20/20 MONEY: The Business of Optometry

Welcome to this episode of 20/20 Money! My guest on today's show is Dr. Todd Cohan, OD (email; website). Todd joins me back on the show to unpack the success that his practice had in 2022 and what made it his best year in practice—both in quality of work as well as profit margin. We cover a lot of different areas in this conversation, including his continued expanding scope of care that he's providing to his patients, how he evaluates and makes decisions on new technology and equipment to add into his practice, how he engages his team to stay focused on the objective, the flow of patients through his practice and how he positions his pretesting process, and what the culmination of all of that has meant to not only the high quality of care that he's able to deliver to his patients but the positive financial impact it's had on his business. And be sure to stick around to the end where we announce a follow up event to this conversation. If you're really curious and don't want to wait until the end, the link to the upcoming event is located in the show notes of this episode. 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. Todd Cohan, OD. Zoom Registration Link: https://bit.ly/43Dz1zc Resources: 20/20 Money Community Information www.integratedpwm.com/179 ————————————————————————————— 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 a very special episode of 20/20 Money, as it not only was live on location at IDOC Connection 2023 in Orlando with Nathan Hayes but also done in front of an audience with a Q&A session towards the end of the conversation. Nathan and I talked about practice profits and household budgets and how to build personal wealth through the business of optometry. We discuss the cadence of distributions from the business to satisfy your personal budgetary needs, how to come up with a "basic" savings number and how close that will get you to retirement, the true "expense" of underpaying yourself a W-2 wage, and a few other topics. We wrap it up by taking a number of questions from the audience. This was no doubt one of, if not the most fun, I've ever had recording an episode of 20/20 Money and I hope you enjoy listening as much as I enjoyed creating the episode. A very special thank you to Nathan and the rest of the team at IDOC. I have appreciated the collaborative relationship and friendship that I've made with Nathan and others on the team and they are truly there to serve private practice and embody their slogan of "independent, together. 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 "on location" conversation with Nathan Hayes. 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!

In this episode, we'll talk about how you can use information from last year's tax return to plan proactively for the coming year. This approach can help you save money on taxes and avoid common mistakes and, as an optometric practice owner, take more agency over your cash flow during 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! Referenced 20/20 Money episodes Taxes 101 Savings Hierarchy for Optometrists Understanding estimate tax payments to proactively manage cash flow (eps 180) Resources: 20/20 Money Community Information Credits and Deductions Under the Inflation Protection Act ————————————————————————————— 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 guests on today's show are Drs. Zac & Joelle Holland, OD. Zac and Joelle join me back on the show to celebrate something that I know many younger ODs aspire to achieve and a number of seasoned ODs have already achieved: the paying off of their student loans. What makes their story so unique, inspiring, and empowering is the amount of student loan debt they had and how quickly they paid it off. This is essentially "Part 2" of our conversation as I had them on the show way back on episode #86 to talk with them about the journey when they were in the thick of the repayment plan. On today's episode they share a lot of insights and information. They'll share how much and in what time period they paid it off, how the journey into practice ownership influenced their plan, how they think about debt going forward, and what they've learned throughout the process. They'll also share an unexpected joy they're experiencing on the "other side" of being debt free. I hope you'll enjoy listening to this conversation as much as I enjoyed having it. 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 Drs. Zac and Joelle Holland, OD. Resources: 20/20 Money Community Information Aupaircare ————————————————————————————— 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. Pete Kehoe, OD. Pete joins me back on the show to talk through his journey as an investor when overlayed on top of his professional journey as a practice owner. He shares examples of successful and not-so-successful investments that he's made, resources and platforms that have helped him become a more informed and educated investor, how he thinks about assets vs income, and how he thinks about the business of optometry relative to other investment ideas. The goal that we both had in having this conversation is to help ODs think intentionally about their investment goals and objectives and communicate the importance of aligning intention with action, specifically around the type of investing that ODs do on a consistent basis. As a personal note (and admittedly from a compliance perspective as well), some of the resources that we mention in this conversation are not the ONLY way to build towards financial independence, but they are A way to build towards it. The best investment plan is one that you (a) understand, (b) can stick with, and (c) helps you accomplish your financial goals and objectives. 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. Pete Kehoe, OD. Resources: 20/20 Money Community Information Bigger Pockets Rich Dad, Poor Dad Wealth Formula Podcast ————————————————————————————— 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!

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!