The Financial Beast Podcast for Practice Owners

Roth Conversion Mistakes Healthcare Practice Owners Must Avoid with Hosts, Eric Miller & Eric Gersch

Should you convert your IRA to a Roth IRA? Many healthcare practice owners are told that Roth conversions are always a smart move. But the reality is much more complicated. In this episode of the Financial Beast Podcast, Eric Miller and Eric Gersch break down when Roth conversions make sense, when they can create massive tax bills, and how healthcare practice owners should think about retirement income, tax planning, and wealth preservation. You'll learn: • The 3 major tax buckets every investor should understand • How Roth conversions actually work • Hidden tax traps that catch practice owners off guard • Why timing matters when converting retirement accounts • When selling your practice may create Roth conversion opportunities • How required minimum distributions (RMDs) impact retirement planning • Strategies to reduce future tax burdens If you're a veterinarian, physical therapist, optometrist, dentist, physician, or healthcare practice owner building significant retirement assets, this episode is essential viewing. Subscribe for weekly financial strategies designed specifically for healthcare entrepreneurs. CHAPTERS 00:00 [https://www.youtube.com/watch?v=n8p3gKqriEw] Roth Conversion Warning for Practice Owners 01:30 [https://www.youtube.com/watch?v=n8p3gKqriEw&t=90s] Introduction 03:50 [https://www.youtube.com/watch?v=n8p3gKqriEw&t=230s] Understanding Roth Conversions 06:13 [https://www.youtube.com/watch?v=n8p3gKqriEw&t=373s] The 3 Types of Tax Treatment 06:55 [https://www.youtube.com/watch?v=n8p3gKqriEw&t=415s] Taxable Investment Accounts Explained 08:55 [https://www.youtube.com/watch?v=n8p3gKqriEw&t=535s] Tax Deferred Accounts Explained 11:33 [https://www.youtube.com/watch?v=n8p3gKqriEw&t=693s] Tax Advantaged Accounts Explained 13:20 [https://www.youtube.com/watch?v=n8p3gKqriEw&t=800s] What Happens During a Roth Conversion 14:45 [https://www.youtube.com/watch?v=n8p3gKqriEw&t=885s] The Hidden Tax Bill 17:59 [https://www.youtube.com/watch?v=n8p3gKqriEw&t=1079s] When Roth Conversions Make Sense 20:10 [https://www.youtube.com/watch?v=n8p3gKqriEw&t=1210s] Selling Your Practice and Tax Opportunities 22:31 [https://www.youtube.com/watch?v=n8p3gKqriEw&t=1351s] Avoiding Required Minimum Distributions 24:10 [https://www.youtube.com/watch?v=n8p3gKqriEw&t=1450s] Why Most People Don't Convert 25:25 [https://www.youtube.com/watch?v=n8p3gKqriEw&t=1525s] Retirement Income vs Tax Brackets 26:22 [https://www.youtube.com/watch?v=n8p3gKqriEw&t=1582s] Why Retirees Often Feel Wealthier 26:48 [https://www.youtube.com/watch?v=n8p3gKqriEw&t=1608s] Final Takeaways _________________________________________________________________________________ Want to schedule a free consultation? Visit www.econologics.com [http://www.econologics.com] or call us at (727) 588-1540 or schedule directly at: https://hubs.li/Q03z6vvs0 [https://hubs.li/Q03z6vvs0]    Get Social With Us Website: https://www.econologicsfinancialadvisors.com [https://www.econologicsfinancialadvisors.com]  LinkedIn: https://www.linkedin.com/company/econologics [https://www.linkedin.com/company/econologics]  Facebook: https://www.facebook.com/econologicsfinancial [https://www.facebook.com/econologicsfinancial]  Instagram: https://www.instagram.com/econologicsfinancialadvisors [https://www.instagram.com/econologicsfinancialadvisors]  X / Twitter: https://x.com/FinancialBeasts [https://x.com/FinancialBeasts]  Vimeo: https://vimeo.com/econologics [https://vimeo.com/econologics]  🔒 Disclaimer Econologics Financial Advisors, LLC (‘EFA’) is registered with the Securities and Exchange Commission as an investment advisor. (Such registration does not imply a certain level of skill or training.) EFA provides investment advisory services only in states where it is permitted to do so under state laws and only to the extent permitted thereby. This communication is not an offer to sell or effect any transaction in securities. Neither EFA nor its affiliates provide legal, tax or accounting advice. Please consult a qualified attorney or accountant. Results are not guaranteed and will vary depending on the specific circumstances of each individual and on other factors. Full disclosure: https://econologicsfinancialadvisors.com/legal-disclosures/ [https://econologicsfinancialadvisors.com/legal-disclosures/]

