20/20 MONEY: The Business of Optometry

Welcome to this episode of 20/20 Money! My guest on today's show is Dr. Pete Kehoe, OD .   Pete joins me back on the show to talk through his journey as an investor when overlayed on top of his professional journey as a practice owner. He shares examples of successful and not-so-successful investments that he's made, resources and platforms that have helped him become a more informed and educated...

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 t...

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 un...

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 succe...

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 visu...

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...

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 tra...

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 i...

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 m...

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 i...

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'...

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...

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 i...

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 clicki...

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...

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 an...

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...

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 Illi...

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 sel...

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 wro...

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: Wh...

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...

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 anecdo...

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 t...

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 remi...