By Julie Herres
4.9
4343 ratings
The podcast currently has 157 episodes available.
Financial Mastery for Therapy Practice Owners: Investing, Retirement, and Real Estate Insights
In this episode of Therapy for Your Money, host Julie Herres delves into essential financial strategies for therapy practice owners with certified financial planner David Frank. The discussion spans various areas, including the importance of emergency funds, distinguishing between personal and business finances, and the advantages of fee-only financial planners. Listeners will gain valuable insights into managing excess cash, understanding tax-advantaged accounts, and setting up business emergency funds.
Simplified retirement planning is also covered, emphasizing target date funds and consistent savings. The episode touches on the intricacies of financial planning, including risk management, estate planning, and real estate investments. Practical advice on life insurance options and detailed resources on retirement plans are provided to help ensure the financial stability and growth of therapy practices.
Episode Highlights
00:00 Welcome to Therapy for Your Money
00:50 Introducing David Frank: Financial Planner for Therapists
01:15 Investing Basics for Business Owners
04:34 Emergency Funds: The Foundation of Financial Security
08:14 Navigating Taxable Brokerage Accounts
15:10 Retirement Planning: Choosing the Right Accounts
20:01 Solo vs. Group Practice Financial Strategies
21:03 Calculating Your Retirement Number
22:04 Approaching Retirement: Financial Tips
23:52 Overcoming Financial Anxiety
25:41 Risk Management and Insurance
26:40 Real Estate Investments: Pros and Cons
34:33 Life Insurance for Practice Owners
38:04 Free Webinar and Resources
Links and Resources
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Mastering Tax Debt: Strategies and Solutions for Therapy Practice Owners
In this insightful episode of 'Therapy for Your Money,' host Julie Herres of Green Oak Accounting provides therapy practice owners with essential guidance on managing tax debt. Julie covers crucial steps for addressing IRS notices, exploring payment plans, and applying for offers in compromise. She warns about the potential consequences of neglecting tax responsibilities and explains IRS procedures before drastic actions like wage garnishment or account seizure are taken. The episode also highlights the importance of timely payments, strategies for managing large debts, recognizing tax-related scams, and common IRS errors like misplaced payments. Additionally, Julie promotes a detailed tax course designed to help business owners better manage their finances. Tune in to gain control over your financial situation, avoid pitfalls, and keep your practice profitable.
Episode Highlights
00:00 Welcome to Therapy for Your Money
00:45 Dealing with Tax Debt: An Overview
01:41 Understanding IRS Power and Consequences
03:01 First Steps: Responding to IRS Notices
05:18 The Importance of Professional Help
06:31 Options for Managing IRS Debt
08:10 Importance of Timely Payments
08:46 Offer in Compromise: When and How
10:01 Requesting More Time from the IRS
10:32 IRS Mistakes and How to Handle Them
12:40 Beware of Scams
14:50 Conclusion and Additional Resources
Links and Resources
GreenOak Accounting Manager Jacquie Carter joins the conversation for this quarterly episode mainstay - Industry Updates! Julie and Jacquie cover the latest issues that are on practice owners' minds and advise how to wisely manage the financial side of business ownership in these latest industry hurdles. Also find out what's recommended for end of year financial security!
Episode Highlights
Links and Resources
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Avoiding Common Financial Pitfalls in Private Therapy Practice
In this episode of 'Therapy for Your Money', host Julie Herres shares insights into common financial mistakes made by private therapy practice owners. As an experienced accountant and owner of Green Oak Accounting, Julie emphasizes the importance of foresight in business planning, preparing for entrepreneurship's financial and operational intricacies, and properly accounting for taxes. The episode highlights the necessity of focusing on profit without guilt, advising on setting the right structures from the start, such as forming a legal entity like an LLC, and recognizing business costs that reduce the perception of a full income from fees. Julie also introduces her new course, 'Money for Therapists Practice Startup', to provide essential financial knowledge for new therapy practice owners.
Episode Highlights
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Navigating Partnerships in Therapy Practices: Risks and Considerations
In this episode of 'Therapy for Your Money,' host Julie Herres explores the complexities of forming partnerships in private practice. While partnerships seem like a good idea to share costs and responsibilities, they often come with significant risks. Julie dives into why about 80% of partnerships fail, compared to 50% of solo businesses. She discusses the importance of having detailed partnership agreements, covering crucial aspects such as profit sharing, administrative duties, and unforeseen events like disability, death, divorce, addiction, and disinterest. Julie provides real-world examples and insights into the legal and financial considerations essential for partnership success. This episode aims to equip therapy practice owners with the knowledge to make informed decisions about entering or exiting partnerships.
Show Highlights
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Navigating Partnerships in Private Therapy Practices
In this episode of 'Therapy for Your Money,' host Julie Herres discusses the intricacies of partnerships in therapy practices with attorney Dan Mayer and practice owner Dave Yood. They explore the importance of having a well-crafted partnership agreement, key elements that need to be included, and potential sources of friction among partners. Dan and Dave share their experiences and share the key ingredients to maintaining successful partnerships.
Episode Highlights
Links and Resources
Protecting Your Practice - https://www.protectingyourpractice.com/
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
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
Understanding the Value of Your Therapy Practice: Essential Tips for Selling
In this episode of 'Therapy for Your Money,' Julie Herres, an accountant and owner of Green Oak Accounting, concludes a two-part series on selling your therapy practice. Julie delves into how to evaluate the worth of a practice, emphasizing the importance of practice size and the role of net profit in determining value. Listeners learn about EBITDA, economic conditions' impact, and multiples' significance in practice valuation. Julie also stresses the need to consult an accountant, attorney, and financial planner before accepting offers. Access a free webinar replay on exit planning for a more detailed guide.
Show Highlights
Webinar Replay
Links and Resources
Exiting Your Group Practice: Insights and Strategies
In this episode of 'Therapy for Your Money,' host Julie Herres, owner of Green Oak Accounting, discusses the intricate process of selling a group therapy practice with Nicole McCance, a retired psychologist who successfully sold her group practice. The conversation covers Nicole's initial reluctance to sell, her eventual decision influenced by seeing a peer's successful sale, and the detailed steps she took to ensure her business was attractive to buyers. Key topics include the importance of systemizing your practice, ensuring profitability, retaining a strong team, and the significant role professional advisors play in navigating the sale process. Nicole shares her personal journey of scaling her practice to 55 therapists, her experiences with the actual sale, and the emotional and practical considerations of exiting a business she built from the ground up. The episode provides valuable insights for private practice owners contemplating or embarking on the sale of their practice.
Episode Highlights
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Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
Navigating Challenges in Therapy Practices: Insights and Strategies
This episode of 'Therapy for Your Money' features host Julie Herres and GreenOak Accounting team manager Jacquie Carter discussing the financial challenges therapy practices faced this quarter. They explore themes of cautiousness among practice owners due to low intakes and referrals, the impact of external factors such as the Change Healthcare incident, and strategies for maintaining financial health, including prudent cash flow management and clinician compensation. The discussion also covers the importance of professional advice in navigating business decisions and thoughts on what the future may hold for the industry, emphasizing the need for caution, preparation, and sustainable growth strategies amidst ongoing economic uncertainties.
Episode Highlights
Links and Resources
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
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 Highlights
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The podcast currently has 157 episodes available.
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