20/20 MONEY
284 episodes - English - Latest episode: 19 days ago - ★★★★★ - 73 ratings20/20 MONEY, hosted by Certified Financial Planner and experienced Wealth Adviser Adam Cmejla, aims to bring clarity to financial concepts and strategies that impact optometrists.
For more information on the show and on Adam, please visit https://www.integratedpwm.com/
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Episodes
Increasing optical revenue by rethinking--from buying to selling--your frame management with Kayla Ashlee of Spexy
April 08, 2024 10:00 - 49 minutes - 57.8 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Kayla Ashlee from Spexy. Kayla joins me live on location at IDOC Connection 2024 to talk all things optical. Optical is admittedly an area of practice management that has always been intriguing because of the retail component—I feel like there are a lot of “retail 101” lessons that we can take from how other retailers manage their business. While practice owners may not have the multi-million dollar IT and inventory m...
Using Medical Virtual Assistants in your practice to increase efficiency (and profitability) with Dr. Adam Ramsey, OD
April 01, 2024 10:00 - 54 minutes - 62.6 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Dr. Adam Ramsey, OD, representing VA Healthcare. In this episode, we talk about the role that a virtual medical assistant can play in your practice’s patient flow and how to think about the changes that you’d have to make in your practice for this to be a viable option. Adam provides a list of responsibilities that they’re doing in his practice and how he thinks through capacity for this person while ultimately striving to d...
Hiring an associate full time vs easing into it: the discussion, numbers, and mindset for optometry practice owners with Nathan Hayes
March 25, 2024 10:00 - 51 minutes - 60 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes from IDOC. Nathan joins me back on the show to discuss and dialogue about the two basic ways practice owners can think about the way in which they hire associates for their practice: easing into it by bringing them into the practice gradually or proactively planning ahead by stockpiling cash in the practice and thus then “making the leap” by hiring an associate full-time—and then intentionally stewarding ...
A pay structure that works for optometry partnerships with Kurt Steele, OD
March 18, 2024 10:00 - 55 minutes - 64.5 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Dr. Kurt Steele, OD. Kurt joins me back on the show to talk in further detail how he and his partners have structured their compensation structure in a way that works for everyone in the practice while also ensuring that there is parity in comp based on the amount of revenue that each of them collect for the work they do clinically in the practice. He shares the details and formula he uses and we run a couple of hypothetical...
How a hyper-effective, right-fit team can increase your profitability: a follow up convo with Dr. Mike Neal, OD
March 11, 2024 10:00 - 1 hour - 77.9 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Dr. Mike Neal, OD. Mike is the founder of a number of different businesses, include a primary care practice in PA called Lakeside Vision and Build My Team, an effective outsourced hiring system for eyecare that does not use resumes. Mike joins me back on the show to provide additional context and clarity around the numbers that he shared on the first episode, proving/dispelling the naysayers out there about the margins of hi...
Reconciling a successful succession plan with a growing practice with Dr. Kurt Steele, OD
March 04, 2024 11:00 - 1 hour - 71.8 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Dr. Kurt Steele, OD. Kurt is one of the owners of Precision Eyecare, a member of the Vision Source Network, in Newport, TN and also the founder of Legit Vision, a consulting firm to help ODs unlock the potential in their practice. Kurt joins me on the show today to talk through the unique and successful way that he has married the growth of his practice into the succession planning considerations that he wanted to have in pl...
Using a cash balance plan strategies when you sell your practice with Charlie Steingas of Cash Balance Actuaries, Inc.
February 26, 2024 11:00 - 1 hour - 79 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Charlie Steingas, founder and chief actuary at Cash Balance Actuaries, a firm that specializes in the design, implementation, and ongoing monitoring of cash balance plans. In this episode, we define what a cash balance plan is and how it’s different from a defined benefit plan (hint: they’re similar, but still different), what influences whether one would go DB vs Cash balance plan, how investing your plan assets impac...
"Flights and Insights" with Dr. Michael Neal: Implementing finance charges, profit sharing with team members, associate comp structures, and new reads
February 19, 2024 11:00 - 26 minutes - 30.4 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Dr. Michael Neal, OD and this is another episode in which I experimented a bit with the format of 20/20 Money: we recorded this episode at 8,000 feet, flying from Indianapolis to Chicago! As you’ll hear in the beginning of the episode, Mike was in town meeting up with other successful practice owners from around the country. They’re all friends and have turned their personal friendships into a professional mastermind group, ...
