20/20 MONEY: The Business of Optometry

Welcome to this episode of 20/20 Money! My guest on today's show is Billy Murray with myeyedr. I wanted to have Billy on the show to talk about the current state of private equity in the optometry space and have him share his perspective as someone that is working with partner practices that choose to align with myeyedr. We talk about everything from the basics of PE, where he feels we're at in the cycle of PE, the benefits and exchanges of a PE-based exit strategy, how he thinks about the challenge of rural optometry, and a number of other topics. I'm grateful that he came on the show to talk through these items and give you, the listener, the "buyer's perspective." 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 help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Billy Murray. 20/20 Money Community Information Follow us on Instagram: https://www.instagram.com/2020moneypod/ ————————————————————————————— 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 this episode of 20/20 Money! Practice financials can sometimes seem complicated and overwhelming, especially if you haven't had any business training or your accountant/CPA or bookkeeper hasn't spent time helping you understand your financials. In this episode, I'll walk through the basics of the three important financial documents and how to put those through the filter of your own personal finances and monthly budget. Resources https://integratedpwm.com/201 20/20 Money Community Information Email 20/20 Money podcast@integratedpwm.com 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 help OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Follow us on Instagram: https://www.instagram.com/2020moneypod/ ————————————————————————————— 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 is a very special episode of 20/20 Money in that it is our 200th episode!! And I can't think of a better way to celebrate than to announce the launch of the "20/20 Money Community!" In this episode I'm going to get pretty personal with you and share some of the backstory and context around how this show has evolved, the "why" behind a lot of the work that I do, and what we're going to be rolling out here at 20/20 Money in the next couple of weeks. I'm so excited to share this announcement with you and I appreciate your continued support of the show!!! 20/20 Money Community Information Email 20/20 Money podcast@integratedpwm.com 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 help OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Follow us on Instagram: https://www.instagram.com/2020moneypod/ ————————————————————————————— 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 JR Armstrong. JR joins me back on the show to talk about a common tax planning strategy that we both see utilized in optometric practices: buying a vehicle through the practice. We cover the basics of what needs to be considered, some of the nuances and limitations of having the practice buy the vehicle, and most importantly ensuring that you understand the big picture of what it means to depreciate property like vehicles 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 newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose, or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. And with that introduction, I hope you enjoy my conversation with JR Armstrong. Resources: https://integratedpwm.com/199 Follow us on Instagram: https://www.instagram.com/2020moneypod/ ————————————————————————————— 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. Jennifer Stewart. Jen joins me again on the show to talk about an interesting transition that's just occurred for her, and that was selling her practice! Longtime listeners of the show will know that she owned a very successful practice in Connecticut. However, she also felt a calling to use her experience as a successful practice owner to help others in the profession run successful practices and viewed this part of life as the time to do it, and in this conversation we dive into the details of that transition. 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 help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Dr. Jennifer Stewart. Resources: Rocket Fuel

Welcome to this episode of 20/20 Money! My guest on today's show is Greg Crabtree, CPA. Greg is the author of two of my favorite books about running a business and using the numbers of your business to make informed decisions (Simple Numbers, Straight Talk, Big Profits and Simple Numbers 2.0: Rules for Smart Scaling). He's also the Partner in Charge in the Huntsville, AL office of Carr, Riggs, and Ingram and I was excited to chat with him about the concepts he talks about in his book. We talk about cash reserves in your business, the 4 forces on cash flow and the importance of starting with profitability, the lies that business owners tell themselves through their financials, why meal periods are important to him, and why the rolling 12 month financial report is so much more important than YTD. 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 help OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions to help them live their best life on purpose or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Greg Crabtree. Follow us on Instagram: https://www.instagram.com/2020moneypod/ ————————————————————————————— 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. Mick Kling, OD. Last week was part 1 of our two-part conversation on all things related to practice transitions. We talk about practice transitions from both the buyer's and seller's perspective and talk about the entire life cycle of the process. Today's episode is Part 2, and we continue the conversation by first diving deeper into the banking and financing aspects and best practices of practice transitions. We then talk about submitting your offer, binding vs non-binding terms in an LOI, why valuations are largely unimportant and dare I say useless, how the ownership of the building can play into the deal, and the confirmatory due diligence process and closing, including some thoughts on credentialing and its impact on the transition. 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 help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Dr. Mick Kling. Resources: https://integratedpwm.com/196 Follow us on Instagram: https://www.instagram.com/2020moneypod/ ————————————————————————————— 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. Mick Kling, OD. In this two-part conversation with Mick, he and I have a deep and well-rounded discussion on all things related to practice transitions. We talk about practice transitions from both the buyer's and seller's perspective and talk about the entire life cycle of the process. Today's episode is Part 1, and we cover information related to the beginning stages of buying a practice. We talk about the qualitative and quantitative characteristics of a buyer, how to find practices for sale, and we explore the due diligence process in detail. 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 help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Dr. Mick Kling. Resources: https://integratedpwm.com/195 Follow us on Instagram: https://www.instagram.com/2020moneypod/ ————————————————————————————— 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 Steve Alexander. I wanted to have Steve back on the show to "bookend" the mini-series we did around the subject of vision care plans and their role in your practice's profitability. In this conversation, we discuss some of the highlights and takeaways we both had based off last week's episode with Dr. Kyle King. If this is your first time checking out 20/20 Money, thanks so much for being here!! This usually isn't the case, but today's episode will have a lot more context if you have listened to the previous two weeks' episodes, so I really encourage you to go back and listen to those first before listening to this conversation. 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 help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Steve Alexander and this mini-series on going out of network with vision care plans! Resources: https://integratedpwm.com/194 Follow us on Instagram: https://www.instagram.com/2020moneypod/ ————————————————————————————— 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. Kyle King. Kyle is a partner at Evansville Eyecare Associates in Evansville, IN and is a 2011 grad of IU School of Optometry (I know this because he graduated with my wife). Kyle joins the show today to talk about a journey and transition that I feel a lot of practice owners have thoughts about in the past, and that was his and his partner's decision to become out-of-network for all vision plans and effectively be a fee-for-service practice. Kyle talks about the tipping point that essentially forced the practice to make this decision, the patient communication strategy that they implemented to ensure that patients weren't surprised about the change, a few lessons learned, as well as the various benefits they've seen after having made the switch. 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 help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Kyle King. Resources: https://integratedpwm.com/193 Follow us on Instagram: https://www.instagram.com/2020moneypod/ ————————————————————————————— 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!