20/20 MONEY Buy vs Build Convo #1: purchasing a low-revenue optometric practice vs cold starting with Erich Mattai
Welcome to another episode of 20/20 Money. My guest on today's show is Erich Mattai with Akrinos. My conversation with Erich is essentially one of two conversations that I had with two different guests (the second guest/conversation will be next week's episode), all focused around one question: what should someone do if they're considering buying (or selling) a low-revenue private practice. To put context around this number, we're talking about private practices that are grossing somewhere between $400-700k in collections. The question that I posited to Erich was how a future owner should think about the decision matrix of whether to buy a "fixer upper" practice with possible latent potential or whether they should forego that practice and just strike out and cold-start on their own. We discuss financing the purchase of an existing practice compared to a cold started. We also have a spirited discussion around this topic as well as how an owner can evaluate the ROI of an established practice vs a cold start over the long term.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Erich Mattai.
Resources:
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For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!