Keep What You Earn

If you own a 1–2 location med spa and want the option to scale or sell in the next 3–5 years, this episode breaks down what actually makes an aesthetics practice valuable — beyond surface-level revenue growth.

Strong revenue alone does not make your med spa sellable. Buyers care about predictability, repeatability, clean financials, and reduced owner dependency. In this episode, I'll explain what private buyers, partners, and lenders really evaluate when assessing the enterprise value of a medical spa.

Whether you're years away from selling or just want to increase your business value, this episode will help you focus on the core elements that make your business not just worth running—but worth buying.

Even profitable, cash-flowing med spas can struggle to sell if:

• Financial reporting isn't clean
• EBITDA isn't normalized
• The owner is still the bottleneck
• Systems aren't documented
• Growth depends on personality rather than process

Enterprise value determines whether your growth is transferable and durable.

You'll learn how to shift your mindset from emotional attachment to your work towards making smart, strategic, and financially sound decisions that attract the right buyers. From building clean financial infrastructure to understanding the importance of normalized EBITDA, I'm sharing real-world examples and reasoning, including why presenting trustworthy financials and reducing owner-dependency can make or break a potential sale.

Listen for these 6 key insights:

1. The difference between owner-dependent profit and institutional profit
2. Why EBITDA normalization matters when selling a med spa
3. How personal expenses distort financial optics
4. Why clean financial infrastructure builds buyer trust
5. How tax strategy can impact your exit valuation
6. What buyers look for in multi-location aesthetic practices

If selling — or scaling — is even a remote possibility in the next 3–5 years:

• Ensure your books are clean and up to date for at least 3 years
• Separate personal expenses from business operations
• Normalize revenue and expenses to reflect true operating profit
• Evaluate owner dependency in day-to-day operations
• Document SOPs for treatment delivery, leadership reporting, and financial processes
• Assess whether your med spa could operate without you for 60–90 days

If your practice cannot function without you, you've built an income stream — not an asset.

"The best thing you can do when you're exploring a transaction with a potential buyer is to establish trust through clean financials, establish that trust that they have reliable data they're working off of, and then everything else is seamless." - Shannon Weinstein

Before expanding, ask:

• Are your current economics repeatable?

• Is your EBITDA consistent and defensible?

• Could a second location follow the same financial blueprint?

Scaling without institutional structure multiplies risk. Scaling with documented systems multiplies enterprise value.

If you want to evaluate whether your med spa is positioned for scale or exit, start with the Financial Scaling Playbook for Aesthetics. Get it today: www.keepwhatyouearn/playbook

This free 5-part video series walks you through:

• Offer profit
• Operating margin
• Cash flow management
• Customer lifetime value
• Enterprise value readiness

Follow Shannon & Keep What You Earn:

Shannon Weinstein is the founder of a fractional CFO firm specializing in helping 7-figure aesthetics and wellness practices scale with clarity, cash flow, and confidence. Host of the "Keep What You Earn" podcast, Shannon provides practical financial insights and strategies for business owners looking to build truly valuable and sellable practices. She breaks down what it means to create a business buyers will pay a premium for—going beyond surface-level metrics to address the essential financial building blocks. Shannon is committed to helping med spa owners understand, fix, and maximize their business's enterprise value, offering actionable advice and resources, including a popular free video series specifically for aesthetics practice owners.

Fractional CFO Services and Executive Financial Review: https://www.keepwhatyouearn.com/

Connect with Shannon: https://www.linkedin.com/in/shannonweinstein

Watch full episodes: https://www.youtube.com/@KeepWhatYouEarn

Listen on your favorite podcast app: https://pod.link/1580071347

Instagram: https://www.instagram.com/shannonkweinstein/

The information shared is for educational purposes only and is not individualized financial advice. Aesthetics practice owners should consult a qualified professional before implementing financial strategies discussed here.

In today's quick episode, I'm sharing that Keep What You Earn will be taking a short holiday break — and I have some exciting updates for 2026. We're adding more listener interaction, including live call-ins and personalized financial advice. As I look back on the past four years, I'm incredibly grateful for your support and remain committed to giving you practical, actionable strategies to grow your business. I can't wait to connect with you even more in the new year!

Learn more about our CFO firm and services: https://www.keepwhatyouearn.com/

Connect with Shannon: https://www.linkedin.com/in/shannonweinstein

Watch full episodes: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Follow along on IG: https://www.instagram.com/shannonkweinstein/

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. We love enthusiastic action, but please consult a qualified professional before implementing anything you learn.

Today, I'm joined by Gina Cotner, founder and CEO of Athena Executive Services. Gina shares her journey from executive assistant to building one of the top virtual assistant firms in the country. We talk about how to create real accountability on your team, delegate effectively, and build a business that doesn't depend on you doing everything yourself. Gina gives practical, no-fluff advice on managing both remote and in-office teams while keeping productivity and trust high. If you're ready to lead better and free yourself from burnout, this episode is a must-listen.

