20/20 MONEY

Welcome to this episode of 20/20 Money! My guest on today’s show is Erich Mattei. Erich is the founder of Akrinos, a consulting firm that not only helps ODs thrive in today’s practice management landscape but takes it a step further by helping with the implementation and execution of identified strategies that will improve upon a practice’s success.   In this conversation, Erich and I talk about each component of their Analyze.Strategize.ImplementTM process and discuss a variety of topics that practice owners should be focusing their time and attention to help them improve the efficiency and thus profitability of their practice. Specifically, Erich shares the 6 areas that a practice owner can focus on to determine whether there is room for improvement.   Today’s quote of the day comes from John Maxwell: “The pessimist complains about the wind. The optimist expects it to change. The leader adjusts the sails.”   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 Erich Mattei.   Opportunity Simulator on Akrinos website 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 is a CPA and partner with May & Company and similar to our firm has a focus of serving optometric practice owners nationwide. JR joins us on the show to talk about not only why it’s important to know the financials of your practice, but specifically how important it is to ensure that the financials are accurate and correct before making business decisions based on your financial metrics. We discuss items such as the importance of not going “negative equity” in your business, why it becomes really confusion to commingle business and personal expenses on one credit card, and other business financial overlooks.   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.   If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.   And with that introduction, I hope you enjoy my conversation with JR Armstrong. 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…me! On this episode of 20/20 Money, I’m sharing with you the conversation I had with Dr. Bethany Fishbein that was originally recorded and released on the Power Hour Optometry podcast, which is the podcast hosted by The Power Practice. The Power Practice is a consultancy founded by Dr. Gary Gerber in 2003 that helps optometric practice owners achieve their most audacious business goals by creating their own definitions of success and building their practice with intention. We’ve put links to the Power Hour podcast and several of their resources in the show notes of this episode.   Today’s quote comes to us from Albert Einstein. “No problem can be solved with the same consciousness that created 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 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 on The Power Hour Podcast. 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 Ryan Nesbitt.   Ryan joins the show today to give us a unique perspective. As a consultant and advisor to private equity firms that are acquiring private practices across the healthcare verticals (including optometry), Ryan and I spend time talking about his experience working in private equity deals and sharing with us what drives value and return to private equity when acquiring practices. Knowing this information can help practice owners “spruce up” their own practices if they are considering a sale. We also spend some time specifically talking about how to navigate the timeline and conversation with associate ODs in the practice, since retaining providers is one of the biggest drivers of (short term) success for the practice post-sale.   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.   If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.   And with that introduction, I hope you enjoy my conversation with Ryan Nesbitt.   Resources/References: Staying Independent or Selling to PE? A financial analysis (Review of Optometric Business) Knowing your number with Nathan Hayes 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. Bethany Fishbein.   Bethany is the CEO of The Power Practice and she joins the show today to talk to us about how she’s handled an all-too-common question, challenge, and (perceived) hurdle that many practice owners will eventually face: how do you most efficiently transfer an existing patient base from the OD practice owner to either another partner or associate in the practice. In today’s conversation, Bethany shares with us what went right (and wrong) in the transition, the catalyst that caused her to make this decision, her own mental head trash that she had and how she got over it (hint: it’s never as bad as we think it’s going to be), and what surprised her most about the transition.   Today’s quote again comes to us from Warren Buffett: “It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’d drift in that direction.”   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.   I’d also like to share that I was fortunate enough to be Bethany’s guest on the “Optometry Power Hour” podcast and our conversation will be released on Wednesday, December 8th. If you don’t already subscribe to Power Hour, I’ve put links to their show in the show notes of this episode or you can just search “power hour optometry” wherever you get your podcasts.   And with that (long) introduction, I hope you enjoy my conversation with Dr. Bethany Fishbein.   Tim Ferriss Fear Setting Fear Setting Worksheets 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!

With a little over a month before the end of the year, there’s still time to proactively plan your finances both personally and as a practice owner. In this episode we’ll highlight 3 strategies to consider and 3 strategies to avoid between now and year-end.   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.   Why the backdoor Roth IRA matters for Optometrists Taxes 101: Understanding Tax Brackets, Deductions, and Credits   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!

One of the benefits of being a practice owner is having the flexibility to control where the net income from your practice falls on your personal tax return. This translates into the question, “How much should I pay myself?” In today’s show, we revisit this conversation and talk through some of the different implications of paying yourself a high or low W-2 salary, specifically as it pertains to the accumulation of your Social Security benefits and it’s relationship with the 199A deduction. 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, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country utilize their practice to grow their net worth, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and other blog posts. Form 8960 (Net Investment Income Tax) IRS Wage Compensation Fact Sheet How much should you pay yourself (Epsd 68 of 20/20 Money) Planning for the 199A deduction in your practice 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!

How well does your spouse or significant other understand the cash flow of your practice? How consistent are you in harvesting cash out of the business? Have you ever had trouble on the home front making financial decisions or commitments together because s/he didn’t understand with clarity and confidence how much and how consistent cash flow will be out of the practice? In this week’s episode (inspired by a client conversation), I’ll share why it’s important to have these discussions with the personal stakeholders 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, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country utilize their practice to grow their net worth, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and other blog posts. 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 a “Rewind” episode on 20/20 Money! I wanted to bring this episode back because I believe there’s a lot of “evergreen” material in this conversation that’s worth revisiting for practice owners. My guest on this episode (released in late 2020) is Dennis Moseley Williams. Dennis is one of a few certified experience economy experts and his sincere passion and mission is to help business owners understand the importance of the customer experience and why it’s increasingly influencing where consumers spend their dollars.   In this far-reaching conversations, Dennis explains why it’s so important to understand the difference between service and experience, the 5 stages of the customer experience, 4 questions you should ask to “move the experience dial” in your practice, what you can learn from Apple and Starbucks in your practice, and many other nuggets of information and perspective that I truly hope get you thinking about how up-leveling the patient experience in your practice cannot be ignored if you want to experience long-term growth and differentiate yourself from other practices and especially online competition. We reference a number of resources in today’s episode, so be sure to check out the show notes or visit the episode page on www.integratedpwm.com/learningcenter.   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, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country utilize their practice to grow their net worth, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and other blog posts.   And with that introduction, I hope you enjoy my conversation with Dennis Mosley Williams.   20/20 Money Epsd 11: Inside the Mindset and Methods of a Multi-Million dollar, single-OD practice with Dr. Jeremy Ciano Revolutioneyes The Experience Economy The Starbucks Experience: 5 Principles for Turning Ordinary Into Extraordinary Dennis Mosley-Williams Strategic Consulting Serious Shift Blogcast 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!

If you’re a practice owner and a homeowner, there’s a little planning strategy that can allow you to get money out of your practice tax free. It’s not going to add up to a massive amount of money, but every little bit helps. It’s called the “Augusta” rule and it allows someone that rents out their home for 14 days or less the ability to receive rental income tax-free. In this episode, I’ll share how this can be applied to optometric practice owners.   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.   If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help.   Section 280A(g) 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!