20/20 MONEY: The Business of Optometry

We've been on a roll lately in having some of our past guests share more of their knowledge and today is no different. This episode is part one of a two-part conversation with Michael Pote. You may remember Michael from episode 8, where we talked about several areas of practice management and what his organization The Growth Cooperative is doing to help optometrists across the country. Today we talk about all things related to selling a practice, specifically from a seller's perspective. In this episode we discuss: Why selling isn't an event, but rather a process and how it's like selling a house. The two fundamental numbers that must be improved to improve the evaluation of your practice. The necessity for good reporting tools and being able to dive into practice data, and the difference it makes with a buyer. Michael shares a story about a practice that was $1.4M in gross revenue, and why there was a 220k difference between what the doctor THOUGHT he was earning versus what his practice showed. Books Referenced The E-Myth Revisited – Michael Gerber Traction –Get a Grip on Your Business – Gino Wickman ——————————————————————————————————————— Please rate and subscribe to The Dose on these platforms Apple Podcasts Spotify Google Play Stitcher ——————————————————————————————————————— For past episodes of The Dose with full companion show notes, please check out our episode archive here!

We're back with another episode of The Dose. Today I have another returning guest, Josh Kegley with Retirement Plan Consultants. You may remember Josh from one of our earlier episodes where we talked pretty high level about the retirement plan space and the evolution that practice owners go through as it pertains to the various vehicles that they can utilize to build wealth inside of a retirement plan. Today, we get into the weeds on how to utilize a qualified retirement plan like a 401k to maximize the benefit to the practice owner. We start out discussing how changing the match to a safe harbor is the easiest way to allow practice owners to maximize their own contributions as well as the nuances of the safe harbor match. We then dive into the details on the other side of the qualified plan, which is the profit sharing plan. We discuss the various different types of profit sharing plans, including: Integrated Cross-tested (new comparability) Age weighted More importantly, we discuss the characteristics of a practice that would be a good fit for each of the plans mentioned above as well as some of the different questions to consider when determining if, when, and how much of a profit sharing contribution to make. We also touch on the impact that profit sharing contributions have on qualifying for the new Section 199A deduction (commonly called the "QBI deduction"). And be sure to stick around to the end, where I share a specific example of a client situation where the client chose to make the profit sharing contribution, even though it "cost" him more than he would have paid in taxes and why he decided to make that decision. With that introduction, I hope you enjoy this episode of "The Dose" with Josh Kegley. Links: Retirement Plan Consultants Josh Kegley's LinkedIn Profile

In this episode we talk about one of the most common questions I hear from optometrists: should I pay down debt or should I be saving for retirement? While every person's situation is different, it's important to understand the one theme and idea that's constant in that equation: the time value of money and compounding interest. During the show, I'll discuss: How compounding interest works, using a snowman as an analogy A hypothetical example showing the real cost of waiting The max number of years you should take to pay off student loans while not saving for retirement The order and type of accounts you should consider when you start saving The power of habits and how to start small —————————————————————————————————— Please rate and subscribe to The Dose on these platforms Apple Podcasts Spotify Google Play Stitcher —————————————————————————————————— For past episodes of The Dose with full companion show notes, please check out our episode archive here!

Today's show is another solo episode that takes you on my personal journey as I evaluate healthcare options that my family is considering now that we no longer have access to group health insurance through my wife's employer. During this episode I discuss some of the details about how COBRA coverage works, the benefits of an HSA, and how to understand the different plan options provided through www.healthcare.gov, which is otherwise known as "Obamacare" or the Affordable Care Act (ACA). I go into the details of our personal situation, including the costs of our different options. I'll share my philosophy and approach on the cost/benefit analysis of premiums versus deductibles, and how understanding the tax benefits of HSA plans figures into the total cost of your plan. I close out the show discussing SHOP, which is the Small Business Health Option Plan program available for small business owners through ACA. If you own a practice and are considering providing group coverage for your team or are self employed, do not provide insurance to your team but still have to provide coverage for your family, this episode goes into the nuts and bolts of understanding your options. How does COBRA work. Federal Poverty Levels SHOP Tax Credits Getting started with SHOP

Today is a shorter, solo episode and I talk all things cash. This may seem like a boring topic because cash as an asset class really hasn't mattered much over the past 11 years. We've all been accustomed to seeing the 0.05% (.0005) interest rate in your checking account, so it was basically a lost cause to think about putting your cash to work and actually getting a return on your balance. However, as the Federal Reserve has raised interest rates, one of the benefits of this monetary policy change is a higher return on cash deposits, but not all banks are created equal. While you may not have seen much of a change on your rates at your brick-and-mortar banks, the rise on online-only banks has added an additional competitor to the field…all vying for your deposits. Because these institutions don't have near the overhead, they can offer higher rates to consumers and thus have added additional competition to the banking industry. In this episode we discuss the history of cash, how interest rates are set by banks, how much cash you should have on hand, and various strategies and options to consider with your cash-on-hand. Towards the end of the show I also talk about taking these same principles and making sure you understand your cash options within your investment account(s) as well. Resources: Nerd Wallet The Motley Fool https://www.youtube.com/watch?v=07G23zMGa4g —————————————————————————————————— Please rate and subscribe to The Dose on these platforms Apple Podcasts Spotify Google Play Stitcher —————————————————————————————————— For past episodes of The Dose with full companion show notes, please check out our episode archive here!

