Welcome to this episode of 20/20 Money! My guest on today’s show is Greg Crabtree, CPA . Greg is the author of two of my favorite books about running a business and using the numbers of your business to make informed decisions ( Simple Numbers, Straight Talk, Big Profits and Simple Numbers 2.0: Rules for Smart Scaling ). He’s also the Partner in Charge in the Huntsville, AL office of Carr, Riggs, and Ingram and I was excited to chat with him about the concepts he talks about in his book. We talk...
Aug 15, 2022•58 min•Ep. 197
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Mick Kling, OD. Last week was part 1 of our two-part conversation on all things related to practice transitions. We talk about practice transitions from both the buyer’s and seller’s perspective and talk about the entire life cycle of the process. Today’s episode is Part 2, and we continue the conversation by first diving deeper into the banking and financing aspects and best practices of practice transitions. We then talk a...
Aug 08, 2022•1 hr 7 min•Ep. 196
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Mick Kling, OD. In this two-part conversation with Mick, he and I have a deep and well-rounded discussion on all things related to practice transitions. We talk about practice transitions from both the buyer’s and seller’s perspective and talk about the entire life cycle of the process. Today’s episode is Part 1, and we cover information related to the beginning stages of buying a practice. We talk about the qualitative and ...
Aug 01, 2022•55 min•Ep. 195
Welcome to this episode of 20/20 Money! My guest on today’s show is Steve Alexander. I wanted to have Steve back on the show to “bookend” the mini-series we did around the subject of vision care plans and their role in your practice’s profitability. In this conversation, we discuss some of the highlights and takeaways we both had based off last week’s episode with Dr. Kyle King. If this is your first time checking out 20/20 Money, thanks so much for being here!! This usually isn’t the case, but ...
Jul 25, 2022•41 min
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Kyle King . Kyle is a partner at Evansville Eyecare Associates in Evansville, IN and is a 2011 grad of IU School of Optometry (I know this because he graduated with my wife). Kyle joins the show today to talk about a journey and transition that I feel a lot of practice owners have thoughts about in the past, and that was his and his partner’s decision to become out-of-network for all vision plans and effectively be a fee-for...
Jul 18, 2022•49 min•Ep. 193
Welcome to this episode of 20/20 Money! My guest on today’s show is Steve Alexander from Anagram. Steve joins me on the show today to talk about a topic that is getting an increasing amount of attention in the private practice landscape: the role that VCPs play in a private practice and how the landscape is shifting in the way that practice owners evaluate the partners they have in their practice, and how that impacts their top and bottom lines. We touch on a variety of topics that cover everyth...
Jul 11, 2022•1 hr 4 min•Ep. 192
Welcome to this episode of 20/20 Money! On today’s show I recap some of the ideas and thoughts I shared during the recent town hall event I did with The Power Practice . I talk about ways to attract and retain your team members, specific areas to drill down on your profit/loss statement, why you need to revisit the debt in your practice, what can happen to multiples of practices in a rising rate environment, and why you need to be more observant of how much and the cost of cash in your life righ...
Jul 04, 2022•36 min•Ep. 191
There are so many options an optometrist can consider when thinking about the prioritization of savings vehicles for both short term and long term needs. In today’s show, we walk up the savings ladder through the lens of tax efficiency. 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 conver...
Jun 27, 2022•39 min•Ep. 190
Welcome to this episode of 20/20 Money! My guest on today’s show is Peter Lazaroff ( LinkedIn Profile ). Peter is a Chartered Financial Analyst, firm owner, author, speaker, podcast host, and chief investment officer of Plancorp, LLC, a fee-only Registered Investment Advisor in St. Louis overseeing over $6 billion of assets for clients around the country. Peter joins me on the show to talk about a variety of topics around investing that apply to an optometric practice owner. We dive into which i...
Jun 20, 2022•59 min•Ep. 189
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Ryan Gustus. Ryan is a partner at Eyecare Associates of Bluffton and Roanoke and also co-founder of Lensquote and their newest tool called Profit Assist . Ryan joins the show today to talk about something that every practice owner should be focused on in their practice and that’s the pricing of their contact lenses. We talk about how to think about your pricing model, how you evaluate profitability, strategies for pricing CL...
