The Financial Beast Podcast for Practice Owners

Econologics Financial Advisors
  • 4.3 (6)
  • Investing
  • Weekly

The Financial Beast Podcast for Practice owners is designed for practice owners to get vital info on financial matters that concern them both personally and professionally. Additional to help them get into ”Financial Beast” mode and stay there so they can achieve all of their financial goals. A financial beast is debt free, protected, invested and set for life!

  1. 2d ago

    Your Practice Has Cash Sitting in the Bank. Here's What It Could Be Earning.

    Your healthcare practice could have hundreds of thousands of dollars sitting in a business checking or savings account. But is that cash actually working for you? When interest rates rise, most people focus on the negatives: higher borrowing costs, expensive mortgages, and pressure on investments. But higher interest rates can also create opportunities for healthcare practice owners who know where to look. In this solo episode of the Financial Beast Podcast, Eric Miller explains how rising interest rates can benefit savers, investors, retirees, and practice owners with significant cash reserves. From short-term Treasury bills to bonds, annuities, and commercial real estate, Erik breaks down the opportunities that can emerge when interest rates move higher. In this episode, you'll learn: • Why rising interest rates aren't always bad for your finances   • How higher rates can benefit people holding significant cash   • Why your business checking account may not be the best place for excess cash   • How short-term Treasury bills work   • Why Treasury interest generally receives favorable state income tax treatment   • How business brokerage accounts can fit into a cash management strategy   • Why higher bond yields can benefit some retirees   • What happens to existing bond prices when interest rates rise   • How higher rates can affect annuity and lifetime income options   • What practice owners should consider when managing variable-rate debt   • Why rising rates can create opportunities in commercial real estate   • How to evaluate cash-flowing property when borrowing costs are higher   The key is understanding how changes in interest rates affect different parts of your financial life. For healthcare practice owners, the goal isn't simply to grow your business. It's to make sure the money your practice generates helps build long-term financial independence for you and your household. If you're a veterinarian, physical therapist, dentist, optometrist, chiropractor, or other healthcare practice owner, this episode will help you think differently about cash management and investment opportunities. Subscribe to the Financial Beast Podcast for financial planning, practice growth, wealth building, retirement strategies, and practice exit planning designed specifically for healthcare business owners. CHAPTERS 00:00 How to Benefit From Rising Interest Rates 01:03 Why Higher Interest Rates Create Opportunities 02:00 Financial Planning for Healthcare Practice Owners 03:32 Are Rising Interest Rates Really Bad? 04:23 How Federal Reserve Rates Affect Borrowers 05:12 Why Higher Rates Can Benefit Savers 06:05 Short-Term Treasury Bills Explained 07:16 How to Invest Business Cash in Treasuries 08:29 Why Excess Business Cash Should Work Harder 08:56 Higher Bond Yields and Retirement Income 09:52 What Happens to Bonds When Interest Rates Rise? 11:48 Annuities and Life Insurance in a High-Rate Environment 13:29 How Higher Rates Can Improve Annuity Income Options 15:03 Managing Practice Debt When Rates Rise 15:58 What Higher Interest Rates Mean for Stocks 16:34 Private Lending and Interest Income 17:18 Reviewing Your Financial Strategy 18:13 Buying Commercial Real Estate With Higher Rates 19:42 Final Thoughts on Rising Interest Rates _________________________________________________________________________________ Want to schedule a free consultation? Visit www.econologics.com or call us at (727) 588-1540 or schedule directly at: https://econologicsfinancialadvisors.com/complimentary-consultation/   Get Social With Us Website: https://www.econologicsfinancialadvisors.com  LinkedIn: https://www.linkedin.com/company/econologics  Facebook: https://www.facebook.com/econologicsfinancial  Instagram: https://www.instagram.com/econologicsfinancialadvisors  X / Twitter: https://x.com/FinancialBeasts  Vimeo: https://vimeo.com/econologics  🔒 Disclaimer Econologics Financial Advisors, LLC (‘EFA’) is registered with the Securities and Exchange Commission as an investment advisor. (Such registration does not imply a certain level of skill or training.) EFA provides investment advisory services only in states where it is permitted to do so under state laws and only to the extent permitted thereby. This communication is not an offer to sell or effect any transaction in securities. Neither EFA nor its affiliates provide legal, tax or accounting advice. Please consult a qualified attorney or accountant. Results are not guaranteed and will vary depending on the specific circumstances of each individual and on other factors. Full disclosure: https://econologicsfinancialadvisors.com/legal-disclosures/

  2. Oct 16

    Which Retirement Accounts Should You Withdraw From First?

