-sale and why selling your practice will actually cause you to go through a grieving process…but why that process can also allow you to think about what you want your life to look like post-sale, including the possibility of an “encore career.” And be sure to stick around to the end, where JT shares the top areas that business owners should focus their time and energy in the 2-3 years leading up to the sale and which buckets you can attack to drive revenue and what will help you in that process.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of ebooks that we’ve written and are available for download, including our most popular ebook called “Five Tips to Financial Freedom for Optometrists.”
And with that introduction, I hope you enjoy my conversation with JT Metzger.
www.smartstreetconsultants.com
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to episode 48 of 20/20 Money! Even though this episode is coming out on the first Monday in September, it is Labor Day and therefore I’m pushing back the “Selling in September” theme until next week, when the next four episodes will be dedicated to topics relating to selling one’s practice.
My guest on today’s show is Dr. Matt Mitchell. Matt has been on the show in the past and I wanted to have him back to talk about a problem that I hear a lot of ODs trying to solve, and that’s the predicament of when (or if) they should bring on an associate in their practice and how to evaluate the metrics of their practice to determine the answer to that question.
In our conversation, Matt talks about something that he reviews called marginal chair cost. He explains how it’s defined and how to calculate your marginal chair cost in your practice. We also discuss how to evaluate the cost of adding a new patient in your practice (hint, it’s not as much as you think) and how you can use that number to determine when it’s time to bring on an associate OD.
Our conversation then shifts more towards discussing the CEO model within an optometry practice, which really means getting ODs to think about their practice as a business and how to earn a good ROI on your business as an investment, but that doesn’t happen if you don’t have the time to work ON your business. We talk about the lessons each of us have learned from The E-Myth book by Michael Gerber and the trap that most ODs and business owners fall into when it comes to owning their business. We also talk about the relationship of the two currencies we have in life—time and money—and how you can use each of those to your favor when bringing on an associate.
We wrap up the conversation talking about compensation structures for associate ODs and examples of language your team can use when scheduling patients with a new associate.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Matt Mitchell.
Resources:
Bluffton Family Eye Care
IDOC
The E-Myth Revisted
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On this episode of 20/20 Money, it’s all about the ABC’s and 123’s of disability insurance for optometrists. We’ll discuss what disability insurance is, the different kinds of disability insurance an OD can get, how much of a benefit you can get, and what riders you should make sure are on your policy (including the most important rider of all). I’ll also share with you some of the carriers that we’ve seen write good policies for optometrists and talk you through the underwriting process and how to find a good agent to help you shop for a policy. We wrap up the show talking about some of the mistakes and shortfalls I’ve seen on optometrist’s policies so that you don’t make the same mistakes.
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! Today’s show is all about retirement plans and specifically whether (and when) an optometrist might consider switching from a SIMPLE IRA to a 401(k).
During the show I first start by laying the foundation and going over the basics of how 401(k)’s and SIMPLE IRAs work, specifically as it relates to some of their small but significant differences. I share the differences in matching formulas as well as the total contribution limits that apply to both of them.
I then talk about when in the timeline of one’s practice would you consider moving from a SIMPLE IRA to a 401(k), how the Roth 401(k) works, some of the additional responsibilities that exist with 401(k)s along with resources to help you absorb those responsibilities, and the timeline that’s important to be cognizant of when considering “upleveling” your retirement plan. I also touch briefly on the Solo/Individual 401(k) and how that compares to the SEP IRA.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of ebooks or other resources that we’ve written and are available for download.
And with that introduction, I hope you enjoy this episode of 20/20 Money!
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome everybody! Welcome to the 40th episode of 20/20 Money. My guest on today’s show is Dr. Jennifer Stewart. Jennifer is an optometrist and partner at Norwalk Eye Care and Performance 2020 and this is actually the second time that she’s been on our show. I wanted to have Jennifer back on the show to talk about dailies and the role they have played in her career both clinically as well as how educating and encouraging pt adoption of a daily disposable lens have helped the profitability in her practice. During our conversation, Jennifer talks about why pts are more compliant with dailies and what percent conversion rate she has with her pts switching to a daily lens. You’ll also learn how she reframes the cost of dailies on an annual basis and the comparative analysis she uses to help pts bridge the gap between what they currently spend on lenses and supplies vs what they would spend on a year’s supply of dailies.
You’ll also learn examples of really good questions to ask your pts to elicit extremely valuable feedback and information that will help you arrive to a very confident clinical recommendation on what lens will be best for them and how using that discovery process and line of questioning actually helps patients connect the real-life benefit of the lenses as opposed to the optometry jargon that ODs can sometimes spout off as better features of newer lenses.
And be sure to stick around to the end of the conversation where Jennifer shares what question she absolutely cannot stand hearing other ODs or her team ask pts as it relates to their supply of dailies.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of ebooks or other resources that that we’ve created.” In addition, if you’re going to be at Vision Expo West this year in Las Vegas and would like to meet up because you have a quick question that you’d like to ask, drop me a line at podcast@integratedpwm.com and we’ll see if we can make that happen!
And with that introduction, I hope you enjoy my conversation with Jennifer Stewart.
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Nina O’Neal. Nina is a partner and investment advisor with Archer Investment Management in Raleigh, NC. What’s interesting and unique about Nina, though, is her breadth and depth of experience in the world of real estate investments, specifically as it pertains to strategies and solutions for the gains and proceeds that are realized when business owners sell commercial real estate they owned either as part of their business or other separate entity.
During our conversation, we talk about the tax implications of selling commercial real estate and how utilizing a 1031 or, specifically, a DST may be a viable alternative. We talk about the three things that one should consider to determine if a DST is a potential solution as well as the tax benefits of receiving DST income. Nina also explains how long DSTs last and other variables to consider, including the one thing that EVERY investor of a DST must meet in order to invest in this type of offering. She also shares the timeline investors should be mindful of if they think utilizing 1031s/DST is going to be the path for them along with the cost structure of DSTs. To wrap up our conversation, we break the mold a bit and talk about good NC BBQ as well as a passion project that she’s been working on called the Female Advisor Network and how ODs can use her success story as a way to propel their own initiatives and passions forward in the field of optometry.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to check out our latest educational piece that we put out, which is an on-demand presentation titled Top 5 Long-Term Planning Mistakes Made by ODs or any other number of resources we’ve created.
