In this episode of The Clinic Boss Show, Rick sits down with Scott Terrio, consumer insolvency expert and senior advisor at Hoyes Michalos, to unpack the financial crisis few clinic owners talk about: personal debt, tax traps, and business insolvency.

With over 15 years in the insolvency industry and 8,000+ client filings under his belt, Scott brings a sharp, no-BS perspective on how smart business owners end up financially ruined and what they could’ve done to prevent it. Known for his straight-shooting advice and regular appearances on BNN Bloomberg, CBC, and Moneysense, Scott breaks down the difference between bankruptcy and consumer proposals, the red flags clinic owners ignore, and how to legally protect your home and assets when things go south.

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In this conversation, Scott and Rick dive into topics such as:

1. Avoiding Financial Ruin as a Clinic Owner

2. Bankruptcy vs. Consumer Proposal: What Every Owner Needs to Know

3. The Truth About Incorporation & Liability

4. From Taxes to Insolvency: The Domino Effect Killing Small Businesses

5. Mental Health, Money Stress & the Cost of Hanging On Too Long