20/20 MONEY

Welcome to this episode rewind of 20/20 Money! I think I’m starting a bit of a tradition, because I felt compelled to bring back this episode again, just like I did last year, for the last episode of the 2023!!   Given that this is the last episode of the year, this is usually when we are thinking about goal setting, and everyone’s schedule is anything but normal being the day after Christmas, I wanted to bring back the conversation that I had with my friend, business collaborator, and advisor coach Stephanie Bogan from early 2022. I’ll share some info about Steph here shortly in the intro and then close out this introduction with some personal thoughts and reflections.   While Stephanie has built and sold a number of businesses in her career, most recently she is the founder of Limitless Adviser, a coaching program where she empowers financial advisors to create and build wildly successful practices and a life that they love. This was a special conversation for me as I’m also privileged to be involved in that program—first as an advisor that was being coached by Stephanie and now currently serving as an advisor coach, where I help coach and empower other advisors to work intentionally on their practices by applying the mindset and methods that Stephanie teaches in the curriculum and that I’ve learned over the years as well.   In this conversation we talk about something that tends to be popular around this time of year: goal setting. However, we talk about it from a bit of a different angle, which is first spending time focusing on your purpose and intention for building what you’re building and how money plays a role in that plan. We talk about it from two angles: the first being the practice owner that’s at the tail end of their career and facing an inevitable transition from their practice and also from the lens of a younger practice owner that has many years in front of them. We talk about some of the “sacred cows” that exist in practice ownership, why some of them should be questioned, and how to think about solving those problems. We wrap up with Stephanie’s very powerful answer to the one question that I ask every first-time guest on 20/20 Money.   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 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 in January of 2024, please check out the link in the Resources to learn more about what we have in store for you!   Now over 250 episodes into 20/20 Money, this show has continued to grow and develop into something bigger than I thought it would have and I’m eternally grateful for everyone that’s been involved in the show. To all my guests that have given their time to come on the show and share their perspective, experience, and expertise—thank you. To my producer Kyle— yet another thank you for all your help with the show. From getting it initially set up in 2018 to handling everything with the show after I’ve finished recording an episode…I appreciate all that you do for the show. And lastly, to you, the listener of the show. Whether this is your first episode, or you’ve listened to dozens (or even hundreds!) of them, I’m sincerely grateful for the intimate, albeit asynchronous relationship that we’ve been able to have. My goal is to have positive impact at scale in the optometric community and help practice owners make educated and informed decisions with their money and this podcast has allowed me to have a platform to share not only my knowledge and experience but also the experience of the guests that I’ve had on the show. I have always tried to keep the show as objective and unbiased as possible. I’ve never taking a dollar of sponsorship money, no guest has ever paid to be on the show, nor have I ever paid a guest to be on the show. This podcast is organic and authentic, and your continued support through listening and sharing the show is something that I’m both humbled and grateful for and I look forward to another great year in 2024!!   A couple of big announcements that I’m now far enough along in development to share with you all and to keep an eye out for (see what I did there) coming into 2024: ·         I’m going to be launching OD Masterminds™. The goal with the masterminds is to bring three key qualities to the group: clarity, accountability, and camaraderie. I’ll have more details in early January about how you can learn more about the masterminds and what’s required to qualify for them, so stay tuned. I’ll share in a future episode intro during the first couple weeks of January ·         I’m in the final stages of writing a book! The (working) title is How to Buy an Optometry Practice and it’s going to take buyers through an A-Z process of buying an optometry practice. Whether you’re an associate already in a practice that you’re wanting to buy into, looking for one nationwide, or just curious to learn more about it…this book will have everything you’ll need. ·         Along that same note, we’re going to be launching OD Transitions™, which will serve as a completely separate set of services to help in the valuation and transition of private practice, specifically from OD-to-OD. Again, I’ll have more on that in early January, so don’t skip through the intro of future episodes, because that’s where I tend to nest these updates.   I hope you’re all having an enjoyable holiday season and we’ll talk to you next year!   And with that long introduction, I hope you enjoy the last episode of 2022 with Stephanie Bogan.   Resources: 20/20 Money Membership Information   ————————————————————————————— 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, CEO of The Power Practice and host of the Power Hour podcast. On today’s episode we continue our dialogue that we started on my last appearance on the Power Hour podcast, which was around year-end planning. However, this conversation starts with the non-financial decision-making process that practice owners should be considering as they map out the direction of their practice going into the new year, specifically around the addition of treatments, therapies, and services they can provide to their patients.   Bethany shares great insights on how practice owners can start thinking about which treatment/therapies/services ODs should consider in their practice, the dangers of giving into FOMO and the bandwagon effect, how to present change to both your team as well as an associate OD you might have in the practice, and the importance of understanding the opportunity cost of these decisions. We wrap up conversation by distilling all of this down into the most important KPI (key performance indicator) that you should be tracking and reconciling a decision like this against 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 monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your 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 in January of 2024, please check out the link in the Resources to learn more about what we have in store for you! In next week’s episode, I’ll have more information on some upcoming webinars that you can attend which will give you a sneak peak into the membership and details about joining the first cohort!   And with that introduction, I hope you enjoy my conversation with Dr. Bethany Fishbein, OD.   Resources: 20/20 Money Community Information   ————————————————————————————— 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 Erik Ferjentsik, MBA, founder of Visionary Practice Group.   Erik and I have good, spirited discussion about transitions and what he’s seeing in the marketplace right now. We spend some time giving an update on the state of private equity, some common mistakes that he sees being made, the difference of listing with a broker vs “just” paying for a valuation and then shopping/listing it on their own through their own network, 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 monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan 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 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 Erik Ferjentsik.     