As the owner of an optometry practice, one of the benefits is being able to participate in not only the normal “earnings” that any other OD would make, but also the rewards of owning the practice in the form of profits. In this episode, we’ll talk through the different ways in which ODs can pay themselves out of their practice, which starts by understanding how your practice files its taxes. From there, we’ll discuss the type, timing, and frequency of how you can pay yourself out of your practice to satisfy both the practice’s and your own financial goals. 1099 Hell Vision Expo: It’s What You Keep That Matters Vision Expo: Thinking Outside the Box ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

It’s the start of a new year—the year of optometry!! Let’s start out 2020 by talking about 5 financial topics that optometrists should be reviewing both in their personal and professional lives. We start out by talking about funding your Roth IRAs (especially if you’re making those contributions via back-door Roth IRA conversions), HSAs, and 529s and also remind you to adjust your annual contribution savings amounts into your 401k or SIMPLE IRAs. From there, I talk about the importance of making sure that your chart of accounts is accurate, which will give you an accurate profit/loss statement to analyze in your practice to determine areas of the practice in which you can make incremental improvements over the course of the year. It’s also the time of year to determine if and how much of a profit sharing contribution you may consider making within your practice’s retirement plan and why this is the time of year to determine whether your plan is set up to maximize your own wealth building potential. I wrap up the conversation talking about the recent passage of the SECURE Act and why the recent passage of that legislation should give you reason to revisit your beneficiary designations, especially if you have a trust named as a primary or contingent beneficiary.   Maximum Benefit and Contribution Limits for Retirement Plans ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Hello, and welcome to the last episode in 2019 of 20/20 Money! In this final episode of the year, I spend time talking about how important it is to take time to measure where your money is going in your personal life and how the only way to really get a good picture of that is by analyzing your spending by running a personal budget. I talk about the different kinds of expenses to track and a number of tools that you can use to help you kick-start the process of analyzing your spending.   I then discuss how having clarity and confidence around your personal expenses can help you make clear and confident decisions in your practice. Whether your practice is set up as a partnership, corporation, or LLC I’ll provide you some guidance and information on how you can think about paying yourself in multiple different ways with the net profitability of the practice.   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.   YNAB Mint Dave Ramsey EveryDollar —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Hello, and welcome to this episode of 20/20 Money! On this episode I discuss my top 10 books that I believe ODs should read in 2020 to help them get closer to building the practice of their dreams and a life they love. The books are both personal and professional in nature (along with one investment-related book). Links to all the books can be found below in the show notes or at www.integratedpwm.com/59. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy this episode of 20/20 Money! The EMyth Revisisted Extreme Ownership Atomic Habits Getting Things Done 4 Hour Work Week Experience Economy Pumpkin Plan Profit First Family Board Meeting Geometry of Wealth Investment Answer —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Gina Wesley.   Dr. Wesley owns and practices at Complete Eye Care in Medina, MN and she’s been recognized as Minnesota’s Young Optometrist of the Year in 2011 and has also earned the Early Professional Achievement Award from The Ohio State University College of Optometry in 2013. She joins the show today to talk about something that almost every practice owner I’ve talked to struggles with at some point in their career: staff management. In this conversation, Gina and I talk specifically about a change she made in her practice which allowed her staff to be flexible in the number of hours they worked per week. We talk about the genesis of this change in her practice and some of the metrics that she’s used to analyze the effect of this strategy not only on the numbers of her practice but also the “intangibles” such as team morale and commitment to excellence in the practice. We use this idea as a jumping off point to talk about how important it is for ODs to manage their own time effectively and why it’s important to think about task management and delegation in your practice as something that can give you an incredible return on time which can translate to a great return on your investment in your team. She also shares a great success story on how she’s actually outsourced a good part of her practice management and COO-type responsibilities not to an in-office team member but to a 3rd party, unaffiliated business whose sole business model is to show up and actually work to get themselves fired from their clients…which is quite a novel idea but one that makes complete sense when you hear how Gina describes their services.   Just a heads up to you the listener: I recorded this episode with Gina while traveling and unfortunately did not have all of my recording equipment with me. I apologize if the audio isn’t as crisp as in past episodes, but don’t let that detract you from listening to what I felt was a great conversation with Gina.   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.   And with that introduction, I hope you enjoy my conversation with Dr. Gina Wesley.   Pumpkin Plan Microsoft’s 4 day workweek study Healthcare Management Resources, Inc. The One Thing Essentialism Athena Executive Assistants Upwork Deep Work —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! 

Hello, and welcome to this episode of 20/20 Money! As we close in on the end of the year, it’s time to begin thinking proactively around different strategies you can still consider before the calendar rolls over to 2020. In today’s show I’ll discuss what you can and cannot do in your practice to control net pass-through income and thus reduce your tax bill. I’ll also revisit the 199A deduction (QBI) and profit sharing contributions into your practice’s retirement plan. On the personal side, I’ll share a number of ideas to consider before year-end and how decisions you make in the practice can influence what you do on the personal side and vise versa. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. As always, you can also set up a 15min pre-discovery conversation to learn more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.   And with that introduction, I hope you enjoy this episode of 20/20 Money. —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! 

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Hannah Cho, OD. Hannah joins the show today to talk about the journey she’s had in private practice, going all the way back to when she started the practice cold while still a 4th year optometry student (and also shortly after having her first child). She talks about why establishing culture very early on in your practice is one of the key factors in delivering a WOW! patient experience and why that begins at the hiring level. She also shares the different avenues (the good, bad, and ugly!) she’s used to grow her patient base and why and how Yelp has been a great driver of new pts for the practice. She also shares what she sees for the future of optometry and how technology is helping growing access to care and why ODs should think of technology not as a threat to their practice modality but as another tool to leverage the pt experience…and how this belief has actually influenced her to ultimately sell her practice and focus all of her time on another business that she’s created to help ODs that don’t necessarily want to spend time working ON their practice leverage technology to help them run the back office. As always, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars and also sign up for our newsletter. And with that introduction, I hope you enjoy my conversation with Dr. Hannah Cho. Resources: www.floeppm.com —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! 

