A simple introduction to AI for optometry practice owners: a practical conversation with Dr. Mick Kling

How successful practice owners actually become wealthy

A profitable practice can create tremendous cash flow—but it does not automatically create personal wealth. In this episode of 20/20 Money: The Business of Optometry, Adam bridges the gap between running a successful optometry practice and using that success to build lasting financial independence. Drawing on nearly 20 years of working with business owners, he explains why practice size, income, and personal net worth are related—but far less correlated than many owners assume. Adam shares several patterns consistently demonstrated by financially independent practice owners, including intentionally moving excess cash out of the practice, diversifying into multiple income-producing assets, maintaining adequate liquidity, and increasing their investments before expanding their lifestyle. He also addresses one of the biggest financial risks facing practice owners: relying on the eventual sale of the practice as the primary retirement plan. Buyer availability, health changes, burnout, market conditions, taxes, outstanding liabilities, and unrealistic valuation expectations can all disrupt a transition. The wealthiest owners Adam has worked with did not become wealthy when they sold their practices. They became wealthier. The practice sale simply converted one asset into another—it was the whipped cream and cherry on top of the financial sundae, not the sundae itself. In this episode: 1. Why generating cash and deploying cash require different skill sets 2. How excess cash in the practice can create significant opportunity costs 3. The importance of building wealth outside the practice 4. Why net worth and liquidity are not the same thing 5. How lifestyle creep can reduce flexibility inside the business 6. Why practice owners should build income-producing assets 7. The risks of making the practice sale your retirement plan 8. How personal financial pressure can derail practice-sale negotiations 9. Why financial independence should be built before closing day Next Best Step: Ask yourself this question: If your practice were worth 30% less than you expect—or you had to retire five years earlier because of your health—would your financial plan still work? If the answer is no, your practice is not merely part of your retirement plan. It is your retirement plan—and that may be the greatest financial risk you are carrying. Referenced episodes: Are you building wealth...or just feeding the machine?? [https://pod.link/1438352481/episode/MmFjMDQ5NmMtZjA2OC00YjUyLWFhZGEtZTc3YWJhOGFmNzU2?view=apps&sort=popularity] 3 financial lessons learned from my grandpa and grandma [https://pod.link/1438352481/episode/ODBlNDc0MWMtYzM0Ny00MjM2LTliZDktYTAzMGRlZGFhZjQ1?view=apps&sort=popularity] Have a podcast-related question? Contact our team here [https://form.jotform.com/261535686830161]! Resources: Book a Triage call with Adam [https://integratedpwm.as.me/schedule/bc0791cb/appointment/1713824/calendar/706316?appointmentTypeIds[]=1713824] Download the Practice Owner's Financial Toolkit [https://integratedpwm.com/toolkit] 20/20 Money Ultimate Financial Success Masterclass [https://www.2020membership.com/] OD Mastermind Interest Form [https://www.jotform.com/form/250467795073062] Check out Adam's new book: How to Buy an Optometry Practice [https://a.co/d/0wv5uLn] ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts [https://itunes.apple.com/us/podcast/the-dose-podcast/id1438352481?mt=2] Spotify [https://open.spotify.com/show/44jE3DxOjZQPok0H9D2jw3?si=7fhsalltRqGlwEbVqYnAQA] ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! [https://integratedpwm.com/learningcenter/?cat=podcast] Check out Adam's other podcast! The Optometry Success Podcast Subscribe on Apple Podcasts: https://bit.ly/4tttng6 [https://bit.ly/4tttng6] Subscribe on Spotify: https://bit.ly/4tuf0YM [https://bit.ly/4tuf0YM]

Understanding and setting pricing in your practice that are fair and profitable with Dr. Chris Wolfe, OD (Rewind)