An optometry practice "cold start" update with Drs. Bob Steinmetz & Eric Baas, OD from iCare Advisors
February 12, 2024 11:00 - 1 hour - 77.8 MBWelcome to this episode of 20/20 Money! My guests on today’s show are Drs. Eric Baas and Bob Steinmetz, co-founders of iCare advisors, a consulting firm dedicated to the success of cold start practices nationwide. With close to 350 successful cold starts nationwide and 11 practice starts between them, I was really excited to have them back on the show to talk through the “state of the cold start” marketplace—looking back on 2023 as well as looking forward (as best they can) to what’s coming ...
Insights into practice financing and lending for optometrists with Kevin Wills from PNC Bank
February 05, 2024 11:00 - 50 minutes - 58.5 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Kevin Wills. Kevin is Sr. Vice President, Healthcare Business Banking with PNC Bank and I wanted to have Kevin on the show to discuss the state of lending, specifically in the healthcare space, from a nationwide perspective. In this episode, Kevin and talk about steps borrowers can take to put themselves in the best financial position prior to going through underwriting, how important projections and pro formas are in the u...
I'VE BEEN HACKED (AGAIN!!) - Another 20/20 Money Takover with Drs. Chris Wolfe & Kyle Klute, OD
January 29, 2024 11:00 - 46 minutes - 54.3 MBWelcome to this episode of 20/20 Money! My guests on today’s show are two more of my favorite people in the optometry space: Drs. Chris Wolfe and Kyle Klute. 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! This is another 20/20 Money Takeover and basically a response to the first takeover episode I release with Drs. Jennifer Stewart and Jeremy Ciano (link here). Kyle was kind enough to reach out to me after the ...
Weathering life's storms: the importance of resiliency with Dr. Ted McElroy, OD (Part 2)
January 22, 2024 11:00 - 59 minutes - 69 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Dr. Ted McElroy. This is part two of our conversation that we teased on last week’s episode, and today Ted and I talk about the importance of resilience as a trait and quality that we should all embrace. He shares what resilience has meant to him in his life and how it was demonstrated throughout his life, most influential and notably by his grandfather, and how he’s strengthened that quality over his life…and how that’s ben...
The importance of vulnerability in leadership with Dr. Ted McElroy, OD (Part 1)
January 15, 2024 11:00 - 58 minutes - 67.6 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Dr. Ted McElroy. This is part one of our conversation where we talk about the importance of vulnerability as a leader, and why the two traits (vulnerability from today’s episode and resilience from next’s week’s episode) are intertwined. That is to say you can’t have one without the other. I believe Ted and I hit on a number of very important ideas in this albeit abstract conversation, but it’s one that I really enjoyed…and ...
Savings numbers to know for the new year, defined benefit plan changes, and an ERC PSA.
January 08, 2024 11:00 - 39 minutes - 45.2 MBWelcome to this episode of 20/20 Money! This “housekeeping” episode is all about knowing the timely and relevant numbers that impact your various savings strategies as we enter into the new year. I also spend some time talking about an awesome new feature for defined benefit plans (thanks to SECURE Act 2.0) and a PSA to all of you that received the ERC in 2023 (or anticipate receiving it in 2024). As a reminder, you can get all the information discussed in today’s conversation by visit...
3 successive questions to ask as you plan next year
January 01, 2024 11:00 - 28 minutes - 32.5 MBWelcome to this episode of 20/20 Money! Kicking off the new year, I wanted to share with you three important questions I ask myself that I’ve found to be very valuable and impactful when considering new projects, initiatives, or “asks” that occur throughout the year. These questions, when asked successively and answered together, can help bring a lot of clarity around where and how you spend your capital of time, money, and energy. As a reminder, you can get all the information discuss...
20/20 Rewind: Forget goal-setting and focus on purpose: a mindset conversation with Stephanie Bogan
December 25, 2023 11:00 - 1 hour - 93.4 MBWelcome 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 a...
Year end planning with Bethany Fishbein, OD
December 18, 2023 11:00 - 52 minutes - 60.3 MBWelcome 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, ...
Selling or buying an optometry practice? An update on practice transitions nationwide with Erik Ferjentsik, MBA
December 11, 2023 11:00 - 1 hour - 71.3 MBWelcome 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 netwo...
Being intentional with cash flow around year-end planing with Jackson Pace, CPA
December 04, 2023 11:00 - 48 minutes - 56.6 MBWelcome 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 se...
Year-end planning considerations (guest appearance on Power Hour podcast with Dr. Bethany Fishbein, OD)
November 27, 2023 11:00 - 43 minutes - 49.8 MBWelcome 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 P...
