20/20 MONEY

In this episode, we'll be discussing the concept of basis and its impact on taxes for S-corp optometric practices. Basis is a crucial concept that can affect the way S-corp optometric practices are taxed, and it's important to have a clear understanding of it. We'll break down the basics of basis, how it applies to S-corp optometric practices, and why it matters.   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 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!

On today’s episode, we’ll discuss the different ways a business can be formed and the way that each of those entity selection types is taxed to the shareholder/owner. We’ll also talk about different criteria to consider when selecting your entity type, why it may change over the course of your practicing career, and the importance of understanding the various short and long-term implications of underpaying yourself as a W2 employee. 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 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 Apply for EIN through IRS 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! This was my guest appearance conversation with Dr. Bethany Fishbein, OD, CEO of Power Practice and host of the Power Hour Optometry podcast. On Bethany’s show, we dove a little deeper into some concepts and ideas that she shared in an episode of Power Hour towards the end of 2022, which was all around using the numbers of your practice to evaluate the success of your practice and planning for the next year. We continue that dialogue, but we put it through the filter of changing habits in the way that James Clear talks about in his book Atomic Habits. As always, this was a really enjoyable conversation with Bethany and we cover a lot of different angles—both personally and professionally—as it relates to your finances.   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 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. Bethany Fishbein on The Power Hour podcast.   Resources: 20/20 Money Community Information Atomic Habits   ————————————————————————————— 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! This week’s episode is my guest appearance on IDOC’s “Eye Own a Business” podcast hosted by Dr. Steve Vargo. Steve had me on the show to talk about the relationship between business and personal goal planning and how related they are to one another. We talk about the importance of asking “why” before asking “how,” why it’s important to be specific when visualizing your goals, the importance of being intentional with your time and why practice owners are reluctant to delegate various responsibilities in their personal and professional lives.   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 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 on “Eye Own a Business” podcast.   Resources: IDOC Upwork Fiverr 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 Smiley, OD. Chris joins me on the podcast today to talk about his journey as a multi-location owner and his evaluation as both an OD and business owner. He shares what prompted him to go into private practice and the catalyst that inspired him to start buying multiple locations in the Columbus, OH area. We talk about the importance of taking a self-inventory of how you think about yourself and how he’s not only acknowledged the fear he’s had in the various up-levels he’s taken in his life, but how he’s actually used that fear to fuel the next iteration of his practice, which continually turns out to propel him to the next level of success. We wrap up the conversation with some very actionable steps practice owners can take to perform a self-inventory of how you’re using your most precious—and limiting—commodity…and those of you that have listened to the show for any length of time know exactly which commodity I’m talking about.   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 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 Smiley, 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 Denise Logan.   Denise joins me on the show to talk about what I feel is an area of business ownership that is often overlooked and that is the subtle but very real and powerful emotional connection we have to our businesses. This is amplified when a practice owner is contemplating selling their practice and determining their transition readiness. We talk about her own transition to selling her business and what inspired her to do the work that she does today as well as discussion the relationship to your financial and emotional readiness. Denise gives us a good response the next time we’re asked the question “What do you do?” She’ll also provide some very pragmatic tools and questions to ask through self-reflection that can help you address the relationship you have with your practice as you plan for an eventual transition—whether that transition is months or decades in the future. This was a really enjoyable conversation that ties both the financial, behavioral, and emotional journey every practice owner will go on when they sell their 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 newsletter and 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 Denise Logan.   Resources: 20/20 Money Community Information Life in Weeks calendar   ————————————————————————————— 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 Ankit Patel. Ankit and I chat about how he and his wife have taken delegation and outsourcing in their practice to a whole new level by building part of their team overseas in the Philippines. We talk about their path through practice ownership and how they keep a pulse around their patient satisfaction. We also talk about their interview process and questions they ask, how they manage their team both stateside and overseas, impactful interview questions they ask, and the financial metrics that caused them to start looking for alternative solutions to their team. We then dive deep into the journey he’s been on building and managing a virtual team in the Philippines and the work they’ve started doing for other offices.   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 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 Ankit Patel.   Resources: 20/20 Money Community Information Culture index My business care team FreePBX 8x8 Asana EOS® ScribeHow Loom Trainual Topgrading (book) Who (book) ————————————————————————————— 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!  

Understanding the relationship between business risk and the multiples that are paid on practices is important for anyone that's buying or selling a practice to understand. In this episode, I'll discuss how multiples are calculated, the different ways we can think about risk when it comes to investing, and why it's important to make sure that you're being honest with yourself about the financial metrics 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 newsletter and 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: Why Selling to PE Could COST You Six Figures!  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. Steve Vargo, OD with IDOC.   Steve joins me back on the show to talk about the idea of employee productivity and how that translates into the overall success of the practice. We bifurcate this topic by first talking about associate vs owner productivity and steps that an owner can take to increase productivity of associates in their practice. We transition then into talking about the front of practice activities (optical and front desk) and the importance of distilling the big practice goals down into measurable and impactful activities that each team member can take ownership improving over the course of the year.   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 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. Steve Vargo.   Resources: 20/20 Money Community Information The 12 Week Year by Brian Moran Eye on Leadership by Dr. Steve Vargo, OD   ————————————————————————————— 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!

On this episode, I wanted to share a bit of a personal story about 3 lessons that I learned from my grandparents that have in large part shaped the money story and lessons that have guided my financial journey and how I view and use money money in my life. I hope this conversations gives you a benchmark and different viewpoint to compare your own money values and purpose. If you feel like you don’t have a grasp on your own money story and purpose, my hope is that it inspires you to start thinking intentionally about how you make spending and investing decisions with your dollars.   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 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!