Welcome to this episode of 20/20 Money! My guest on today’s show is Eric Nelson, CFA ( @ServoWealth ). Eric is the found of Servo Wealth Management , a fee-only RIA located in Oklahoma City, OK. Eric and I share very, very similar investment philosophies in the way we manage client portfolios and I wanted to have him on the show to talk through how investors can think about their own investment philosophy. We talk about the degrees in which one can change their philosophy and approach to investi...
Jan 17, 2022•54 min•Ep. 167
Welcome to this episode of 20/20 Money! My guest on today’s show is Stephanie Bogan . 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 n...
Jan 10, 2022•1 hr 17 min•Ep. 166
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 p...
Jan 03, 2022•43 min•Ep. 165
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 su...
Dec 27, 2021•50 min•Ep. 164
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 succ...
Dec 20, 2021•45 min•Ep. 163
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 prac...
Dec 13, 2021•1 hr 14 min•Ep. 162
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...
Dec 06, 2021•54 min•Ep. 161
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 2...
Nov 29, 2021•51 min•Ep. 160
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...
Nov 22, 2021•40 min•Ep. 159
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 p...
Nov 15, 2021•25 min•Ep. 158
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...
Nov 08, 2021•1 hr 13 min•Ep. 157
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...
Nov 01, 2021•22 min•Ep. 156
Most of us can’t remember the last time that we actually earned anything worth noting on our cash reserves. The days of 4%+ savings accounts are decades-old memories. However, there is one silver lining of rising inflation: I-bonds are attractive again, and it’s a great option for optometrists to consider when looking to get some yield on cash that needs to be risk-free. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com ...
Oct 25, 2021•38 min•Ep. 155
Welcome to this episode of 20/20 Money! We’re 150+ episodes into this podcast and this was the first episode we’ve dedicated to the “backdoor Roth IRA!” In this episode I’ll discuss the strategy, when you need to utilize it, mistakes that we’ve observed throughout the process, and the future of the backdoor Roth IRA. 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 su...
Oct 18, 2021•44 min•Ep. 154
Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes. This conversation is a follow up to the episode that Nathan and I did around partnership compensation structures. In that episode, Nathan in passing made a couple of comments around associate compensation structure and the feedback we received from that episode around that specific topic warranted its own show. In this episode, we talk about making sure that associates understand and acknowledge that there’s risk i...
Oct 11, 2021•1 hr•Ep. 153
Welcome to this episode of 20/20 Money! On this episode, we’ll provide a brief refresher on the important components of long term disability, talk about the differences between short and long term disability (and why I will usually not recommend you purchase short term disability policies), and provide an update on the group disability insurance plan offered through the AOA. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm....
Oct 04, 2021•40 min•Ep. 152
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Steve Vargo . Steve joins me back on the show to talk about a certain growing pain that practice owners may eventually find themselves in and that’s the idea of adding an associate to their practice. We tackle this conversation from two different viewpoints—the qualitative (“Is my practice ready for an associate?”) and qualitative (“Do I want an associate and what am I solving for in my practice by adding an associate?”). We...
Sep 27, 2021•1 hr 5 min•Ep. 151
Welcome to a Rewind episode of 20/20 Money! It’s September, which means that it’s the time of year when practice owners should be reviewing their current retirement plan and determining if it’s the same type of plan that they want to have serving their practice into the next year. This was a popular episode around this time last year, so I’m bringing it back for another listen. Choosing a retirement plan for your optometry practice is an important decision and it’s one of those processes that ca...
Sep 20, 2021•45 min•Ep. 150
Welcome to this episode of 20/20 Money! My guest on today’s show is Jen Goldman . Jen has spent her career helping service-based businesses think through and build processes that ultimately help the business grow larger than any individual owner, thus allowing the practice owner to build a bigger enterprise value (higher valuation) of their business while allowing more freedom and flexibility for the practice owner. It doesn’t come easy, though, and in this conversation, we talk through some con...
Sep 13, 2021•53 min•Ep. 149
Welcome to this episode of 20/20 Money! Back with me on today’s episode is Nathan Hayes with IDOC. The genesis for this episode stems from a slight digression we had on a previous conversation around the importance of understanding cash flow in your business, specifically as it relates to reading and understanding your statement of cash flow that you can pull from your accounting software. Nathan and I talk about why the profit loss is important but it’s not everything in your practice, the pitf...
Sep 06, 2021•50 min•Ep. 148
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 ...
Aug 30, 2021•1 hr 10 min•Ep. 147
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...
Aug 23, 2021•1 hr 13 min•Ep. 146
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 al...
Aug 16, 2021•40 min•Ep. 145
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 i...
Aug 09, 2021•1 hr 6 min•Ep. 144
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. ...
Aug 02, 2021•1 hr 7 min•Ep. 143
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....
Jul 26, 2021•58 min•Ep. 142
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 di...
Jul 19, 2021•57 min•Ep. 141
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...
Jul 12, 2021•53 min•Ep. 140
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 cli...
Jul 05, 2021•29 min•Ep. 139
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 cryptoasse...
Jun 28, 2021•1 hr•Ep. 138