And with that introduction, I hope you enjoy my conversation with Nina O’Neal.
Links:
Archer Investment Management 1031 Exchanges
Nina O’Neal
Understanding Depreciation Recapture
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Jeff Smith.
Jeff is a long time friend of mine and works as what is known in the investment world as a “wholesaler,” which means that it’s his responsibility to communicate primarily to other investment professionals that work with clients what his company is doing to understand the markets.
This is a unique episode, though, as we record it “on location”…not from an investment conference or stock exchange, but from the world’s largest general aviation fly-in in Oshkosh, WI. We both knew the other was going to be attending the event and I’ve wanted to have Jeff on the show because he brings a unique perspective to the topic of investments as he’s worked on “both sides” of the business—first as an investment advisor himself working directly with investors and now as a wholesaler for a large fund manager, where he spends the majority of his time talking as I said with other investment professionals and helping them help their clients with all things investment related.
In this conversation, in between the noise of airplanes in the background, we start out talking about how one defines their own investment philosophy and also how one can understand the investment philosophy of their own financial professional. We talk about what an investor should do when the markets get a bit choppy and have a good discussion around some metaphors that help explain the process of investing and connecting a timeline to your investment plan.
That serves as a good catalyst, because we then talk about (and get pretty passionate) about talking about the “talking heads” on TV and why we call it “financial pornography” and what it means to investors. We wrap up the conversation with Jeff sharing a couple of his favorite stories in his career and his answer to the one question we ask every listener.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional resources, including our ebooks as well as our newest resource, which is a recorded, on-demand webinar that teaches ODs the top planning considerations and strategies for private practice owners.
And with that introduction, I hope you enjoy my conversation with Jeff Smith.
Resources:
Keys To a Stock Market Decline
How Fund Flows Correlate to Performance
Key Questions for the Long Term Investor
Controlling What You Can Control
Callan Chart of Periodic Investment Returns
The Perils of Market Timing
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome back to another episode of 20/20 Money. My guest on today’s show is Dr. Matt Mitchell. Dr. Mitchell owns Bluffton Family Eye Care, a private practice located in…you guessed it…Bluffton, IN. What’s unique about Matt, though, is that his practice is located in what many would consider to be a “rural” practice setting, as the population of his entire county is less than 30,000 people and is dominated by agribusiness.
In this conversation, Matt starts out by talking about the current make-up of his practice, including their schedule, number of providers, and total FTE hours worked in the practice.
Matt and I then talk about the journey he’s been on since graduating optometry school. He talks about how he worked a couple of “big box jobs” until he was in a position professionally and personally to buy the practice and how he navigated the purchasing process with the selling doctor (and how he found the doctor in the first place).
In this episode, you’ll learn how they split up the hours between three doctors, how they’ve increased patient compliance in bringing in pt hx forms, how he calculates per exam revenue per pt, how he used website traffic to understand his patient experience process, and why his net income is significantly higher than the national average and what that means for his practice. You’ll also learn how he’s used a “profit-first” approach to run a very lean practice, and how Dave Ramsey’s TMM (Total Money Makeover) has changed his personal and professional life.
And be sure to stick around to the end, where he shares an awesome story about how the power of saving and paying cash can change one’s perspective on whether or not they actually “need” fill-in-the-blank shiny object/toy/piece of equipment, etc.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While on our website, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm. You can also check out our new, on-demand webinar titled “Planning Considerations for the OD Business Owner” or any number of ebooks that we’ve written.
And with that introduction, I hope you enjoy my conversation with Dr. Matt Mitchell.
Links and Resources
Bluffton Family Eye Care
Four Hour Work Week
Dave Ramsey’s Total Money Makeover
Profit First by Mike Michalowicz
Welcome to this episode of 20/20 Money! In today’s episode I talk about the different retirement savings vehicles that ODs should consider given the mode of their practice and the “ladder” in which they should order their savings strategy. I begin with the versatility of the HSA and why it’s good to think about the HSA as not an account that exists for day-to-day healthcare expenses but more of a long-term savings vehicle. I also talk about the importance of retirement plans in the practice, the Roth IRA (including backdoor Roth IRA conversions), and what percentage of income I’d suggest working towards saving on an annual basis. I wrap it up with a discussion about why it’s important to prioritize saving for retirement and financial independence ahead of college education planning.
Resources:
https://www.savingforcollege.com/
Lively.com
Benefit Wallet
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Jennifer Stewart.
Jennifer is a partner at Norwalk Eye Care, a private practice in Norwalk, CT. The reason that I wanted to have Jennifer on the show is because of her insatiable quest for knowledge on how to run an incredibly efficient and profitable practice by becoming a student of the numbers within the practice. She’s also dedicated part of her professional life to the growing specialty of sports vision training, having launched a second business that’s actually located on the second floor of an ice hockey arena.
Our conversation starts out with some background on her journey into private practice, specifically around her journey into practice ownership. We then discuss her venture into sports vision and what it’s meant to her practice. Our conversation then shifted towards the business side of optometry. Jennifer shares her favorite non-optometry related business book as well as the key piece of practice management software they use in their practice to ensure they have a handle on all of their numbers.
Our conversation then took an unexpected turn as we dove down the rabbit hole of daily disposable lenses and the impact that those have made not only for their patients but also their bottom line.
Towards the end of the conversation, we talk about the role that being fit and active has played in each of our lives. We chat about the ripple effect that exercising has and how taking time to take care of yourself physically (through a workout) can actually give you some much-needed “alone time” to just think about your business.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or download our popular ebook called “Five Tips to Financial Freedom for Optometrists.”
And with that introduction, I hope you enjoy my conversation with Dr. Jennifer Stewart.
Norwalk Eye Care
Meet the Frugalwoods
IDOC
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes.
Nathan is the Practice Finance Consultant at IDOC and has worked with countless practices to help them understand not only the financials of their practice but how to make strategic business decisions based on the financial health of the practice.