How to Build a Practice Valuable Enough to Sell

Most healthcare practice owners dream of building a business that gives them freedom. Very few actually do it. In this episode of the Financial Beast Podcast, Eric Miller interviews Dr. Brian Evans on how he built a successful 6-doctor veterinary practice, navigated a failed sale, eventually exited for millions, and moved his family to Spain. But this conversation isn't just about selling a practice. It's about creating a business that can operate without you. We discuss: • The failed sale that nearly derailed everything • What buyers actually look for in a healthcare practice • Why owner-dependent practices struggle to sell • How Brian removed himself from day-to-day operations • The leadership systems that kept doctors engaged • The financial mistake that cost him years of growth • Why many practice owners stay cash-poor despite growing revenue • The future of veterinary medicine and telemedicine • Building wealth outside your practice If you're a veterinarian, physical therapist, optometrist, dentist, physician, or healthcare entrepreneur, this episode provides a real-world blueprint for creating enterprise value and financial freedom. Subscribe for more conversations on practice growth, wealth building, exit planning, and healthcare entrepreneurship. _________________________________________________________________________________ Want to schedule a free consultation? Visit www.econologics.com [http://www.econologics.com] or call us at (727) 588-1540 or schedule directly at: https://hubs.li/Q03z6vvs0 [https://hubs.li/Q03z6vvs0]    Get Social With Us Website: https://www.econologicsfinancialadvisors.com [https://www.econologicsfinancialadvisors.com]  LinkedIn: https://www.linkedin.com/company/econologics [https://www.linkedin.com/company/econologics]  Facebook: https://www.facebook.com/econologicsfinancial [https://www.facebook.com/econologicsfinancial]  Instagram: https://www.instagram.com/econologicsfinancialadvisors [https://www.instagram.com/econologicsfinancialadvisors]  X / Twitter: https://x.com/FinancialBeasts [https://x.com/FinancialBeasts]  Vimeo: https://vimeo.com/econologics [https://vimeo.com/econologics]  🔒 Disclaimer Econologics Financial Advisors, LLC (‘EFA’) is registered with the Securities and Exchange Commission as an investment advisor. (Such registration does not imply a certain level of skill or training.) EFA provides investment advisory services only in states where it is permitted to do so under state laws and only to the extent permitted thereby. This communication is not an offer to sell or effect any transaction in securities. Neither EFA nor its affiliates provide legal, tax or accounting advice. Please consult a qualified attorney or accountant. Results are not guaranteed and will vary depending on the specific circumstances of each individual and on other factors. Full disclosure: https://econologicsfinancialadvisors.com/legal-disclosures/ [https://econologicsfinancialadvisors.com/legal-disclosures/]

How She Built a 5-Doctor Veterinary Practice in Just 6 Years

What does the dream veterinary practice actually look like? For most healthcare practice owners, it’s a business that grows without completely depending on you… a practice where you can step away for weeks at a time without everything falling apart. In this episode of the Financial Beast Podcast, Dr. Amanda Della Penna of Family Care Vet Center, joins host, Eric Miller, to share exactly how she built a 5-doctor veterinary practice in just six years — starting from scratch in 2019 and scaling through COVID into an Inc. 5000 fastest-growing company. Inside this episode: - How Amanda built a multi-doctor practice that runs without her - The systems and metrics that transformed her clinic - The hiring mistakes that almost hurt the business - How she recruited top veterinary talent in a competitive market - Why most practice owners stay trapped working “in” the business - The financial systems that changed her household wealth - How she structures her practice for long-term freedom - What veterinary owners must do to scale profitably If you're a veterinarian, healthcare entrepreneur, or practice owner trying to grow without burning out, this episode is packed with practical systems and real-world strategies you can apply immediately. _________________________________________________________________________________ Want to schedule a free consultation? Visit www.econologics.com [http://www.econologics.com] or call us at (727) 588-1540 or schedule directly at: https://hubs.li/Q03z6vvs0 [https://hubs.li/Q03z6vvs0]    Get Social With Us Website: https://www.econologicsfinancialadvisors.com [https://www.econologicsfinancialadvisors.com]  LinkedIn: https://www.linkedin.com/company/econologics [https://www.linkedin.com/company/econologics]  Facebook: https://www.facebook.com/econologicsfinancial [https://www.facebook.com/econologicsfinancial]  Instagram: https://www.instagram.com/econologicsfinancialadvisors [https://www.instagram.com/econologicsfinancialadvisors]  X / Twitter: https://x.com/FinancialBeasts [https://x.com/FinancialBeasts]  Vimeo: https://vimeo.com/econologics [https://vimeo.com/econologics]  🔒 Disclaimer Econologics Financial Advisors, LLC (‘EFA’) is registered with the Securities and Exchange Commission as an investment advisor. (Such registration does not imply a certain level of skill or training.) EFA provides investment advisory services only in states where it is permitted to do so under state laws and only to the extent permitted thereby. This communication is not an offer to sell or effect any transaction in securities. Neither EFA nor its affiliates provide legal, tax or accounting advice. Please consult a qualified attorney or accountant. Results are not guaranteed and will vary depending on the specific circumstances of each individual and on other factors. Full disclosure: https://econologicsfinancialadvisors.com/legal-disclosures/ [https://econologicsfinancialadvisors.com/legal-disclosures/]