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Ken Krivacic. I believe my conversation with Ken will resonate with a number of listeners because Ken found himself on both sides of the private equity equation: first publicly opposed to it (even going so far as to author a number of articles written for Review of Optometric Business on why he WASN’T going to sell but then ultimately agreeing to sell his practice to a private equity firm. During this conversation, we discuss why he didn’t decide to sell to his current owner. He talks about the current metrics of his practice and what tipping point in gross revenue can be used to estimate a higher-than-average EBITDA valuation for your practice. We also talk about why he’s benefited so much from having a broker and representation throughout this process as well as his timeline throughout the process. Ken also shares how many offers he was made by the firms and the structure of the deals that were made to him and how he determined what his buyout options were?   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. In addition, the success and growth of this show doesn’t happen without you, the listener, and we appreciate all of your support. If you’ve learned from this show, then chances are some of your colleagues and friends can learn as well, so please share the show and leave us a review on iTunes. And with that introduction, I hope you enjoy my conversation with Dr. Ken Krivacic. Enlightment Now Why I Won’t Be Selling My Practice to a Private Equity Firm Private Equity Revisisted: What I’ve Learned & Why I Still Don’t Want to Sell to PE —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! 

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Jeremy Ciano, owner of RevolutionEyes in Carmel, IN. Jeremy has been on the show in the past and today’s conversation was actually sparked by a question from one of our listeners and a prospective client of our firm, which was analyzing their fee schedule in their practice to determine if their profitability ratios are where they should be. During this conversation, Jeremy shares so many good ideas and strategies to consider. He talks about how he thinks about the retail price of his glasses not based off some multiplier of cost but rather what patients are willing to pay, why this is a perfect time of the year to look at your frame prices and why you should raise them within the next month, how he organizes his frame board to optimize profitability, and how additional pre-testing services (and how those services are positioned and priced to the patient) can influence profitability as well. We then jump over into the insurance side of the practice, where he talks about how he’s negotiated his fee structure with VSP (which actually turned into a tease for a future episode unto itself), and why you should have a few different CL fee schedules (but not so many that it makes it confusing for patients), And be sure to listen to the end, where Jeremy shares why it’s so important for your front office team to really hear what your prospective patients are asking about when they call into your office to inquire about your cost and services and what your two action items are after listening to this conversation. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Dr. Jeremy Ciano. https://revolution-eyes.com/ —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! 

It’s that time of year again: open enrollment. While everyone is thinking about the holiday season that is right around the corner, small business owners and those individuals that aren’t eligible to participate in group health insurance plans also find themselves in their own version of “open enrollment season”—the window of time where we can change the type of coverage that we have, who we have that coverage with, and what our costs for next year will be.   In this episode, I share an update on our own personal journey through the health insurance system and what we’ve learned thus far during open enrollment—and how that news is causing us to consider different alternatives to traditional healthcare plans. I’ve also placed links to a number of different resources below that can help as you evaluate possible options for you personally and professionally.   Valleys of Death by Colonel William “Bill” Richardson, US Army (Ret.) Extreme Ownership by Jocko Willink & Leif Babin Healthcare.gov How Healthcare Sharing Programs Compare to Traditional Health Insurance Comparison of Different Healthcare Sharing Programs Minimum Essential Coverage Health Insurance: COBRA vs. Healthcare.gov PeopleKeep —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!   

  Hello, and welcome to this episode of 20/20 Money! Today’s show takes on a bit of an unorthodox format as it’s actually the audio from a recent presentation that I gave at the University of Houston-College of Optometry. If you’d like to watch the video version of the presentation, head over to our website at www.integratedpwm.com and click on the Learning Center where you’ll not only find the video in a separate post but you’ll also find a variety of other resources to help ODs make smart and informed personal and professional financial decisions. The link to the video is also listed in the show notes for this episode.   I also want to give a special thanks to Chris Valliere, Joe Kirgis, Bryan Procopio, and the rest of the Private Practice Club leadership for extending the invite and allowing me the privilege and opportunity to share my perspectives with the club. I know they listen to the podcast as well, so guys…big thank you and I enjoyed chopping it up over a couple of beers after the presentation! In addition, if you are a student at another school or have connections to other schools that you think would be interested in hearing this presentation or other topics live on campus, please email the show at [email protected] and we can discuss the details.   And with that introduction, I hope you enjoy today’s show! —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! 

Hello, and welcome to this episode of 20/20 Money! In today’s episode, I spend the first part clarifying and expounding upon two previous shows and topics that we’ve discussed and then finish it up by talking about a relevant topic that has come up both in my personal life as well as with a number of clients over the past couple of weeks.   The first part dives into a few more clarifying points about disability insurance that was shared with me by a listener of the show and the second topic provides some clarification around the net investment income tax as it relates to the sale of a practice. I wrap it up by talking about something called anchoring bias, what it is, and how you can identify if it’s something that’s influencing your own decision making in your personal and/or professional lives.   It’s getting to be that time of year where year-end discussions should be taking place with your team of advisors to understand the current state of your financials which can also help guide any end-of-year decisions that not only impact 2019 but also potentially impact 2020. If you’re interested in learning about those conversations we’re having with our ODs, don’t hesitate to head to integratedpwm.com and schedule a no-obligation 15min Pre-Discovery conversation to learn more.   And with that introduction, I hope you enjoy this episode of 20/20 Money. https://www.linkedin.com/in/craig-goldslager  —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! 

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is none other than my wife Dr. Andrea Cmejla. As I celebrate 50 episodes of 20/20 Money, I thought this would be a great opportunity to have Andrea on the show to talk about her journey in optometry thus far and some of the lessons and knowledge she’s learned through her multiple modalities of practice. We talk about her first position as an associate out of school and spend a good part of our conversation talking about ways in which she and her team at LASIK Plus grew from just under $1MM in revenue to just under $6MM in revenue in just under 6 years by really focusing on the patient experience and journey. We round out the conversation with a discussion on leadership lessons she’s learned and also her answer to the one question I ask every guest at the end of the interview, which is financial lessons she’s learned that she’d go back and teach her younger self. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.   And with that introduction, I hope you enjoy my conversation with my awesome wife, Dr. Andrea Cmejla, OD. —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! 

Hello, and welcome to this episode of 20/20 Money! This is part 2 of my conversation with Dr. Justin Manning. In this continued conversation from VEW in Las Vegas, we discuss the importance that ODs play in patients’ lives (which is no surprise to ODs), but more importantly the role that ODs can play in the greater issue of population health, and we still do this through the lens of being a great leader and having a great practice culture. We talk about how to reframe tx plans through the filter of the benefits to the patient in real time instead of talking in medical jargon and how that can motivate a pt to align their actions after the exam with the tx plan you’ve prescribed. We also talk about the unique privilege that ODs have in being able to see parts of the human body that really no other specialist has (other than an ophthalmologist) and how ODs can really think about what that can mean to a pt’s long-term health and how it can also benefit your practice, making it a win-win-win for everyone (the pt, your practice, and the greater population). As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.   Justin’s LinkedIn page. eyeLeader website   —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! 

