20/20 Money Episode #276 – Flights and Insights” with Dr. Michael Neal: Implementing finance charges, profit sharing with team members, associate comp structures, and new reads

Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Mike Neal, OD. Mike is the founder of a number of different businesses, include a primary care practice in PA called Lakeside Vision and Build My Team, an effective outsourced hiring system for eyecare that does not use resumes. Mike joins me back on the show to provide additional context and clarity around the numbers that he shared on the first episode, proving/dispelling the naysayers out there about the margins of his practice. This episode admittedly went long, but I really believe it’s packed with a lot of great insight for practice owners. We talk about the process he used to successfully add an associate in the practice and what that’s meant to the profitability, how he embraces training for success, and leadership qualities that have proven to be successful when empowering his team to effectively run the practice and own each of their respective responsibilities to drive profitability in the practice. We talk about how he’s been able to protect his margins so well year-over-year. We wrap up the conversation with the time-tested (albeit probably frustrating) reoccurring theme that successful practices and their owners take that contribute to their success. 

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 your 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 ultimately 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 in January of 2024, please check out the link in the Resources to learn more about what we have in store for you! In next week’s episode, I’ll have more information on some upcoming webinars that you can attend which will give you a sneak peak into the membership and details about joining the first cohort! 

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

Resources: 

20/20 Money Community Information 

Link to first convo with Mike