Our conversation was centralized around an Optometric Management Tip of the Week Article titled “3 Misconceptions About Buying Optometry Practices.” I wanted to ask Nathan, based on his experience and conversations he’s been having, why he feels this is happening and what current owners need to do a better job of doing to equip next gen ODs for practice ownership? We talk about the success of optometry as a business while also sharing a couple anecdotes of situations where practices have been run into the ground through bad management and leadership.
We then talk about the importance for the purchasing OD of having cash on hand and why having a healthy cash flow statement is more important than having a health balance sheet (but no cash) because of aggressively paying down student loan debt. We also talk about the calculation of understanding one’s return on equity. That is to say making sure younger ODs understand not only what you’re going to have to spend to buy into a practice, but the return that you’ll expect to get on that equity purchase.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of ebooks that we’ve written and are available for download, including our most popular ebook called “Five Tips to Financial Freedom for Optometrists.”
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
Resources:
IDOC Team Page
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Today’s show talks about how you can make the most out of your time when attending optometry conferences. As clinicians, your ability to produce revenue is directly to your ability to see patients, so it’s important to get a great RoT (return on time) at your conferences because the cost of the conference is not just the expenses of the conference but also the opportunity cost of what you otherwise COULD be earning in your practice had you not taken the time to attend the conference.
I walk you through the life cycle of the conference, starting with the intention of going. I then share some ideas on how to maximize not only the information that you learn while attending but also the relationships that can both be nurtured and formed. I wrap it up with some ideas post-conference, including how to talk with your team about implementing some of the ideas you brought home.
VistaPrint
IRS Work-Related Educational Deductions
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show are Drs. Matt Geller and Antonio Chirumbulo.Matt & Antonio were guests on our 3rd episode and are the co-founders of the popular website www.newgradoptometry.com, a website dedicated to providing relevant and timely information for…you guessed it…new OD grads.
It’s the beginning of June, and what that means for new optometry grads is that it typically gives new grads a bit of some downtime while they wait for their license from the state board before they start into their first job as a licensed optometrist. Matt and Antonio join me again for another conversation and this time we dive into some of the top planning ideas (both financial and career) new grads should be considering aroundthis time of year.
We start out talking about the importance of vision planning and taking some time for yourself to truly try and outline what it is that you want your life to look like at this early stage of your career. Matt talks about addressing three important buckets in your life—the health, wealth, and happiness buckets—while Antonio spends some time talking about the tactical considerations, such as getting your NPI number, getting credentialed with insurance companies, and other ideas.
Our conversation wraps up with some scenarios where young ODs have made mistakes early on in their careers and some possible situations to be aware of and how to also think about conflict and disagreements in your work environment, complete with something they call the “morning test” to use as a quick and easy litmus test for your own personal career satisfaction.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of ebooks that we’ve written and are available for download, including our most popular ebook called “Five Tips to Financial Freedom for Optometrists.”
And with that introduction, I hope you enjoy my conversation with Drs. Matt Geller & Antonio Chirumbolo.
Links:
2019 New Grad OD Report
www.newgradoptometry.com
www.covalentcareers.com
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to another episode of 20/20 Money! Today will be another solo episode and we’ll be talking about the basic four levers that you can pull when it comes to “retirement” or, as I like to call it, financial independence.
Now, if you’re listening and far away from retirement, I’d still encourage and ask you to stick around for the show, because (a) it’s not a long episode and (b) there are variables that I’m going to talk about that you can act on TODAY that will have significant implications on your ability to achieve financial independence decades down the road in your life.
The Impact of a 1% fee
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Eric Botts.
Eric is a practicing optometrist in Macomb, IL and what I love about Eric’s practice model is that he is the lease holder at four different Walmart vision centers. In today’s conversations we talk about what his practice looks like and the make-up of his team and how he balances the dynamics of having a relationship with not only the team that he pays but also Walmart team members that work inside the VC. We also talk about what he means by “right hand authority” when it comes to the delineation between “who does what” inside of his practice, why he takes an extreme ownership mentality with his CA practice, and what holding multiple leases has allowed him to do as it pertains to his work-life balance. We also talk about his adoption of the medical model inside of his practice and the influence that it’s had on his practice’s success and why that can sometimes be used as a “tipping point” for ODs that are looking to outsource some of their billing reimbursement work. We also talk about how his interest and pursuit of adopting the medical model was the genesis for a completely separate business, Optometric Billing Consultants, and how he balances the responsibilities between both businesses while helping other ODs around the country managing the workload of insurance billing and reimbursements. And make sure to stick around to the end, where Eric answers my “one question” through both the personal and professional financial filters.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or download our popular ebook called “Five Tips to Financial Freedom for Optometrists.”
And with that introduction, I hope you enjoy my conversation with Dr. Eric Botts.
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
In today’s episode, I share three different events that have transpired over the last couple of weeks that have gotten me to think about the emotional connection we have to cash, specifically cash that is on hand in an “emergency fund.” I share two personal stories that have brought this to light over the past couple of weeks along with an example from a (not named, of course) client conversation.
I then talk about the two psychological biases that cause us to have the emotional connection to cash and discuss examples of them and how they play a role not only in our relationship to cash, but most everything in life. I then wrap up the conversation with different ways you can internalize and work past the initial fear and pain of parting ways with cash.
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Kent Godfrey.
Kent owns a multi-location practice in and around the Denver, CO area and has, by most definitions, a very successful practice. In this episode, we talk about Kent’s path into practice ownership and the state of his practice right now. We also touch on something that is very important to him and that is using his professional skills as an OD to give back to those that need an ECP through his volunteerism with VOSH. From there, our conversation shifts towards something that left me with a great impression when researching his backstory, and that was his website. We talk about the importance of giving your website visitors a great first impression and connecting with their feelings as opposed to showcasing all of your practice’s features. We also talk about his success using an online scheduling tool and why that, along with other tools, are going to be the standard and given expectation in the future…and not just an added benefit.