Hello, and welcome to this episode of 20/20 Money! This is an extra-special episode of the show, because it’s being released exactly one year to the day from when the show was started. Back then, the show was called “The Dose” so if you haven’t checked out some of those earlier episodes, be sure to scroll through the show archives and check out our earlier episodes.   My guest on today’s show is Dr. Justin Manning. Justin is an optometrist based in Colorado and is focused on helping other ODs scale and grow their practice through a deep consultative process and using the experience he’s gained in growing a number of private practices himself to help other clinicians grow and expand their practice.   Justin joined me on the show today live on location at Vision Expo West to talk about a number of important topics that can help ODs be successful. Our conversation covered so much that we decided to break it into two parts. In Part 1 of my conversation, Justin and I talk about his journey in optometry and how he’s used something called design thinking to not only frame how he discusses tx plans with pts but how he’s also used it in a leadership capacity within his office.   From there our conversation continues to go down the path of why and how ODs should and can become better leaders within their practice and the impact that it can have not only on themselves but their entire practice.   I’ll also give a heads up that you may here an audible change in the background as we had to pause our recording because the area we thought was going to be quiet and remote at VEW turned out to get quite noisy…so when you hear a sudden change in the audio background, that’s why.   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.   And with that introduction, I hope you enjoy my conversation with Dr. Justin Manning.   Justin’s LinkedIn page. eyeLeader website —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! 

On this episode of 20/20 Money, I keep the theme going of “Selling in September” and talk about three of the biggest taxes to be aware of when you sell your practice and how those taxes will impact the net proceeds that you will walk away from after the sale of your practice. I also discuss the ongoing investment-related taxes that you need to be aware of as well and which investment vehicles are usually more tax efficient for a non-retirement brokerage account, which is typically the type of account that an OD will use for the net proceeds from the sale of their practice. In addition, I also provide a link to a more detailed discussion on ETFs (Exchange Traded Funds) for those that want to get a bit deeper on ETFs. http://investorfieldguide.com/balchunas/ Capital Gains Tax Rates —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!     

  Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Erik Ferjentsik, and this is actually Part 2 of my conversation with Erik. You can check out Part 1 by listening to last week’s episode. Erik is the founder and principal of Visionary Practice Group, a firm that works with optometrists to broker, consult, and appraise their practice for transitions. In part 2, I pick up the conversation with Erik where we started talking about the difference between an asset and a stock sale and how to think about goodwill in your practice. We also discussed why it’s so important to work with professionals on this type of transaction and compare it to selling your house with a realtor, only Erik does a great job talking about the glaring differences between the transactions. Erik also shares some ideas and strategies to think about after the transition to ensure that patient attrition is as low as possible, and he’s kind enough to share his own personal experience that him and his wife have gone through as they’ve recently sold her practice…so he knows first-hand what it’s like to go through this process. As always, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars and of course we’d be grateful for any reviews you can leave on iTunes and for your help in sharing the podcast with your friends and colleagues. And with that introduction, I hope you enjoy part 2 of my conversation with Erik Ferjentsik. Visionary Practice Group —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!   

  Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Erik Ferjentsik. Erik is the founder and principal of Visionary Practice Group, a firm that works with optometrists to broker, consult, and appraise their practice for transitions. I’ve known Erik for a number of years and it was great to have him on the show. We have a common bond in that we’re both married to ODs so we both look at the profession of optometry through a different set of lenses, so I was excited to dive into the conversation, and I wasn’t disappointed. We covered so much information that what was only scheduled to be one episode turned into enough content for two separate shows. This episode, we start out talking about the ideal timeline to begin prepping a practice for sale and how important it is that you have all of your practice financials in order, including a self-kept inventory list…and why the list that your CPA has may not always accurately represent your practice, thus leaving value out of the appraisal. We also talk about how long you can expect the process to take up to the point of closing, why it’s important to comprehend the amount of risk that an OD is taking by not having a contingency/selling plan in place as they get closer to retirement, and why most practices that are under $600k in revenue are not a marketable practice. We also discuss some of the mistakes that are made when it comes to appraisals, updated profit/loss statements, and add-backs. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Erik Ferjentsik. Visionary Practice Group —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! 

  Hello, and welcome to this episode of 20/20 Money! As a quick reminder, if you’re going to be attending Vision West in Las Vegas in a couple of weeks and have a topic you’d like to discuss, I still have one more opening in my schedule to record an episode in person. If you’re interested, be sure to email me at [email protected] to share your topic. My guest on today’s show is JT Metzger. JT has a storied and tenured career of working to help businesses evaluate, strategize, implement, and measure changes in their business that will ultimately help them increase the enterprise value of their business. What’s unique about JT, though is that as a Certified Exit Planning Advisor, he’s worked with practices and businesses of all sizes with the common theme of helping them maximize the return that the owner sees when they sell. In this conversation, we start out talking about the two different groups that business owners can be lumped into and how each group thinks about their business. JT talks about how you can increase your EBITDA in a business through two filters of either growing revenue or reducing expenses (or a combination of the two) and how both the buyer and seller should think about the EBITDA and subsequent multiple used when selling the practice as it relates to being able to service the debt needed to buy the practice. We also spend a good amount of time talking about why it’s so very important for business owners to think about their identity post-sale and why selling your practice will actually cause you to go through a grieving process…but why that process can also allow you to think about what you want your life to look like post-sale, including the possibility of an “encore career.” And be sure to stick around to the end, where JT shares the top areas that business owners should focus their time and energy in the 2-3 years leading up to the sale and which buckets you can attack to drive revenue and what will help you in that process. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of ebooks that we’ve written and are available for download, including our most popular ebook called “Five Tips to Financial Freedom for Optometrists.” And with that introduction, I hope you enjoy my conversation with JT Metzger.   www.smartstreetconsultants.com —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!   

