20/20 MONEY: The Business of Optometry

Welcome everybody to the first episode of the newly renamed/rebranded podcast "20/20 Money!" Since inception, this show has been called The Dose as it primarily discussed financial concepts and strategies that would apply to white coat professionals in the dentistry, optometry, pharmacy, and physician landscape. However, as we continued to record episodes, I started to realize that more and more of the content and ideas that we were discussing had a definite lean towards optometry…and as my presence as a wealth adviser in the optometric community continued to grow, I felt that it would be appropriate to rename and rebrand the podcast accordingly. With that, 20/20 Money was born. Having said that, there are still topics that we'll cover that will be applicable to dentists, pharmacists, and physicians, so I'd encourage you to stay subscribed to the show so you'll still receive new episodes as they are released every Monday and you can decide at that time whether the topic is of interest to you or not. My guest on today's show is Dr. Steve Vargo. Steve is an optometrist that, after practicing 15 years as a clinician, transitioned from patient care into practice management and has been working with IDOC for the past 4+ years. What's unique about Steve is his commitment to help develop ODs into better leaders and, because of that, help them live better lives themselves (personally and professionally). In this episode, we cover many topics and digress down a few rabbit holes, but they all come back to one common theme: managing stress. We talk about the typical journey that ODs go through when they first start their practice and why improving one's practice typically must start with a shift in mindset before addressing the actual practice management tasks. He talks about why it's important to challenge conventional wisdom and provides certain examples in a practice where they can challenge the status quo. He introduces us to the concept of the CEO Model at IDOC and how it helps practice owners. We also dive into the power of habits and how habits affect the stress level we feel and we wrap it up with specific action items that you can take away from this episode and implement into your own life to help you live the life you want. And with that introduction, I hope you enjoy this conversation with Dr. Steve Vargo. Resources IDOC Fear Setting with Tim Ferriss Dr. Steve Vargo, OD, MBA LinkedIn Atomic Habits The Miracle Morning Simply Being Meditation App Headspace —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

This is part two of my conversation with Michael Pote of The Growth Cooperative. In this conversation we talk about the role that private equity has played in the transition and succession planning of optometry practices over the past couple of years. In this episode we discuss: What private equity is, how it works and a couple of different ways in which private equity is different than a traditional clinical buyer of your practice such as one of your associates, another optometrist in the same town, etc. The unique attributes private equity has when purchasing your practice and the two different type of private equity models and how those models dictate the valuation that doctor will receive Why most private equity valuations are higher than most offers you would receive from other optometrists, and why private equity firms are able to offer those offers The importance of making sure your personal financial plans are in order so the process of selling your practice will be much less intimidating and emotional. ——————————————————————————————————————— Please rate and subscribe to The Dose on these platforms Apple Podcasts Spotify Google Play Stitcher ——————————————————————————————————————— For past episodes of The Dose with full companion show notes, please check out our episode archive here!

We've been on a roll lately in having some of our past guests share more of their knowledge and today is no different. This episode is part one of a two-part conversation with Michael Pote. You may remember Michael from episode 8, where we talked about several areas of practice management and what his organization The Growth Cooperative is doing to help optometrists across the country. Today we talk about all things related to selling a practice, specifically from a seller's perspective. In this episode we discuss: Why selling isn't an event, but rather a process and how it's like selling a house. The two fundamental numbers that must be improved to improve the evaluation of your practice. The necessity for good reporting tools and being able to dive into practice data, and the difference it makes with a buyer. Michael shares a story about a practice that was $1.4M in gross revenue, and why there was a 220k difference between what the doctor THOUGHT he was earning versus what his practice showed. Books Referenced The E-Myth Revisited – Michael Gerber Traction –Get a Grip on Your Business – Gino Wickman ——————————————————————————————————————— Please rate and subscribe to The Dose on these platforms Apple Podcasts Spotify Google Play Stitcher ——————————————————————————————————————— For past episodes of The Dose with full companion show notes, please check out our episode archive here!

We're back with another episode of The Dose. Today I have another returning guest, Josh Kegley with Retirement Plan Consultants. You may remember Josh from one of our earlier episodes where we talked pretty high level about the retirement plan space and the evolution that practice owners go through as it pertains to the various vehicles that they can utilize to build wealth inside of a retirement plan. Today, we get into the weeds on how to utilize a qualified retirement plan like a 401k to maximize the benefit to the practice owner. We start out discussing how changing the match to a safe harbor is the easiest way to allow practice owners to maximize their own contributions as well as the nuances of the safe harbor match. We then dive into the details on the other side of the qualified plan, which is the profit sharing plan. We discuss the various different types of profit sharing plans, including: Integrated Cross-tested (new comparability) Age weighted More importantly, we discuss the characteristics of a practice that would be a good fit for each of the plans mentioned above as well as some of the different questions to consider when determining if, when, and how much of a profit sharing contribution to make. We also touch on the impact that profit sharing contributions have on qualifying for the new Section 199A deduction (commonly called the "QBI deduction"). And be sure to stick around to the end, where I share a specific example of a client situation where the client chose to make the profit sharing contribution, even though it "cost" him more than he would have paid in taxes and why he decided to make that decision. With that introduction, I hope you enjoy this episode of "The Dose" with Josh Kegley. Links: Retirement Plan Consultants Josh Kegley's LinkedIn Profile

In this episode we talk about one of the most common questions I hear from optometrists: should I pay down debt or should I be saving for retirement? While every person's situation is different, it's important to understand the one theme and idea that's constant in that equation: the time value of money and compounding interest. During the show, I'll discuss: How compounding interest works, using a snowman as an analogy A hypothetical example showing the real cost of waiting The max number of years you should take to pay off student loans while not saving for retirement The order and type of accounts you should consider when you start saving The power of habits and how to start small —————————————————————————————————— Please rate and subscribe to The Dose on these platforms Apple Podcasts Spotify Google Play Stitcher —————————————————————————————————— For past episodes of The Dose with full companion show notes, please check out our episode archive here!