Our conversation then shifts to talking about one of the most impactful decisions he’s made in his professional life, and that was joining a mastermind group. Kent shares the format and structure of their mastermind group and why it’s so important that, if you join a mastermind group, you should be prepared to “show it all” and leave no stone unturned in your practice. He also defines what each of their member’s commitment is to the group and the cost associated with joining such a group.
We then transition the conversation into talking about leadership principles. Kent talks about one of the biggest lessons he’s learned in managing and leading people, why you need to have ground rules and guard rails around your practice, and why it’s important to think of your team as just that: a team…and moreso even your “professional family.”
We wrap up the conversation by talking about some of the key financial and practice metrics that he evaluates and the frequency with which he looks at them and the biggest lesson he’s learned that, if given the chance, he’d go back and teach his younger self.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or download our popular ebook called “Five Tips to Financial Freedom for Optometrists.”
And with that introduction, I hope you enjoy my conversation with Dr. Kent Godfrey.
Links:
Front Range Family Eye Care website
Schedule Your Exam online pt scheduler
Tips for starting a mastermind group
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Britt Gustafson.
Britt is a practicing optometrist in Eden Prairie, MN. The reason that I wanted to have Britt on the show is that she has used her degree as an optometrist to not only provide clinical care to patients in a practice setting, but also by getting involved in the research and development of contact lenses and contact lens solutions. In this episode we talk about Britt’s path in optometry and discuss her current practice setting and addressing some of the challenges and subsequent opportunities that her practice model presents. We also talk about her involvement in participating in clinical trials and the R&D of contact lenses and contact lens solutions and what it’s meant to her personally and professionally and how her interest in the research side of optometry lead her to become a consultant for one of the national contact lens manufacturers…and how she earned the opportunity to work in that capacity. She also shares with us how she balances the demand of both her clinical and travel schedule and what it’s meant to her financially to engage in this vertical of optometry.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or download our popular ebook called “Five Tips to Financial Freedom for Optometrists.”
And with that introduction, I hope you enjoy my conversation with Dr. Britt Gustafson.
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome to this episode of 20/20 Money! My guest on today’s show are Drs. Jimmy Deom and Roya Habibi.
This conversation is a great one because, in addition to both being practicing optometrists, Jimmy and Roya are co-hosts of the popular optometry podcast Try Not To Blink, which I was actually privileged enough to be a guest on a couple of weeks ago. In this episode, we talk about each of their paths in optometry and their chosen specialties, what’s different about optometry than they anticipated coming into the profession, some of the biggest lessons they’ve learned while practicing, and how they’re setting themselves apart in each of their practices by incorporating leadership skills. We also touch on something that I’ve personally encountered and is seeming to pop up in other conversations I have with professionals…something called imposter syndrome. We talk about what it is, why it happens, and how to deal with it. Towards the end of the conversation, we talk about how Try Not To Blink was started and what it’s meant for each of their careers.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or download our popular ebook called “Five Tips to Financial Freedom for Optometrists.”
And with that introduction, I hope you enjoy my conversation with Drs. Roya Habibi and Jimmy Deom.
Try Not 2 Blink
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
On the show today is Amber Banks, co-founder of MW Banks Consulting. What’s awesome and unique about Amber is that she has an incredible depth of knowledge and experience in working with doctors to help them make smart financial decisions in their practice based on the financial metrics of their business. In this episode we “complete the life cycle” of a practice by talking about key financial considerations while still in school depending on whether you’re looking to buy an existing practice or start a practice cold, the key metrics of your practice that you should always understand, the most important financial statements to review on a monthly basis, and how your own “financial IQ” of your practice can actually influence the asking price for your practice when it comes time to sell! We also discuss how much cash you should keep on hand in your practice on a monthly basis and how the amount of cash that you have in the business can be a good litmus test for determining if it’s time to take the next step in your retirement savings strategies in your practice. We wrap up the conversation by talking about which financial metrics you should share with your team…if you choose to share them at all.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Media Hub. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or download our popular ebook called “Five Tips to Financial Freedom.”
And with that introduction, I hope you enjoy my conversation with Amber Banks of MW Banks Consulting.
MW Banks Consulting, LLC
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome everybody, to another episode of 20/20 Money! On the show today I have Dr. John Ormando with Uppercut Consulting. John is co-owner of a successful private practice in Rhode Island that is one of the (if not the largest) single-location optometry practices in the country. What’s unique about John, though, is something that came to my attention while reading Optometric Management’s “Tip of the Week” which had a catchy title: “What I learned from Losing $300,000.” We talk about the experience that John went through in the financial markets which caused him that loss and how it equipped him with the perspective to understand the importance of surrounding yourself with the right professional team. We talk about the structure of his professional team—both inside the office as well as his outside team like his CPA and financial advisor—and we dive into the idea and benefits of making sure the strengths of the people on your team complement your weaknesses. We also talk about why you should pretty much force your CPA and your advisor to meet with you at the same time as well as an unfortunate example of why you should review your various insurance coverages on an annual basis. And be sure to listen all the way through, when we both “soapbox” a bit on why your practice should NOT be the main asset in your financial plan, but rather a great vehicle that you can use to build towards financial independence. And with that introduction, I hope you enjoy this episode of “20/20 Money” with Dr. John Ormando.
Resources:
Dr. Ormando’s TOTW Story
Kolbe
Strategic Coach
Uppercut Consulting
Email Dr. John Ormando
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
In this week’s show, it’s all about taxes! You’ll learn how our federal tax system works, the difference between someone’s “top tax bracket” and what their marginal tax bracket is, and the different types of taxes that you’re obligated to pay based off the income that you earn. I’ll also share with you different planning strategies to consider whether you found yourself getting a refund or having to pay. From there, I’ll explain the difference between underpayment, late filing, and late payment penalties and which one you absolutely want to avoid. And finally, for those of you that find yourself in the situation of having to make a payment, I’ll discuss a practical way to proactively plan for those payments throughout the year so that you’re not surprised and scrambling for cash come tax day.
