The Optometry Money Podcast

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.

In this episode of The Optometry Money Podcast, Evon Mendrin, CFP®, sits down with Dr. Jennifer Stewart and Dr. Aaron Neufeld to dive into one of the biggest career decisions optometrists face: Should you cold start a practice or buy an existing one?

Dr. Stewart and Dr. Neufeld bring their expertise as practice owners and consultants to break down the most common misconceptions around both options, the biggest mistakes new owners make, and how to make the right decision for your career and financial future.

They share insights from their work with ODs on Finance’s Cold Start and Practice Purchase Accelerator programs, offering real-world advice on choosing a location, handling financing, managing staff transitions, and much more.

If you’re considering starting or purchasing an optometry practice, this episode is packed with actionable takeaways to help you confidently navigate the journey to ownership.

Key Topics Discussed:

• The biggest misconceptions about cold-starting vs. buying a practice
• How to determine if practice ownership is right for you
• Choosing the right location for a cold start practice
• Financing and financial planning considerations for both paths
• Vision plans: Should a cold start accept them?
• Common staffing and patient retention challenges after buying a practice
• How to manage change effectively in an acquired practice
• Why you don’t have to go at it alone—and how to find expert guidance

Resources & Links:

• Connect with Dr. Jennifer Stewart on LinkedIn
• Connect with Dr. Aaron Neufeld on LinkedIn
• Learn more about the Cold Start & Practice Purchase Accelerator Programs at ODs on Finance.
• Recommended Book: Traction: Get a Grip on Your Business by Gino Wickman
• Have a question or topic request? Email Evon at [email protected]
• Visit the Optometry Wealth Advisors Education Hub for more resources, episodes, and articles.
• Leave us a review on Apple Podcasts or Spotify!

Want to Work with Evon?

Curious about how financial planning can help you make smarter decisions for your practice and personal finances? CLICK HERE to schedule a free, no-pressure consultation with Evon Mendrin, CFP®.

The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide. 

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.

In this episode of The Optometry Money Podcast, Evon Mendrin sits down with Dr. Tony Turin and his wife, Kim Turin, to discuss how they intentionally built and scaled their optometry practice from a cold start to three thriving locations. As a husband-and-wife power team, they share the lessons they've learned along the way—balancing business and family, maintaining culture across multiple locations, and making strategic financial decisions that fueled their growth.

Tony and Kim talk about the challenges and rewards of practice ownership, how they divide roles to complement each other’s strengths, and what key financial and practice metrics they track to ensure their locations remain financially strong. Whether you're an OD considering practice ownership or already managing a growing business, this episode is packed with valuable insights.

Key Topics Discussed:
✅ The journey from a cold start to multiple locations
✅ How the Turins balance business, family, and personal time
✅ Strategic financial decisions that made their growth possible
✅ The importance of maintaining culture across multiple locations
✅ How they track key performance metrics to ensure long-term success
✅ Their biggest lessons learned from growing their practice

Resources & Links:
🔗 Learn more about Tony and Kim Turin’s practice
🔗 Connect with Tony on LinkedIn
🔗 Check out the Education Hub at www.optometrywealth.com for more resources

Want to Work with Evon?
Curious about how financial planning can help you make smarter decisions for your practice and personal finances? Schedule a free, no-pressure consultation with Evon Mendrin, CFP®, at www.optometrywealth.com.

Enjoy the episode?
👉 Don’t forget to subscribe, rate, and review on your favorite podcast platform! It helps more ODs discover valuable financial and business insights.

The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide. 

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.

In this episode of The Optometry Money Podcast, host Evon Mendrin, CFP® sits down with Dr. Nick Lillie to discuss his journey of expanding his practice, hiring an associate OD, and restructuring his business to align with his lifestyle and personal values.

Dr. Lillie shares his insights on practice expansion, the importance of focusing on core services, and how financial and operational planning has helped him build a thriving practice that serves both his patients and his family. He also dives into how he approaches strategic planning for the new year, the role of key performance indicators (KPIs) in practice growth, and the mindset shifts that have fueled his success.

