Today, we're getting personal! It can be difficult finding a healthy balance between being a business owner, a parent or spouse, and your own independent person. Julie's chatting with us about how she manages to head her team at GreenOak, prepare for the future of her kiddos and spouse, and take care of herself in between!

EPISODE HIGHLIGHTSEmergency FundKeep your business and personal emergency fund separateIdeally, you want to have about 2 months of expenses set aside in your business emergency fundHaving about 4-6 months of expenses set aside in a personal fund is very realistic, especially if you have childrenBudgetKeep your business and personal budget separateReview your budget often to make sure you're staying on trackStart preparing your budget sooner rather than laterKey Person/Man Life InsuranceThe purpose of this type of insurance is to protect your business in case of deathThe goal of this insurance is to keep your business running and take care of your employees, or to keep the business running successfully long enough to sell itLong Term Disability InsuranceWhile the business might be able to continue to support you in cases of long-term disability, it can be a risk (and a burden) on the business
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy

Episode 111: How I'm Taking Care of my Business, Team, Family and Myself in This Season

Welcome to Therapy for your Money, a podcast about all things money and finance for private practice owners! If you are ready to feel confident and in-control of your financial life, then you are in the right spot. Therapy for our Money is hosted by Julie Herres, the CEO and Founder of GreenOak Accounting. She and her firm specialize in working with private practice owners across the United States, and have assisted hundreds of private practices with increasing their financial stability and profitability. She is on a mission to share her best practices she's learned along the way through her successful career as an accountant, discusses financial topics with a wide variety of guests, and help her listeners make data driven decisions to help their businesses.

Business

Investing

Careers

Management & Marketing

Business News

Shopping

Navigating the World of Buying Real Estate for Your Practice

In this episode of Therapy For Your Money, host Julie Herres, an accountant and the owner of Green Oak Accounting, explores the complex decision of buying real estate for therapy practice owners. She delves into the reasons for and against purchasing a building, embracing the principle that such a significant financial step should align with one's long-term goals rather than be influenced by the actions of peers. Julie discusses the upfront and ongoing financial commitments of owning versus renting, including the potential for higher expenses and the responsibility of repairs and property taxes. She highlights the importance of financial readiness, advising against the purchase if it jeopardizes the practice's financial health or if funds for the down payment would otherwise contribute to underfunded retirement savings. The episode also covers the nuanced differences between commercial and residential loans, the process and expectations for securing a commercial loan, and the strategic legal and tax implications of owning commercial real estate. Julie provides a thorough overview of the potential tax benefits and pitfalls, especially the impact of depreciation and depreciation recapture on future tax bills. She concludes by reflecting on the shifting landscape of commercial real estate, particularly post-2020, and its implications for practice owners considering this investment. Julie advises listeners to seek professional guidance tailored to their unique situation, as the episode contains general opinions on accounting and tax matters rather than personalized advice. Episode Highlights00:00 Welcome to Therapy For Your Money00:49 The Big Decision: Buying Real Estate for Your Practice02:12 Understanding the Financials: Costs, Equity, and Loans07:24 Navigating the Loan Process for Commercial Real Estate10:01 Legal and Tax Considerations When Buying a Building15:03 The Future of Commercial Real Estate and Final Thoughts
Links and ResourcesGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy

Episode 145: Buying Real Estate for your Practice

Therapy for Your Money: Unveiling the Power of Marketing in Therapy Practices In this episode of Therapy for Your Money, host Julie Herres, an accountant and owner of Green Oak Accounting, explores the crucial yet often avoided topics of money and marketing for therapy practice owners. Joined by guest Jenn Fredette, a psychotherapist and marketing enthusiast, the discussion delves into overcoming the challenges associated with financial management and marketing within a private practice. Jenn shares her journey from psychotherapist to marketing mentor, emphasizing the similarities between clinical work and marketing and the importance of authentic connection with potential clients. The episode covers strategies for effective marketing, the significance of visibility, dealing with self-sabotage and avoidance, and crafting messages that resonate with ideal clients. Furthermore, Jenn introduces her flagship program aimed at helping therapists achieve a full and fulfilling caseload. The show concludes with Jenn's book recommendations for business owners and provides information on how listeners can access her programs. Show Highlights00:00 Welcome to Therapy for Your Money00:49 Introducing Jen Fredette: A Psychotherapist's Journey into Marketing01:07 The Psychology of Marketing for Therapists03:56 Overcoming Marketing Avoidance and Embracing Visibility07:26 Crafting a Successful Marketing Funnel18:13 Effective Strategies for Crafting Your Message23:09 Unlocking a Full Caseload: Strategies and Soul26:05 Jen's Favorite Business Books and Closing ThoughtsGuest ResourcesFull Caseload Unlocked A Thinker’s Guide on Instagram: @athinkersguideA Thinker’s Guide on Tiktok: @athinkersguideBook RecommendationsBuilding a Storybrand by Donald Miller Do Less by Kate Northrup Links and ResourcesGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio
 Get our free KPI tracker to see how you practice measures up to others in the industry! 
www.therapyforyourmoney.com/kpi