    Which retirement accounts should you withdraw from first? After decades of saving, investing, and building wealth, knowing when and how to start spending your money can be one of the hardest parts of retirement. For successful healthcare practice owners, the challenge is especially important. Your wealth may be spread across 401(k)s, IRAs, Roth accounts, brokerage investments, real estate, annuities, life insurance, and the proceeds from selling your practice. So where should your retirement income actually come from? In this episode of the Financial Beast Podcast, Eric Miller and Eric Gersch break down how they approach retirement income planning, which assets they generally consider using first, and how to create income while protecting your long-term financial security. In this episode, you'll learn: • Why transitioning from saving to spending is so difficult   • Why your net worth doesn't necessarily have to decline in retirement   • Which retirement accounts to consider withdrawing from first   • Why traditional IRAs and 401(k)s can create tax challenges   • How required minimum distributions (RMDs) affect retirement planning   • When Roth IRAs can provide tax flexibility   • How annuities and certain life insurance policies can provide lifetime income   • Why guaranteed income can reduce retirement anxiety   • How brokerage accounts can supplement retirement income   • How Social Security and rental income fit into the plan   • Why the timing of withdrawals matters for taxes   • How part-time work can reduce pressure on your investments   • How to enjoy retirement while still planning for your family's future   The goal isn't simply to accumulate the largest possible retirement account. It's to build a retirement income strategy that allows you to enjoy the wealth you've created while maintaining financial security. If you're a veterinarian, physical therapist, dentist, optometrist, chiropractor, or other healthcare practice owner approaching retirement or preparing to sell your practice, this conversation will help you understand the decisions ahead. Subscribe to the Financial Beast Podcast for practical financial strategies, practice growth advice, retirement planning, exit planning, and wealth-building guidance for healthcare practice owners. CHAPTERS 00:00 When Should You Start Spending Retirement Savings? 01:43 Why Retirement Income Planning Matters 03:38 The Fear of Spending Your Retirement Savings 05:20 Can Your Net Worth Keep Growing in Retirement? 07:15 When to Withdraw From 401(k)s and IRAs 08:35 Required Minimum Distributions Explained 09:19 How Roth IRAs Fit Into Retirement Income 10:02 Which Retirement Income Sources to Use First 10:49 Annuities and Life Insurance Income Explained 12:48 How Guaranteed Retirement Income Works 14:57 Why Guaranteed Income Reduces Retirement Stress 17:10 Using Brokerage Accounts in Retirement 18:32 When Should You Claim Social Security? 20:20 Combining Multiple Retirement Income Sources 21:30 Tax-Efficient Brokerage Account Withdrawals 22:25 Working Part-Time During Retirement 24:24 Enjoying Retirement on Your Own Terms _________________________________________________________________________________ Want to schedule a free consultation? Visit www.econologics.com or call us at (727) 588-1540 or schedule directly at: https://econologicsfinancialadvisors.com/complimentary-consultation/   Get Social With Us Website: https://www.econologicsfinancialadvisors.com  LinkedIn: https://www.linkedin.com/company/econologics  Facebook: https://www.facebook.com/econologicsfinancial  Instagram: https://www.instagram.com/econologicsfinancialadvisors  X / Twitter: https://x.com/FinancialBeasts  Vimeo: https://vimeo.com/econologics  🔒 Disclaimer Econologics Financial Advisors, LLC (‘EFA’) is registered with the Securities and Exchange Commission as an investment advisor. (Such registration does not imply a certain level of skill or training.) EFA provides investment advisory services only in states where it is permitted to do so under state laws and only to the extent permitted thereby. This communication is not an offer to sell or effect any transaction in securities. Neither EFA nor its affiliates provide legal, tax or accounting advice. Please consult a qualified attorney or accountant. Results are not guaranteed and will vary depending on the specific circumstances of each individual and on other factors. Full disclosure: https://econologicsfinancialadvisors.com/legal-disclosures/

  3. Oct 9

    You Make Great Money. So Why Do You Still Feel Financially Stressed?