What You'll Learn:

• The process behind Dr. Lillie’s practice expansion and move to a new location.
• How he approached hiring and mentoring his first associate optometrist.
• The importance of focusing on core services like dry eye, ocular health, and optical.
• The impact of financial planning and profitability on sustainable business growth.
• How to structure your practice to support your ideal lifestyle.
• The power of tracking KPIs and using data to guide business decisions.
• Why mentorship plays a key role in onboarding a new associate.
• How to develop a vision for your practice and align it with your personal values.

Resources & Links:

• Connect with Dr. Nick Lillie: Email: [email protected]
• Listen to Optometry: The Ultimate OD Podcast: Website
• Schedule a free consultation with Evon: Click here
• Sign up for the Eyes On The Money Newsletter: Click here

Follow Us:

• Facebook: Optometry Wealth Advisors
• LinkedIn: Evon Mendrin, CFP®

Thank you for listening! If you enjoyed this episode, please leave a review and share it with a fellow optometrist!

The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide. 

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.

In this episode, Evon welcomes Dr. Chad Fleming back to The Optometry Money Podcast. Dr. Fleming shares his experiences with strategic planning and explains how setting aside time to work on the business through a strategic planning week has helped him scale his practice operations. They discuss how private practice owners can improve leadership, reduce chaos, and increase profitability through intentional planning.

Evon and Dr. Fleming dive into the nuts and bolts of what a strategic planning week entails, how to execute it, and why it’s essential to long-term business success.

In This Episode:

• What’s the difference between growth and scale for optometry practices?
• The concept of working on vs. in your business and why stepping away is crucial.
• What happens to a practice and the owner when there's no intentional planning time.
• How Dr. Fleming’s annual strategic week helped him plan, lead, and reduce turnover.
• Practical advice on creating a productive planning getaway—from choosing a location to preparing resources.
• Measuring and implementing your strategic ideas when you return to the practice.

Episode Highlights:

• [00:04:40] Scaling vs. growth: defining both for practice owners
• [00:06:10] Working on your business versus working in it: practical examples
• [00:18:22] Dr. Fleming’s annual strategic planning getaway explained
• [00:23:05] How to prepare and gather your thoughts for a productive planning session
• [00:35:00] Tracking key performance indicators (KPIs) to measure success
• [00:40:06] Exciting opportunities in the future of private practice optometry

Resources:

• Contact Dr. Chad Fleming: Email him at [email protected]
• LinkedIn: Connect with Dr. Fleming on LinkedIn
• Past Podcast Episodes: Check out more episodes with Dr. Fleming in our podcast archive:
  • Ep. 118: Adding Private Label to Improve Margins Without Compromising Quality with Dr. Chad Fleming
  • Ep. 17: Assessing the Health of Your Optometry Practice with Dr. Chad Fleming
  • Ep. 6: Navigating Associate Contracts, Practice Ownership, and Partnerships with Dr. Chad Fleming

Connect With Us:

• For more podcast episodes, blog articles, and optometry-specific financial resources, visit www.optometrywealth.com.
• To learn more about working with Evon and the team at Optometry Wealth Advisors, CLICK HERE to schedule a free consultation.

The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide. 

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.

In this episode of The Optometry Money Podcast, Evon Mendrin, CFP®, hosts Erich Mattei of Akrinos to dive deep into a pivotal question for many private practice optometry owners: when, why, and how should you hire an associate optometrist?

Together, Evon and Erich discuss:

• The key motivations behind hiring an associate doctor – from scaling your practice for growth to creating more personal freedom.
• The role of associates in succession planning and de-risking your practice’s future.
• Critical financial and operational indicators that signal it may be time to hire.
• How to structure compensation plans that attract and retain top talent while aligning with your practice’s financial health.
• Best practices for onboarding and mentoring your associate for success.
• And more!