Is owner-financing right for my practice? Guest appearance with Erich Mattei on Akrinos Access LIVE
November 20, 2023 11:00 - 52 minutes - 60.4 MBWelcome 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 ca...
Practice Success Spotlight: Creating diversified income streams in your practice with Dr. Mila Ioussifova
November 13, 2023 11:00 - 1 hour - 71.3 MBWelcome 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 ...
I'VE BEEN HACKED!!! A 20/20 Money TAKEOVER by Drs. Jennifer Stewart and Jeremy Ciano
November 06, 2023 11:00 - 49 minutes - 57.5 MBWelcome 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...
How the SECURE Act 2.0 impacts optometrists and optometric practice owners
October 30, 2023 10:00 - 50 minutes - 58.6 MBAs 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 ...
Creating your own patient-centric, in-house vision plan with Dr. Gina Wesley
October 23, 2023 10:00 - 1 hour - 73.4 MBWelcome 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 initiall...
The in's and out's of billing and coding with Dr. John Rumpakis, OD, MBA
October 16, 2023 10:00 - 1 hour - 71.7 MBWelcome to this episode of 20/20 Money! In this episode, we have a special guest joining us, Dr. John Rumpakis. Dr. Rumpakis is a medical coding consultant for OD’s, and founder of CodeSAFEPLUS, which gives you the knowledge and factual data you need to be safe, compliant, and profitable in today’s healthcare environment. Today Dr. Rumpakis will walk us through a step-by-step process for optimizing practice revenue, including identifying the right CPT codes, setting appropriate prices...
When succession planning and partnerships are strained...what's the next best step?? (with Nathan Hayes of IDOC)
October 09, 2023 10:00 - 53 minutes - 61.7 MBWelcome 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 revisit a topic that we’ve discussed in the past but is worth revisiting on another episode: partnerships. Nathan and I share both of our experiences and thoughts about practice partnerships at all stages of their lifecycle: before, during, and towards the end of a partner’s career. We talk about how partnerships can be formed and structured, each of our thoughts on...
Successful implementation of VT in your practice with Dr. Heidi Bell
October 02, 2023 10:00 - 1 hour - 72.8 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Dr. Heidi Bell, OD, FCOVD. Heidi is a partner in Elite Eyecare, which houses Elite Vision Therapy within the practice and joins me on the show to talk about the success and passion she has for vision therapy and how following that passion has led to incredible success in the practice and fulfillment for her—personally and professionally. This was a very enjoyable conversation and we start off by talking about her jo...
The financial profession is "clear as mud." Let's clarify fiduciary duty vs suitability standards, the different business models, & conflicts of interest
September 25, 2023 10:00 - 1 hour - 77.5 MBAs 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 th...
Investing in your team, the importance of culture and purpose, what ODs can learn from dentistry, and focusing on the long-term with Dr. Andy Yaryan, OD
September 18, 2023 10:00 - 1 hour - 84.2 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Dr. Andy Yaryan, OD. Andy and I have a great and wide-ranging conversation. Andy shares why his culture has been so important to his success and demonstrative ways in which he measures culture in his practice, why focusing on the two things every human wants can be instrumental in productive team members, a number of lessons he's learned by being involved in a dental practice coaching program, and other best practices...
Making the right decisions and avoiding mistakes with commercial real estate with Mike Jorgenson of Carr Healthcare Realty
September 11, 2023 10:00 - 1 hour - 185 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Mike Jorgenson with Carr Healthcare Realty. Mike joins me on the show to discuss all things real estate and optometric practices and we discuss many different aspects of real estate. We talk about evaluating the location of your practice, buying vs leasing, the timeline for buildouts, why it’s a mistake to just call the number that’s in the window of a space for lease, the size of space to consider when thinking through the ...
Overrated and underrated practice management metrics in the business of optometry with Dr. Matt Mitchell
September 04, 2023 10:00 - 50 minutes - 58.6 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Dr. Matt Mitchell, OD. Matt joins me back on the show to put a light-hearted spin on some of the traditional practice benchmarks that are used in the profession. He talks about benchmarks that he feels are a bit over-rated in their use and dependency and which complementary benchmark that could be used that is under-rated, but still very impactful in helping you know the KPIs (key performance indicators) of your practice tha...
