Is Your Money Safe?
By Eric S. Miller 2008 was definitely a wakeup call for many. It was the first time since the Great Depression that many people witnessed what could happen to major financial institutions in a matter of days. Lehman Brothers- Gone, Bear Sterns- Gone, Washington Mutual Bank- Gone. And if it weren’t for the backing of […]
Your Practice Sale Article
When is the Right Time to Sell My Practice? – The 5 Most Important Factors You Need to Consider BEFORE You Sell Your Practice If you have owned a healthcare practice for any length of time, there have undoubtedly been moments when you contemplated selling. The reasons for selling will vary from person to person, […]
The Value of Your Practice Depends on How You Define Your Role
Your practice is a valuable investment asset. The roles you choose to play in the business have everything to do with building value and understanding how to harness the profit to benefit your household. Focusing on building the monetary value of your practice is vital to your personal financial survival in regards to the cash […]
Your 2020 To-Do-List is NOT Your 2021 Marketing Plan
The New Year is fast approaching – under normal circumstances, 4th quarter is a time when most of us reflect personally and professionally on what we did and did not accomplish in the year, decide what our new goals will be for the year ahead, and sometimes build a plan of what an ideal year […]
How to Salvage Your Business When You Are in a Cash Flow Crunch
While it is an unfortunate reality, at some point in practice ownership you will experience times where your business cash flow is insufficient. This not only feels like a contraction of your business but can also cause you to feel anxious, fearful, and sink you straight into a mindset of scarcity. I have seen this […]
Why the Traditional Retirement Plan is Not For Practice Owners
In any area of life or business, you will find certain advice or circumstances which may be a fit for some people, but not for others. The trouble is that one size does not always fit all. As a practice owner, you have unique opportunities and challenges. Therefore, it only makes sense that you require […]
Keeping Your Attention on Your Business Finances
If you have ever been to the mall with a toddler, you know they require constant attention. The moment you take your attention off the child to look at some clothes or thumb through a magazine, there is a good chance they could be 100 yards away petting a stuffed animal or roaming around near […]
10 Reasons Why Practice Owners Are in a Financial Crisis
Most practice owners are in a financial crisis. Crisis is a strong word. It is defined as a “time of intense difficulty, trouble, or danger.” Examples of this would be a drug crisis, a drought crisis, a food crisis, or some kind of health crisis. It is a word that elicits fear, uneasiness, and anxiety. […]
The Financial “Opportunity Trap”
One’s journey to become financially independent is never a straight line upward. There are hills and valleys, successes and failures, and obstacles that seem like they can never be conquered. However, there is one thing I see happen that can put a business owner or entrepreneur on the fast track to financial ruin more than […]
The Practice Owner’s Financial Sweet Spot
If you listen to a professional athlete, they talk about their “sweet spot” when it comes to a particular sport. For them, it’s a certain point on their racket, bat, or club which makes the most effective contact with the ball and delivers the best results. For example, look at Tiger Woods in his prime […]