20/20 MONEY: The Business of Optometry

Welcome to this episode of 20/20 Money! My guest on today's show is David Mason, Ph.D. David joins me on the show to talk about a seemingly abstract but important distinction that you should consider when thinking about your team: do you have satisfied team members or engaged team members? Our conversation spills over into multiple different topics, ranging from the importance of acknowledging impact in your practice, the three levels of an engaged employee, and tools that you can use to better understand the level of engagement your team has in your practice. As business owners, we know how important our team is to our success and the success of our business, but I feel that it can become an "oh, by the way" part of business ownership…when it should be something that you're thinking about daily. David does a good job illustrating ways in which we can better manage the systems in our business so we can lead the people we employ. 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 your best 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 ultimately help them live their best life on purpose. Lastly, if you're interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become "brilliant at the financial basics," please check out the link in the show notes of this episode to learn more. And with that introduction, I hope you enjoy my conversation with Dr. David Mason. Resources: 20/20 Money Membership Information David Mason Speaking Gallup's Q12 Survey ———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify 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 Dennis Moseley Williams. Dennis joins me to revisit the importance of the customer experience on the success of your practice. He shares the five phases of the patient experience and how to think differently about the way you engage your patients in your practice. I really love having these conversations because of how important the patient experience is to the financial success of a practice. When we talk with our clients or other OD owners around the country and ask them what they feel makes their practice successful, the patient experience is near or at the top of all reasons, yet it can be harder for some than others to understand what that means and how they can think differently about the patient experience. 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 your best 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 ultimately 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 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 use promo code FOUNDER to lock in a lifetime membership discount by September 30th. And with that introduction, I hope you enjoy my conversation with Dennis Moseley Williams. Resources: 20/20 Money Community Information Sivers Email Link to Jen Stewart's IDOC conversation ———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Today's episode is a bit special because I'm FINALLY able to announce that the 20/20 Money Membership is live! The beginning of the show is a walk-through of the membership, the offering, who it's for, and why I created it. One IMPORTANT item that I didn't share in the episode: join the Membership by September 30th using promo code FOUNDER and get $200 off the annual membership (use FOUNDERMONTHLY if you're opting for the monthly subscription to get a $20/mo discount)! As a founding member, you'll lock in the discount as long as you're a Member recognized as a Founding Member within the Membership Have the opportunity to shape the Membership going forward through exclusive feedback forums Small group onboard calls with me personally I spend the last part of the show talking through the math behind buying a practice, specifically as it relates to the cost of the loan as well as your personal tax rates. You can download the spreadsheet I'm discussing in the show by clicking on the link below. Resources: https://www.2020membership.com/ https://www.2020membership.com/practice-buy-in-spreadsheet ———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify 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. Justin Kwon, OD. Justin joins me on the show to talk all things myopia control. Justin's passion for this topic is very evident and I found our conversation very informative. While there's the obvious clinical angle that is a deeper and separate discussion than what we had here on the show, Justin does a great job illustrating the mutual benefits that exploring the implementation of myopia control in a practice can have on both the patients that you serve as well as the business that you own. 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 your best 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 ultimately help them live their best life on purpose. Lastly, if you're interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become "brilliant at the financial basics," please check out the link in the show notes of this episode to learn more. And with that introduction, I hope you enjoy my conversation with Dr. Justin Kwon, OD. Resources: 20/20 Money Membership Information ———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify 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 Lopez. Chris joined me back on the show to talk about all things related to the associate OD/owner OD relationships. As the career consultant at ODs on Finance, Chris has a unique perspective and gives us insight on the conversations he has been having with both associate ODs and owners looking to hire associates. We touch on the importance of communication in any relationship, managing and setting expectations from both parties around the compensation structure, what ODs surprisingly value the most in their job, and some good questions that associate ODs can think of asking a practice owner during the interview process. 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 your best 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 ultimately help them live their best life on purpose. Lastly, if you're interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become "brilliant at the financial basics," please check out the link in the show notes of this episode to learn more. And with that introduction, I hope you enjoy my conversation with Dr. Chris Lopez. Resources: 20/20 Money Membership Information Chris Lopez 1st Interview on 20/20 Money Simon Sinek on Millennials in the Workplace Brene Brown TED Talk ———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify 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 Pete Kehoe, OD. Pete joins me back on the show to discuss all the hard lessons he and his team have recently learned while they navigated their practice being shut down due to a massive ice storm that destroyed a large portion of the building's roof. Pete shares more about the headaches endured when he learned his practice wasn't adequately insured due to a clerical error, how he kept his team afloat during their time closed, and the importance of transparent communication with him team throughout the entire process. 