Links
12 Things to do with your refund
Avoiding 1099 Hell
Underpayment Penalty
Late filing & payment penalties
Form 1040
Estimated Tax Payment Schedule
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
Welcome everybody to the first episode of the newly renamed/rebranded podcast “20/20 Money!” Since inception, this show has been called The Dose as it primarily discussed financial concepts and strategies that would apply to white coat professionals in the dentistry, optometry, pharmacy, and physician landscape. However, as we continued to record episodes, I started to realize that more and more of the content and ideas that we were discussing had a definite lean towards optometry…and as my presence as a wealth adviser in the optometric community continued to grow, I felt that it would be appropriate to rename and rebrand the podcast accordingly. With that, 20/20 Money was born.
Having said that, there are still topics that we’ll cover that will be applicable to dentists, pharmacists, and physicians, so I’d encourage you to stay subscribed to the show so you’ll still receive new episodes as they are released every Monday and you can decide at that time whether the topic is of interest to you or not.
My guest on today’s show is Dr. Steve Vargo. Steve is an optometrist that, after practicing 15 years as a clinician, transitioned from patient care into practice management and has been working with IDOC for the past 4+ years. What’s unique about Steve is his commitment to help develop ODs into better leaders and, because of that, help them live better lives themselves (personally and professionally). In this episode, we cover many topics and digress down a few rabbit holes, but they all come back to one common theme: managing stress. We talk about the typical journey that ODs go through when they first start their practice and why improving one’s practice typically must start with a shift in mindset before addressing the actual practice management tasks. He talks about why it’s important to challenge conventional wisdom and provides certain examples in a practice where they can challenge the status quo. He introduces us to the concept of the CEO Model at IDOC and how it helps practice owners. We also dive into the power of habits and how habits affect the stress level we feel and we wrap it up with specific action items that you can take away from this episode and implement into your own life to help you live the life you want. And with that introduction, I hope you enjoy this conversation with Dr. Steve Vargo.
Resources
IDOC
Fear Setting with Tim Ferriss
Dr. Steve Vargo, OD, MBA LinkedIn
Atomic Habits
The Miracle Morning
Simply Being Meditation App
Headspace
——————————————————————————————————
Please rate and subscribe to 20/20 Money on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!
This is part two of my conversation with Michael Pote of The Growth Cooperative. In this conversation we talk about the role that private equity has played in the transition and succession planning of optometry practices over the past couple of years.
In this episode we discuss:
- What private equity is, how it works and a couple of different ways in which private equity is different than a traditional clinical buyer of your practice such as one of your associates, another optometrist in the same town, etc.
- The unique attributes private equity has when purchasing your practice and the two different type of private equity models and how those models dictate the valuation that doctor will receive
- Why most private equity valuations are higher than most offers you would receive from other optometrists, and why private equity firms are able to offer those offers
- The importance of making sure your personal financial plans are in order so the process of selling your practice will be much less intimidating and emotional.
———————————————————————————————————————
Please rate and subscribe to The Dose on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
———————————————————————————————————————
For past episodes of The Dose with full companion show notes, please check out our episode archive here!
We’ve been on a roll lately in having some of our past guests share more of their knowledge and today is no different. This episode is part one of a two-part conversation with Michael Pote. You may remember Michael from episode 8, where we talked about several areas of practice management and what his organization The Growth Cooperative is doing to help optometrists across the country. Today we talk about all things related to selling a practice, specifically from a seller’s perspective.
In this episode we discuss:
- Why selling isn’t an event, but rather a process and how it’s like selling a house.
- The two fundamental numbers that must be improved to improve the evaluation of your practice.
- The necessity for good reporting tools and being able to dive into practice data, and the difference it makes with a buyer.
- Michael shares a story about a practice that was $1.4M in gross revenue, and why there was a 220k difference between what the doctor THOUGHT he was earning versus what his practice showed.
Books Referenced
The E-Myth Revisited – Michael Gerber
Traction –Get a Grip on Your Business – Gino Wickman
———————————————————————————————————————
Please rate and subscribe to The Dose on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
———————————————————————————————————————
For past episodes of The Dose with full companion show notes, please check out our episode archive here!
We’re back with another episode of The Dose. Today I have another returning guest, Josh Kegley with Retirement Plan Consultants. You may remember Josh from one of our earlier episodes where we talked pretty high level about the retirement plan space and the evolution that practice owners go through as it pertains to the various vehicles that they can utilize to build wealth inside of a retirement plan.
Today, we get into the weeds on how to utilize a qualified retirement plan like a 401k to maximize the benefit to the practice owner. We start out discussing how changing the match to a safe harbor is the easiest way to allow practice owners to maximize their own contributions as well as the nuances of the safe harbor match.
We then dive into the details on the other side of the qualified plan, which is the profit sharing plan. We discuss the various different types of profit sharing plans, including:
- Integrated
- Cross-tested (new comparability)
- Age weighted
More importantly, we discuss the characteristics of a practice that would be a good fit for each of the plans mentioned above as well as some of the different questions to consider when determining if, when, and how much of a profit sharing contribution to make.
We also touch on the impact that profit sharing contributions have on qualifying for the new Section 199A deduction (commonly called the “QBI deduction”).
And be sure to stick around to the end, where I share a specific example of a client situation where the client chose to make the profit sharing contribution, even though it “cost” him more than he would have paid in taxes and why he decided to make that decision.
With that introduction, I hope you enjoy this episode of “The Dose” with Josh Kegley.
Links:
Retirement Plan Consultants
Josh Kegley’s LinkedIn Profile
In this episode we talk about one of the most common questions I hear from optometrists: should I pay down debt or should I be saving for retirement? While every person’s situation is different, it’s important to understand the one theme and idea that’s constant in that equation: the time value of money and compounding interest.
During the show, I’ll discuss:
- How compounding interest works, using a snowman as an analogy
- A hypothetical example showing the real cost of waiting
- The max number of years you should take to pay off student loans while not saving for retirement
- The order and type of accounts you should consider when you start saving
- The power of habits and how to start small
——————————————————————————————————
Please rate and subscribe to The Dose on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of The Dose with full companion show notes, please check out our episode archive here!
