Episode #134

20/20 Money Episode # 134 – Knowing Your Number (Holiday Rewind)

June 1, 2021

Hello 20/20 Money community, welcome to a “holiday week repeat.” Given that this episode is coming out on Memorial Day, I wanted to hold off on releasing a new episode and bring back a recent episode that seems to have struck a nerve with practice owners, and that’s the importance of practice owners “defining your number.” I had this conversation with Nathan Hayes from IDOC.

We’re defining “your number” as the amount of money that one should be saving to build towards financial independence. We talk about why banking on the sale of your practice usually leaves practice owners coming up short. We talk about the other side of that equation and how empowering it can be to know your number and thus be more convicted in the sale price you need to earn when you sell your practice. Nathan also allows me to indulge in a (somewhat) long-winded metaphor that connects flying, sailing, and retirement planning all into one story.

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 use their practice as a wealth building vehicle, manage cash flow, align purpose with action, and make proactive money decisions.

Start Planning Today

Don’t miss out on exclusive access to financial tips, strategies, and expert-led webinars. Subscribe to the “Planning Life, On Purpose” newsletter today and stay ahead of the planning curve!

And with that introduction, I hope you enjoy this holiday repeat conversation with Nathan Hayes, I hope you have/had an enjoyable Memorial Day holiday weekend, and I appreciate your support of the show.

Related episodes:

Four Levers in retirement

Cash balance plans with Karl Willman of Nyhart

Episode Transcript

Enjoy our content? Subscribe for regular updates!

Related Podcasts

  • Practice Management
Chemistry in the practice: why alignment beats authority with Dr. Todd Cohan, Polly Stearns, & Sadie Blair

Recording live from IDOC Connection in Orlando, I sit down with Dr. Todd Cohan, Sadie Blair, and Polly Stearns from…

Why you can’t ignore AI as a practice owner (and a beginner’s path to using it) with Eugene Shatsman

Eugene joins me to talk about how artificial intelligence is showing up in optometry and why there’s a growing gap…

  • Practice Management
Getting unstuck from the messy middle of business operations with Mandy Brown

Ever feel like you’re stuck in the “messy middle” and on the operations “hamster wheel” in your practice? If so,…

  • Practice Management
Design tips to maximize the patient experience (and thus your profitability) with Bill Gerber

You know optical design is important, but you also know it’s complicated. Where do you begin? How much should you…

  • Practice Management
PREVIEW: The Optometry Success Podcast – Reducing business risk when adding associate ODs in an established practice

Adding associate ODs in an established practice feels risky. Let’s go from risky to empowering! In this episode, we explore…

  • Buy or Sell a Practice, Practice Management
Why value creation matters more than timing your exit: a conversation with Tom Turmell

If you wait until you’re ready to sell to start planning, you’re already late. My guest on today’s show is…