What you'll hear in this episode:

[02:25] Gina's Journey: From Executive Assistant to CEO

[03:00] The Importance of Delegation in Business Growth

[06:55] Overcoming Barriers to Effective Delegation

[19:45] The Role of Accountability in Team Management

[27:50] Setting Expectations and Accountability

[30:05] Leveraging Resources to Meet Deadlines

[33:15] Building a Culture of Accountability

[37:15] Effective Communication and Trust

[40:20] Hiring and Vetting for Cultural Fit

[49:30] Remote Management Best Practices

If you like this episode, check out:

Think Bigger Than a Niche

Your Most Expensive Habit

Why Enterprise Value is the Goal

LinkedIn: Gina Cotner

Website: https://www.athenaexecutiveservices.com

Prospective clients are encouraged to schedule a conversation with Jennifer Tracy from Athena Executive Services to explore what kind of VA support best fits their business

Learn more about our CFO firm and services: https://www.keepwhatyouearn.com/

Connect with Shannon: https://www.linkedin.com/in/shannonweinstein

Watch full episodes: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Follow along on IG: https://www.instagram.com/shannonkweinstein/

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. We love enthusiastic action, but please consult a qualified professional before implementing anything you learn.

In this episode, I'm breaking down the fears and myths around IRS audits. I compare getting audited to getting pulled over—it feels intimidating, but it's usually not as bad as you think. I'll walk you through what really happens during an audit, how to prepare, and why good bookkeeping is your best defense. I'm also setting the record straight on that rumor about the IRS hiring 80,000 new agents. By the end, you'll feel more confident and a lot less anxious about the idea of an audit.

What you'll hear in this episode:

[00:45] The Fear of IRS Audits

[02:00] Understanding the Audit Process

[09:35] The Role of IRS Agents

[11:00] Debunking Myths About IRS Agents

If you like this episode, check out:

Essential W-9 Practices for Compliance

Why The Rich Pay No Taxes and You Feel Left Out

Don't Speed If You Can't Afford a Ticket

Learn more about our CFO firm and services: https://www.keepwhatyouearn.com/

Connect with Shannon: https://www.linkedin.com/in/shannonweinstein

Watch full episodes: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Follow along on IG: https://www.instagram.com/shannonkweinstein/

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. We love enthusiastic action, but please consult a qualified professional before implementing anything you learn.

In this episode, I'm sharing practical, tactical advice to help you manage your year-end finances with confidence. It's easy to feel rushed this time of year, but slowing down and focusing on a few key tasks can make all the difference. I walk you through three essential steps: catching up on bookkeeping, finding and securing the right tax professional, and organizing your W-9s for 1099 filings. Tune in to take the stress out of year-end and set yourself up for a strong start to the new year.

What you'll hear in this episode:

[00:45] End-of-Year Productivity Tips

[2:15] Financial Tasks to Complete Before Year-End

[05:50] Securing Your Tax Professional

[09:10] Review Vendor Payments for 1099s

If you like this episode, check out:

Essential W-9 Practices for Compliance

Why The Rich Pay No Taxes and You Feel Left Out

Don't Speed If You Can't Afford a Ticket

Learn more about our CFO firm and services: https://www.keepwhatyouearn.com/

Connect with Shannon: https://www.linkedin.com/in/shannonweinstein

Watch full episodes: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Follow along on IG: https://www.instagram.com/shannonkweinstein/

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. We love enthusiastic action, but please consult a qualified professional before implementing anything you learn.

In this episode, I sit down with Brooks Loughry, who brings over 20 years of experience in the aesthetic medical industry. We talk about how medical spas have evolved, what it takes to stand out in such a competitive market, and why discounting your services can actually hurt your business.

Brooks shares his approach to building sustainable, value-based business models through strong team training, smart marketing, and unforgettable patient experiences. We also dive into the power of referrals, how to boost sales without slashing prices, and what really drives long-term success in this industry.

Tune in for practical, no-fluff advice to elevate your practice and increase profitability without compromising your worth.

What you'll hear in this episode:

[02:40] Challenges and Opportunities in Med Spas

[05:35] The Business Side of Med Spas

[11:40] Discounting and Membership Models

[16:25] Long-Term Patient Value and Retention

[26:15] The Power of Referrals in Business

[27:10] Nuances of Discounting and Value Exchange

[28:00] Building Loyalty Through Personalized Experiences

[36:15] Reducing No-Shows and Cancellations

[39:55] Effective Rebooking Strategies

[41:10] Avoiding Common Business Pitfalls

If you like this episode, check out:

Keep Your Business Profitable with Strategic Cost Management

A Deep Dive into Your Profitability Strategy

The $5M Bottleneck

Connect with Brooks Loughry:

LinkedIn: Brooks Loughry

Instagram: @brooksadvises

Email: [email protected]

Learn more about our CFO firm and services: https://www.keepwhatyouearn.com/

Connect with Shannon: https://www.linkedin.com/in/shannonweinstein

Watch full episodes: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Follow along on IG: https://www.instagram.com/shannonkweinstein/

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. We love enthusiastic action, but please consult a qualified professional before implementing anything you learn.