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 your best 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 ultimately 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 Pete Kehoe. OD. Resources: 20/20 Money Community Information ———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify 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 John Marvin President of Texas State Optical. As one of the country's oldest optometry business models, TSO has seen many different headwinds and tailwinds that have impacted optometry. As President of TSO over the past 20 years, John has seen TSO grow into one of the top 10 retail optical organizations in the country, doing over $110 million in annual sales across nearly 100 locations. Our conversation is wide reaching, including the pivots that TSO has made in the wake of the pandemic and influx of private equity funds into the profession, how the unique value proposition of TSO has evolved over the years (and why pratices, regardless of brand affiliation or business model, need to continue to focus their energy and efforts on the patient), the talent shortage that their doctors have been experiencing and why it's been happening, and a variety 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 monthly "planning life on purpose" newsletter that's filled with tips and ideas to help you plan your best 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 ultimately 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 John Marvin. Resources: 20/20 Money Community Information Texas State Optical ———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify 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 Tim Merrigan with Acquios Advisors. In the 16 years or so that I've been an advisor, I've noticed that there's something "motivating" about turning 50: people start thinking about their lives differently and thus they start re-evaluating the way they've been investing and spending not only their money, but also their time. Tim joins me on the show to dialogue about some of the common questions, concerns, and opportunities that we see from each of our respective points-of-view when ODs put a half-century worth of candles on their birthday cake (and yes I did use that specific framing of a half-century to emphasize the point that we're not getting any younger but yet we'll keep getting what we've been getting if we keep doing what we've been doing. You're welcome). :) One other note about the goal setting study that I reference towards the end of the episode: turns out, based on a bit of research post-recording, that neither study actually happened despite it being recited in the annals of consulting, personal productivity, and business management content over the years. Despite this debunking, I think we can all agree that setting and writing down goals is much more beneficial and gives us a much better chance of succeeding than wishing things to happen. There's a link to an article I found in the show notes that expands on this in greater 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 monthly "planning life on purpose" newsletter that's filled with tips and ideas to help you plan your best 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 ultimately 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 Tim Merrigan. Resources: 20/20 Money Community Information Article on the Harvard (or Yale?) goal-setting study (that I guess doesn't actually exist?) ———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify 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 Mike Jorgenson with Carr Healthcare Realty. Mike joins me back on the show to give us an update on what he and his team around the country are seeing in the commercial real estate market. We also dive into some of the considerations, mistakes, and blind spots that both buyers and sellers find themselves in when selling a practice and the role that the real estate plays in the transaction. 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 your best 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 ultimately 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 Mike Jorgenson Resources: Making the right decisions and avoiding mistakes with commercial real estate with Mike Jorgenson of Carr Healthcare Realty 20/20 Money Community Information To learn more about The OD Mastermind Program, please email Podcast@integratedpwm.com ———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify 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 Eugene Shatsman, Managing Partner of National Strategic Group and new host of The Power Hour Podcast. In this wide-reaching marketing conversation, Eugene shares a variety of "low hanging marketing fruit" mistakes and misconceptions that practice owners nationwide have about how marketing should be leveraged in their practice. We talk about a variety of topics, ranging from the importance of being able to measure your marketing spend, why it's not "if" but "how many" new patients you are likely losing by not having an online scheduler on your website, the different ways in which marketing should be viewed for a growing vs established practice, and many other conversations. Admittedly, doing episodes like this almost feel like a disservice because there are so many different tangents that we could go down, but despite the wide ranging conversation I believe you'll still come away with a handful of action items that, as I mention in the beginning of the episode, you can immediately communicate to your strategic partners to help you improve or implement. 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 your best 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 ultimately 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 Eugene Shatsman. Resources: Eugene Shatsmans Studio 20/20 Money Community Information To learn more about The OD Mastermind Program, please email Podcast@integratedpwm.com ———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!