Jun 13, 2022•36 min•Ep. 188
Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes with IDOC . In this conversation Nathan and I talk through the qualitative and quantitative metrics and mindsets to consider when identifying whether and when your practice is ready to add an associate. We talk about the importance of beginning with the end in mind, the steps to consider when adding an associate, how the math works in which you’ll make more money working less in the practice, and how practices can e...
Jun 06, 2022•56 min•Ep. 187
Welcome to this episode of 20/20 Money! My guest on today’s show is Eric Nelson ( @servowealth on Twitter). Eric joins us back on the show to talk through being an investor in a choppy market, as we’re recording this as the major markets are knocking on the door of a bear market, which is when markets decline 20% from their previous highs. We talk about celebrating diversification, the role of fixed income in the current interest rate environment, portfolio distributions in retirement, and inves...
May 30, 2022•56 min•Ep. 186
Running a practice can be complicated and there is no shortage of numbers to track. Distilled down, though, an optometry practice (or any business for that matter) has three areas in which to deploy the excess cash that it produced. In this episode, we’ll discuss those three areas, the prioritization of those areas, and why it’s important to understand the relationship that all three of them have with one another. Resources: Do you have an intentional practice? – Review of Optometric Business Fo...
May 23, 2022•39 min
Welcome to this rewind episode of 20/20 Money! My guest on today’s show is Dave Goetsch. I wanted to bring this episode back from early 2020 because we are finding ourselves in the midst of another market correct, albeit for different but yet related reasons. What I think it still timely (and timeless) about this conversation is the part where Dave talks about some of the big bets and lessons he made as investor along the way to having a disciplined investment philosophy. I think it’s important ...
May 16, 2022•51 min•Ep. 184
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 joins me live at Vision Expo East in New York City to discuss the best way for Associate ODs to approach practice owne...
May 09, 2022•35 min•Ep. 183
Sometimes we can lose focus of just how simple business can be, and an optometric practice isn’t any different. In this episode I’ll break down the three factors that, when multiplied together, will give you the top line, gross revenue of your practice. I’ll then walk you through the mindset and logistics of how you can use this number to start thinking about intentionally creating the practice that ultimately serves you and your personal goals. Resources: Register for “Looking back to look ahea...
May 02, 2022•34 min•Ep. 182
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Bethany Fishbein. Bethany is the CEO of Power Practice and host of the Optometry Power Hour podcast. Bethany joins me live from Vision Expo to talk about her perspective on why we both love the model of private practice model in optometry, why it’s important to surround yourself with a good community as a business owner and OD, the importance of learning about leadership and business, and ways in which you can take action on...
Apr 25, 2022•35 min•Ep. 181
Welcome to this episode of 20/20 Money! Coinciding with tax day, this episode will dive into the nuances and understanding the clarity (and penalties) associated with not understanding that getting an extension to file your tax return is not an extension to pay. I’ll also discuss the details of underpayment penalties as well as how to think about proactive cash flow planning and how that influences your tax payment schedules and strategies. If you’re interested in registering for our tax plannin...
Apr 18, 2022•35 min•Ep. 180
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Todd Cohan ( email ; website ). Todd joins the show to talk about how much of a positive impact integrating ocular surface disease has been not only for the increased standard of care he’s been able to provide patients but also how that has helped him run a very profitable practice. We start out talking about how his practice does things a bit different by charging for the pretesting in their office, how that has translated ...
Apr 11, 2022•58 min•Ep. 179
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Gina Wesley, OD. Gina joins me for another conversation around the importance of being tuned into the scheduling metrics of your practice and how important it is to your overall profitability. We talk about the metrics she uses to evaluate and determine success, strategies her team uses to fill up the schedule, how she “triages” candidates to backfill the schedule, how she tracks all of this in her HER, and the important ben...
Apr 04, 2022•49 min•Ep. 178
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Jennifer Stewart. Jen joins the show live while we were both presenting at IDOC’s Connection meeting in Orlando to talk about something that’s very timely for every practice owner out there right now: retaining and empowering team members and using metrics to guide your human capital. We touch on a variety of topics in this wide-reaching conversation and I believe you’ll gain great insights and ideas on ways to manage and le...
