The Testing Psychologist Podcast 481. Profit Sharing & Compensation w/ Carla Titus
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Dec 12, 2024 In this engaging discussion, Carla Titus, Owner/CEO of Wealth & Worth Within with 17 years of financial expertise, sheds light on vital financial management strategies for practice owners. She delves into common profit percentages and how to recalibrate excessive compensation structures. Carla also shares practical steps to implement profit sharing and offers ‘level up’ strategies for financially healthy practices. Join in for actionable insights that can transform your approach to practice finance!
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Financial Expertise Lacking
- Many practice owners lack financial expertise.
- This makes hiring or delegating financial tasks challenging.
Financial Warning Signs
- Watch for stress around payroll cycles and reliance on last-minute deposits.
- This indicates a need for financial help and addressing root causes like compensation structure.
Profit Percentage Ranges
- Profit percentages vary greatly based on practice type, size, and individual choices.
- Private pay practices typically have higher profit margins (20-40%) than insurance-based (10-20%).