Why Most Healthcare Practice Owners Stay Broke

Most healthcare practice owners work incredibly hard… but still don’t feel financially secure. Why? Because they run their practice like a business — but NOT their household. In this solo episode of the Financial Beast Podcast, Eric Miller breaks down the exact financial metrics healthcare practice owners should be tracking if they want true financial independence. This episode covers: ✅ Why most practice owners are financially misaligned ✅ The household “KPIs” nobody tracks ✅ How to measure personal financial progress ✅ The fastest path to financial independence ✅ Why most financial plans take WAY too long ✅ The metrics Eric Miller uses with real clients If you own a healthcare practice and feel like you make good money but still don’t feel financially free, this episode is required listening. 🎙️ Subscribe to Financial Beast for practical financial strategies built specifically for healthcare entrepreneurs. _________________________________________________________________________________ Want to schedule a free consultation? Visit www.econologics.com [http://www.econologics.com] or call us at (727) 588-1540 or schedule directly at: https://hubs.li/Q03z6vvs0 [https://hubs.li/Q03z6vvs0]    Get Social With Us Website: https://www.econologicsfinancialadvisors.com [https://www.econologicsfinancialadvisors.com]  LinkedIn: https://www.linkedin.com/company/econologics [https://www.linkedin.com/company/econologics]  Facebook: https://www.facebook.com/econologicsfinancial [https://www.facebook.com/econologicsfinancial]  Instagram: https://www.instagram.com/econologicsfinancialadvisors [https://www.instagram.com/econologicsfinancialadvisors]  X / Twitter: https://x.com/FinancialBeasts [https://x.com/FinancialBeasts]  Vimeo: https://vimeo.com/econologics [https://vimeo.com/econologics]  🔒 Disclaimer Econologics Financial Advisors, LLC (‘EFA’) is registered with the Securities and Exchange Commission as an investment advisor. (Such registration does not imply a certain level of skill or training.) EFA provides investment advisory services only in states where it is permitted to do so under state laws and only to the extent permitted thereby. This communication is not an offer to sell or effect any transaction in securities. Neither EFA nor its affiliates provide legal, tax or accounting advice. Please consult a qualified attorney or accountant. Results are not guaranteed and will vary depending on the specific circumstances of each individual and on other factors. Full disclosure: https://econologicsfinancialadvisors.com/legal-disclosures/ [https://econologicsfinancialadvisors.com/legal-disclosures/]

The 5 Stages Every Practice Owner Must Know to Build Real Wealth with Host, Eric Miller and Guest, Mendy Heinz

Most healthcare practice owners think financial independence is just hitting a certain net worth. It’s not. In this episode of the Financial Beast Podcast, Eric Miller and Mendy Hines break down the 5 real levels of financial independence for practice owners: • Survival • Stability • Flexibility • Independence • Legacy You’ll learn: ✅ Why most practice owners are still in “survival mode” ✅ The difference between stability and real financial freedom ✅ How much cash reserve you actually need ✅ When your practice becomes an investment instead of a job ✅ What true financial independence really looks like ✅ How to create wealth outside your practice If you own a healthcare practice and want to build real long-term wealth, this episode gives you the roadmap. _________________________________________________________________________________ Want to schedule a free consultation? Visit www.econologics.com [http://www.econologics.com] or call us at (727) 588-1540 or schedule directly at: https://hubs.li/Q03z6vvs0 [https://hubs.li/Q03z6vvs0]    Get Social With Us Website: https://www.econologicsfinancialadvisors.com [https://www.econologicsfinancialadvisors.com]  LinkedIn: https://www.linkedin.com/company/econologics [https://www.linkedin.com/company/econologics]  Facebook: https://www.facebook.com/econologicsfinancial [https://www.facebook.com/econologicsfinancial]  Instagram: https://www.instagram.com/econologicsfinancialadvisors [https://www.instagram.com/econologicsfinancialadvisors]  X / Twitter: https://x.com/FinancialBeasts [https://x.com/FinancialBeasts]  Vimeo: https://vimeo.com/econologics [https://vimeo.com/econologics]  🔒 Disclaimer Econologics Financial Advisors, LLC (‘EFA’) is registered with the Securities and Exchange Commission as an investment advisor. (Such registration does not imply a certain level of skill or training.) EFA provides investment advisory services only in states where it is permitted to do so under state laws and only to the extent permitted thereby. This communication is not an offer to sell or effect any transaction in securities. Neither EFA nor its affiliates provide legal, tax or accounting advice. Please consult a qualified attorney or accountant. Results are not guaranteed and will vary depending on the specific circumstances of each individual and on other factors. Full disclosure: https://econologicsfinancialadvisors.com/legal-disclosures/ [https://econologicsfinancialadvisors.com/legal-disclosures/]