Episode #131

20/20 Money Episode #131 – Warming up to cold starts (Part 1) with Drs. Eric Baas and Bob Steinmetz of iCare Advisors

May 10, 2021

On this episode of 20/20 Money! My guests on today’s show are Drs. Eric Baas and Bob Steinmetz, co-founders of iCare Advisors. iCare Advisors consults with ODs all around the country and their specific area of expertise is helping ODs navigate the decision making matrix and analysis behind opening a cold start practice.

This wide ranging conversation was so deep and so long that I actually wanted to break it up into two episodes. In part 1, Eric and Bob talk about how important it is to “start with why” when considering a cold start and the importance of having a mission and vision statement guide the process of opening your practice. We talk about the importance of having goals, taking the time to grow into your practice, and the importance of involving your spouse in the decision making process as well. We spend the rest of the time talking about one of the most important factors that plays into any cold start: location and occupancy cost.

In part two (next week), we continue the discussion by discussing the runway to profitability and how they think about the return on investment in equipment in a cold start, how you grow into the next “chapter” of the practice’s life cycle, why a 2nd location might be better than expansion of your existing location, staffing and scheduling best practices, their outlook on cold starts and private equity’s influence on the success of cold starts, and we wrap it up with their insightful answers to the one question I ask every first-time guest of 20/20 Money.

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, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.

And with that introduction, I hope you enjoy my conversation with Eric Baas and Bob Steinmetz.

Episode Transcript

Enjoy our content? Subscribe for regular updates!

Related Podcasts

  • Practice Management
20/20 Money Episode #292 – Aligning staff and leadership expectations during the hiring process and building out your HR infrastructure with Amanda Bennett, founder of EyeHR

Welcome to this episode of 20/20 Money! My guest on today’s show is Amanda Bennett. Amanda joins me on the…

  • Practice Management
20/20 Money Episode #291 – Implementing equipment purchases and expanding scope of care with intentionality in your optometry practice with Dr. Ryan Gustus

Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Ryan Gustus, OD.  Ryan joins me…

  • Practice Management
20/20 Money Episode #290 – Phasing out: the four exit options for the seller of an optometry practice

Welcome to this episode of 20/20 Money!   Regardless of when it happens, there are really only four ways in which…

  • Practice Management
20/20 Money Episode #289 – Evaluating VCPs in your practice to determine which ones to cut with Dr. Adam Ramsey, OD

Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Adam Ramsey, OD.  Adam joins me…