    Your practice is successful. You're making good money. You have investments. Maybe you don't even have much debt. So why do you still feel financially stressed? In this solo episode of the Financial Beast Podcast, Eric Miller breaks down something he's seeing among successful healthcare practice owners: making more money doesn't automatically create financial confidence. In fact, having significant cash coming in without a clear plan for what to do with it can create an entirely different kind of financial anxiety. Eric breaks down what practice owners should be thinking about right now, from giving every dollar a job to protecting liquidity, building reserves, investing during volatile markets and demanding more from your financial team. In this episode: • Why successful practice owners can still experience financial anxiety   • Why every dollar should have a job before it arrives   • How to think about investing during volatile markets   • Why dollar-cost averaging can become valuable when markets decline   • How higher interest rates can change your cash strategy   • Why Eric is looking at short-term Treasuries for liquidity   • How much cash a practice should keep in reserve   • Why your household needs its own financial reserves   • Why having available lines of credit matters before you need them   • How economic fear can lead practice owners into bad financial decisions   • Why you should demand more communication from your financial advisor   • What your financial team should actually be helping you accomplish   • Why chasing unrealistic investment returns can destroy a good financial plan   • Why every practice owner needs to become the CFO of their own financial life   The goal isn't simply to make more money. It's to know how to acquire, control and invest that money so your practice can create financial independence for you and your household. If you're a veterinarian, physical therapist, dentist, optometrist, chiropractor or other healthcare practice owner who earns well but still doesn't feel completely in control of your finances, this episode is for you. 🎙️ Subscribe to the Financial Beast Podcast for financial strategies, practice growth insights, exit planning and personal wealth-building strategies designed specifically for healthcare practice owners. CHAPTERS 00:00 Why Successful Practice Owners Still Feel Financial Stress 02:07 Who Financial Beast Is Really For 03:24 Financial Anxiety When You're Making Good Money 05:39 Why Every Dollar Needs a Job 06:27 Investing During Economic Uncertainty 08:14 Dollar-Cost Averaging During Market Volatility 09:15 Rethinking Cash and Treasury Bills 11:03 How Much Cash Should Your Practice Keep? 14:12 Why You Need Credit Before You Need It 14:55 Don't Let Bad Economic News Control Your Decisions 17:13 Demand More From Your Financial Advisor 21:07 The Danger of Chasing Huge Investment Returns 24:29 Why Money Needs a Leader _________________________________________________________________________________ Want to schedule a free consultation? Visit www.econologics.com or call us at (727) 588-1540 or schedule directly at: https://econologicsfinancialadvisors.com/complimentary-consultation/   Get Social With Us Website: https://www.econologicsfinancialadvisors.com  LinkedIn: https://www.linkedin.com/company/econologics  Facebook: https://www.facebook.com/econologicsfinancial  Instagram: https://www.instagram.com/econologicsfinancialadvisors  X / Twitter: https://x.com/FinancialBeasts  Vimeo: https://vimeo.com/econologics  🔒 Disclaimer Econologics Financial Advisors, LLC (‘EFA’) is registered with the Securities and Exchange Commission as an investment advisor. (Such registration does not imply a certain level of skill or training.) EFA provides investment advisory services only in states where it is permitted to do so under state laws and only to the extent permitted thereby. This communication is not an offer to sell or effect any transaction in securities. Neither EFA nor its affiliates provide legal, tax or accounting advice. Please consult a qualified attorney or accountant. Results are not guaranteed and will vary depending on the specific circumstances of each individual and on other factors. Full disclosure: https://econologicsfinancialadvisors.com/legal-disclosures/