Building a "Super-single" vs a multi-location practice: a conversation with Dr. Julie Helmus & Mike Kogelis
August 28, 2023 10:00 - 53 minutes - 123 MBWelcome to this episode of 20/20 Money! My guests on today’s show are Mike Kogelis & Dr. Julie Helmus, OD. Mike and Julie join me on the show to talk about the growth of each of their respective businesses—Mike as the co-owner with his wife Dr. Rasa Tamulavichus of Big City Optical, a 17 location practice in the greater Chicagoland area and Dr. Julie Helmus, the G2 owner of Helmus Optometry, a super-single location in Davis, California. In this enjoyable conversation, we talk about the...
Finding out what brings you joy and fulfillment at work and what frustrates you...and removing that from your life with Dr. Pete Kehoe, OD
August 21, 2023 10:00 - 1 hour - 78.1 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Dr. Pete Kehoe, OD. This intro is packed with great info, so I hope you’ll listen to the entirety of it before jumping forward to the conversation. Pete and I share in a great conversation focused around one of the more important facets that impact a successful and cohesive practice: ensuring you have the right team members in the right roles within the practice doing work that they are inherently great at doing. We ha...
An update on all things student loan planning post-COVID with Lauryn Williams from StudentLoanPlanner.com
August 14, 2023 10:00 - 1 hour - 76.5 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Lauryn Williams. Lauryn is an experienced consultant with www.studentloanplanner.com, a service started by Travis Hornsby a number of years ago. Travis and his team that he’s grown has come to be one of the leading authorities nationwide as it pertains to student loan repayment strategies. Lauryn joins me on the show today to talk about the current status of student loan strategies given that we now have clarity from t...
How ignoring interest rate arbitrage and focusing on the emotion of paying off debt can accelerate savings and wealth creation with Dr. Matt Mitchell, OD
August 07, 2023 10:00 - 47 minutes - 110 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Dr. Matt Mitchell, OD. Matt joins me back on the show in response to a very thoughtful piece of feedback he sent me about his view on debt and money after listening to a number of episodes of the show. Matt’s been a long-time listener of the show and has also been a guest a number of times. I really appreciated Matt sending the feedback and rather than dialogue about it 1:1, I thought his viewpoint would make for a very enjo...
Why it's wrong to think you should get a discount to buy into the practice you've worked in as an associate
July 31, 2023 10:00 - 40 minutes - 47.4 MBWelcome to this episode of 20/20 Money! On today’s episode I share some insights and experience as to why there can be a disconnect between owner and associate when it comes to establishing a buy-in price on a practice in which the associate has been working. This misalignment of value happens all-too-often and I’m hoping that this conversation can give you insights as to what both parties are thinking compared to what is correct and fair. As a reminder, you can get all the information...
How utilizing a streamlined hiring service can help save time and money by ensuring the right people are on the bus with Dr. Mike Neal, OD
July 24, 2023 10:00 - 1 hour - 196 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Dr. Mike Neal, OD. Mike owns both a private practice in rural PA and is also the founder of Build My Team, a platform intended on helping practice owners nationwide simplify and streamline the hiring process for non-OD team members. Mike joins me to talk about how he flipped hiring on its head for his practice and how he’s built an entirely different service and process to help ODs hire the best candidates for their practice...
The importance of tracking frame turn for profitability in your optical with Kayla Ashlee
July 17, 2023 10:00 - 55 minutes - 127 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Kayla Ashlee. Kayla is the creator behind Spexy, an online training platform that’s built to help independent ODs and their teams make the most out of their optical and empower them to embrace change in their practice. Kayla joins me back on the show to talk about the importance of tracking frame turnover in your optical and how important it is to track that data and what it can mean for your numbers. We also talk about pric...
Seeing the business of optometry through a CFO lens: a conversation with Jackson Pace
July 10, 2023 10:00 - 1 hour - 151 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Jackson Pace. Jackson joins me on the show today to talk through his journey working for a growing and thriving practice as a CFO and the lessons he’s observed along the way that he’s helping apply to the work that he does with practice owners around the country. We talk about when he thinks a practice is ready for a full-time CFO, the biggest challenges in understanding the cash flow of a practice, the cadence of reviewing ...
Think you can sell your practice for a higher value based on potential? Think again.
July 03, 2023 10:00 - 27 minutes - 32.4 MBWelcome to this episode of 20/20 Money! On this episode I talk about the importance of having a multi-year timeline when deciding to sell your business and why factoring your practice’s perceived or actual potential into the valuation isn’t a strategy that’s going to actually show up in the value of 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 ther...
