In this episode, we'll be discussing the concept of basis and its impact on taxes for S-corp optometric practices. Basis is a crucial concept that can affect the way S-corp optometric practices are taxed, and it's important to have a clear understanding of it. We'll break down the basics of basis, how it applies to S-corp optometric practices, and why it matters. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clic...
Mar 13, 2023•48 min•Ep. 227
On today’s episode, we’ll discuss the different ways a business can be formed and the way that each of those entity selection types is taxed to the shareholder/owner. We’ll also talk about different criteria to consider when selecting your entity type, why it may change over the course of your practicing career, and the importance of understanding the various short and long-term implications of underpaying yourself as a W2 employee. As a reminder, you can get all the information discussed in tod...
Mar 06, 2023•55 min•Ep. 226
Welcome to this episode of 20/20 Money! This was my guest appearance conversation with Dr. Bethany Fishbein, OD, CEO of Power Practice and host of the Power Hour Optometry podcast . On Bethany’s show, we dove a little deeper into some concepts and ideas that she shared in an episode of Power Hour towards the end of 2022, which was all around using the numbers of your practice to evaluate the success of your practice and planning for the next year. We continue that dialogue, but we put it through...
Feb 27, 2023•51 min•Ep. 225
Welcome to this episode of 20/20 Money! This week’s episode is my guest appearance on IDOC’s “Eye Own a Business” podcast hosted by Dr. Steve Vargo . Steve had me on the show to talk about the relationship between business and personal goal planning and how related they are to one another. We talk about the importance of asking “why” before asking “how,” why it’s important to be specific when visualizing your goals, the importance of being intentional with your time and why practice owners are r...
Feb 20, 2023•47 min•Ep. 224
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Chris Smiley, OD. Chris joins me on the podcast today to talk about his journey as a multi-location owner and his evaluation as both an OD and business owner. He shares what prompted him to go into private practice and the catalyst that inspired him to start buying multiple locations in the Columbus, OH area. We talk about the importance of taking a self-inventory of how you think about yourself and how he’s not only acknowl...
Feb 13, 2023•53 min•Ep. 223
Welcome to this episode of 20/20 Money! My guest on today’s show is Denise Logan . Denise joins me on the show to talk about what I feel is an area of business ownership that is often overlooked and that is the subtle but very real and powerful emotional connection we have to our businesses. This is amplified when a practice owner is contemplating selling their practice and determining their transition readiness. We talk about her own transition to selling her business and what inspired her to d...
Feb 06, 2023•1 hr 10 min•Ep. 222
Welcome to this episode of 20/20 Money! My guest on today’s show is Ankit Patel. Ankit and I chat about how he and his wife have taken delegation and outsourcing in their practice to a whole new level by building part of their team overseas in the Philippines. We talk about their path through practice ownership and how they keep a pulse around their patient satisfaction. We also talk about their interview process and questions they ask, how they manage their team both stateside and overseas, imp...
Jan 30, 2023•1 hr•Ep. 221
Understanding the relationship between business risk and the multiples that are paid on practices is important for anyone that's buying or selling a practice to understand. In this episode, I'll discuss how multiples are calculated, the different ways we can think about risk when it comes to investing, and why it's important to make sure that you're being honest with yourself about the financial metrics of your practice. As a reminder, you can get all the information discussed in today’s convers...
Jan 23, 2023•42 min•Ep. 220
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Steve Vargo, OD with IDOC . Steve joins me back on the show to talk about the idea of employee productivity and how that translates into the overall success of the practice. We bifurcate this topic by first talking about associate vs owner productivity and steps that an owner can take to increase productivity of associates in their practice. We transition then into talking about the front of practice activities (optical and ...
Jan 16, 2023•55 min•Ep. 219
On this episode, I wanted to share a bit of a personal story about 3 lessons that I learned from my grandparents that have in large part shaped the money story and lessons that have guided my financial journey and how I view and use money money in my life. I hope this conversations gives you a benchmark and different viewpoint to compare your own money values and purpose. If you feel like you don’t have a grasp on your own money story and purpose, my hope is that it inspires you to start thinkin...