  4. Oct 2

    She Bought a Healthcare Practice With ZERO Experience—Then 4X'd It with Host, Eric Miller & Guest, Gwen Claussen

    Would you buy a healthcare practice if you weren't a clinician, had no business experience and lived more than 1,000 miles away? That's exactly what Gwen Claussen did. Gwen's connection to pediatric occupational and speech therapy began when her premature son struggled with significant developmental and health challenges. After occupational therapy helped change the trajectory of his life, Gwen eventually began working at the clinic that had helped her family. Years later, when the owner wanted to retire, Gwen made an unlikely decision: She bought the practice herself. She wasn't an occupational therapist. She wasn't a speech therapist. She didn't have a background in business. And when she took ownership, she was living in Georgia while the practice was in Michigan. Since then, Gwen has grown the team from roughly 9 employees to around 37, nearly quadrupled revenue and opened a second location. In this episode of the Financial Beast Podcast, Gwen explains how she figured it out. You'll discover: • Why Gwen bought a healthcare practice without being a clinician   • The deeply personal experience that introduced her to occupational therapy   • How she ran a Michigan practice while living more than 1,000 miles away   • Why building the right team made remote ownership possible   • What terrified her immediately after signing the purchase paperwork   • Why her first financial priority was making sure she could always cover payroll   • How she learned business ownership from scratch   • Why she became a student of other successful therapy practice owners   • How the business grew from roughly 9 employees to around 37   • How she nearly quadrupled revenue   • How she opened a second location using the practice's cash flow   • Why she's changing the way she thinks about productivity and leadership   • How keeping cash available gave her the ability to move faster   • Why she's learning to build personal wealth outside the practice   • How she thinks about eventually transitioning the business to someone else   Gwen's story demonstrates that successful practice ownership isn't always about starting with all the right credentials or knowing exactly what you're doing. Sometimes it's about being willing to learn what you don't know, surround yourself with the right people, take calculated risks and keep adapting as the business grows. 🎙️ Subscribe to the Financial Beast Podcast for financial strategies, practice growth insights, exit planning and personal wealth-building strategies designed specifically for healthcare practice owners. CHAPTERS 00:00 Buying a Healthcare Practice With No Experience 03:30 How Occupational Therapy Changed Her Family 05:21 Why She Bought the Practice 06:19 Learning Business Ownership From Scratch 07:12 Running a Practice From 1,000 Miles Away 08:16 The Fear of Making Payroll 10:09 Growing From 9 to 37 Employees 11:32 Learning How to Scale a Therapy Practice 13:36 Leadership Lessons From Practice Ownership 16:01 Nearly 4Xing Revenue and Opening Location #2 18:09 How Her Relationship With Money Changed 22:52 Why Cash Gives Practice Owners More Options 24:42 Making Better Financial Decisions 27:10 Reinventing Yourself as an Entrepreneur 29:22 Planning the Future Exit 32:09 Why Entrepreneurs Have to Keep Trying _________________________________________________________________________________ Want to schedule a free consultation? Visit www.econologics.com or call us at (727) 588-1540 or schedule directly at: https://econologicsfinancialadvisors.com/complimentary-consultation/   Get Social With Us Website: https://www.econologicsfinancialadvisors.com  LinkedIn: https://www.linkedin.com/company/econologics  Facebook: https://www.facebook.com/econologicsfinancial  Instagram: https://www.instagram.com/econologicsfinancialadvisors  X / Twitter: https://x.com/FinancialBeasts  Vimeo: https://vimeo.com/econologics  🔒 Disclaimer Econologics Financial Advisors, LLC (‘EFA’) is registered with the Securities and Exchange Commission as an investment advisor. (Such registration does not imply a certain level of skill or training.) EFA provides investment advisory services only in states where it is permitted to do so under state laws and only to the extent permitted thereby. This communication is not an offer to sell or effect any transaction in securities. Neither EFA nor its affiliates provide legal, tax or accounting advice. Please consult a qualified attorney or accountant. Results are not guaranteed and will vary depending on the specific circumstances of each individual and on other factors. Full disclosure: https://econologicsfinancialadvisors.com/legal-disclosures/

  5. Sep 25

    She Grew From 1 to 3 Veterinary Practices—Here’s How with Host, Eric Miller & Guest, Dr. Katie Stover.