Resources: 20/20 Money Community Information Review of Optometric Business PE article Links to previous conversations with Erik’s conversations on 20/20 Money   ————————————————————————————— 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 Jackson Pace, founder of the Refractional CFO. Jackson and I talk through some of the year-end planning considerations that are likely on OD practice owners’ minds and how to think through that decision matrix. We talk about the importance of essentially beginning with the end in mind, evaluating paying cash vs financing a new piece of equipment, how purchasing equipment should be thought of for owners that are looking to sell in the near future, and other mistakes and misunderstandings that we’ve both observed in the work that we do.   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 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 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 Jackson Pace.   Resources: 20/20 Money Community Information Jackson’s first appearance on 20/20 Money Review of Optometric Business: How to use debt in your practice Review of Optometric Business: How Best to Grow the Cash You Choose to Keep in Your Practice Schitt’s Creek Write-off clip Refractional CFO   ————————————————————————————— 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 my guest appearance on The Power Hour podcast hosted by Dr. Bethany Fishbein, OD, CEO of The Power Practice. I really enjoyed this conversation with Bethany and was grateful that she had me back on her show. We talked about year-end planning considerations (both financial and otherwise) and how practice owners can be thinking more intentionally about their practice as they prep for the upcoming new year. If you don’t already, I put links to Power Practice in the show notes and I really encourage you to subscribe to their podcast.   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 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 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 Dr. Bethany Fishbein.   Resources: 20/20 Money Community Information   ————————————————————————————— 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 episode is my guest appearance on Akrinos Access Live, a livestream hosted by Erich Mattei, founder of Akrinos. Erich had me on his series to talk through practice succession options for sellers. The specific option that we discussed during this conversation was around owner-financing. I share my thoughts on the benefits and exchanges of owner financing and how that decision impacts other aspects of the selling 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 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 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 guest appearance with Erich Mattei.   Resources: 20/20 Money Community Information   ————————————————————————————— 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. Mila Ioussifova. Dr. Mila is founder of South Waterfront Eye Care in Portland, OR and she joins me on the show to talk about her journey as a successful, 10yr old cold start. What’s unique about Mila, though, is how intentional she’s been about how she runs her practice and the role that she plays in her businesses. During our conversation, she’ll share her journey as a cold start and why she chose the location that she did, how she’s delegated things in the practice, the progression of cutting down days in clinic to reallocate that time to reinvest in herself to expand the services that she provides to her patients, why she went back to school to pursue another passion, and what impact all of these decisions have had on her—personally, professionally, and financially.   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 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 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 Dr. Mila Iousifova.   Resources: 20/20 Money Community Information   ————————————————————————————— 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 guests on today’s show are two of my favorite people in the optometry space: Drs. Jeremy Ciano and Jennifer Stewart.   Although, this is a bit of a different episode in that they’re not only guests on the show…they’re guest hosting the show! I decided to try something different and essentially just turn the show over to them. No agenda. No topics. No script. Not even really a time limit. Just the two of them and a couple of microphones.   My introductions usually give you a bit of an insight into the topics that’ll be discussed on this show. Not this one. I’m listening to it for the first time right alongside you.   I’m excited to hear what they talked about and will be curious to hear your feedback (if you’re so inclined). If you do have feedback for the show (on this episode or any other episodes), you can always email the show at 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 monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan 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 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! We are on pace for a January 2024 launch, so if you’ve been thinking that next year is THE year to get organized financially but you don’t quite feel ready to commit to a 1:1 relationship with an advisor, then I think you’ll really like what we have in store for the Membership. We’ll be announcing some launch webinars shortly where we’ll go into more detail and give a bit more of a behind the scenes look at the membership, so if you’re interested in learning more, please click on the link in the show notes to receive updates on the Membership.   And with that introduction, I hope you this unique and exciting episode of 20/20 Money.   Resources: 20/20 Money Community Information   ————————————————————————————— 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!

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 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 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!   Resources:   Plan Startup Costs SECURE Act 2.0 Credits Explained SIMPLE IRA Termination Notice - Template 5 Reasons Why I Don't Like SIMPLE IRAs for Optometry Practice Owners     ————————————————————————————— 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. Gina Wesley, OD. Gina joins me back on the show to talk about the journey she's been on over the better part of year simultaneously launching an in-house patient membership plan called "the 2020 club" while also going out of network with her last (and largest) vision care plan. Gina talks through how she proceeds to evaluate the impact that it was going to have on her practice and the goals that she set which initially defined success. She shares how she  communicated this strategy with all of her stakeholders: her associate ODs, her team, and the patients of the practice. She's very transparent in this conversation by sharing her "before and after" numbers as it pertains to number of patients seen and how that's translated into the impact on both her top line revenue as well her profit margins. Lastly, we talk about the personal head trash she worked through as the transition progressed and how she dealt with 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 monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan 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 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 Dr. Gina Wesley, OD.   Resources: 20/20 Money Community Information Resources: Fear Setting TED Talk Fear Setting Resources Gina's previous scheduling interview on 20/20 Money   ————————————————————————————— 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!