Episode 144: Your sales funnel: Who is your Ideal Client Avatar? (with Jenn Fredette)

In this episode of 'Therapy for Your Money,' hosted by Julie Herres, the focus is on understanding Department of Labor (DOL) audits through the lens of a therapy practice owner. Julie shares her personal experience with a DOL audit in 2023, emphasizing the rarity of such audits for small businesses and outlining what triggers them. She provides a detailed account of the audit process, what the DOL investigates, and the kind of information they request, ranging from employee data to time and payroll records. Highlighting the challenges and emotions involved, Julie offers practical advice for handling audits, including the importance of EPLI insurance, rights during the audit, and the potential outcomes. The episode aims to prepare listeners for the unlikely event of a DOL audit, ensuring they're informed and protected. Show Highlights00:00 Welcome to Therapy for Your Money00:49 Navigating a Department of Labor Audit: A Personal Journey03:52 Understanding the Scope of DOL Audits05:55 Preparing for and Responding to a DOL Audit10:20 Rights and Tips for Handling a DOL Audit12:33 The Importance of EPLI Insurance and Final Thoughts
Links and ResourcesEpisode 133: Contractor vs Employee: Understanding the new DOL rulesGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio

Episode 143: My Experience, Insights, and Best Practices for Navigating a Department of Labor Audit

Mastering Delegation: A Guide for Therapy Practice Owners This episode of 'Therapy for Your Money' features host Julie Herres and guest Uriah Guilford discussing the importance of efficiency, delegation, and reducing stress for therapy practice owners. Uriah, a group practice owner and the founder of Productive Therapist shares his personal mission of making work and life easier and more fun. He introduces a five-step process for successful delegation: 1) Create a clear goal, 2) Create a written procedure (SOP), 3) Do effective training, 4) Give clear feedback, and 5) Maintain good accountability. Throughout the conversation, both speakers emphasize the significance of delegated tasks to prevent burnout, improve business efficiency, and ensure practice profitability. Show Highlights00:00 Welcome to Therapy for Your Money: Introducing the Host and the Mission00:47 Efficiency and Delegation: A Conversation with Uriah Guilford04:03 The Art of Delegation: Uriah's Mini Manifesto and the Importance of Team Building07:03 Breaking Down the Steps to Successful Delegation11:24 Exploring the First Step of Delegation: Setting Clear Goals14:49 Creating SOPs: The Foundation of Effective Delegation19:17 The Importance of Training in the Delegation Process21:30 Unlocking the Secrets of Effective Training22:13 Introducing Therapy Intake Pro: A Game-Changer for Training23:10 The Art of Feedback: Navigating the Delicate Balance25:48 Celebrating Success: The Power of Positive Feedback26:54 The Magic of Mini Awards: Boosting Morale and Recognition30:14 The Final Frontier: Accountability in Delegation37:06 Discovering the Best Business and Productivity BooksGuest LinksProfit First for Therapists: https://amzn.to/3V9Eax3Feel Good productivity: https://amzn.to/425rxoh SOP tool: www.waybook.comThe Magic Call Script: https://productivetherapist.com/magic/ Links and ResourcesGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! 
www.therapyforyourmoney.com/kpi

Episode 142: The 5 Steps to Successful Delegation (with Uriah Guilford)

Therapy for Your Money: Becoming a Wealthy Therapist In this episode of 'Therapy for Your Money,' host Julie Herres discusses her insights on wealth accumulation for therapists. The economic rules discussed include spending less than what one earns, saving at least 10% of annual income, using debt wisely, having term life insurance if one has dependents, having emergency funds personally and in business, and ensuring one has a will. Lastly, she emphasizes the need for consistency in practicing these habits and that becoming wealthy is usually gradual. Episode Highlights

00:00 Introduction to the Podcast00:51 The Wealthy Therapist: Breaking Down the Stigma02:39 The Six Rules to Financial Success02:39 Rule 1: Spend Less Than You Make04:31 Rule 2: The 10 Percent Rule12:03 Rule 3: Term Life Insurance for Dependents15:58 Rule 4: The Importance of Having a Will16:31 Rule 5: The Necessity of an Emergency Fund17:46 Rule 6: Using Debt Wisely18:39 Book Recommendation Links and ResourcesBook Recommendation: The Wealthy Barber, Everyone's Common Sense Guide to Becoming Financially IndependentGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy
 Podcast Production and Show Notes by Course Creation Studio 

 Get our free KPI tracker to see how you practice measures up to others in the industry! 
www.therapyforyourmoney.com/kpi

Episode 111: How I'm Taking Care of my Business, Team, Family and Myself in This Season

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