    How do you grow a veterinary practice from a small operation into a multi-location business without having to personally manage every employee, every decision and every dollar? Eric Miller sits down with Dr. Katie Stover. Dr. Stover is the owner of Red Barn Animal Hospital. Over nearly a decade of ownership, the business has grown from 11 employees to 32, now includes seven veterinarians, and Katie is currently working on acquiring a third location. But scaling the practice required Katie to change how she operated as an owner. In this episode of the Financial Beast Podcast, Katie breaks down what she's learned about veterinary practice ownership, building a management team, expanding locations, managing cash flow and making sure the success of the business also creates financial progress at home. You'll discover: • How Katie became a veterinary practice owner early in her career • Why having the previous owner as a mentor helped her transition into ownership • How becoming a mother forced her to build a stronger management team • How she grew from 11 employees to 32 • What it takes to manage seven veterinarians across multiple locations • Why hiring self-managing people became critical to the practice • How Katie expanded the physical footprint of the business • Why she bought 13 acres and built a 6,000-square-foot veterinary facility • How she thinks about seasonal cash flow and financial reserves • Why practice owners need to pay themselves first • How owning veterinary real estate contributes to long-term wealth • Why Katie is preparing for her eventual exit years before she plans to sell • How she's building retirement assets without depending entirely on the sale of the practice • Why she would rather have control over who eventually buys the business • What Katie would tell veterinarians who are afraid of practice ownership Katie's story is a great example of what happens when a veterinarian stops trying to personally carry the entire business and starts building the people, systems and financial structure necessary to scale. And perhaps most importantly, the practice isn't the end goal. It's an asset that's supposed to create a better life for the owner. If you're a veterinarian, physical therapist, dentist, optometrist, chiropractor or other healthcare practice owner trying to grow your business while building personal wealth, this episode is for you. CHAPTERS: 00:00 Scaling a Successful Veterinary Practice 03:10 Becoming a Veterinary Practice Owner 06:08 Building a Management Team 07:11 Growing to Three Veterinary Locations 11:29 Growing From 11 to 32 Employees 13:13 Managing Seven Veterinarians 16:09 Paying Yourself as a Practice Owner 18:00 Managing Veterinary Practice Cash Flow 20:35 Building Wealth Through Veterinary Real Estate 21:53 Preparing to Sell a Veterinary Practice 27:20 Why Veterinarians Should Consider Ownership 29:03 The Highs and Lows of Veterinary Ownership _________________________________________________________________________________ Want to schedule a free consultation? Visit www.econologics.com or call us at (727) 588-1540 or schedule directly at: https://econologicsfinancialadvisors.com/complimentary-consultation/   Get Social With Us Website: https://www.econologicsfinancialadvisors.com  LinkedIn: https://www.linkedin.com/company/econologics  Facebook: https://www.facebook.com/econologicsfinancial  Instagram: https://www.instagram.com/econologicsfinancialadvisors  X / Twitter: https://x.com/FinancialBeasts  Vimeo: https://vimeo.com/econologics  🔒 Disclaimer Econologics Financial Advisors, LLC (‘EFA’) is registered with the Securities and Exchange Commission as an investment advisor. (Such registration does not imply a certain level of skill or training.) EFA provides investment advisory services only in states where it is permitted to do so under state laws and only to the extent permitted thereby. This communication is not an offer to sell or effect any transaction in securities. Neither EFA nor its affiliates provide legal, tax or accounting advice. Please consult a qualified attorney or accountant. Results are not guaranteed and will vary depending on the specific circumstances of each individual and on other factors. Full disclosure: https://econologicsfinancialadvisors.com/legal-disclosures/