Hello, and welcome to episode 48 of 20/20 Money! Even though this episode is coming out on the first Monday in September, it is Labor Day and therefore I’m pushing back the “Selling in September” theme until next week, when the next four episodes will be dedicated to topics relating to selling one’s practice. My guest on today’s show is Dr. Matt Mitchell. Matt has been on the show in the past and I wanted to have him back to talk about a problem that I hear a lot of ODs trying to solve, and that’s the predicament of when (or if) they should bring on an associate in their practice and how to evaluate the metrics of their practice to determine the answer to that question. In our conversation, Matt talks about something that he reviews called marginal chair cost. He explains how it’s defined and how to calculate your marginal chair cost in your practice. We also discuss how to evaluate the cost of adding a new patient in your practice (hint, it’s not as much as you think) and how you can use that number to determine when it’s time to bring on an associate OD. Our conversation then shifts more towards discussing the CEO model within an optometry practice, which really means getting ODs to think about their practice as a business and how to earn a good ROI on your business as an investment, but that doesn’t happen if you don’t have the time to work ON your business. We talk about the lessons each of us have learned from The E-Myth book by Michael Gerber and the trap that most ODs and business owners fall into when it comes to owning their business. We also talk about the relationship of the two currencies we have in life—time and money—and how you can use each of those to your favor when bringing on an associate. We wrap up the conversation talking about compensation structures for associate ODs and examples of language your team can use when scheduling patients with a new associate. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Dr. Matt Mitchell. Resources: Bluffton Family Eye Care IDOC The E-Myth Revisted —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! 

On this episode of 20/20 Money, it’s all about the ABC’s and 123’s of disability insurance for optometrists. We’ll discuss what disability insurance is, the different kinds of disability insurance an OD can get, how much of a benefit you can get, and what riders you should make sure are on your policy (including the most important rider of all). I’ll also share with you some of the carriers that we’ve seen write good policies for optometrists and talk you through the underwriting process and how to find a good agent to help you shop for a policy. We wrap up the show talking about some of the mistakes and shortfalls I’ve seen on optometrist’s policies so that you don’t make the same mistakes. —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! 

Welcome to this episode of 20/20 Money! Today’s show is all about retirement plans and specifically whether (and when) an optometrist might consider switching from a SIMPLE IRA to a 401(k). During the show I first start by laying the foundation and going over the basics of how 401(k)’s and SIMPLE IRAs work, specifically as it relates to some of their small but significant differences. I share the differences in matching formulas as well as the total contribution limits that apply to both of them. I then talk about when in the timeline of one’s practice would you consider moving from a SIMPLE IRA to a 401(k), how the Roth 401(k) works, some of the additional responsibilities that exist with 401(k)s along with resources to help you absorb those responsibilities, and the timeline that’s important to be cognizant of when considering “upleveling” your retirement plan. I also touch briefly on the Solo/Individual 401(k) and how that compares to the SEP IRA. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of ebooks or other resources that we’ve written and are available for download. And with that introduction, I hope you enjoy this episode of 20/20 Money! —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! 

Welcome everybody! Welcome to the 40th episode of 20/20 Money. My guest on today’s show is Dr. Jennifer Stewart. Jennifer is an optometrist and partner at Norwalk Eye Care and Performance 2020 and this is actually the second time that she’s been on our show. I wanted to have Jennifer back on the show to talk about dailies and the role they have played in her career both clinically as well as how educating and encouraging pt adoption of a daily disposable lens have helped the profitability in her practice. During our conversation, Jennifer talks about why pts are more compliant with dailies and what percent conversion rate she has with her pts switching to a daily lens. You’ll also learn how she reframes the cost of dailies on an annual basis and the comparative analysis she uses to help pts bridge the gap between what they currently spend on lenses and supplies vs what they would spend on a year’s supply of dailies.   You’ll also learn examples of really good questions to ask your pts to elicit extremely valuable feedback and information that will help you arrive to a very confident clinical recommendation on what lens will be best for them and how using that discovery process and line of questioning actually helps patients connect the real-life benefit of the lenses as opposed to the optometry jargon that ODs can sometimes spout off as better features of newer lenses.   And be sure to stick around to the end of the conversation where Jennifer shares what question she absolutely cannot stand hearing other ODs or her team ask pts as it relates to their supply of dailies.   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of ebooks or other resources that that we’ve created.” In addition, if you’re going to be at Vision Expo West this year in Las Vegas and would like to meet up because you have a quick question that you’d like to ask, drop me a line at [email protected] and we’ll see if we can make that happen!   And with that introduction, I hope you enjoy my conversation with Jennifer Stewart. —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! 

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Nina O’Neal. Nina is a partner and investment advisor with Archer Investment Management in Raleigh, NC. What’s interesting and unique about Nina, though, is her breadth and depth of experience in the world of real estate investments, specifically as it pertains to strategies and solutions for the gains and proceeds that are realized when business owners sell commercial real estate they owned either as part of their business or other separate entity.   During our conversation, we talk about the tax implications of selling commercial real estate and how utilizing a 1031 or, specifically, a DST may be a viable alternative. We talk about the three things that one should consider to determine if a DST is a potential solution as well as the tax benefits of receiving DST income. Nina also explains how long DSTs last and other variables to consider, including the one thing that EVERY investor of a DST must meet in order to invest in this type of offering. She also shares the timeline investors should be mindful of if they think utilizing 1031s/DST is going to be the path for them along with the cost structure of DSTs. To wrap up our conversation, we break the mold a bit and talk about good NC BBQ as well as a passion project that she’s been working on called the Female Advisor Network and how ODs can use her success story as a way to propel their own initiatives and passions forward in the field of optometry. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to check out our latest educational piece that we put out, which is an on-demand presentation titled Top 5 Long-Term Planning Mistakes Made by ODs or any other number of resources we’ve created. And with that introduction, I hope you enjoy my conversation with Nina O’Neal.   Links: Archer Investment Management 1031 Exchanges Nina O’Neal Understanding Depreciation Recapture —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! 

