In episode 94 of the Financial Flossing Podcast, host Ross Brannon interviews orthodontists Taylor and Michael Vracar of Redemption Orthodontics and CEO Christina McGinnis. The Vracars discuss their financial challenges when starting their practice and share valuable insights on managing finances for small businesses.Redemption Orthodontics is a husband-and-wife team of orthodontists based in Tallahassee, Florida. Dr. Taylor Vracar and Dr. Michael Vracar are both graduates of the University of Florida's College of Dentistry and completed their orthodontic residency at the University of Detroit Mercy. They specialize in creating beautiful, healthy smiles for their patients, using the latest technology and techniques in orthodontics. In their free time, the Vracars enjoy hiking, fishing, and spending time with their two children.Here are some key takeaways from the episode:✅ When starting a new business, it's important to have a solid financial plan in place. This includes setting a budget, tracking expenses, and regularly reviewing financial reports.✅ It's essential to have a strong understanding of the business's cash flow. In particular, small business owners should be aware of their accounts receivable and ensure they collect payments promptly.✅ Investing in high-quality equipment and technology can help improve the efficiency and profitability of a small business. However, balancing these investments with maintaining a healthy cash flow is essential.✅ To achieve long-term financial success, small business owners should prioritize building solid relationships with their clients and fostering a positive reputation in their community.Overall, the Vracars emphasize the importance of careful financial management and strategic planning for small business owners in any industry.Reach out to Redemption Orthodontist: https://redemptionorthodontics.comFacebook: https://www.facebook.com/RedemptionOrthodonticsRoss Brannon is a Registered Representative of Coastal Equities, Inc. and an Investment Advisory Representative of Coastal Investment Advisors, Inc. Investment Advisory Services are offered through Coastal Investment Advisors, Inc., and securities are offered through Coastal Equities, Inc., Member FINRA/SIPC, 1201 N. Orange St., Suite 729, Wilmington, DE 19801.Learn more about your ad choices. Visit megaphone.fm/adchoices