  6. Sep 18

    She Built a Multi-Million Dollar Therapy Practice—Without Crushing Her Profit with Host, Eric Miller & Guest, Jenny Matt

    How do you build a multi-million-dollar speech therapy practice without watching your profit disappear as the business grows? Jenny Matt built Speak for Yourself Speech Therapy from zero into a multi-million-dollar healthcare practice—and she did it without taking on business loans while maintaining healthy profit margins. But it didn't happen because she simply chased revenue. Jenny started small, grew only when demand justified it, learned the financial side of her business, brought critical functions in-house and built systems designed to protect profitability as the practice expanded. In this episode of the Financial Beast Podcast, Jenny breaks down the decisions behind her growth and the financial lessons she's learned along the way. You'll discover: • How Jenny built a speech therapy private practice from scratch • Why specializing in AAC helped create an early competitive advantage • How she grew the business without taking on loans • Why millions in revenue don't necessarily mean a profitable healthcare practice • Why Jenny brought insurance billing in-house • How aggressively following up on denials helps protect revenue • Why she expanded facilities only when the business actually needed the space • How paying clinicians per visit affects practice profitability • Why her highest-performing therapists can earn above standard industry salaries • How virtual assistants transformed the administrative side of her practice • Why delegation became essential as she grew to 14 speech therapists • How Jenny makes sure her household benefits from the success of the business • Why building wealth outside your practice matters • How she's thinking about eventually stepping away or selling the business • Why she wants to preserve the practice's legacy after she's gone One of the biggest traps for healthcare practice owners is confusing revenue with financial success. A practice can generate millions of dollars and still leave its owner wondering where all the money went. Jenny's story demonstrates a different approach: control overhead, understand where your money goes, build intentionally, reward your team for production and make sure the success of your practice ultimately creates financial success for your household. If you're a speech pathologist, physical therapist, veterinarian, dentist, optometrist, chiropractor or other healthcare practice owner trying to grow without sacrificing profitability, this episode is for you. 🎙️ Subscribe to the Financial Beast Podcast for financial strategies, practice growth insights, exit planning and personal wealth-building strategies designed specifically for healthcare practice owners. CHAPTERS: 00:00 Building a Multi-Million Dollar Speech Therapy Practice 03:39 Starting a Speech Therapy Private Practice From Zero 07:44 From Speech Therapist to Business Owner 09:48 Growing the Practice Without Business Debt 11:14 How She Maintains Strong Profit Margins 12:45 Bringing Medical Billing In-House 14:44 Controlling Overhead as the Practice Grows 15:16 Paying Speech Therapists Per Visit 19:34 Using Virtual Assistants to Increase Profitability 22:23 Managing a Team of 14 Speech Therapists 27:22 Turning Practice Success Into Personal Wealth 29:39 Retirement and Selling a Speech Therapy Practice 33:20 Why Healthcare Practice Owners Need a Financial Team _________________________________________________________________________________ Want to schedule a free consultation? Visit www.econologics.com or call us at (727) 588-1540 or schedule directly at: https://econologicsfinancialadvisors.com/complimentary-consultation/   Get Social With Us Website: https://www.econologicsfinancialadvisors.com  LinkedIn: https://www.linkedin.com/company/econologics  Facebook: https://www.facebook.com/econologicsfinancial  Instagram: https://www.instagram.com/econologicsfinancialadvisors  X / Twitter: https://x.com/FinancialBeasts  Vimeo: https://vimeo.com/econologics  🔒 Disclaimer Econologics Financial Advisors, LLC (‘EFA’) is registered with the Securities and Exchange Commission as an investment advisor. (Such registration does not imply a certain level of skill or training.) EFA provides investment advisory services only in states where it is permitted to do so under state laws and only to the extent permitted thereby. This communication is not an offer to sell or effect any transaction in securities. Neither EFA nor its affiliates provide legal, tax or accounting advice. Please consult a qualified attorney or accountant. Results are not guaranteed and will vary depending on the specific circumstances of each individual and on other factors. Full disclosure: https://econologicsfinancialadvisors.com/legal-disclosures/

