E26: Eric Miller: Treat Your Business Like an Investment: Readiness, Returns, and Purpose

Mary Kathryn Johnson interviews Eric Miller, Co-Owner and Chief Financial Advisor at Econologics Financial Advisors, on how practice owners and entrepreneurs can engineer financial freedom with a disciplined approach to exit planning, owner compensation, and post-sale purpose. Drawing on two decades of experience with private practice owners in healthcare and other fields, Eric explains why every founder should plan an exit early, how to gauge emotional and financial readiness, and why a business must be treated like an investment rather than a job. He introduces the Financial Beast framework: multiple income sources, protection against taxes, inflation, and lawsuits, profitable and transferable operations, no bad debt, and time freedom.

Eric outlines the CEO’s true role—set policy, install guardrails, and manage by a handful of key statistics—then shows how a written Investment Policy Statement (IPS) anchors investment choices when markets and opinions are noisy. He breaks down a simple owner-pay system that treats the household like a parent company receiving a consistent “management fee,” translating business success into durable personal wealth.

For owners eyeing a transition, Eric warns against selling in burnout, parking proceeds in cash out of fear, or chasing unvetted “friend deals.” Instead, align allocations to the IPS, perform real diligence, and design a meaningful next game to replace the intensity of operating a business. His core premise is direct: financial success is an inside job—built by habits, clarity, and discipline, not headlines or hype. Fortunes of the Brave shares stories of founders and investors rewriting the rules of wealth, access, and ownership. Subscribe for more conversations that prove fortune favors the brave.

Key Takeaways:
• Plan the exit early and assess emotional plus financial readiness before burnout.
• Treat the business like an investment to make it profitable, transferable, and
desirable.
• Lead like a CEO with policies, guardrails, and a few key stats.
• Create and follow an Investment Policy Statement to guide allocation and risk.
• Pay the owner on purpose by routing a consistent management fee to the
household.

Chapters:
• 00:00 – Eric’s path to advising practice owners
• 03:00 – Why every founder needs an exit strategy
• 06:12 – Emotional vs. financial readiness to sell
• 08:58 – What “Financial Beast” really means
• 11:56 – Make your business desirable to a buyer
• 14:34 – CEO guardrails: policy and key stats
• 17:29 – Post-exit purpose and avoiding bad pitches
• 21:21 – The IPS: rules for every investment decision
• 25:17 – Owner pay: household as the parent company
• 30:03 – Financial freedom is an inside job

Resources Mentioned:
• Econologics Financial Advisors
• How to Become a Financial Beast (book by Eric Miller)
• Financial Beast Podcast (hosted by Eric Miller)
• Benjamin Graham’s investing principles (e.g., The Intelligent Investor)

Connect with Eric:
• Website: Econologics Financial Advisors
• LinkedIn: Eric Miller
• Other: Financial Beast Podcast

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