Today’s show is another solo episode that takes you on my personal journey as I evaluate healthcare options that my family is considering now that we no longer have access to group health insurance through my wife’s employer. During this episode I discuss some of the details about how COBRA coverage works, the benefits of an HSA, and how to understand the different plan options provided through www.healthcare.gov, which is otherwise known as “Obamacare” or the Affordable Care Act (ACA). I go into the details of our personal situation, including the costs of our different options. I’ll share my philosophy and approach on the cost/benefit analysis of premiums versus deductibles, and how understanding the tax benefits of HSA plans figures into the total cost of your plan. I close out the show discussing SHOP, which is the Small Business Health Option Plan program available for small business owners through ACA.
If you own a practice and are considering providing group coverage for your team or are self employed, do not provide insurance to your team but still have to provide coverage for your family, this episode goes into the nuts and bolts of understanding your options.
How does COBRA work.
Federal Poverty Levels
SHOP Tax Credits
Getting started with SHOP
Today is a shorter, solo episode and I talk all things cash. This may seem like a boring topic because cash as an asset class really hasn’t mattered much over the past 11 years. We’ve all been accustomed to seeing the 0.05% (.0005) interest rate in your checking account, so it was basically a lost cause to think about putting your cash to work and actually getting a return on your balance.
However, as the Federal Reserve has raised interest rates, one of the benefits of this monetary policy change is a higher return on cash deposits, but not all banks are created equal. While you may not have seen much of a change on your rates at your brick-and-mortar banks, the rise on online-only banks has added an additional competitor to the field…all vying for your deposits. Because these institutions don’t have near the overhead, they can offer higher rates to consumers and thus have added additional competition to the banking industry.
In this episode we discuss the history of cash, how interest rates are set by banks, how much cash you should have on hand, and various strategies and options to consider with your cash-on-hand. Towards the end of the show I also talk about taking these same principles and making sure you understand your cash options within your investment account(s) as well.
Resources:
Nerd Wallet
The Motley Fool
https://www.youtube.com/watch?v=07G23zMGa4g
——————————————————————————————————
Please rate and subscribe to The Dose on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of The Dose with full companion show notes, please check out our episode archive here!
Welcome to this Episode of The Dose podcast. My guest on today’s show is Kevin Wittmeyer, Manager at Slattery & Holman, P.C. here in Carmel, Indiana. For today’s podcast, Kevin stops by to discuss how to effectively utilize Cash Balance Plans and the benefits they can have for the right person in the right business. A Cash Balance Plan is a unique and powerful planning tool for your practice, so Kevin and I aim to give you the ABCs and 123s on when you might consider one for your business.
——————————————————————————————————
Please rate and subscribe to The Dose on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of The Dose with full companion show notes, please check out our episode archive here!
Welcome to another episode of The Dose. In this episode, I’m joined again by Dr. Jeremy Ciano, an optometrist located in Carmel, IN (where my office is located) and the owner of two practices: RevolutionEyes and Little Eyes, a pediatric practice. Jeremy and I talk again to get “generally specific” about all things related to making financial decisions for optometrists both in their practice as well as in their personal lives. Our conversation definitely blurred the lines around managing your finances…part of the episode could be applicable to any professionals that invest in themselves and own a business while yet other parts of our conversation are going to be more applicable to optometrists, such as how cost of goods sold can influence the amount of cash on hand that one keeps in their practice.
We also discuss:
- Important decisions to make and be cognizant of your first six months after graduating optometry school and what mistakes to avoid during that time, including how to avoid “1099 hell” come tax time.
- The difference between “good and bad” debt and how being aware of the current interest rate market can influence the source of capital for future decisions—both personally and professionally.
- A strategy Jeremy used to manage his debt strategically by breaking up one big loan into three separate loans, which allowed him to manage his cash flow more precisely while paying down the debts.
-
The pivotal point in Jeremy’s practice when he started thinking of his practice finances through a “profit first” mentality
-
The current retirement plan that Jeremy uses in his practice and how he’s chosen to share the profits of his practice with his team.
Books Referenced
Profit First – Mike Michalowicz
Geometry of Wealth – Brian Portnoy
The Behavioral Investor – Daniel Crosby
———————————————————————————————————————
Please rate and subscribe to The Dose on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
———————————————————————————————————————
For past episodes of The Dose with full companion show notes, please check out our episode archive here!
Welcome to this Episode of The Dose podcast. My guest on today’s show is Kevin Wittmeyer, Manager at Slattery & Holman, P.C. here in Carmel, Indiana. Kevin stops by to discuss the advantages of Donor Advised Funds and charitable donation strategies to consider with legislative changes to the Tax Cuts and Jobs Act. We also touch on maximizing the efficiency of your charitable donations while still keeping true to charitable giving.
——————————————————————————————————
Please rate and subscribe to The Dose on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of The Dose with full companion show notes, please check out our episode archive here!
Welcome to this episode of The Dose podcast. My guest on today’s show is Travis Hornsby. Travis is a charter financial analyst and founder of the popular student loan resource website StudentLoanPlanner.com. Travis and I have known each other for quite some time as he has consulted on a number of complex student loans cases for clients of my firm. His expertise and knowledge of student loans is both broad and deep, and we cover a variety of topics including:
- The important of understanding the cost of your education before you go to college
- The role parents should play in the decision-making process
- The various ins and outs of the complex student loan universe
- The role a good Financial Planner should play in the student loan analysis process, and mistakes professionals can make that can have unfortunate outcomes for their clients.
You can check out Travis Hornsby’s website at www.StudentLoanPlanner.com
——————————————————————————————————
Please rate and subscribe to The Dose on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of The Dose with full companion show notes, please check out our episode archive here!
Welcome to another episode of The Dose. In this episode, I’m joined by Dr. Jeremy Ciano, an optometrist located in Carmel, IN (where my office is located). What’s unique about Jeremy is that he has one of the best business minds and ways of thinking about an optometry business that I’ve ever met, and we leave no stone unturned during this episode. We talk about his journey in optometry and the state of his practice, how he started building his patient base, why he closes his office down for an entire day once per month, and the two criteria he uses for empowering his team to make decisions.