  7. Sep 11

    Her Healthcare Practice Lost 80% of Its Business—Then Came Back with Host, Eric Miller & Guest, Lisa Taglauer

    What do you do when your healthcare practice loses 80% of its business almost overnight? Lisa Taglauer and her partners had spent years building their physical therapy practice. By 2019, they had grown to five locations, roughly 62 team members, and had just experienced their best financial year ever. Then everything changed. In March 2020, only days after the team met to plan their next phase of expansion, the business dropped 80%. Roughly half the team was laid off. Two clinics eventually closed. Hiring didn't meaningfully resume until 2023. But they didn't quit. In this episode of the Financial Beast Podcast, Lisa explains how her team rebuilt the practice by confronting weaknesses that had been hidden during the good years. You'll discover: • How a thriving physical therapy practice lost 80% of its business almost overnight • Why Lisa and her partners never seriously considered giving up • How the crisis exposed weaknesses that growth had hidden • Why financial reserves became a critical lesson • How leadership changed after the collapse • Why they started involving employees in strategy and execution • How better communication helped rebuild the organization • Why they completely redesigned their company core values • How they use Net Promoter Score and Employee NPS • Why employee engagement became a leading indicator for growth • How the practice returned to roughly 25% year-over-year growth • Why they're prioritizing culture before opening more locations • How owner distributions changed Lisa's view of successful leadership • Why they're already looking at the practice through the eyes of a future buyer • What healthcare practice owners can learn from their comeback This isn't simply a story about surviving a difficult period. It's about what happens when a crisis exposes the weaknesses inside a successful business, and how better financial discipline, leadership, communication and culture can create the foundation for a comeback. If you're a physical therapist, veterinarian, dentist, optometrist, chiropractor or other healthcare practice owner navigating growth, financial pressure or uncertainty, this conversation is for you. 🎙️ Subscribe to the Financial Beast Podcast for financial strategies, practice growth insights, exit planning and wealth-building strategies specifically designed for healthcare practice owners. CHAPTERS: 00:00 The Art of a Healthcare Practice Comeback 01:49 Building a Physical Therapy Practice 04:14 Opening Days Before Hurricane Katrina 07:31 From Record Growth to an 80% Collapse 10:06 Laying Off Half the Team and Closing Clinics 14:16 The Financial Weakness the Crisis Exposed 16:54 Rebuilding Leadership, Communication & Culture 24:19 The Metrics That Proved the Comeback Was Working 29:48 Reaching 25% Year-Over-Year Growth 30:50 Growing a PT Practice Without Overexpanding 32:59 Owner Distributions and Financial Recovery 34:44 Preparing a Healthcare Practice for an Exit _________________________________________________________________________________ Want to schedule a free consultation? Visit www.econologics.com or call us at (727) 588-1540 or schedule directly at: https://econologicsfinancialadvisors.com/complimentary-consultation/   Get Social With Us Website: https://www.econologicsfinancialadvisors.com  LinkedIn: https://www.linkedin.com/company/econologics  Facebook: https://www.facebook.com/econologicsfinancial  Instagram: https://www.instagram.com/econologicsfinancialadvisors  X / Twitter: https://x.com/FinancialBeasts  Vimeo: https://vimeo.com/econologics  🔒 Disclaimer Econologics Financial Advisors, LLC (‘EFA’) is registered with the Securities and Exchange Commission as an investment advisor. (Such registration does not imply a certain level of skill or training.) EFA provides investment advisory services only in states where it is permitted to do so under state laws and only to the extent permitted thereby. This communication is not an offer to sell or effect any transaction in securities. Neither EFA nor its affiliates provide legal, tax or accounting advice. Please consult a qualified attorney or accountant. Results are not guaranteed and will vary depending on the specific circumstances of each individual and on other factors. Full disclosure: https://econologicsfinancialadvisors.com/legal-disclosures/

