20/20 MONEY

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/

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Welcome to this episode of The Dose podcast and Happy 2019! I hope you all had a wonderful and happy New Year celebration, and in keeping with the common themes we’re seeing on social media, we are talking about goal setting for 2019 in this episode. I didn’t want to talk about just the boring financial goals, but also how to measure your overall progress in life and how to get off to best start possible with your New Year’s goals. I also share more about my unfortunate ice-skating incident that happened the day before New Year’s Eve, and how being in the right frame of mind is helping me deal with this setback, and why you also need to be prepared for curve balls as well and have the right mindset to respond to them.

External Show Links
Jocko Willick Good

Way of Life App

YNAB

Mint.com

Jay Z Process

Marcus Lemonis Trust the Process

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Welcome to this Episode of The Dose podcast. My guest on today’s show is Michael Pote. Michael and I met a little over 4 years ago through a national optometry association and have followed each other’s businesses ever since. Michael’s exposure in optometry has been primarily as a marketer, but today he is the leader of the Growth Cooperative, a unique organization that helps optometrists around the country with many issues that practitioners face today, such as the role of insurance in the industry, the OD/MD split and what it means to the patient experience, and how to help optometrists scale and build a practice that they otherwise might have thought to be impossible. In this episode we discuss:

• The evolution of managed care in optometry and how it has changed the way optometrists not only practice clinically, but how they structure their business
• Why focusing on making money in your practice is not necessarily the best way to make money in your practice, and why you should think about the “currency of care” to measure your success.
• The benefits the Growth Cooperative are bringing to optometrists and what optometrists can do to “stand up” to the change and pressure that eye-care providers are feeling from legislators in each of their states.
  
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Welcome to this episode of The Dose podcast. My guest on today’s show is Josh Kegley.  Josh works exclusively in the retirement planning space and provides multiple services to business owners and their team members. What’s unique about Josh is that he’s been doing this for the last 15 years and has spent pretty much his entire career in the retirement planning landscape. During our conversation, Josh and I discuss:

• Basic plans like SEP and simple IRAs
• Full Profit sharing and 401k plans
• Defined benefit plans and how when structured/implemented correctly they can help business owners offset taxes by timing the deduction of cash balance contributions with an event that can cause significant tax liabilities
• Biggest mistakes business owners make when having a retirement plan in their business
• How much your retirement plan is really costing you and why you should be shopping your plan
  
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Welcome to this episode of The Dose podcast. My guest on today’s show is Matt McNairy and we will be talking any and all things marketing and branding. Matt has had a number of different stops in marketing throughout his career but ever since 2006 has run his own marketing and website design and development firm. What I like about Matt and his perspective is his ability to connect the integrity of a brand to its online presence through a variety of mediums. Whether with video content or blogs, Matt has the unique skillset to bring out the message business owners want to share in an increasingly competitive environment. In our conversation we discuss:

• The evolution of a business’s presence on the web
• How to utilize your website not only to grow business but to tell your story
• How the patient experience begins online, before they ever step into your practice
• The importance of building patient reviews and which platforms you should be working to collect them on.
  
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In this episode of The Dose Adam talks with Dan Zone from Wells Fargo about the many aspects of financing that medical professionals will experience throughout their career. What’s truly unique about Dan is that he almost entirely focused on these white coat professionals. Dan’s experience has allowed him to see many different financing arrangements and the unique lending circumstances that can exist in this world that do not necessarily exist for other professions. During our conversation we cover many topics including:

• Financing a startup versus acquiring a practice and the requirements for those transactions
• Purchasing an actual business as opposed to the real estate the business is out of
• The biggest mistakes he’s seen doctors make in financing a project
• Necessary action items and when to take them for applying for a commercial loan.

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On this episode, I have a great conversation with Brad Cohen. Brad is an estate and business planning attorney with Cohen, Garelick, and Glazier law firm in Indianapolis.

What’s unique about Brad, though, is his practice is very focused and dedicated on serving the personal and business planning needs of white coat professionals. As we unpack and discuss the specific legal challenges as well as planning considerations and strategies for white coat professionals, Brad’s extensive experience and well-rounded body of knowledge make him a great guest for today’s show.

During our conversation, we discuss:

• Contract negotiation strategies and ideas for associates…and why the size of the organization you’re considering joining matter in that process.
• Should you hire an attorney to review your contract or can you do it yourself?
• What is “estate planning” and when should you complete that process?
• The difference between wills and trusts and mistakes to avoid
• The different types of business entities to choose from when starting a practice and the benefits to each entity.
• How to think about transitioning an associate to an owner/equity partner…and why it’s not always a great financial move for the original owner.
• A strategy to use a certain type of retirement plan to help offset potential tax liabilities from the sale of their practice.
• Why it’s important to have a buy/sell plan in place…and why you don’t always need to use life insurance to fund it!
• The difference between a stock and an asset sale when selling or buying a practice…and which one you should pursue (depending on whether you’re the buyer or seller).