Jan 09, 2023•31 min•Ep. 218
Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes with IDOC . Nathan joins me back on the show to have a continued dialogue about what it means to not only look at but actually use your practice financials to make good business decisions. In our conversation, we talk about the 7 key areas of expenses in an optometric practice that should be segmented on a profit loss statement, how a balance sheet is calculated, the range you should expect for both cost of goods an...
Jan 02, 2023•51 min•Ep. 217
Welcome to this episode rewind of 20/20 Money! 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 business coach Stephanie Bogan from the beginning of the year. 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 ...
Dec 26, 2022•1 hr 19 min•Ep. 216
Welcome to this episode of 20/20 Money! As we approach the end of the year, I thought it would be appropriate to share with you the 5 books I think all OD practice owners should read in 2023, and why I believe they will have a valuable impact on your business. 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 ...
Dec 19, 2022•29 min•Ep. 215
Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes of IDOC. Nathan joins me back on the show to talk about a goal that a certain subset of ODs aspire to achieve, and that is to embrace more of a CEO role in their practice and spend more time working ON and OUT of the practice than IN the practice clinically. We talk about what’s needed to make that transition, some of the self-awareness that’s needed to embrace that role, and what an OD should and should not be doin...
Dec 12, 2022•58 min•Ep. 214
Welcome to this episode of 20/20 Money! My guest on today’s show is Jeremy Pemberton. Jeremy is the Chief Investment Officer at Waterway Family Funds and has an extensive career in the real estate profession. I wanted to have Jeremy on the call today to talk about the various different ways one can own real estate as part of their portfolio and the different types of vehicles that exist. Jeremy and I talk about how real estate partnerships are structured in regards to the general partner (GP) an...
Dec 05, 2022•52 min•Ep. 213
Welcome to this episode of 20/20 Money! My guest on today’s show is Rob Bertman . Rob is a senior consultant for Student Loan Planner who specializes in making customized, easy-to-implement student loan plans for people with 6-figure student debt and up. He has been a financial professional for nearly 20 years and holds both the CFA and CFP® designations. Rob is also the founder of Family Budget Expert where he helps parents who feel behind financially finally find the extra money to build savin...
Nov 28, 2022•54 min•Ep. 212
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Pete Kehoe, OD. Dr. Kehoe is a fellow of the Academy of Optometry, National Academies of Practice and a Diplomate of the American Board of Optometry. He has served the profession in a variety of roles and was president of the American Optometric Association 2008-2009. He is a partner in three private practices in central Illinois and serves Vision Source as an administrator in Illinois since 2000 and a variety of roles as a ...
Nov 21, 2022•1 hr 11 min•Ep. 211
Welcome to this episode of 20/20 Money! My guest on today’s show is Kim Hockaday (links) from Nations Lending . Kim has been on the show previously, is a long-time friend of mine, and has a lot of experience in the mortgage business. I wanted to have her on the show today to talk about the current state of the mortgage market as we close in on the 4th quarter of 2022 and what both buyers and sellers should be considering in this new environment we’re in (relative to 2020 and 2021). As a reminder...
Nov 14, 2022•45 min•Ep. 210
Welcome to this episode of 20/20 Money! This episode is the guest appearance I did on Dr. Chris Wolfe’s podcast Eyecode Media (which is part of Eyecode Education ). Chris had me on the show to unpack private equity a bit more and talk about how PE is structured from an investment perspective and what the “end game” looks like for a PE fund. This is a follow up conversation to an article that I wrote for Review of Optometric Business (link) where I showed the math on how selling to a PE firm coul...
Nov 07, 2022•1 hr•Ep. 209
Welcome to this episode of 20/20 Money! On today’s show we discuss the relationship between tax loss- and gain-harvesting and capital gain distributions from ETFs and mutual funds. We’ll run through a couple of examples of how you can proactively review your portfolio and potentially reduce your tax liability and not be surprised by a large 1099-DIV report during 2023’s tax season. Resources: What is the “wash sale” rule? Fidelity’s Tax Loss Harvesting article 20/20 Money Community Information F...
Oct 31, 2022•51 min•Ep. 208
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Larry Golson. Larry is the founder of Envision Eyecare & Eyeware in Ashville, NC and in addition to practice ownership he has taken on another role in the optometric profession, serving as a consultant and coach to practice owners looking to implement the concepts and applications discussed in the book Traction by Gino Wickman . Larry and I talk through his implementation journey with EOS® and what he’s learned through t...