We also discuss:
- How he started from day one of wanting to be “the 1%” of practices that delivered a world class patient experience
- Why he starts off by thanking patients when they bring in a problem or complaint
- Pieces of technology he’s using to deliver a great patient experience, including the importance of investing in a great practice website.
- Time management and the stepping stones that Jeremy’s taken in life to get to where he is now: running a $2.4MM practice w/ one FTE OD schedule, while he works about 2.5 pt facing days per week.
And be sure to stick around to the end, where we talk about where Jeremy is speaking and how you might be able to learn more from him in the future, including a “tease” on the next topic we’ll discuss in a future episode.
We also reference no less than 7 books that have been very influential on both of us in our businesses.
Never Eat Alone – Keith Ferrazzi
Killing Sacred Cows – Garrett B. Gunderson
The Everything Store – Jeff Bezos
Good to Great – James C. Collins
Failure is Not an Option – Gene Kranz
The One Thing – Gary Keller
Small Giants – Bo Burlingham
4 Hour Work Week – Tim Ferriss
Technology: National Recalls http://www.nationalrecalls.com/index.html Solution Reach (https://www.solutionreach.com/)
Please rate and subscribe to The Dose on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
————————————————————————————————— For past episodes of The Dose with full companion show notes, please check out our episode archive here!
A special mini-episode with segments from the Energeyes National Meeting in St. Louis. The Energeyes National Meeting is the annual National meeting for Energeyes, an association exclusively focused on supporting and empowering optometrists that practice in a corporate-affiliated practice model. With nearly 700 members, Energeyes is dedicated to providing mode specific CE and career growth for corporate affiliated optometrists who operate their practices within stores like Target, Walmart and others.
Learn more when I ask these members the following: “What’s the one myth of misconception about Corporate Affiliated Optometry that you would like to dispel or correct?”
https://www.energeyesassociation.org/
https://www.electrifeyejournal.org/
——————————————————————————————————
Please rate and subscribe to The Dose on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of The Dose with full companion show notes, please check out our episode archive here!
Welcome to this episode of The Dose podcast and Happy 2019! I hope you all had a wonderful and happy New Year celebration, and in keeping with the common themes we’re seeing on social media, we are talking about goal setting for 2019 in this episode. I didn’t want to talk about just the boring financial goals, but also how to measure your overall progress in life and how to get off to best start possible with your New Year’s goals. I also share more about my unfortunate ice-skating incident that happened the day before New Year’s Eve, and how being in the right frame of mind is helping me deal with this setback, and why you also need to be prepared for curve balls as well and have the right mindset to respond to them.
External Show Links
Jocko Willick Good
Way of Life App
YNAB
Mint.com
Jay Z Process
Marcus Lemonis Trust the Process
——————————————————————————————————
Please rate and subscribe to The Dose on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
——————————————————————————————————
For past episodes of The Dose with full companion show notes, please check out our episode archive here!
Welcome to this Episode of The Dose podcast. My guest on today’s show is Michael Pote. Michael and I met a little over 4 years ago through a national optometry association and have followed each other’s businesses ever since. Michael’s exposure in optometry has been primarily as a marketer, but today he is the leader of the Growth Cooperative, a unique organization that helps optometrists around the country with many issues that practitioners face today, such as the role of insurance in the industry, the OD/MD split and what it means to the patient experience, and how to help optometrists scale and build a practice that they otherwise might have thought to be impossible. In this episode we discuss:
- The evolution of managed care in optometry and how it has changed the way optometrists not only practice clinically, but how they structure their business
- Why focusing on making money in your practice is not necessarily the best way to make money in your practice, and why you should think about the “currency of care” to measure your success.
- The benefits the Growth Cooperative are bringing to optometrists and what optometrists can do to “stand up” to the change and pressure that eye-care providers are feeling from legislators in each of their states.
———————————————————————————————————————
Please rate and subscribe to The Dose on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
———————————————————————————————————————
For past episodes of The Dose with full companion show notes, please check out our episode archive here!
Welcome to this episode of The Dose podcast. My guest on today’s show is Josh Kegley. Josh works exclusively in the retirement planning space and provides multiple services to business owners and their team members. What’s unique about Josh is that he’s been doing this for the last 15 years and has spent pretty much his entire career in the retirement planning landscape. During our conversation, Josh and I discuss:
- Basic plans like SEP and simple IRAs
- Full Profit sharing and 401k plans
- Defined benefit plans and how when structured/implemented correctly they can help business owners offset taxes by timing the deduction of cash balance contributions with an event that can cause significant tax liabilities
- Biggest mistakes business owners make when having a retirement plan in their business
- How much your retirement plan is really costing you and why you should be shopping your plan
———————————————————————————————————————
Please rate and subscribe to The Dose on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
———————————————————————————————————————
For past episodes of The Dose with full companion show notes, please check out our episode archive here!
Welcome to this episode of The Dose podcast. My guest on today’s show is Matt McNairy and we will be talking any and all things marketing and branding. Matt has had a number of different stops in marketing throughout his career but ever since 2006 has run his own marketing and website design and development firm. What I like about Matt and his perspective is his ability to connect the integrity of a brand to its online presence through a variety of mediums. Whether with video content or blogs, Matt has the unique skillset to bring out the message business owners want to share in an increasingly competitive environment. In our conversation we discuss:
- The evolution of a business’s presence on the web
- How to utilize your website not only to grow business but to tell your story
- How the patient experience begins online, before they ever step into your practice
- The importance of building patient reviews and which platforms you should be working to collect them on.
———————————————————————————————————————
Please rate and subscribe to The Dose on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
———————————————————————————————————————
For past episodes of The Dose with full companion show notes, please check out our episode archive here!
In this episode of The Dose Adam talks with Dan Zone from Wells Fargo about the many aspects of financing that medical professionals will experience throughout their career. What’s truly unique about Dan is that he almost entirely focused on these white coat professionals. Dan’s experience has allowed him to see many different financing arrangements and the unique lending circumstances that can exist in this world that do not necessarily exist for other professions. During our conversation we cover many topics including:
- Financing a startup versus acquiring a practice and the requirements for those transactions
- Purchasing an actual business as opposed to the real estate the business is out of
- The biggest mistakes he’s seen doctors make in financing a project
- Necessary action items and when to take them for applying for a commercial loan.