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Jeff Smith. Jeff is a long time friend of mine and works as what is known in the investment world as a “wholesaler,” which means that it’s his responsibility to communicate primarily to other investment professionals that work with clients what his company is doing to understand the markets. This is a unique episode, though, as we record it “on location”…not from an investment conference or stock exchange, but from the world’s largest general aviation fly-in in Oshkosh, WI. We both knew the other was going to be attending the event and I’ve wanted to have Jeff on the show because he brings a unique perspective to the topic of investments as he’s worked on “both sides” of the business—first as an investment advisor himself working directly with investors and now as a wholesaler for a large fund manager, where he spends the majority of his time talking as I said with other investment professionals and helping them help their clients with all things investment related. In this conversation, in between the noise of airplanes in the background, we start out talking about how one defines their own investment philosophy and also how one can understand the investment philosophy of their own financial professional. We talk about what an investor should do when the markets get a bit choppy and have a good discussion around some metaphors that help explain the process of investing and connecting a timeline to your investment plan. That serves as a good catalyst, because we then talk about (and get pretty passionate) about talking about the “talking heads” on TV and why we call it “financial pornography” and what it means to investors. We wrap up the conversation with Jeff sharing a couple of his favorite stories in his career and his answer to the one question we ask every listener. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional resources, including our ebooks as well as our newest resource, which is a recorded, on-demand webinar that teaches ODs the top planning considerations and strategies for private practice owners. And with that introduction, I hope you enjoy my conversation with Jeff Smith. Resources: Keys To a Stock Market Decline How Fund Flows Correlate to Performance Key Questions for the Long Term Investor Controlling What You Can Control Callan Chart of Periodic Investment Returns The Perils of Market Timing —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! 

  Welcome back to another episode of 20/20 Money. My guest on today’s show is Dr. Matt Mitchell. Dr. Mitchell owns Bluffton Family Eye Care, a private practice located in…you guessed it…Bluffton, IN. What’s unique about Matt, though, is that his practice is located in what many would consider to be a “rural” practice setting, as the population of his entire county is less than 30,000 people and is dominated by agribusiness.   In this conversation, Matt starts out by talking about the current make-up of his practice, including their schedule, number of providers, and total FTE hours worked in the practice.   Matt and I then talk about the journey he’s been on since graduating optometry school. He talks about how he worked a couple of “big box jobs” until he was in a position professionally and personally to buy the practice and how he navigated the purchasing process with the selling doctor (and how he found the doctor in the first place).   In this episode, you’ll learn how they split up the hours between three doctors, how they’ve increased patient compliance in bringing in pt hx forms, how he calculates per exam revenue per pt, how he used website traffic to understand his patient experience process, and why his net income is significantly higher than the national average and what that means for his practice. You’ll also learn how he’s used a “profit-first” approach to run a very lean practice, and how Dave Ramsey’s TMM (Total Money Makeover) has changed his personal and professional life.   And be sure to stick around to the end, where he shares an awesome story about how the power of saving and paying cash can change one’s perspective on whether or not they actually “need” fill-in-the-blank shiny object/toy/piece of equipment, etc.   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While on our website, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm. You can also check out our new, on-demand webinar titled “Planning Considerations for the OD Business Owner” or any number of ebooks that we’ve written.   And with that introduction, I hope you enjoy my conversation with Dr. Matt Mitchell.   Links and Resources Bluffton Family Eye Care Four Hour Work Week Dave Ramsey’s Total Money Makeover Profit First by Mike Michalowicz

Welcome to this episode of 20/20 Money! In today’s episode I talk about the different retirement savings vehicles that ODs should consider given the mode of their practice and the “ladder” in which they should order their savings strategy. I begin with the versatility of the HSA and why it’s good to think about the HSA as not an account that exists for day-to-day healthcare expenses but more of a long-term savings vehicle. I also talk about the importance of retirement plans in the practice, the Roth IRA (including backdoor Roth IRA conversions), and what percentage of income I’d suggest working towards saving on an annual basis. I wrap it up with a discussion about why it’s important to prioritize saving for retirement and financial independence ahead of college education planning. Resources: https://www.savingforcollege.com/ Lively.com Benefit Wallet —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! 

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Jennifer Stewart.  Jennifer is a partner at Norwalk Eye Care, a private practice in Norwalk, CT. The reason that I wanted to have Jennifer on the show is because of her insatiable quest for knowledge on how to run an incredibly efficient and profitable practice by becoming a student of the numbers within the practice. She’s also dedicated part of her professional life to the growing specialty of sports vision training, having launched a second business that’s actually located on the second floor of an ice hockey arena. Our conversation starts out with some background on her journey into private practice, specifically around her journey into practice ownership. We then discuss her venture into sports vision and what it’s meant to her practice. Our conversation then shifted towards the business side of optometry. Jennifer shares her favorite non-optometry related business book as well as the key piece of practice management software they use in their practice to ensure they have a handle on all of their numbers. Our conversation then took an unexpected turn as we dove down the rabbit hole of daily disposable lenses and the impact that those have made not only for their patients but also their bottom line.  Towards the end of the conversation, we talk about the role that being fit and active has played in each of our lives. We chat about the ripple effect that exercising has and how taking time to take care of yourself physically (through a workout) can actually give you some much-needed “alone time” to just think about your business. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or download our popular ebook called “Five Tips to Financial Freedom for Optometrists.” And with that introduction, I hope you enjoy my conversation with Dr. Jennifer Stewart.   Norwalk Eye Care Meet the Frugalwoods IDOC —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!   

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes.  Nathan is the Practice Finance Consultant at IDOC and has worked with countless practices to help them understand not only the financials of their practice but how to make strategic business decisions based on the financial health of the practice. Our conversation was centralized around an Optometric Management Tip of the Week Article titled “3 Misconceptions About Buying Optometry Practices.” I wanted to ask Nathan, based on his experience and conversations he’s been having, why he feels this is happening and what current owners need to do a better job of doing to equip next gen ODs for practice ownership? We talk about the success of optometry as a business while also sharing a couple anecdotes of situations where practices have been run into the ground through bad management and leadership. We then talk about the importance for the purchasing OD of having cash on hand and why having a healthy cash flow statement is more important than having a health balance sheet (but no cash) because of aggressively paying down student loan debt. We also talk about the calculation of understanding one’s return on equity. That is to say making sure younger ODs understand not only what you’re going to have to spend to buy into a practice, but the return that you’ll expect to get on that equity purchase.  As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of ebooks that we’ve written and are available for download, including our most popular ebook called “Five Tips to Financial Freedom for Optometrists.” And with that introduction, I hope you enjoy my conversation with Nathan Hayes.   Resources: IDOC Team Page —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!   

  Today’s show talks about how you can make the most out of your time when attending optometry conferences. As clinicians, your ability to produce revenue is directly to your ability to see patients, so it’s important to get a great RoT (return on time) at your conferences because the cost of the conference is not just the expenses of the conference but also the opportunity cost of what you otherwise COULD be earning in your practice had you not taken the time to attend the conference.  I walk you through the life cycle of the conference, starting with the intention of going. I then share some ideas on how to maximize not only the information that you learn while attending but also the relationships that can both be nurtured and formed. I wrap it up with some ideas post-conference, including how to talk with your team about implementing some of the ideas you brought home.   VistaPrint IRS Work-Related Educational Deductions —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!   