Buying into the family practice and modernizing it with Dr. Julie Helmus, OD Pt. 2
June 26, 2023 10:00 - 1 hour - 150 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Dr. Julie Helmus, OD. This is part 2 of my conversation with Julie and in this episode, we dive deeper into the deal structure of buyer her parent’s practice, how it was funded, the current org chart of the practice, and some of the pieces of tech that they are using to manage a practice as large as theirs. Julie is also gracious in sharing some detailed numbers of her practice and we talk about the trajectory of the practic...
Buying into the family practice and modernizing it with Dr. Julie Helmus, OD Pt. 1
June 19, 2023 10:00 - 57 minutes - 132 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Dr. Julie Helmus, OD. Julie joins me on the show to share her journey into practice ownership as the G2 owner of Helmus Optometry (IOW, buying her parent’s practice). She shares the journey that she went through as a partial owner, navigating perceived nepotism in the practice during the acquisition process, her decision to keep it a “super single” as opposed to growing into multiple locations, and the importance of having a...
Understanding and setting pricing in your practice that are fair and profitable with Dr. Chris Wolfe, OD
June 12, 2023 10:00 - 52 minutes - 120 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Dr. Chris Wolfe, OD. Chris joins me on the show to share in a conversation about how ODs can think about pricing the different services provided in the practice and how to frame that conversation with your patients, how ODs can think about researching their pricing on medical procedures, how to think about scheduling in your practice to be as efficient with OD hours as possible, 4 questions to consider asking every pt as it ...
Establishing, building, and nurturing culture in your practice (and why it's so important!) with Matt Curts
June 05, 2023 10:00 - 1 hour - 173 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Matt Curts. Matt has a long and storied career. As a long-time CFO, he has a lot of experience working on businesses through the numbers. But, as Matt continued to lean into his passion and purpose, he realized that purpose and the pursuit of purpose is not limited to just a few but should be possible for everyone. He made the decision to leave corporate life and move into a ministry position within his church for four years...
Partnerships and the importance of a good buy/sell agreement with Ali Oromchian
May 29, 2023 10:00 - 47 minutes - 108 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Ali Oromchian. Ali joins me back on the show to talk about a not-too-common but very important part of any partnership: the terms and conditions of the buy/sell agreement that essentially is a part of every partnership. The extent to which the terms of the buy/sell are explicitly documented, however, can be wide-ranging. In this conversation, Ali and I define a buy/sell, how they work, some of the key elements of a b...
Buy vs Build Convo #2: purchasing a low-revenue optometric practice vs cold starting with Nathan Hayes of IDOC
May 22, 2023 10:00 - 51 minutes - 120 MBWelcome 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 give another perspective around the question I asked Erich on last week's episode: how should a potential buyer/future owner look at lower-revenue private practices and whether it's better to buy a "fixer upper" vs cold starting their own practice. This was another spirited conversation filled with anecdotal examples of what can go right and wrong when purchasing p...
Buy vs Build Convo #1: purchasing a low-revenue optometric practice vs cold starting with Erich Mattai
May 15, 2023 10:00 - 37 minutes - 86.1 MBWelcome to another episode of 20/20 Money. My guest on today's show is Erich Mattai with Akrinos. My conversation with Erich is essentially one of two conversations that I had with two different guests (the second guest/conversation will be next week's episode), all focused around one question: what should someone do if they're considering buying (or selling) a low-revenue private practice. To put context around this number, we're talking about private practices that are grossing somewhere ...
The 3.5 tools of leadership for optometric practice owners with Dr. Ted McElroy, OD
May 08, 2023 10:00 - 46 minutes - 53.3 MBWelcome to this episode of 20/20 Money. My guest on today's show is Dr. Ted McElroy, OD. Ted's become a good friend and collaborator over the years and there are few individuals that I've met that are more vocal and passionate about communicating the importance of developing leadership skills to private practice owners. In today's conversation, Ted and I go through an abridged version of the presentation that he presented at Vision Expo East titled "The 3.5 tools of leadership." Ted also wa...
Nurturing culture in a practice when the seller stays on in the practice they just sold w/ Dr. Mick Kling, OD
May 01, 2023 10:00 - 1 hour - 77.4 MBWelcome to this episode of 20/20 Money! My guest on today’s show is Dr. Mick Kling, OD (Mick’s Practice, info on Mick’s Impact Leadership business). Mick joins me on the show today to talk about the balance and “passing of the torch” from the seller to the buyer if the seller decides to stay in the practice and work post-sale and what that means for the culture of the practice. We talk about the idea of high power/low power positions of authority, the difference between direct and indirect c...