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Key considerations when thinking about partnership (and what solo owners can learn from it)

20/20 MONEY

Release Date: 08/09/2021

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20/20 MONEY

Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes. This conversation is a follow up to the episode that Nathan and I did around partnership compensation structures. In that episode, Nathan in passing made a couple of comments around associate compensation structure and the feedback we received from that episode around that specific topic warranted its own show. In this episode, we talk about making sure that associates understand and acknowledge that there’s risk in employing an associate, how to think about the demand of the schedule, give a range of market...

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Welcome to this episode of 20/20 Money! Back with me on today’s episode is Nathan Hayes with IDOC.   The genesis for this episode stems from a slight digression we had on a previous conversation around the importance of understanding cash flow in your business, specifically as it relates to reading and understanding your statement of cash flow that you can pull from your accounting software. Nathan and I talk about why the profit loss is important but it’s not everything in your practice, the pitfalls that partnerships need to be wary of when determining partner compensation, the...

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Key considerations when thinking about partnership (and what solo owners can learn from it) show art Key considerations when thinking about partnership (and what solo owners can learn from it)

20/20 MONEY

On this episode of 20/20 Money! My guest on today’s show is Nathan Hayes. Long time listeners will know that Nathan and I can talk about almost any business subject that impacts optometrists, and today’s topic is no different but it’s one that I think is going to resonate with a lot of OD practice owners: key considerations when evaluating partnerships within your practice. In this conversation, Nathan and I talk about when you should you consider a partner and whether the practice can support it (hint, if you’re below $1.4MM in top line revenue, you’re probably not ready),...

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On this episode of 20/20 Money! My guest on today’s show is Nathan Hayes. Long time listeners will know that Nathan and I can talk about almost any business subject that impacts optometrists, and today’s topic is no different but it’s one that I think is going to resonate with a lot of OD practice owners: key considerations when evaluating partnerships within your practice. In this conversation, Nathan and I talk about when you should you consider a partner and whether the practice can support it (hint, if you’re below $1.4MM in top line revenue, you’re probably not ready), partnership compensation structures, the importance of recognizing admin/leadership time and pay for partners, and a number of other topics. It’s a conversation that I thoroughly enjoyed and believe you will as well.

 

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 reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.

 

And with that introduction, I hope you enjoy my conversation with Nathan Hayes.

 

Resources:

Nathan’s Tip of the Week on Partnerships

The Partnership Charter by David Gage (Amazon link to the book)

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