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show are Drs. Matt Geller and Antonio Chirumbulo.Matt & Antonio were guests on our 3rd episode and are the co-founders of the popular website www.newgradoptometry.com, a website dedicated to providing relevant and timely information for…you guessed it…new OD grads. It’s the beginning of June, and what that means for new optometry grads is that it typically gives new grads a bit of some downtime while they wait for their license from the state board before they start into their first job as a licensed optometrist. Matt and Antonio join me again for another conversation and this time we dive into some of the top planning ideas (both financial and career) new grads should be considering aroundthis time of year. We start out talking about the importance of vision planning and taking some time for yourself to truly try and outline what it is that you want your life to look like at this early stage of your career. Matt talks about addressing three important buckets in your life—the health, wealth, and happiness buckets—while Antonio spends some time talking about the tactical considerations, such as getting your NPI number, getting credentialed with insurance companies, and other ideas. Our conversation wraps up with some scenarios where young ODs have made mistakes early on in their careers and some possible situations to be aware of and how to also think about conflict and disagreements in your work environment, complete with something they call the “morning test” to use as a quick and easy litmus test for your own personal career satisfaction. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of ebooks that we’ve written and are available for download, including our most popular ebook called “Five Tips to Financial Freedom for Optometrists.” And with that introduction, I hope you enjoy my conversation with Drs. Matt Geller & Antonio Chirumbolo.   Links:  2019 New Grad OD Report www.newgradoptometry.com  www.covalentcareers.com —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!   

Welcome to another episode of 20/20 Money! Today will be another solo episode and we’ll be talking about the basic four levers that you can pull when it comes to “retirement” or, as I like to call it, financial independence. Now, if you’re listening and far away from retirement, I’d still encourage and ask you to stick around for the show, because (a) it’s not a long episode and (b) there are variables that I’m going to talk about that you can act on TODAY that will have significant implications on your ability to achieve financial independence decades down the road in your life. The Impact of a 1% fee —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!  

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Eric Botts.   Eric is a practicing optometrist in Macomb, IL and what I love about Eric’s practice model is that he is the lease holder at four different Walmart vision centers. In today’s conversations we talk about what his practice looks like and the make-up of his team and how he balances the dynamics of having a relationship with not only the team that he pays but also Walmart team members that work inside the VC. We also talk about what he means by “right hand authority” when it comes to the delineation between “who does what” inside of his practice, why he takes an extreme ownership mentality with his CA practice, and what holding multiple leases has allowed him to do as it pertains to his work-life balance. We also talk about his adoption of the medical model inside of his practice and the influence that it’s had on his practice’s success and why that can sometimes be used as a “tipping point” for ODs that are looking to outsource some of their billing reimbursement work. We also talk about how his interest and pursuit of adopting the medical model was the genesis for a completely separate business, Optometric Billing Consultants, and how he balances the responsibilities between both businesses while helping other ODs around the country managing the workload of insurance billing and reimbursements. And make sure to stick around to the end, where Eric answers my “one question” through both the personal and professional financial filters. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or download our popular ebook called “Five Tips to Financial Freedom for Optometrists.” And with that introduction, I hope you enjoy my conversation with Dr. Eric Botts. —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

In today’s episode, I share three different events that have transpired over the last couple of weeks that have gotten me to think about the emotional connection we have to cash, specifically cash that is on hand in an “emergency fund.” I share two personal stories that have brought this to light over the past couple of weeks along with an example from a (not named, of course) client conversation.   I then talk about the two psychological biases that cause us to have the emotional connection to cash and discuss examples of them and how they play a role not only in our relationship to cash, but most everything in life. I then wrap up the conversation with different ways you can internalize and work past the initial fear and pain of parting ways with cash. —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Kent Godfrey. Kent owns a multi-location practice in and around the Denver, CO area and has, by most definitions, a very successful practice. In this episode, we talk about Kent’s path into practice ownership and the state of his practice right now. We also touch on something that is very important to him and that is using his professional skills as an OD to give back to those that need an ECP through his volunteerism with VOSH. From there, our conversation shifts towards something that left me with a great impression when researching his backstory, and that was his website. We talk about the importance of giving your website visitors a great first impression and connecting with their feelings as opposed to showcasing all of your practice’s features. We also talk about his success using an online scheduling tool and why that, along with other tools, are going to be the standard and given expectation in the future…and not just an added benefit. Our conversation then shifts to talking about one of the most impactful decisions he’s made in his professional life, and that was joining a mastermind group. Kent shares the format and structure of their mastermind group and why it’s so important that, if you join a mastermind group, you should be prepared to “show it all” and leave no stone unturned in your practice. He also defines what each of their member’s commitment is to the group and the cost associated with joining such a group. We then transition the conversation into talking about leadership principles. Kent talks about one of the biggest lessons he’s learned in managing and leading people, why you need to have ground rules and guard rails around your practice, and why it’s important to think of your team as just that: a team…and moreso even your “professional family.” We wrap up the conversation by talking about some of the key financial and practice metrics that he evaluates and the frequency with which he looks at them and the biggest lesson he’s learned that, if given the chance, he’d go back and teach his younger self. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or download our popular ebook called “Five Tips to Financial Freedom for Optometrists.” And with that introduction, I hope you enjoy my conversation with Dr. Kent Godfrey.   Links: Front Range Family Eye Care website Schedule Your Exam online pt scheduler Tips for starting a mastermind group   —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Britt Gustafson.   Britt is a practicing optometrist in Eden Prairie, MN. The reason that I wanted to have Britt on the show is that she has used her degree as an optometrist to not only provide clinical care to patients in a practice setting, but also by getting involved in the research and development of contact lenses and contact lens solutions. In this episode we talk about Britt’s path in optometry and discuss her current practice setting and addressing some of the challenges and subsequent opportunities that her practice model presents. We also talk about her involvement in participating in clinical trials and the R&D of contact lenses and contact lens solutions and what it’s meant to her personally and professionally and how her interest in the research side of optometry lead her to become a consultant for one of the national contact lens manufacturers…and how she earned the opportunity to work in that capacity. She also shares with us how she balances the demand of both her clinical and travel schedule and what it’s meant to her financially to engage in this vertical of optometry.   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or download our popular ebook called “Five Tips to Financial Freedom for Optometrists.”   And with that introduction, I hope you enjoy my conversation with Dr. Britt Gustafson. —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome to this episode of 20/20 Money! My guest on today’s show are Drs. Jimmy Deom and Roya Habibi.   This conversation is a great one because, in addition to both being practicing optometrists, Jimmy and Roya are co-hosts of the popular optometry podcast Try Not To Blink, which I was actually privileged enough to be a guest on a couple of weeks ago. In this episode, we talk about each of their paths in optometry and their chosen specialties, what’s different about optometry than they anticipated coming into the profession, some of the biggest lessons they’ve learned while practicing, and how they’re setting themselves apart in each of their practices by incorporating leadership skills. We also touch on something that I’ve personally encountered and is seeming to pop up in other conversations I have with professionals…something called imposter syndrome. We talk about what it is, why it happens, and how to deal with it. Towards the end of the conversation, we talk about how Try Not To Blink was started and what it’s meant for each of their careers.   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or download our popular ebook called “Five Tips to Financial Freedom for Optometrists.”   And with that introduction, I hope you enjoy my conversation with Drs. Roya Habibi and Jimmy Deom.     Try Not 2 Blink —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!  

