20/20 MONEY

Welcome to this episode of 20/20 Money! My guest on today’s show is Kayla Ashlee. Kayla is the creator behind Spexy, an online training platform that’s built to help independent ODs and their teams make the most out of their optical and empower them to embrace change in their practice. Kayla joins me back on the show to talk about the importance of tracking frame turnover in your optical and how important it is to track that data and what it can mean for your numbers. We also talk about pricing within your optical, defining the basic econ term “price elasticity of demand,” independent brands vs “the big names” and its impact on optical, how ODs should think about evaluating frames, and the “kiss of death” in optical based on the threshold of limited retail to showcase in your practice.   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan 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 Kayla Ashlee.   Resources: 20/20 Money Community Information Spexy   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome to this episode of 20/20 Money! My guest on today’s show is Jackson Pace. Jackson joins me on the show today to talk through his journey working for a growing and thriving practice as a CFO and the lessons he’s observed along the way that he’s helping apply to the work that he does with practice owners around the country. We talk about when he thinks a practice is ready for a full-time CFO, the biggest challenges in understanding the cash flow of a practice, the cadence of reviewing financials, and other interesting points.   As a reminder, you can get all the information discussed in today’s conversation by visiting our new 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 Jackson Pace.   Resources: 20/20 Money Community Information Kayla Ashley Episode (BeSpexy) GPN EDGEPro www.refractionalCFO.com Richens Eye Center   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome to this episode of 20/20 Money! On this episode I talk about the importance of having a multi-year timeline when deciding to sell your business and why factoring your practice’s perceived or actual potential into the valuation isn’t a strategy that’s going to actually show up in the value of your practice..   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!   Resources: 20/20 Money Community Information   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Julie Helmus, OD. This is part 2 of my conversation with Julie and in this episode, we dive deeper into the deal structure of buyer her parent’s practice, how it was funded, the current org chart of the practice, and some of the pieces of tech that they are using to manage a practice as large as theirs. Julie is also gracious in sharing some detailed numbers of her practice and we talk about the trajectory of the practice going forward. We wrap the conversation by talking about her passion with a new service that her practice is offering and her passion surrounding this type of care as well as thinking through the difference between a CEO and a business owner.   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 Dr Julie Helmus, OD.   Resources: 20/20 Money Community Information Weave Loom Crystal Helmus Optometry Avulux Lenses   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Julie Helmus, OD. Julie joins me on the show to share her journey into practice ownership as the G2 owner of Helmus Optometry (IOW, buying her parent’s practice). She shares the journey that she went through as a partial owner, navigating perceived nepotism in the practice during the acquisition process, her decision to keep it a “super single” as opposed to growing into multiple locations, and the importance of having an experienced attorney look over your shareholder agreements. We finish our conversation with a discussion about business ownership and how hard it can be to take time out of the business...but why it’s so important to intentionally manage your time and take breaks from the business.   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan 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 Dr. Julie Helmus, OD.   Resources: 20/20 Money Community Information   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!  

Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Chris Wolfe, OD. Chris joins me on the show to share in a conversation about how ODs can think about pricing the different services provided in the practice and how to frame that conversation with your patients, how ODs can think about researching their pricing on medical procedures, how to think about scheduling in your practice to be as efficient with OD hours as possible, 4 questions to consider asking every pt as it relates to dry eye, the 5 steps needed to introduce change in your practice, and how practice owners can think about setting their fees in relationship to the different 3rd party payors.   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 Dr. Chris Wolfe, OD.   Resources: 20/20 Money Community Information   CodeSafePlus EyeCode Education EyeCode Media Podcast Adam’s in-flight conversation with Chris   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome to this episode of 20/20 Money! My guest on today’s show is Matt Curts. Matt has a long and storied career. As a long-time CFO, he has a lot of experience working on businesses through the numbers. But, as Matt continued to lean into his passion and purpose, he realized that purpose and the pursuit of purpose is not limited to just a few but should be possible for everyone. He made the decision to leave corporate life and move into a ministry position within his church for four years, which ultimately led him on the path to co-found his current company Switchback. He’s passionate about giving away friendships and developing pathways for both leaders and team members to discover their whole life’s purpose.   In this conversation, Matt and I talk about the importance of culture in an organization, how practice owners should think about something as “intangible” but important as culture, some of the limitations he’s observed with personality profiles, the importance of nurturing a team member in their career to increase productivity, and what tools they can consider using to intentionally work on the culture in their organization. He also shares what it was like for him and his wife Stephanie (who is the OD) to take over a long-and-solo-owned, small-town based private practice and what that experience meant to both he and Stephanie as well as the team and former owner. He also talks about a process they use called “Life-mapping” to help team members better connect with their purpose and thus increase their connectedness to the practice, which thus increases their efficiency and ultimately the profitability of the practice. He also talks about why it’s important to stop looking for what’s wrong and start looking for what’s right in team members and within the practice.   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!   And with that introduction, I hope you enjoy my conversation with Matt Curts.   Resources: 20/20 Money Community Information Top Strategies for Employee Retention Switchback website   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome to this episode of 20/20 Money! My guest on today’s show is Ali Oromchian. Ali joins me back on the show to talk about a not-too-common but very important part of any partnership: the terms and conditions of the buy/sell agreement that essentially is a part of every partnership. The extent to which the terms of the buy/sell are explicitly documented, however, can be wide-ranging.   In this conversation, Ali and I define a buy/sell, how they work, some of the key elements of a buy sell, who needs one, and valuation ideas for quantifying the value of the practice. We also talk about pros and cons of a 51/49 partnership agreement, different triggering events of a buy/sell, and how one should protect themselves against financial decisions of their partner should financial insolvency become an issue.   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 ultimately 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 Ali Oromchian.   Resources: 20/20 Money Community Information   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome to this episode of 20/20 Money! My guest on today’s show is 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: 20/20 Money Community Information IDOC   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome to 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: 20/20 Money Community Information Akrinos   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!