Today's show is another solo episode that takes you on my personal journey as I evaluate healthcare options that my family is considering now that we no longer have access to group health insurance through my wife's employer. During this episode I discuss some of the details about how COBRA coverage works, the benefits of an HSA, and how to understand the different plan options provided through www.healthcare.gov, which is otherwise known as "Obamacare" or the Affordable Care Act (ACA). I go into the details of our personal situation, including the costs of our different options. I'll share my philosophy and approach on the cost/benefit analysis of premiums versus deductibles, and how understanding the tax benefits of HSA plans figures into the total cost of your plan. I close out the show discussing SHOP, which is the Small Business Health Option Plan program available for small business owners through ACA. If you own a practice and are considering providing group coverage for your team or are self employed, do not provide insurance to your team but still have to provide coverage for your family, this episode goes into the nuts and bolts of understanding your options. How does COBRA work. Federal Poverty Levels SHOP Tax Credits Getting started with SHOP

Today is a shorter, solo episode and I talk all things cash. This may seem like a boring topic because cash as an asset class really hasn't mattered much over the past 11 years. We've all been accustomed to seeing the 0.05% (.0005) interest rate in your checking account, so it was basically a lost cause to think about putting your cash to work and actually getting a return on your balance. However, as the Federal Reserve has raised interest rates, one of the benefits of this monetary policy change is a higher return on cash deposits, but not all banks are created equal. While you may not have seen much of a change on your rates at your brick-and-mortar banks, the rise on online-only banks has added an additional competitor to the field…all vying for your deposits. Because these institutions don't have near the overhead, they can offer higher rates to consumers and thus have added additional competition to the banking industry. In this episode we discuss the history of cash, how interest rates are set by banks, how much cash you should have on hand, and various strategies and options to consider with your cash-on-hand. Towards the end of the show I also talk about taking these same principles and making sure you understand your cash options within your investment account(s) as well. Resources: Nerd Wallet The Motley Fool https://www.youtube.com/watch?v=07G23zMGa4g —————————————————————————————————— Please rate and subscribe to The Dose on these platforms Apple Podcasts Spotify Google Play Stitcher —————————————————————————————————— For past episodes of The Dose with full companion show notes, please check out our episode archive here!

Welcome to this Episode of The Dose podcast. My guest on today's show is Kevin Wittmeyer, Manager at Slattery & Holman, P.C. here in Carmel, Indiana. For today's podcast, Kevin stops by to discuss how to effectively utilize Cash Balance Plans and the benefits they can have for the right person in the right business. A Cash Balance Plan is a unique and powerful planning tool for your practice, so Kevin and I aim to give you the ABCs and 123s on when you might consider one for your business. —————————————————————————————————— Please rate and subscribe to The Dose on these platforms Apple Podcasts Spotify Google Play Stitcher —————————————————————————————————— For past episodes of The Dose with full companion show notes, please check out our episode archive here!

Welcome to another episode of The Dose. In this episode, I'm joined again by Dr. Jeremy Ciano, an optometrist located in Carmel, IN (where my office is located) and the owner of two practices: RevolutionEyes and Little Eyes, a pediatric practice. Jeremy and I talk again to get "generally specific" about all things related to making financial decisions for optometrists both in their practice as well as in their personal lives. Our conversation definitely blurred the lines around managing your finances…part of the episode could be applicable to any professionals that invest in themselves and own a business while yet other parts of our conversation are going to be more applicable to optometrists, such as how cost of goods sold can influence the amount of cash on hand that one keeps in their practice. We also discuss: Important decisions to make and be cognizant of your first six months after graduating optometry school and what mistakes to avoid during that time, including how to avoid "1099 hell" come tax time. The difference between "good and bad" debt and how being aware of the current interest rate market can influence the source of capital for future decisions—both personally and professionally. A strategy Jeremy used to manage his debt strategically by breaking up one big loan into three separate loans, which allowed him to manage his cash flow more precisely while paying down the debts. The pivotal point in Jeremy's practice when he started thinking of his practice finances through a "profit first" mentality The current retirement plan that Jeremy uses in his practice and how he's chosen to share the profits of his practice with his team. Books Referenced Profit First – Mike Michalowicz Geometry of Wealth – Brian Portnoy The Behavioral Investor – Daniel Crosby ——————————————————————————————————————— Please rate and subscribe to The Dose on these platforms Apple Podcasts Spotify Google Play Stitcher ——————————————————————————————————————— For past episodes of The Dose with full companion show notes, please check out our episode archive here!

Welcome to this Episode of The Dose podcast. My guest on today's show is Kevin Wittmeyer, Manager at Slattery & Holman, P.C. here in Carmel, Indiana. Kevin stops by to discuss the advantages of Donor Advised Funds and charitable donation strategies to consider with legislative changes to the Tax Cuts and Jobs Act. We also touch on maximizing the efficiency of your charitable donations while still keeping true to charitable giving. —————————————————————————————————— Please rate and subscribe to The Dose on these platforms Apple Podcasts Spotify Google Play Stitcher —————————————————————————————————— For past episodes of The Dose with full companion show notes, please check out our episode archive here!