20/20 MONEY

Welcome 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 have this conversation based on the lessons and teachings from Patrick Lencioni in his new book The 6 Types of Working Genius.

As a certified Working Genius facilitator, Pete is uniquely qualified to talk through the concepts discussed and taught in the book as he’s worked with a number of practices that have taken the assessment. We have a spirited discussion about getting the most out of your team members in your practice and doing it in such a way that it’s rewarding and empowering for them in the work that they do. We finish the conversation with Pete taking me through a discussion about my own team’s working geniuses at our firm, Integrated Planning & Wealth Management, which was a lot of fun to do live on the show.

Lastly, Pete shares two very special offers for listeners of 20/20 Money. First, he shares an invite to the Live to Lead 2023 Virtual Leadership event, where you can learn from world-class leadership experts so you can implement a new action plan with renewed passion and commitment. Guest speakers include John C Maxwell, Ryan Leak, Kendra Scott, and Marcus Buckingham. The virtual price is $79/ticket. $10 for every virtual ticket sold will go to Optometry Care, OneSight or Optometry Giving Sight.

Second, ODs that are interested in learning more about the Working Genius model can access a special offer by clicking on the link below in the show notes and Pete talks more about the offer and process midway through our conversation, so be sure to stick around through the initial discussion (before we get into my firm’s evaluation) to hear more about that offer.

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 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 country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!

And with that introduction, I hope you enjoy my conversation with Dr. Pete Kehoe, OD.

Resources:

20/20 Money Community Information

L2LtttVirtual.com

Working Genius Assessment (20/20 Money Offer)

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Welcome 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 the Biden administration about when repayments begin and key upcoming dates to put on your calendar. We discuss rules of thumb to evaluate whether pursuing loan forgiveness vs refinancing is your best course, the different IDR strategies currently in play with an emphasis on the new SAVE program, and a couple of changes regarding PSLF that could be advantageous to ODs working in TX and CA. You even get to hear me miss a “Captain Obvious” answer to my own question on the show and the fun we both had with me missing an obvious answer. We talk about the tax bomb on IDR plans, the IDR waiver/account adjustment, refinancing in a higher interest rate environment, and a variety of other topics that are all going to be very valuable to anyone with questions about their student loan repayment strategies.

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 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 country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!

And with that introduction, I hope you enjoy my conversation with Lauryn Williams.

Resources:

20/20 Money Community Information

Student Loan Planner

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For past episodes of 20/20 Money with full companion show notes, please check out ourepisode archive here!

Welcome 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 enjoyable conversation to share with the entire community of 20/20 Money listeners. We talk about Matt’s journey to being debt free, what caused him to change course, the impact it’s had on him and his family, how he views investments back into the practice, how he thinks about the opportunity cost of waiting by paying cash rather than financing purchases, and other viewpoints.

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 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 country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!

And with that introduction, I hope you enjoy my conversation with Dr. Matt Mitchell, OD.

Resources:

20/20 Money Community Information

Buying and growing a rural optometry practice

Adding an associate by understanding marginal chair cost

Zac & Joelle Holland episodes (Part 1 and Part 2)

Dave Ramsey

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For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome 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 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 country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!

Resources:

20/20 Money Community Information

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For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome 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 to ensure that they have a highly efficient, highly successfully, and highly profitable practice. I’ll be honest—this was one of those conversations that I kept probing for a hole, gap, or “gotcha” in the conversation, but Mike was very transparent and had had an answer (and data!) for all the questions.

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 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 country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!

And with that introduction, I hope you enjoy my conversation with Dr. Mike Neal, OD.

Resources:

20/20 Money Community Information

Build My Team

Rocket Fuel

Strategic Coach

Kolbe Index

CliftonStrengths®

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For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome 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 pricing within your optical, defining the basic econ term “price elasticity of demand,” independent brands vs “the big names” and its impact on optical, how ODs should think about evaluating frames, and the “kiss of death” in optical based on the threshold of limited retail to showcase in 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 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 country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!

And with that introduction, I hope you enjoy my conversation with Kayla Ashlee.

Resources:

20/20 Money Community Information

Spexy

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For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome 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 financials, and other interesting points.

As a reminder, you can get all the information discussed in today’s conversation by visiting our new 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 country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!

And with that introduction, I hope you enjoy my conversation with Jackson Pace.

Resources:

20/20 Money Community Information

Kayla Ashley Episode (BeSpexy)

GPN EDGEPro

www.refractionalCFO.com

Richens Eye Center

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Welcome 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 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 country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!

Resources:

20/20 Money Community Information

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For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome 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 practice going forward. We wrap the conversation by talking about her passion with a new service that her practice is offering and her passion surrounding this type of care as well as thinking through the difference between a CEO and a business owner.

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 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 country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!

And with that introduction, I hope you enjoy my conversation with Dr Julie Helmus, OD.

Resources:

20/20 Money Community Information

Weave

Loom

Crystal

Helmus Optometry

Avulux Lenses

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For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome 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 an experienced attorney look over your shareholder agreements. We finish our conversation with a discussion about business ownership and how hard it can be to take time out of the business...but why it’s so important to intentionally manage your time and take breaks from the 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 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 country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!

And with that introduction, I hope you enjoy my conversation with Dr. Julie Helmus, OD.

Resources:

20/20 Money Community Information

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Please rate and subscribe to 20/20 Money on these platforms

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For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!