Welcome to this REWIND episode of 20/20 Money! My guest on today's show is Dr. Chris Wolfe, OD. Chris joins me on the show to share in a conversation about how ODs can think about pricing the different services provided in the practice and how to frame that conversation with your patients, how ODs can think about researching their pricing on medical procedures, how to think about scheduling in your practice to be as efficient with OD hours as possible, 4 questions to consider asking every pt as it relates to dry eye, the 5 steps needed to introduce change in your practice, and how practice owners can think about setting their fees in relationship to the different 3rd party payors. And with that introduction, I hope you enjoy my conversation with Dr. Chris Wolfe, OD. Resources: Book a Triage call with Adam [https://integratedpwm.as.me/schedule/bc0791cb/appointment/1713824/calendar/706316?appointmentTypeIds[]=1713824] CodeSafePlus [https://www.codesafeplus.com/] EyeCode Education [https://www.eyecodeeducation.com/bundles/eyecode-billing-and-coding-premiere-bundle-billing-coding-with-complete-case-management] EyeCode Media Podcast [https://podcasts.apple.com/us/podcast/eyecode-media/id1449429774] Adam's in-flight conversation with Chris [https://podcasts.apple.com/us/podcast/what-doing-hard-things-can-teach-us-about-ourselves/id1449429774?i=1000614015489] Download the Practice Owner's Financial Toolkit [https://integratedpwm.com/toolkit] 20/20 Money Ultimate Financial Success Masterclass [https://www.2020membership.com/] OD Mastermind Interest Form [https://www.jotform.com/form/250467795073062] Check out Adam's book: How to Buy an Optometry Practice [https://a.co/d/0wv5uLn] ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts [https://itunes.apple.com/us/podcast/the-dose-podcast/id1438352481?mt=2] Spotify [https://open.spotify.com/show/44jE3DxOjZQPok0H9D2jw3?si=7fhsalltRqGlwEbVqYnAQA] ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! [https://integratedpwm.com/learningcenter/?cat=podcast] Check out Adam's other podcast! The Optometry Success Podcast Subscribe on Apple Podcasts: https://bit.ly/4tttng6 [https://bit.ly/4tttng6] Subscribe on Spotify: https://bit.ly/4tuf0YM [https://bit.ly/4tuf0YM]

What every seller needs to know before selling their practice

A practice sale that should have been the easiest transition imaginable ended before negotiations even began—and the lessons could save you from making the same costly mistake. In this episode, I shares the story of an anonymized internal succession plan that unraveled despite all the ingredients for success: a trusted associate, established patient relationships, and a seller committed to staying through the transition. So what went wrong? Using this real-world case study, I'll share the psychology of selling a practice, why valuations are opinions—not verdicts—and how misunderstanding business value can derail even the most promising transition. Along the way, I'll also tackle one of the most misunderstood metrics in business valuation—EBITDA—and explain why practice owners should be cautious about relying on it when estimating what their practice is worth. Have a podcast-related question? Contact our team here [https://form.jotform.com/261535686830161]! Resources: Berkshire YouTube clip: Every time you hear EBITDA, substitute it with "bull***" earnings [https://youtu.be/l82kIjqBtqw?si=V3u14wM_C6l8qIXf] Book a Triage call with Adam [https://integratedpwm.as.me/schedule/bc0791cb/appointment/1713824/calendar/706316?appointmentTypeIds[]=1713824] Download the Practice Owner's Financial Toolkit [https://integratedpwm.com/toolkit] 20/20 Money Ultimate Financial Success Masterclass [https://www.2020membership.com/] OD Mastermind Interest Form [https://www.jotform.com/form/250467795073062] Check out Adam's book: How to Buy an Optometry Practice [https://a.co/d/0wv5uLn] ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts [https://itunes.apple.com/us/podcast/the-dose-podcast/id1438352481?mt=2] Spotify [https://open.spotify.com/show/44jE3DxOjZQPok0H9D2jw3?si=7fhsalltRqGlwEbVqYnAQA] ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! [https://integratedpwm.com/learningcenter/?cat=podcast] Check out Adam's other podcast! The Optometry Success Podcast Subscribe on Apple Podcasts: https://bit.ly/4tttng6 [https://bit.ly/4tttng6] Subscribe on Spotify: https://bit.ly/4tuf0YM [https://bit.ly/4tuf0YM]

Your Practice Doesn't Need More of Your Time — It Needs Better Use of It with Nathan Hayes