Whether you’re approaching capacity constraints or seeking a better work-life balance, this episode will help you make more informed decisions about hiring and transitioning to an associate OD.

Resources Mentioned in the Episode:

📄 Erich Mattei’s articles on public demand for eye care and the important role of private practice optometry  (Review of Optometric Business): Part 1 | Part 2
🌐 Learn more about Erich Mattei and Akrinos: Visit Akrinos
📚 Explore the Optometry Wealth Advisors Education Hub for financial resources and tools: Visit Here
📆 Connect with Evon for a no-pressure financial planning consultation: Schedule Here

Connect with Us:

• Follow Evon on LinkedIn
• Subscribe to the Eyes on the Money newsletter for weekly financial tips and insights tailored for optometrists: Sign Up Here

Do You Have Insights to Share?
If you’ve gone through the process of hiring an associate or have questions about the decision, we’d love to hear from you! Send us a message at [email protected].

Thank You for Listening!
We appreciate your time and attention. If you enjoy the podcast, please subscribe and leave a review on your favorite podcast platform. Your feedback helps us reach more optometrists like you!

The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide. 

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.

In this episode, your host, Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, dives into the critical importance of your Savings Rate as a foundation for financial independence. We explore how incremental improvements—or marginal gains—can lead to exceptional results.

What You’ll Learn in This Episode:

• The Story of Marginal Gains: How Sir Dave Brailsford’s focus on 1% improvements led the British cycling team to Olympic gold and what that means for your financial habits.
• The Role of Systems in Financial Success: Why success is more about consistent habits and systems than lofty goals.
• Understanding the Savings Rate: What it is, why it’s a leading indicator of future financial health, and how to calculate and improve it.
• Practical Strategies to Improve Your Savings Rate: From automating contributions to identifying areas for incremental improvement in your cash flow.
• The Danger of Chasing High-Risk Investments: Why a strong savings rate is more reliable than speculative ventures in achieving financial independence.

Resources Mentioned:

• 📖 Atomic Habits by James Clear: Learn how habits and systems drive success.
• 📰 Eyes On The Money Newsletter: Check out the recent edition discussing the impact of your Savings Rate.
• 📅 Schedule a Free Consultation with Evon: Let’s talk about optimizing your savings and cash flow.
• The Optometry Money Podcast Ep 57: A Framework for Deciding Where to Save/Invest Next

Connect With Evon and the Podcast:

• Website: Optometry Wealth Advisors
• Email: [email protected]
• Submit Questions: Use the link in the show notes to text a question directly to the podcast!

Thank You for Listening! Thank you for tuning in to this episode of The Optometry Money Podcast. If you enjoyed this episode, please subscribe, leave a review, and share it with your fellow ODs. Remember, small, consistent actions today lead to a financially secure tomorrow!

The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide. 

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.

In this episode, your host, Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, dives into the critical financial and tax updates optometrists need to know as we head into 2025. Whether you're an associate OD, a private practice owner, or planning to start your own practice, these updates are vital to helping you make informed financial decisions.

What You'll Learn in This Episode:

• Retirement Account Contribution Limits for 2025:
  Updates for 401(k), SIMPLE IRA, HSA, and IRA contribution limits, and how to adjust your contributions accordingly.
• SECURE Act 2.0 Changes Now in Effect:
  Automatic enrollment requirements for newer 401(k) plans, new rules for long-term part-time employees, enhanced catch-up contributions, and more.
• Key Tax Updates for 2025:
  Changes to tax brackets, standard deductions, Qualified Business Income (QBI) phaseouts, and the Social Security wage base.
• Student Loan Repayment Tips:
  How the timing of your tax filing can impact income-driven repayment plans, especially if you’re pursuing loan forgiveness.
• Inherited IRA RMDs:
  The return of required minimum distributions for inherited IRAs and what this means for beneficiaries in 2025.
• Things to Watch in 2025:
  Updates on Corporate Transparency Act reporting, SAVE plan court cases, and the potential sunset of the Tax Cuts and Jobs Act.