Oct 24, 2022•1 hr 1 min•Ep. 207
Welcome to this episode of 20/20 Money! My guest on today’s show is Ali Oromchian. Ali is an attorney and founder of DM Counsel, a law firm based in the SF Bay area that serves medical professionals nationwide. Ali joins me on the show today to revisit the ABCs and 123s of estate planning and the importance of not putting off a planning item that oftentimes see go neglected. We share some anecdotal stories of why you shouldn’t delay taking action, the differences between trust and will estate pl...
Oct 17, 2022•50 min•Ep. 206
Welcome to this episode of 20/20 Money! My guest on today’s show is Amy Alvarez with IDOC. Amy joins me on the show today to discuss a topic that is certainly impacting practice owners in multiple different ways and at multiple different level: attracting and retaining staff in your practice. Amy shares a lot of great information and insights, including tips on how to how to best create a job ad to attract quality candidates, why yet again it “starts with why” in your practice, the mismatch in a...
Oct 10, 2022•1 hr 3 min•Ep. 205
Welcome to this episode of 20/20 Money! Today, I talk about the importance of understanding your savings rate and how that relates to the overall owner income that the practice produces. We’ll also tie this into the long-term planning implications of NOT knowing and understanding your savings rate and how lifestyle creep can be silent headwinds as you work towards making work optional. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at int...
Oct 03, 2022•33 min•Ep. 204
Welcome to this episode of 20/20 Money! I’m joined by Kayla Ashlee (founder of Spexy ) live at Vision Expo West. Kayla and I spend our time talking about a word that often gets a very negative connotation in practices: sales. We talk about ways to make sales a positive experience, we each share our definition of what sales means to us, and ways to think about changing sales culture in your office. We wrap up the conversation with Kayla telling us what two words, if given the chance, she would ab...
Sep 26, 2022•36 min•Ep. 203
Welcome to this episode of 20/20 Money! My guest on today’s show is Billy Murray with myeyedr . I wanted to have Billy on the show to talk about the current state of private equity in the optometry space and have him share his perspective as someone that is working with partner practices that choose to align with myeyedr. We talk about everything from the basics of PE, where he feels we’re at in the cycle of PE, the benefits and exchanges of a PE-based exit strategy, how he thinks about the chal...
Sep 19, 2022•58 min•Ep. 202
Welcome this episode of 20/20 Money! Practice financials can sometimes seem complicated and overwhelming, especially if you haven’t had any business training or your accountant/CPA or bookkeeper hasn’t spent time helping you understand your financials. In this episode, I’ll walk through the basics of the three important financial documents and how to put those through the filter of your own personal finances and monthly budget. Resources https://integratedpwm.com/201 20/20 Money Community Inform...
Sep 12, 2022•35 min•Ep. 201
Welcome to this episode of 20/20 Money! This is a very special episode of 20/20 Money in that it is our 200th episode!! And I can’t think of a better way to celebrate than to announce the launch of the “20/20 Money Community!” In this episode I’m going to get pretty personal with you and share some of the backstory and context around how this show has evolved, the “why” behind a lot of the work that I do, and what we’re going to be rolling out here at 20/20 Money in the next couple of weeks. I’m...
Sep 05, 2022•1 hr•Ep. 200
Welcome to this episode of 20/20 Money! My guest on today’s show is JR Armstrong. JR joins me back on the show to talk about a common tax planning strategy that we both see utilized in optometric practices: buying a vehicle through the practice. We cover the basics of what needs to be considered, some of the nuances and limitations of having the practice buy the vehicle, and most importantly ensuring that you understand the big picture of what it means to depreciate property like vehicles in you...
Aug 29, 2022•54 min•Ep. 199
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Jennifer Stewart . Jen joins me again on the show to talk about an interesting transition that’s just occurred for her, and that was selling her practice! Longtime listeners of the show will know that she owned a very successful practice in Connecticut. However, she also felt a calling to use her experience as a successful practice owner to help others in the profession run successful practices and viewed this part of life a...
Aug 22, 2022•58 min•Ep. 198
