20/20 MONEY

Welcome to this episode of 20/20 Money! My guest on today’s show is Dr Matt Mitchell and this is actually an episode rewind, going back to episode #43 of 20/20 Money which aired almost 2 years ago to the day!   I’ve been having a lot of conversations with both new and existing clients about how and when to break through to the next level and add an associate to help grow revenues and, ultimately, net income to the practice owner. There are a couple of different ways to determine when to take that next step, and this conversation with Matt really got into the weeds about how he thinks about capacity constraints in his office. Here’s my recommendation for this episode if the words “marginal chair cost” sound foreign: have a cleaned up/accurate profit/loss of your practice handy for the first 20 minutes or so of the episode and take good notes about how Matt calculates his marginal chair cost. If you want a sample P/L that we recommend ODs, click on the link in the show notes to download a sample chart of accounts that we’ve put together for your P/L. Once you’re through the first 20 minutes or so, then you can go for your run, or go to the gym, mow your lawn, or whatever else it is that you do when you listen to 20/20 Money on a weekly basis.   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 previous conversation with Dr. Matt Mitchell, OD.    

  Welcome to this episode of 20/20 Money! My guest on today’s show is Ed Wildermuth, CFP®, ChFC®, CPA. Continuing on the topic of permanent insurance that I started on last week’s episode, Ed joins me on the show today to do a deeper dive on permanent insurance solutions such as whole life and universal life and talk through some of the dos and don’ts with those type of policies. We also discuss the best and not-so-best ways to structure policies, how getting retirement income out of the policies ACTUALLY works, how the role of permanent life insurance can change as your life and plan changes, and a number of other topics.   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 Ed Wildermuth.   Email Ed 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! Today’s episode is all about the options that you have if you’ve purchased whole life insurance in the past and you’re wondering what options you have if it hasn’t necessarily lived up to your expectations. While whole life insurance can have a place in a financial plan and we’re not 100% anti-whole life, we’ve seen more than our fair share of examples where it’s been misused, mis-sold, or placed with less-than-ideal carriers.   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. 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!

On this episode of 20/20 Money! My guest on today’s show is Nathan Hayes. Long time listeners will know that Nathan and I can talk about almost any business subject that impacts optometrists, and today’s topic is no different but it’s one that I think is going to resonate with a lot of OD practice owners: key considerations when evaluating partnerships within your practice. In this conversation, Nathan and I talk about when you should you consider a partner and whether the practice can support it (hint, if you’re below $1.4MM in top line revenue, you’re probably not ready), partnership compensation structures, the importance of recognizing admin/leadership time and pay for partners, and a number of other topics. It’s a conversation that I thoroughly enjoyed and believe you will as well.   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 reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.   And with that introduction, I hope you enjoy my conversation with Nathan Hayes.   Resources: Nathan’s Tip of the Week on Partnerships The Partnership Charter by David Gage (Amazon link to the 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!

Welcome to another episode of 20/20 Money! My guest on today’s show is Michael Pote.   Michael has been on the show before (you can check out those conversations by clicking here for Part I and here for Part II) to talk about selling your practice to private equity and I wanted to have him back on the show for a couple of reasons as I’ve found myself personally having more conversations and doing more planning with clients that are soon to be or in the midst of selling to a private equity firm. Michael’s had a storied career in the optometry profession and has spent the last 4+ years helping ODs understand and navigate the process of selling to a private equity firm, notably not being tied to any one firm but rather helping the OD find the best deal for their practice.   In this conversation we talk about what ODs get right and wrong about their financials prior to the sale of their practice, a current “state of the market” as it relates to PE deals and his best guess as to the state of the private equity cycle, the range of adjusted EBIDTA multiples he’s seen in recent deals (hint: it’s gone up), and the importance of ensuring you not only have a business plan, but a personal plan for how you’ll exit from 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 reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.   And with that introduction, I hope you enjoy my conversation with Michael Pote.   The Growth Co-op Consolidation eBook Getting the Most Out of Your Practice Sale eBook 20/20 Money #55: Contemplating a PE Exit—The Story of Dr. Ken Krivacic, 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!

