20/20 MONEY Buy vs Build Convo #2: purchasing a low-revenue optometric practice vs cold starting with Nathan Hayes of IDOC
Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes with IDOC. Nathan joins me back on the show to give another perspective around the question I asked Erich on last week's episode: how should a potential buyer/future owner look at lower-revenue private practices and whether it's better to buy a "fixer upper" vs cold starting their own practice. This was another spirited conversation filled with anecdotal examples of what can go right and wrong when purchasing practices and planning for the eventual succession of a private practice. We touch on a variety of topics, ranging from financing options, how valuations are determined and when they can be more harm than good in the succession of a practice, and another reminder about how all of these decisions still emphasize the importance of having a plan and understanding the role that your practice plays in your overall financial plan.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!
And with that introduction, I hope you enjoy my conversation with Nathan Hayes.
Resources:
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