  8. Sep 4

    He Borrowed $1.1 Million to Buy a Dental Practice at 28 with Host, Eric Miller & Guest, Dr. Josh Drake

    Would you borrow $1.1 million to buy a dental practice at 28 years old? That's the decision Dr. Josh Drake faced only a few years after graduating from dental school. After joining an established practice as an associate, Josh was given the opportunity to buy into the business. The price tag was intimidating—but once he understood the cash flow behind practice ownership, the decision began to make sense. Nearly 20 years later, Josh joins Eric Miller on the Financial Beast Podcast to talk candidly about what dental practice ownership actually looks like after the acquisition. In this episode, you'll discover: • Why Josh took on a $1.1 million practice loan at 28 • How understanding cash flow changed his view of practice debt • Why mentorship made his transition into ownership easier • The financial buffer he believes every practice owner should maintain • Why a profitable practice can still consume everything it makes • The difference between being a great dentist and being a business owner • How marriage and children changed Josh's relationship with his practice • Why he realized the business needed to serve his household—not the other way around • How he began systematically moving money out of the practice and into personal wealth • What he learned from Profit First and “pay yourself first” • Why he brought his younger sister into the practice • The challenges of managing employees as a healthcare practice owner • Why Josh turned down an opportunity to sell to a DSO • The unanswered question surrounding his eventual dental practice exit • How building personal wealth creates more options when it's finally time to retire Josh's story demonstrates an important distinction for healthcare practice owners: Owning a successful practice and building personal financial independence are not necessarily the same thing. Your practice should be an engine for building your household's wealth—not the only place where your wealth exists. 🎙️ Subscribe to the Financial Beast Podcast for financial strategies, practice growth insights, exit planning and wealth-building strategies specifically designed for healthcare practice owners. CHAPTERS: 00:00 Building Wealth as a Healthcare Practice Owner 01:45 Deciding to Become a Dental Practice Owner 03:18 Learning the Business Side of Dentistry 04:04 Understanding the Value of Buying a Practice 06:26 Buying Into the Dental Practice 07:16 Taking On a $1.1 Million Practice Loan 09:13 Transitioning From Partner to Full Owner 11:07 Making Changes as a New Practice Owner 12:59 The Hardest Part of Managing Employees 14:52 Managing Dental Practice Cash Flow 17:53 When Your Practice Needs to Serve Your Family 21:52 Paying Yourself First as a Practice Owner 23:35 Bringing His Sister Into the Dental Practice 27:28 Should You Sell Your Practice to a DSO? 30:09 The Challenge of Planning a Dental Practice Exit 34:00 Building Wealth Outside Your Dental Practice _________________________________________________________________________________ Want to schedule a free consultation? Visit www.econologics.com or call us at (727) 588-1540 or schedule directly at: https://econologicsfinancialadvisors.com/complimentary-consultation/   Get Social With Us Website: https://www.econologicsfinancialadvisors.com  LinkedIn: https://www.linkedin.com/company/econologics  Facebook: https://www.facebook.com/econologicsfinancial  Instagram: https://www.instagram.com/econologicsfinancialadvisors  X / Twitter: https://x.com/FinancialBeasts  Vimeo: https://vimeo.com/econologics  🔒 Disclaimer Econologics Financial Advisors, LLC (‘EFA’) is registered with the Securities and Exchange Commission as an investment advisor. (Such registration does not imply a certain level of skill or training.) EFA provides investment advisory services only in states where it is permitted to do so under state laws and only to the extent permitted thereby. This communication is not an offer to sell or effect any transaction in securities. Neither EFA nor its affiliates provide legal, tax or accounting advice. Please consult a qualified attorney or accountant. Results are not guaranteed and will vary depending on the specific circumstances of each individual and on other factors. Full disclosure: https://econologicsfinancialadvisors.com/legal-disclosures/

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The Financial Beast Podcast for Practice owners is designed for practice owners to get vital info on financial matters that concern them both personally and professionally. Additional to help them get into ”Financial Beast” mode and stay there so they can achieve all of their financial goals. A financial beast is debt free, protected, invested and set for life!

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