Welcome to this Episode of The Dose podcast. My guest on today's show is Kevin Wittmeyer, Manager at Slattery & Holman, P.C. here in Carmel, Indiana. For today's podcast, Kevin stops by to discuss how to effectively utilize Cash Balance Plans and the benefits they can have for the right person in the right business. A Cash Balance Plan is a unique and powerful planning tool for your practice, so Kevin and I aim to give you the ABCs and 123s on when you might consider one for your business. —————————————————————————————————— Please rate and subscribe to The Dose on these platforms Apple Podcasts Spotify Google Play Stitcher —————————————————————————————————— For past episodes of The Dose with full companion show notes, please check out our episode archive here!

Welcome to another episode of The Dose. In this episode, I'm joined again by Dr. Jeremy Ciano, an optometrist located in Carmel, IN (where my office is located) and the owner of two practices: RevolutionEyes and Little Eyes, a pediatric practice. Jeremy and I talk again to get "generally specific" about all things related to making financial decisions for optometrists both in their practice as well as in their personal lives. Our conversation definitely blurred the lines around managing your finances…part of the episode could be applicable to any professionals that invest in themselves and own a business while yet other parts of our conversation are going to be more applicable to optometrists, such as how cost of goods sold can influence the amount of cash on hand that one keeps in their practice. We also discuss: Important decisions to make and be cognizant of your first six months after graduating optometry school and what mistakes to avoid during that time, including how to avoid "1099 hell" come tax time. The difference between "good and bad" debt and how being aware of the current interest rate market can influence the source of capital for future decisions—both personally and professionally. A strategy Jeremy used to manage his debt strategically by breaking up one big loan into three separate loans, which allowed him to manage his cash flow more precisely while paying down the debts. The pivotal point in Jeremy's practice when he started thinking of his practice finances through a "profit first" mentality The current retirement plan that Jeremy uses in his practice and how he's chosen to share the profits of his practice with his team. Books Referenced Profit First – Mike Michalowicz Geometry of Wealth – Brian Portnoy The Behavioral Investor – Daniel Crosby ——————————————————————————————————————— Please rate and subscribe to The Dose on these platforms Apple Podcasts Spotify Google Play Stitcher ——————————————————————————————————————— For past episodes of The Dose with full companion show notes, please check out our episode archive here!

Welcome to this Episode of The Dose podcast. My guest on today's show is Kevin Wittmeyer, Manager at Slattery & Holman, P.C. here in Carmel, Indiana. Kevin stops by to discuss the advantages of Donor Advised Funds and charitable donation strategies to consider with legislative changes to the Tax Cuts and Jobs Act. We also touch on maximizing the efficiency of your charitable donations while still keeping true to charitable giving. —————————————————————————————————— Please rate and subscribe to The Dose on these platforms Apple Podcasts Spotify Google Play Stitcher —————————————————————————————————— For past episodes of The Dose with full companion show notes, please check out our episode archive here!

Welcome to another episode of The Dose. In this episode, I'm joined by Dr. Jeremy Ciano, an optometrist located in Carmel, IN (where my office is located). What's unique about Jeremy is that he has one of the best business minds and ways of thinking about an optometry business that I've ever met, and we leave no stone unturned during this episode. We talk about his journey in optometry and the state of his practice, how he started building his patient base, why he closes his office down for an entire day once per month, and the two criteria he uses for empowering his team to make decisions. We also discuss: How he started from day one of wanting to be "the 1%" of practices that delivered a world class patient experience Why he starts off by thanking patients when they bring in a problem or complaint Pieces of technology he's using to deliver a great patient experience, including the importance of investing in a great practice website. Time management and the stepping stones that Jeremy's taken in life to get to where he is now: running a $2.4MM practice w/ one FTE OD schedule, while he works about 2.5 pt facing days per week. And be sure to stick around to the end, where we talk about where Jeremy is speaking and how you might be able to learn more from him in the future, including a "tease" on the next topic we'll discuss in a future episode. We also reference no less than 7 books that have been very influential on both of us in our businesses. Never Eat Alone – Keith Ferrazzi Killing Sacred Cows – Garrett B. Gunderson The Everything Store – Jeff Bezos Good to Great – James C. Collins Failure is Not an Option – Gene Kranz The One Thing – Gary Keller Small Giants – Bo Burlingham 4 Hour Work Week – Tim Ferriss Technology: National Recalls http://www.nationalrecalls.com/index.html Solution Reach (https://www.solutionreach.com/) Please rate and subscribe to The Dose on these platforms Apple Podcasts Spotify Google Play Stitcher ————————————————————————————————— For past episodes of The Dose with full companion show notes, please check out our episode archive here!

A special mini-episode with segments from the Energeyes National Meeting in St. Louis. The Energeyes National Meeting is the annual National meeting for Energeyes, an association exclusively focused on supporting and empowering optometrists that practice in a corporate-affiliated practice model. With nearly 700 members, Energeyes is dedicated to providing mode specific CE and career growth for corporate affiliated optometrists who operate their practices within stores like Target, Walmart and others. Learn more when I ask these members the following: "What's the one myth of misconception about Corporate Affiliated Optometry that you would like to dispel or correct?" https://www.energeyesassociation.org/ https://www.electrifeyejournal.org/ —————————————————————————————————— Please rate and subscribe to The Dose on these platforms Apple Podcasts Spotify Google Play Stitcher —————————————————————————————————— For past episodes of The Dose with full companion show notes, please check out our episode archive here!