What every seller needs to know before selling their practice

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]

Optical isn't dead - but the way you are running it is with Dr. Jennifer Stewart

What if the biggest reason patients aren't buying glasses from your practice… is the experience you've unintentionally created around optical? In this episode of 20/20 Money, I'm joined once again by Dr. Jennifer Stewart for a candid and energetic conversation around the subtle — and sometimes overlooked — ways practice owners can dramatically improve optical sales without feeling "salesy." Jen shares how she's intentionally built an optical-forward patient experience that turns eyewear into something patients genuinely get excited about, why most practices unknowingly make optical feel transactional and overwhelming, and how small shifts in attention, storytelling, and intentionality can completely change patient behavior. We also explore the mindset many owners have around optical being a "dead" profit center, why that belief becomes self-fulfilling, and practical ways to start taking ownership back without blowing up your entire practice model. We also discuss: 1. Why patients asking "what glasses are those?" is a bigger opportunity than most doctors realize 2. How Jen strategically uses her own eyewear to influence frame and lens sales 3. The hidden danger of treating optical like a commodity business 4. Why practices often lose optical sales long before price ever becomes the issue 5. How to think about your optical as a separate business within your practice 6. The importance of creating a shopping experience instead of a transactional one 7. Why independent frame lines and storytelling matter more than recognizable brands 8. Practical first steps for owners who feel overwhelmed or frustrated with optical As always, we end the conversation with several practical NBSs (Next Best Steps) you can implement immediately in your practice. 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]

Why some dry eye practices thrive--and others quietly fail with Dr. Chris Wolfe

What if the biggest mistake practice owners make with dry eye isn't buying the wrong technology… but building their entire strategy around the technology itself? In this episode of 20/20 Money, I'm joined once again by Dr. Chris Wolfe for a fascinating conversation around dry eye, specialty services, patient communication, and the dangerous trap of becoming "device-centric" instead of patient-centric. Chris shares a candid behind-the-scenes perspective on what he's observed from practices across the country when it comes to implementing dry eye services and expensive treatment technologies. We discuss why so many practices buy devices that ultimately underperform, the seductive marketing around "specialty" care, and the critical distinction between having a widget versus building a system that actually supports patient outcomes and practice profitability. More importantly, we explore how the most successful clinicians aren't simply better at selling treatment — they're better at understanding the doctor-patient relationship, evidence-based medicine, and how to guide patients toward the right next step without overwhelming them. We also discuss: 1. Why many dry eye devices end up becoming expensive dust collectors 2. The hidden problem with building your identity around a piece of equipment 3. How patient communication dramatically impacts treatment acceptance 4. Why separating the dry eye conversation from the comprehensive exam changes outcomes 5. The difference between being "widget-centric" and patient-centric 6. How successful practices build systems around disease management instead of technology 7. Why evidence-based medicine involves more than just clinical studies 8. The role patient preference plays in treatment recommendations 9. How practices can objectively evaluate whether a new device will actually support profitability As always, we close the conversation with practical NBSs (Next Best Steps) to help practice owners think more intentionally about specialty services, technology adoption, and patient care systems inside their practice. Have a podcast-related question? Contact our team here [https://form.jotform.com/261535686830161]! Resources: Dr. Cecelia Koetting [https://www.linkedin.com/in/cecelia-koetting/] Dr. Selina McGee [https://www.bespokevision.org/dr-selina-mcgee] Dr. David Kading [https://www.specialtyeye.com/our-team.html] Dr. Kyle Klute [https://goodlifeeyecare.com/about-us/kyle-d-klute-o-d/] Are you building wealth...or just feeding the machine (20/20 Money Episode with Nathan Hayes) [https://integratedpwm.com/reinvesting-in-your-optometry-practice/] 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]