Today, we're talking about the world of business deductions and breaking down what they really mean for entrepreneurs and business owners. I'll walk you through what counts as a deductible expense, how deductions work, and why it's so important to be able to defend your business decisions.

I'll also explain the difference between deductions and tax credits, what makes an expense truly deductible, and why documentation is everything. Plus, I'm sharing practical tips on how to categorize expenses properly, stay off the IRS radar, and make the most of every deduction available to you.

What you'll hear in this episode:

[0:45] Understanding Deductions for Entrepreneurs

[01:50] Defining and Defending Deductions

[03:45] IRS Guidelines and Business Expenses

[07:35] Documentation and Diverse Categories

If you like this episode, check out:

Think Bigger Than a Niche

How to Build Investor-Ready Financials

Why The Rich Pay No Taxes and You Feel Left Out

Learn more about our CFO firm and services: https://www.keepwhatyouearn.com/

Connect with Shannon: https://www.linkedin.com/in/shannonweinstein

Watch full episodes: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Follow along on IG: https://www.instagram.com/shannonkweinstein/

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. We love enthusiastic action, but please consult a qualified professional before implementing anything you learn.

Today, I'm diving into the pitfalls of complacency in business and how it can quietly hold you back from growth. As a fractional CFO working with a variety of businesses, I've seen firsthand how important it is to track performance metrics—especially revenue by employee—to identify your top performers and the areas that need attention. I'll share practical ways to stay vigilant and intentional in your growth strategies so that every decision moves you closer to greater profitability and long-term enterprise value. Tune in for actionable insights to help you maintain momentum and achieve lasting business success.

What you'll hear in this episode:

[0:45] Learning from Clients as a Fractional CFO

[01:25] The Silent Business Killer: Complacency

[02:50] Tracking Performance Metrics by Employee

[04:00] Empowering and Rewarding Top Performers

[05:35] The Importance of Revenue by Employee

[08:45] Combating Complacency with Critical Analysis

If you like this episode, check out:

Your Finance Hire - Dos and Don'ts

Ways to Maximize Customer Value

From Founder-Led Sales to Sales Machine

Learn more about our CFO firm and services: https://www.keepwhatyouearn.com/

Connect with Shannon: https://www.linkedin.com/in/shannonweinstein

Watch full episodes: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Follow along on IG: https://www.instagram.com/shannonkweinstein/

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. We love enthusiastic action, but please consult a qualified professional before implementing anything you learn.

Today, I'm speaking with Jim Emerich, founder of Backbone CFO, a fractional CFO practice that specializes in supporting construction firms and manufacturers. Jim and I talk about the role data plays in making strong business decisions, and he walks me through a simplified framework he created to help identify key financial issues and constraints that often hold businesses back. The framework focuses on five core areas: cash, profit, people, systems, and position.

Jim shares insights from his work with business owners and explains how financial planning and a clear understanding of enterprise value can shape the growth and scalability of a company. Whether you're running a lifestyle business or working to build long-term enterprise value, this conversation offers practical strategies to move from chaos to clarity and control.

What you'll hear in this episode:

[01:50] The Backbone CFO Framework

[05:40] Diagnosing Financial Issues

[12:55] Case Study: Financial Control Framework in Action

[24:00] Understanding the Data Equity Ratio

[25:30] Framework for Financial Control

[26:25] Managing Inventory and Cash Conversion

[27:45] Educating Business Owners on Financial Metrics

[29:00] Financial Projections and Growth Planning

[34:35] Balancing Tax Savings and Enterprise Value

[43:25] Aligning Business Goals with Actions

If you like this episode, check out:

How to Build Investor-Ready Financials

Your Most Expensive Habit

How to Create Enterprise Value for Your Business

Learn more about Backbone CFO: https://backbonecfo.com/

Learn more about our CFO firm and services: https://www.keepwhatyouearn.com/

Connect with Shannon: https://www.linkedin.com/in/shannonweinstein

Watch full episodes: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Follow along on IG: https://www.instagram.com/shannonkweinstein/

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. We love enthusiastic action, but please consult a qualified professional before implementing anything you learn.

In this episode, I'm breaking down the idea of industry niches and why I chose a different path for my business. Instead of narrowing my focus to a single industry, I've built success by centering on core values, and it's made all the difference. You'll hear why understanding who you serve on a deeper level (their mindset, values, and behaviors) matters more than what industry they're in.

I'll also share practical ways to apply this approach to scale sustainably, reduce taxes, and build long-term wealth. Tune in for a conversation that challenges the traditional "find your niche" advice and invites you to build success on your own terms.

What you'll hear in this episode:

[00:45] Rethinking the Niche Mindset

[02:10] What Really Defines Your Ideal Client

[04:55] How Core Values Shape Lasting Client Partnerships

[08:40] Why a Diverse Client Base Creates Strength and Stability

If you like this episode, check out:

How Can You Shake Off Business Boredom and Thrive?

Never Let Your Scarcity Show

Creating Clients for Life with Racheal Cook

Want to learn more so you can earn more?

Visit keepwhatyouearn.com to dive deeper on our episodes

Visit keepwhatyouearncfo.com to work with Shannon and her team

Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/