On the show today is Amber Banks, co-founder of MW Banks Consulting. What’s awesome and unique about Amber is that she has an incredible depth of knowledge and experience in working with doctors to help them make smart financial decisions in their practice based on the financial metrics of their business. In this episode we “complete the life cycle” of a practice by talking about key financial considerations while still in school depending on whether you’re looking to buy an existing practice or start a practice cold, the key metrics of your practice that you should always understand, the most important financial statements to review on a monthly basis, and how your own “financial IQ” of your practice can actually influence the asking price for your practice when it comes time to sell! We also discuss how much cash you should keep on hand in your practice on a monthly basis and how the amount of cash that you have in the business can be a good litmus test for determining if it’s time to take the next step in your retirement savings strategies in your practice. We wrap up the conversation by talking about which financial metrics you should share with your team…if you choose to share them at all.   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Media Hub. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or download our popular ebook called “Five Tips to Financial Freedom.”   And with that introduction, I hope you enjoy my conversation with Amber Banks of MW Banks Consulting.   MW Banks Consulting, LLC —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!  

Welcome everybody, to another episode of 20/20 Money! On the show today I have Dr. John Ormando with Uppercut Consulting. John is co-owner of a successful private practice in Rhode Island that is one of the (if not the largest) single-location optometry practices in the country. What’s unique about John, though, is something that came to my attention while reading Optometric Management’s “Tip of the Week” which had a catchy title: “What I learned from Losing $300,000.” We talk about the experience that John went through in the financial markets which caused him that loss and how it equipped him with the perspective to understand the importance of surrounding yourself with the right professional team. We talk about the structure of his professional team—both inside the office as well as his outside team like his CPA and financial advisor—and we dive into the idea and benefits of making sure the strengths of the people on your team complement your weaknesses. We also talk about why you should pretty much force your CPA and your advisor to meet with you at the same time as well as an unfortunate example of why you should review your various insurance coverages on an annual basis. And be sure to listen all the way through, when we both “soapbox” a bit on why your practice should NOT be the main asset in your financial plan, but rather a great vehicle that you can use to build towards financial independence. And with that introduction, I hope you enjoy this episode of “20/20 Money” with Dr. John Ormando.   Resources: Dr. Ormando’s TOTW Story Kolbe Strategic Coach Uppercut Consulting Email Dr. John Ormando —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

In this week’s show, it’s all about taxes! You’ll learn how our federal tax system works, the difference between someone’s “top tax bracket” and what their marginal tax bracket is, and the different types of taxes that you’re obligated to pay based off the income that you earn. I’ll also share with you different planning strategies to consider whether you found yourself getting a refund or having to pay. From there, I’ll explain the difference between underpayment, late filing, and late payment penalties and which one you absolutely want to avoid. And finally, for those of you that find yourself in the situation of having to make a payment, I’ll discuss a practical way to proactively plan for those payments throughout the year so that you’re not surprised and scrambling for cash come tax day.   Links 12 Things to do with your refund Avoiding 1099 Hell Underpayment Penalty Late filing & payment penalties Form 1040 Estimated Tax Payment Schedule —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome everybody to the first episode of the newly renamed/rebranded podcast “20/20 Money!” Since inception, this show has been called The Dose as it primarily discussed financial concepts and strategies that would apply to white coat professionals in the dentistry, optometry, pharmacy, and physician landscape. However, as we continued to record episodes, I started to realize that more and more of the content and ideas that we were discussing had a definite lean towards optometry…and as my presence as a wealth adviser in the optometric community continued to grow, I felt that it would be appropriate to rename and rebrand the podcast accordingly. With that, 20/20 Money was born.   Having said that, there are still topics that we’ll cover that will be applicable to dentists, pharmacists, and physicians, so I’d encourage you to stay subscribed to the show so you’ll still receive new episodes as they are released every Monday and you can decide at that time whether the topic is of interest to you or not.   My guest on today’s show is Dr. Steve Vargo. Steve is an optometrist that, after practicing 15 years as a clinician, transitioned from patient care into practice management and has been working with IDOC for the past 4+ years. What’s unique about Steve is his commitment to help develop ODs into better leaders and, because of that, help them live better lives themselves (personally and professionally). In this episode, we cover many topics and digress down a few rabbit holes, but they all come back to one common theme: managing stress. We talk about the typical journey that ODs go through when they first start their practice and why improving one’s practice typically must start with a shift in mindset before addressing the actual practice management tasks. He talks about why it’s important to challenge conventional wisdom and provides certain examples in a practice where they can challenge the status quo. He introduces us to the concept of the CEO Model at IDOC and how it helps practice owners. We also dive into the power of habits and how habits affect the stress level we feel and we wrap it up with specific action items that you can take away from this episode and implement into your own life to help you live the life you want. And with that introduction, I hope you enjoy this conversation with Dr. Steve Vargo.     Resources IDOC Fear Setting with Tim Ferriss Dr. Steve Vargo, OD, MBA LinkedIn Atomic Habits The Miracle Morning Simply Being Meditation App Headspace —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!  