———————————————————————————————
Please rate and subscribe to The Dose on these platforms
Apple Podcasts
Spotify
Google Play
Stitcher
———————————————————————————————
For past episodes of The Dose with full companion show notes, please check out our episode archive here!
On this episode, I have a great conversation with Brad Cohen. Brad is an estate and business planning attorney with Cohen, Garelick, and Glazier law firm in Indianapolis.
What’s unique about Brad, though, is his practice is very focused and dedicated on serving the personal and business planning needs of white coat professionals. As we unpack and discuss the specific legal challenges as well as planning considerations and strategies for white coat professionals, Brad’s extensive experience and well-rounded body of knowledge make him a great guest for today’s show.
During our conversation, we discuss:
- Contract negotiation strategies and ideas for associates…and why the size of the organization you’re considering joining matter in that process.
- Should you hire an attorney to review your contract or can you do it yourself?
- What is “estate planning” and when should you complete that process?
- The difference between wills and trusts and mistakes to avoid
- The different types of business entities to choose from when starting a practice and the benefits to each entity.
- How to think about transitioning an associate to an owner/equity partner…and why it’s not always a great financial move for the original owner.
- A strategy to use a certain type of retirement plan to help offset potential tax liabilities from the sale of their practice.
- Why it’s important to have a buy/sell plan in place…and why you don’t always need to use life insurance to fund it!
- The difference between a stock and an asset sale when selling or buying a practice…and which one you should pursue (depending on whether you’re the buyer or seller).
Links
https://www.cgglawfirm.com/
Legacy Practice Transitions (Dental Practice Transitions)
Visionary Practice Group (Optometry Practice Brokerage)
Cohen, Garelick, & Glazier
Brad’s profile
On this first interview-format episode of The Dose, I have a great conversation with Drs. Antonio Chirumbolo and Matt Gellar of NewGradOptometrey and Covalent Careers. Antonio and Matt are both optometrists by training, but both of them have fully embraced business opportunities and ideas that have stemmed from their clinical and career experience as practicing optometrists. In fact, I learned in this episode that Dr. Geller has completely stopped seeing patients in a clinical setting and rather focuses 100% of his time and energy on his various businesses!
We cover a variety of topics in this episode, and while a lot of the discussion is through the filter of optometry, I’m confident that others wearing different white coats (dentists, pharmacists, and physicians) will still take away actionable and thought-provoking ideas. During our conversation, we discuss:
- Matt & Antonio’s backgrounds and their catalyst for starting a business (that’s NOT a private practice).
- How the rising cost of education is influencing the decisions that young doctors are making with their careers…and what you should be cognizant of when planning your life.
- How “taking a pause” in your career can allow you to see great opportunities that are right in front of you.
- How the world of optometry and other white coat professions has changed, opening up more opportunities to be involved in your profession…without seeing patients!
- The importance of goal setting and how taking time every month and one day per quarter can significantly improve the return you get on life.
- How you can become more aware of your own soft skills (relationship skills, chairside manner, conversation aptitude, etc) to help you market yourself (and your practice) more effectively and deliver a great patient experience.
- The importance of self-reflection and investing in yourself…and why I believe people struggle with this habit!
Links
Emotional Intelligence Test
Covalent Careers
New Grad Optometry
https://tim.blog/podcast/
Please be sure to rate and subscribe to The Dose on Apple Podcasts, Stitcher and Spotify.
Welcome to the first full episode of The Dose! For the first episode, the timing of when this was recorded coincided to an article that came out in the New York Times about a situation where a financial service “professional” had taken advantage of unsuspecting clients. Another article by Yahoo! Finance talked about how a couple of former Wells Fargo Advisors had “lifted the veil” on compensation practices in play at the firm and how it created a significant conflict of interest for the advisors and their clients, even as the advisor was legally supposed to be serving the client as their fiduciary (serving them in their best interest and putting the clients’ needs ahead of their own).
These two situations inspired me to host a show where I try and be as transparent and explanatory as possible in helping you understand the various different “hats” that financial service professionals can wear and how, unfortunately, it’s still “buyer beware” in certain advisor-client relationships.
In this episode, I share the following:
- Why, as a white coat professional, you have to be extra-aware about your relationship with a financial professional.
- An analogy to renting a tux for a wedding to help you understand the suitability vs fiduciary standard of care in client relationships.
- How to verify the business model(s) of financial service professionals.
- The various compensation models that exist in different business models.
- The difference between a registered representative and an investment advisor…and how you can tell the difference.
- How working with a CFP® Professional can bring clarity to the type of planner you work with and the level of education and experience they’ve satisfied.
Links
www.letsmakeaplan.org
https://www.cfp.net/
Broker Check: https://brokercheck.finra.org/
NY Times article: https://www.nytimes.com/2018/08/24/business/brokers-excessive-trading-retirement.html
Yahoo! Finance article: https://finance.yahoo.com/news/exclusive-wells-fargo-pushed-wealth-advisors-use-high-fee-products-cross-sell-131824414.html
Welcome to the first episode of The Dose! With this being the first episode, you’ll find that this one is pretty concise. My intention with this show is to share with you the following:
- topics we’ll cover
- format of the show
- why we’ll be going “an inch wide and a mile deep” on how we cover the topics
- brief background on myself and my intention and motivation behind doing the show
I have a number of other episodes already “queued up” so be sure to subscribe to get the latest show when it releases! Our goal is to release shows on the 1st and 15th of the month, but that doesn’t mean that we won’t release shows in between that schedule if we have a timely, relevant topic that we want to share with you!
Thanks for checking us out and I hope you enjoy The Dose!
The Dose Podcast, hosted by Certified Financial Planner and experienced Wealth Adviser Adam Cmejla, aims to brings simplicity and clarity to financial concepts, solutions and strategies that impact white coat professionals which can ultimately help them make empowered and informed decisions with their money.
For more information on the show and on Adam, please visit www.adoseoffinancialcents.com/1