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 [email protected]    ———————————————————————————— 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 [email protected]    ———————————————————————————— 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 [email protected]    ———————————————————————————— 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 [email protected]    ———————————————————————————— 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 [email protected]  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 [email protected].   As a reminder, you can 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!