Links

https://www.cgglawfirm.com/

Legacy Practice Transitions (Dental Practice Transitions)

Visionary Practice Group (Optometry Practice Brokerage)

Cohen, Garelick, & Glazier

Brad’s profile

On this first interview-format episode of The Dose, I have a great conversation with Drs. Antonio Chirumbolo and Matt Gellar of NewGradOptometrey and Covalent Careers. Antonio and Matt are both optometrists by training, but both of them have fully embraced business opportunities and ideas that have stemmed from their clinical and career experience as practicing optometrists. In fact, I learned in this episode that Dr. Geller has completely stopped seeing patients in a clinical setting and rather focuses 100% of his time and energy on his various businesses!

We cover a variety of topics in this episode, and while a lot of the discussion is through the filter of optometry, I’m confident that others wearing different white coats (dentists, pharmacists, and physicians) will still take away actionable and thought-provoking ideas. During our conversation, we discuss:

• Matt & Antonio’s backgrounds and their catalyst for starting a business (that’s NOT a private practice).
• How the rising cost of education is influencing the decisions that young doctors are making with their careers…and what you should be cognizant of when planning your life.
• How “taking a pause” in your career can allow you to see great opportunities that are right in front of you.
• How the world of optometry and other white coat professions has changed, opening up more opportunities to be involved in your profession…without seeing patients!
• The importance of goal setting and how taking time every month and one day per quarter can significantly improve the return you get on life.
• How you can become more aware of your own soft skills (relationship skills, chairside manner, conversation aptitude, etc) to help you market yourself (and your practice) more effectively and deliver a great patient experience.
• The importance of self-reflection and investing in yourself…and why I believe people struggle with this habit!

Links

Emotional Intelligence Test

Covalent Careers

New Grad Optometry

https://tim.blog/podcast/

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Welcome to the first full episode of The Dose! For the first episode, the timing of when this was recorded coincided to an article that came out in the New York Times about a situation where a financial service “professional” had taken advantage of unsuspecting clients. Another article by Yahoo! Finance talked about how a couple of former Wells Fargo Advisors had “lifted the veil” on compensation practices in play at the firm and how it created a significant conflict of interest for the advisors and their clients, even as the advisor was legally supposed to be serving the client as their fiduciary (serving them in their best interest and putting the clients’ needs ahead of their own).

These two situations inspired me to host a show where I try and be as transparent and explanatory as possible in helping you understand the various different “hats” that financial service professionals can wear and how, unfortunately, it’s still “buyer beware” in certain advisor-client relationships.

In this episode, I share the following:

• Why, as a white coat professional, you have to be extra-aware about your relationship with a financial professional.
• An analogy to renting a tux for a wedding to help you understand the suitability vs fiduciary standard of care in client relationships.
• How to verify the business model(s) of financial service professionals.
• The various compensation models that exist in different business models.
• The difference between a registered representative and an investment advisor…and how you can tell the difference.
• How working with a CFP® Professional can bring clarity to the type of planner you work with and the level of education and experience they’ve satisfied.

Links

www.letsmakeaplan.org

https://www.cfp.net/

Broker Check: https://brokercheck.finra.org/

NY Times article: https://www.nytimes.com/2018/08/24/business/brokers-excessive-trading-retirement.html

Yahoo! Finance article: https://finance.yahoo.com/news/exclusive-wells-fargo-pushed-wealth-advisors-use-high-fee-products-cross-sell-131824414.html

Welcome to the first episode of The Dose! With this being the first episode, you’ll find that this one is pretty concise. My intention with this show is to share with you the following:

• topics we’ll cover
• format of the show
• why we’ll be going “an inch wide and a mile deep” on how we cover the topics
• brief background on myself and my intention and motivation behind doing the show

I have a number of other episodes already “queued up” so be sure to subscribe to get the latest show when it releases! Our goal is to release shows on the 1st and 15th of the month, but that doesn’t mean that we won’t release shows in between that schedule if we have a timely, relevant topic that we want to share with you!

Thanks for checking us out and I hope you enjoy The Dose!

The Dose Podcast, hosted by Certified Financial Planner and experienced Wealth Adviser Adam Cmejla, aims to brings simplicity and clarity to financial concepts, solutions and strategies that impact white coat professionals which can ultimately help them make empowered and informed decisions with their money.

For more information on the show and on Adam, please visit www.adoseoffinancialcents.com/1