Resources Mentioned:

• 📄 Free 2025 Financial Numbers Guide:
  Click HERE to get your free copy of the guide to the most important financial and tax numbers for 2025.
• 🎙️ Learn More About the QBI Deduction:
  Check out this blog post and this podcast episode exploring how the QBI deduction works and how it impacts optometrists.
• 💼 Schedule a Free Consultation:
  Let’s chat about your financial goals and how Optometry Wealth Advisors can help you. Book a call here.

Connect With Evon and the Podcast:

• Website: Optometry Wealth Advisors
• Email: [email protected]
• Submit Questions: Use the link in the show notes to text a question directly to the podcast!

Thank you for tuning in to this episode of The Optometry Money Podcast. If you found this episode helpful, please subscribe, leave a review, and share it with your fellow ODs. Let’s make 2025 your best financial year yet!

The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide. 

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.

As the year draws to a close, it’s the perfect time to review your finances and ensure you’re ending the year on a strong note. In this episode of The Optometry Money Podcast, Evon Mendrin, CFP®, walks through a comprehensive year-end financial checklist tailored specifically for optometrists. Whether you’re an associate OD or a private practice owner, you’ll find actionable tips to optimize your finances, make tax-smart decisions, and set yourself up for a successful new year.

What You’ll Learn:

• Retirement Planning: How to evaluate and maximize your 401(k), SIMPLE IRA, and profit-sharing contributions before year-end.
• Tax-Saving Opportunities: Key actions to take before December 31, including charitable donations, state tax payments, and practice-related investments.
• Investment Strategy: How to identify tax-loss harvesting and capital gains opportunities in your portfolio.
• Estate & Insurance Review: Why it’s essential to update your beneficiaries, estate plan, and insurance policies.
• Cash Flow Check: Tips to review your spending, savings rate, and liquidity for emergencies and upcoming goals.

Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices. 

Resources mentioned on this episode:

• The Optometry Money Podcast Ep 114: Tax Targets to Aim For Mid-Year
• The Optometry Money Podcast Ep 51: An Optometrist’s Guide to the Qualified Business Income Deduction
• The Optometry Money Podcast Ep 47: An Optometrist’s Guide to How Taxes Work
• The Optometry Money Podcast Ep 37: Tax Planning For Charitable Giving
• The Optometry Money Podcast Ep 34: Five Levers to Control Capital Gains on Your Tax Return
• IRS Withholdings Estimator

The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide. 

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.

Evon provides optometrists a deep dive into 529 plans and other methods of saving and paying for your kids' college costs.

He dives into the rules of how 529 plans work, the federal and state tax benefits of using 529 accounts, how to use the funds in the account, creative planning opportunities for 529 plans, the use of taxable investment accounts in preparing for your kids' college.

Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at [email protected].

Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices. 

Resources mentioned on this episode:

• IRS 529 Plans: Questions and Answers
• Education Data - College Tuition Inflation Rate
• Education Data - Average Costs of Tuition & College
• Saving For College - Federal School Code Lookup Tool

The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide. 

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.

In this rewind of a popular episode, Evon dives into mid-year tax planning targets optometrists and practice owners should keep an eye on as we work through the rest of the year. 

He talks through specific points of planning he thinks about as he works with clients and their tax professionals, including:

• Trajectory and sources of income
• Are we on track for tax payments and withholdings?
• Adjusted gross income (AGI) and phaseouts for deductions and credits
• Opportunities around itemized deductions, especially donations to charity
•  Taxable income and tax brackets
• Qualified Business Income deduction and potential phase outs
• And more! 

Hopefully this helps you have productive conversations with your own tax professional, financial advisor, and other professionals in your corner! 

Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at [email protected].

Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices. 

Resources mentioned on this episode:

The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.