Mar 28, 2022•57 min•Ep. 177
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Solomon Gould, OD MBA ( Facebook . LinkedIn , Instagram , Email ). In addition to owning two private practices in MN and being part of a multigenerational optometric family, Solomon is a speaker, author, practice management consultant, and all-around glass-half-full kind of guy and I really enjoyed this conversation with him. Our conversation first starts with us talking about KPIs in a practice and which ones to focus on an...
Mar 21, 2022•1 hr 8 min•Ep. 176
Welcome to this episode of 20/20 Money! This episode is my guest appearance on Medical Millennial series with Dr. Emilie Seitz . Emilie was kind enough to have me on the channel to talk about a variety of topics that impact younger practitioners and practice owners, but I’ll emphasize that the topics are relevant to all practice owners—regardless of experience. In this conversation we talk about when and how to hire an advisor, how to think about setting personal and financial goals, defining su...
Mar 14, 2022•51 min•Ep. 175
Welcome to this episode of 20/20 Money! This episode is my guest appearance on the Power Hour Optometry Podcast hosted by Dr. Bethany Fishbein, CEO of Power Hour. Bethany wanted to have me on the show to talk about the various different areas of a practice owner’s life that they should be planning for in case of a disaster or emergency, and I enjoyed this conversation and tried to make it as fun as possible for an otherwise scary and not urgent topic. Our conversation starts on the personal side...
Mar 07, 2022•50 min•Ep. 174
Welcome to this episode of 20/20 Money! My guest on today’s show is Hayley Stewart . Hayley is the Financial Services Manager for IDOC and predominately focuses her time and expertise on bookkeeping services for IDOC clients. Hayley joins the show to talk about the importance of bookkeeping in practices and how to properly ensure that your books are accurate. We spend a lot of time talking about items that are reported on the balance sheet and specifically talk about why it’s important to unders...
Feb 28, 2022•47 min•Ep. 173
Welcome to this episode of 20/20 Money! My guest on today’s show is Phil Huber, CFA, CFP® ( @bpsandpieces ). Phil has been involved in the financial services business since 2007 and is the Chief Investment Officer in Savant Wealth’s Lincolnshire, IL office, is a member of the Investment Team, has a membership interest in Savant, and is a member of the Investment Committee. He is responsible for portfolio management, contributing to Savant’s investment strategy, and managing investment processes ...
Feb 21, 2022•1 hr 4 min•Ep. 172
Welcome to this episode of 20/20 Money! My guest on today’s show is Ashy Daniels, CFP®. Ashby is an advisor, firm owner , blogger , and friend of mine and I wanted to have him on to talk about a variety of thoughts and perspectives as it relates to financial planning and portfolio management and how that specifically applies to ODs and practice owners. In this conversation, we talk about the differences between information and knowledge, how investors should think about risk in their portfolio r...
Feb 14, 2022•1 hr 1 min•Ep. 171
Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes. Nathan joins me back on the show today to talk about a topic that was actually inspired within the ODs on Finance Facebook community: why practices are valued the way that they are and whether the valuation method that’s used is fair to the seller. Nathan and I discuss this question at length and from several different viewpoints. We also talk about why it’s beneficial for younger ODs looking to purchase a practice...
Feb 07, 2022•1 hr 4 min•Ep. 170
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Wade Weisz from For Eyes Bookkeeping . Wade joins the show to talk with me about something that we’re both passionate about: numbers! However, Wade and I are looking at it through two different set of lenses, though we’re both doing it for the same reasons – to ensure that practice owners can be confident in the business decisions and tax planning that they’re making based on the numbers of their practice. In our conversatio...
Jan 31, 2022•52 min•Ep. 169
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Brianna Rhue, OD , co-founder of DrContactLens.com and TechifEYE . Brianna joins the show today to share with us both the qualitative and quantitative benefits of improving the contact lens purchasing experience your patients experience during the exam and overall buying process. We also talk about the genesis of TechifEYE and how creating that platform is allowing practice owners to implement vetted tech tools in their prac...
Jan 24, 2022•42 min•Ep. 168