What if the next level of your practice requires less time in the lane — not more? In this episode of 20/20 Money: The Business of Optometry, I'm joined again by Nathan Hayes for a wide-ranging conversation about how practice owners should think more intentionally about their most limited resource: time. We pick up where our last conversation left off and explore what it really means to work on the business, not just in it. Nathan and I discuss why growth is not always linear, why some seasons of ownership are meant for building while others are meant for harvesting, and how owners can begin evaluating whether their time is being spent in the highest and best way. We also talk about the importance of getting out of the practice — both for true vacation and intentional planning — and why practice retreats, team alignment, leadership rhythms, and clear delegation can become force multipliers for the business. As always, we close with practical NBSs to help owners audit how they're spending their time and identify the next best step toward building a more intentional practice. Have a podcast-related question? Contact our team here [https://form.jotform.com/261535686830161]! Resources: 20/20 Money Episode: Are you building wealth or just feeding the machine? [https://pod.link/1438352481/episode/MmFjMDQ5NmMtZjA2OC00YjUyLWFhZGEtZTc3YWJhOGFmNzU2?view=apps&sort=popularity] Traction by Gino Wickman [https://a.co/d/02U7bnK7] Using EOS to Create Clarity and Traction in Your Practice with Tom Restivo [https://pod.link/1438352481/episode/ZDkzZjMxM2QtNTcxMy00NGM3LTgyNTktMzJhOWU5NTlmYmZi?view=apps&sort=popularity] Asana [https://asana.com/] Book a Triage call with Adam [https://integratedpwm.as.me/schedule/bc0791cb/appointment/1713824/calendar/706316?appointmentTypeIds[]=1713824] Download the Practice Owner's Financial Toolkit [https://integratedpwm.com/toolkit] 20/20 Money Ultimate Financial Success Masterclass [https://www.2020membership.com/] OD Mastermind Interest Form [https://www.jotform.com/form/250467795073062] Check out Adam's new book: How to Buy an Optometry Practice [https://a.co/d/0wv5uLn] ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts [https://itunes.apple.com/us/podcast/the-dose-podcast/id1438352481?mt=2] Spotify [https://open.spotify.com/show/44jE3DxOjZQPok0H9D2jw3?si=7fhsalltRqGlwEbVqYnAQA] ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! [https://integratedpwm.com/learningcenter/?cat=podcast] Check out Adam's other podcast! The Optometry Success Podcast Subscribe on Apple Podcasts: https://bit.ly/4tttng6 [https://bit.ly/4tttng6] Subscribe on Spotify: https://bit.ly/4tuf0YM [https://bit.ly/4tuf0YM]

A simple introduction to AI for optometry practice owners: a practical conversation with Dr. Mick Kling

AI can feel overwhelming, overhyped, and impossible to keep up with — especially when every conversation seems to swing between "this changes everything" and "this is all just noise." In this episode of 20/20 Money, I'm joined once again by Dr. Mick Kling for a practical conversation about where AI is actually useful for practice owners right now — without the doom-and-gloom, hype, or technical jargon. Mick shares how he's been thoughtfully experimenting with AI inside his own workflows to improve efficiency, analyze practice financials, model business decisions, and simplify strategic planning. More importantly, we discuss how practice owners can start using these tools in approachable, low-risk ways without needing to become programmers, coders, or "tech people." We also discuss: 1. Why AI should be viewed more as an assistant than a replacement 2. The biggest mistakes owners make when using AI tools 3. How Mick built AI-powered financial analysis tools without coding experience 4. The "LENS" framework for creating better prompts and better outputs 5. Practical ways to use AI for business planning, associate hiring decisions, and cash flow analysis 6. Why dashboards and reporting may evolve dramatically over the next few years 7. The importance of human connection in a profession increasingly influenced by technology 8. How to begin experimenting with AI without getting completely overwhelmed by it As always, we close the conversation with practical NBSs (Next Best Steps) for listeners who want to begin thoughtfully integrating AI into their practice and business workflows. Have a podcast-related question? Contact our team here [https://form.jotform.com/261535686830161]! Resources: Previous episode with Mick about adding an associate OD in the practice (I think we did one on this topic??) Check out Wispr Flow [https://wisprflow.ai/r?ADAM962] (voice dictation software) Book a Triage call with Adam [https://integratedpwm.as.me/schedule/bc0791cb/appointment/1713824/calendar/706316?appointmentTypeIds[]=1713824] Download the Practice Owner's Financial Toolkit [https://integratedpwm.com/toolkit] 20/20 Money Ultimate Financial Success Masterclass [https://www.2020membership.com/] OD Mastermind Interest Form [https://www.jotform.com/form/250467795073062] Check out Adam's new book: How to Buy an Optometry Practice [https://a.co/d/0wv5uLn] ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts [https://itunes.apple.com/us/podcast/the-dose-podcast/id1438352481?mt=2] Spotify [https://open.spotify.com/show/44jE3DxOjZQPok0H9D2jw3?si=7fhsalltRqGlwEbVqYnAQA] ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! [https://integratedpwm.com/learningcenter/?cat=podcast] Check out Adam's other podcast! The Optometry Success Podcast Subscribe on Apple Podcasts: https://bit.ly/4tttng6 [https://bit.ly/4tttng6] Subscribe on Spotify: https://bit.ly/4tuf0YM [https://bit.ly/4tuf0YM]