Are you building wealth...or just feeding the machine?? A conversation with Nathan Hayes on investing capital in your practice
20/20 MONEY: The Business of Optometry
Release Date: 06/01/2026
Are you building wealth...or just feeding the machine?? A conversation with Nathan Hayes on investing capital in your practice
20/20 MONEY: The Business of Optometry
What if one of the biggest financial mistakes practice owners make is confusing “spending money in the practice” with actually investing in it? In this episode, I’m joined once again by Nathan Hayes for a thoughtful and nuanced conversation around reinvesting in your practice, opportunity cost, and the hidden tradeoffs owners often overlook when deciding what to do with excess cash flow. We explore the mindset many owners have that every dollar spent on equipment, technology, or expansion automatically creates enterprise value — and why that assumption can quietly create...
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Making These Merchandising Mistakes is Costing You Tens of Thousands of Dollars: An Optical Conversation with Kayla Ashlee
20/20 MONEY: The Business of Optometry
Most optometric practice owners have no idea how much money they’re quietly losing in their optical simply because of merchandising, layout, and the conversations happening—or not happening—between staff and patients. Welcome to this episode of 20/20 Money: The Business of Optometry. My guest on today’s show is Kayla Ashlee. Kayla joins me on the show to talk about the subtle but incredibly powerful levers that influence buying behavior inside the dispensary and why the difference between a thriving optical and an average one often has less to do with pricing and more to do with...
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Practice financing decoded: what owners need to know now about how banks think about deals
20/20 MONEY: The Business of Optometry
Thinking about buying or expanding a practice, but nervous about debt, banks, or making an expensive mistake? In today’s episode, I’m joined by Mike Smith of Bank of America to demystify the lending process for optometrists. We break down what banks actually look for in a borrower, how student loans and cash reserves really factor in, why tax returns matter more than stories, and the common traps buyers and sellers fall into when financing a deal. If utilizing OPM, other peoples' money like a bank's, is on your radar (now or in the future), this conversation can save you time,...
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How great practice owners build teams that stay and perform
20/20 MONEY: The Business of Optometry
What if the biggest threat to your practice isn’t reimbursement, competition, or overhead—but the way you hire, lead, and retain people? In today’s episode, I’m joined by Mike Dixon, president of Hoops, for a conversation every practice owner needs to hear. We unpack why staffing issues feel so hard, why most owners were never trained to lead, and how the right systems can turn your team from your biggest headache into your greatest competitive advantage. If you’ve ever said, “I just can’t find good people,” this episode may challenge the way you think about the real...
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Don't make these financial and business mistakes! (the talk I give at every optometry school's private practice club)
20/20 MONEY: The Business of Optometry
The financial decisions you make early in your career can shape the next several decades—and most people don’t realize it until much later. On this episode, I’m sharing a presentation I recently gave to students at the Indiana University School of Optometry on the timeless financial and business lessons every optometrist should understand. I discuss the power of compounding, how to think about saving priorities, student loans, disability and life insurance, and why your income is your greatest wealth-building tool. I also cover important concepts on the business side of optometry,...
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Using EOS to Create Clarity and Traction in Your Practice with Tom Restivo
20/20 MONEY: The Business of Optometry
Ever wonder if, when, or how to build stronger operations within your practice? In this episode, I sit down with Tom Restivo to unpack EOS and what it looks like to build a stronger operational foundation inside an optometric practice. Tom shares his experience leading a rapidly growing eye care organization through expansion, complexity, and the pressures that eventually exposed where systems were missing. We talk about why growth without structure creates avoidable friction, how core values shape hiring and leadership decisions, and why vision has to be more than a vague idea if you want...
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How a Limiting Mindset Can Cost Practice Owners More Than They Realize with Dr. Steve Vargo
20/20 MONEY: The Business of Optometry
In this episode I sit down with Dr. Steve Vargo to unpack a mindset that many practice owners quietly wrestle with: the belief that there is no longer money to be made in the basics of optometry. We start with a real question from a practice owner who feels discouraged by stagnant reimbursements and declining capture rates, and use it as a springboard to discuss the deeper issue underneath it all: communication. Steve explains why successful practices are not necessarily dependent on adding new cash pay services, but instead on improving how doctors listen, communicate, and guide...
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Independence vs Isolation in Private Practice with John Marvin
20/20 MONEY: The Business of Optometry
In this episode I sit down with John Marvin to explore a challenging but important idea for private practice owners: the difference between independence and isolation. We unpack John’s perspective on why fierce independence can sometimes limit growth when it prevents doctors from learning from others or leveraging the resources already available to them. Our conversation touches on mindset, the importance of personal growth as a business owner, and why building something bigger than yourself often requires becoming comfortable with discomfort. If you are thinking about the long term...
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The Blueprint for Growing a Multi-Million-Dollar Optometry Practice with Dr. Kurt Steele
20/20 MONEY: The Business of Optometry
Most optometrists think growth comes from better marketing or more patients—but the real advantage often starts somewhere much less obvious: your team and your culture. In this episode of 20/20 Money, Dr. Kurt Steele joins me back on the show to discuss the leadership philosophy and operational frameworks that helped him build a thriving multi-million-dollar optometry practice while developing future leaders inside the organization. The conversation explores why the strongest practices aren’t simply focused on production or patient volume, but instead invest heavily in...
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Sponsoring a health insurance plan in your practice may not be as expensive as you think
20/20 MONEY: The Business of Optometry
Health insurance is one of the most confusing and frustrating decisions practice owners face. In this episode I sit down with Matt Allen, founder of Iconic Insurance, to break down the real options available to optometric practice owners and their teams. We walk through the three primary approaches to offering coverage including fully funded plans, self funded plans, and reimbursement strategies. Matt explains how each structure works, when they make sense, and why understanding the risk profile of your team can dramatically impact cost and plan design. We also spend time discussing a...
info_outlineWhat if one of the biggest financial mistakes practice owners make is confusing “spending money in the practice” with actually investing in it? In this episode, I’m joined once again by Nathan Hayes for a thoughtful and nuanced conversation around reinvesting in your practice, opportunity cost, and the hidden tradeoffs owners often overlook when deciding what to do with excess cash flow.
We explore the mindset many owners have that every dollar spent on equipment, technology, or expansion automatically creates enterprise value — and why that assumption can quietly create long-term financial consequences if it’s never challenged. Nathan and I unpack the difference between true investment versus simply adding expense, how owners should think about ROI inside the practice compared to investing outside the practice, and why many of the highest-value drivers in a business have nothing to do with buying another piece of equipment.
We also discuss:
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Why more equipment does not automatically mean a more valuable practice
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The hidden opportunity cost of continually reinvesting back into the business
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How enterprise value is actually created in an optometry practice
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The difference between spending, investing, and simply staying operational
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Why patient flow and schedule utilization matter more than most owners realize
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The role marketing can play in growing enterprise value versus buying more technology
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How practice owners should think about free cash flow after taxes, debt service, and reserves
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The dangerous feedback loop created by depreciation-driven purchasing decisions
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Why many owners underestimate the value of investing outside the practice
As always, we close the conversation with practical NBSs (Next Best Steps) to help owners think more intentionally about capital allocation decisions both inside and outside their practice.
Resources:
Download the Practice Owner's Financial Toolkit
20/20 Money Ultimate Financial Success Masterclass
OD Mastermind Interest Form
Check out Adam's new book: How to Buy an Optometry Practice
Four Levers in Retirement
IDOC
Simple Numbers, Straight Talk, Big Profits!
Simple Numbers, Straight Talk, Big Profits with Greg Crabtree
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The Optometry Success Podcast
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