This is part two of my conversation with Michael Pote of The Growth Cooperative. In this conversation we talk about the role that private equity has played in the transition and succession planning of optometry practices over the past couple of years. In this episode we discuss:   What private equity is, how it works and a couple of different ways in which private equity is different than a traditional clinical buyer of your practice such as one of your associates, another optometrist in the same town, etc. The unique attributes private equity has when purchasing your practice and the two different type of private equity models and how those models dictate the valuation that doctor will receive Why most private equity valuations are higher than most offers you would receive from other optometrists, and why private equity firms are able to offer those offers The importance of making sure your personal financial plans are in order so the process of selling your practice will be much less intimidating and emotional.   ——————————————————————————————————————— Please rate and subscribe to The Dose on these platforms Apple Podcasts Spotify Google Play Stitcher  ——————————————————————————————————————— For past episodes of The Dose with full companion show notes, please check out our episode archive here!

  We’ve been on a roll lately in having some of our past guests share more of their knowledge and today is no different. This episode is part one of a two-part conversation with Michael Pote. You may remember Michael from episode 8, where we talked about several areas of practice management and what his organization The Growth Cooperative is doing to help optometrists across the country. Today we talk about all things related to selling a practice, specifically from a seller’s perspective. In this episode we discuss:   Why selling isn’t an event, but rather a process and how it’s like selling a house. The two fundamental numbers that must be improved to improve the evaluation of your practice. The necessity for good reporting tools and being able to dive into practice data, and the difference it makes with a buyer. Michael shares a story about a practice that was $1.4M in gross revenue, and why there was a 220k difference between what the doctor THOUGHT he was earning versus what his practice showed. Books Referenced The E-Myth Revisited – Michael Gerber Traction –Get a Grip on Your Business – Gino Wickman   ——————————————————————————————————————— Please rate and subscribe to The Dose on these platforms Apple Podcasts Spotify Google Play Stitcher  ——————————————————————————————————————— For past episodes of The Dose with full companion show notes, please check out our episode archive here!  

We’re back with another episode of The Dose. Today I have another returning guest, Josh Kegley with Retirement Plan Consultants. You may remember Josh from one of our earlier episodes where we talked pretty high level about the retirement plan space and the evolution that practice owners go through as it pertains to the various vehicles that they can utilize to build wealth inside of a retirement plan. Today, we get into the weeds on how to utilize a qualified retirement plan like a 401k to maximize the benefit to the practice owner. We start out discussing how changing the match to a safe harbor is the easiest way to allow practice owners to maximize their own contributions as well as the nuances of the safe harbor match.  We then dive into the details on the other side of the qualified plan, which is the profit sharing plan. We discuss the various different types of profit sharing plans, including: Integrated Cross-tested (new comparability) Age weighted More importantly, we discuss the characteristics of a practice that would be a good fit for each of the plans mentioned above as well as some of the different questions to consider when determining if, when, and how much of a profit sharing contribution to make. We also touch on the impact that profit sharing contributions have on qualifying for the new Section 199A deduction (commonly called the “QBI deduction”). And be sure to stick around to the end, where I share a specific example of a client situation where the client chose to make the profit sharing contribution, even though it “cost” him more than he would have paid in taxes and why he decided to make that decision. With that introduction, I hope you enjoy this episode of “The Dose” with Josh Kegley. Links: Retirement Plan Consultants Josh Kegley’s LinkedIn Profile  

In this episode we talk about one of the most common questions I hear from optometrists: should I pay down debt or should I be saving for retirement? While every person’s situation is different, it’s important to understand the one theme and idea that’s constant in that equation: the time value of money and compounding interest.   During the show, I’ll discuss: How compounding interest works, using a snowman as an analogy A hypothetical example showing the real cost of waiting The max number of years you should take to pay off student loans while not saving for retirement The order and type of accounts you should consider when you start saving The power of habits and how to start small   —————————————————————————————————— Please rate and subscribe to The Dose on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of The Dose with full companion show notes, please check out our episode archive here!

Today’s show is another solo episode that takes you on my personal journey as I evaluate healthcare options that my family is considering now that we no longer have access to group health insurance through my wife’s employer. During this episode I discuss some of the details about how COBRA coverage works, the benefits of an HSA, and how to understand the different plan options provided through www.healthcare.gov, which is otherwise known as “Obamacare” or the Affordable Care Act (ACA). I go into the details of our personal situation, including the costs of our different options. I’ll share my philosophy and approach on the cost/benefit analysis of premiums versus deductibles, and how understanding the tax benefits of HSA plans figures into the total cost of your plan. I close out the show discussing SHOP, which is the Small Business Health Option Plan program available for small business owners through ACA.   If you own a practice and are considering providing group coverage for your team or are self employed, do not provide insurance to your team but still have to provide coverage for your family, this episode goes into the nuts and bolts of understanding your options.   How does COBRA work. Federal Poverty Levels SHOP Tax Credits Getting started with SHOP

Today is a shorter, solo episode and I talk all things cash. This may seem like a boring topic because cash as an asset class really hasn’t mattered much over the past 11 years. We’ve all been accustomed to seeing the 0.05% (.0005) interest rate in your checking account, so it was basically a lost cause to think about putting your cash to work and actually getting a return on your balance. However, as the Federal Reserve has raised interest rates, one of the benefits of this monetary policy change is a higher return on cash deposits, but not all banks are created equal. While you may not have seen much of a change on your rates at your brick-and-mortar banks, the rise on online-only banks has added an additional competitor to the field…all vying for your deposits. Because these institutions don’t have near the overhead, they can offer higher rates to consumers and thus have added additional competition to the banking industry. In this episode we discuss the history of cash, how interest rates are set by banks, how much cash you should have on hand, and various strategies and options to consider with your cash-on-hand. Towards the end of the show I also talk about taking these same principles and making sure you understand your cash options within your investment account(s) as well.   Resources: Nerd Wallet The Motley Fool https://www.youtube.com/watch?v=07G23zMGa4g —————————————————————————————————— Please rate and subscribe to The Dose on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of The Dose with full companion show notes, please check out our episode archive here!

Welcome to this Episode of The Dose podcast. My guest on today’s show is Kevin Wittmeyer, Manager at Slattery & Holman, P.C. here in Carmel, Indiana. For today’s podcast, Kevin stops by to discuss how to effectively utilize Cash Balance Plans and the benefits they can have for the right person in the right business. A Cash Balance Plan is a unique and powerful planning tool for your practice, so Kevin and I aim to give you the ABCs and 123s on when you might consider one for your business. —————————————————————————————————— Please rate and subscribe to The Dose on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of The Dose with full companion show notes, please check out our episode archive here!