Welcome to another episode of 20/20 Money! My guest on today’s show is Nate Ebel. Nate is the founder of Ten31 Marketing, a marketing agency located in Bloomington, IN that serves optometrists nationwide. In this conversation, Nate and I talk about different strategies and tools practice owners can use to increase the effectiveness of their marketing, web presence, and patient communication platform. I also share some very specific action items for ODs to act on as a result of this conversation. Finally, Nate also shares some additional valuable resources for ODs to use that are available by clicking on the links below in the show notes or on our website. 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 reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Nate Ebel. Mailchimp ActiveCampaign ConvertKit Hubspot Free resources for ODs: www.ten31.marketing/2020 Contact Nate: nate@ten31marketing.com 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 another episode of 20/20 Money! My guest on today’s show is Nathan Hayes. Nathan’s been a guest in the past on the show and he joins me today to talk about a topic that’s been front-and-center for both of us in a lot of conversations that we’ve been having lately with ODs around the country: preparing for an exit. Specifically, we break it down into three questions that an owner needs to ask (and answer!) before selling 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, 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, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.   And with that introduction, I hope you enjoy my conversation with Nathan Hayes.   Nathan’s Tip of the Week on Exit Planning 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, and if you’re listening to this on July 12th, happy National Heterochromia day! Today’s episode is my guest appearance on the podcast Try Not 2 Blink, a really enjoyable optometry podcast hosted by two great ODs Drs. James Deom and Roya Habibi. I’ve put links to the podcast in the show notes or just search Try Not to Blink on your favorite podcast player. I was really excited to be back on the show to talk about transitioning from “survive to thrive” mode and how ODs should think about their planning strategies as they move from stage to stage in their personal and professional lives. I hope you enjoy listening as much as I enjoyed talking with James and Roya and please remember to give their show a listen.   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. One other note, the podcast episode of 20/20 Money that I mention early in this episode was actually released on July 5th (last week) so if this is your first time listening to our show, go back and check out that episode for the full context around that topic.   And with that introduction, I hope you enjoy this episode of 20/20 Money! 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! I often get asked the question “Have I saved enough” for retirement or “How did my portfolio do compared to the benchmark?” In this episode, I’ll share with you why I think that’s the (semi) wrong question to be asking…and what the right questions to be asking are regardless of where you are in your wealth building timeline.   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.   Investors, prepare to be disappointed – The Irrelevant Investor Natixis Survey – The Next Normal 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 another episode of 20/20 Money! My guest on today’s show is Justin Castelli. Justin has become a good friend of mine and is also an advisor located in Fishers, IN. Through Justin’s storied career as an advisor, he’s built his firm RLS Wealth Management and is more recently taking an active role as the VP of Marketing and Brand Development with Onramp, an integration platform that helps investment advisory firms safely, confidently, and intelligently invest in the new age of cryptoassets. In this conversation, I’m admittedly “learning in public” as I consider myself in the due diligence phase of gathering information on how to incorporate digital assets into one’s overall portfolio. Justin has very much been a student of the crypto movement, having spent years learning about this emerging asset class as well as educating advisors and investors alike. The focus of this conversation is going to be a primer/intro to crypto assets and how they can be viewed as a potential holding in your overall portfolio along with the understanding of expectations around these asset classes relative to traditional asset classes like stocks and bonds. And be sure to stick around to the end of the episode, when I ask Justin the one question I ask every new guest on 20/20 Money. It’s an answer that really resonated with me and should really be taken to heart by every OD listening, especially if you own your practice or are thinking about practice ownership in the future. It’s one of the reasons I absolutely love working with OD 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, 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, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars. And with that albeit longer introduction, I hope you enjoy my conversation with Justin Castelli. Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond On Purpose Podcast by Tyronne Ross Modern Finance with Kevin Rose podcast Estate Planning & Cryptocurrencies 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!