Therapy For Your Money

By Julie Herres

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 i

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· Business

4.9

4949 ratings

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FAQs about Therapy For Your Money:

How many episodes does Therapy For Your Money have?

The podcast currently has 191 episodes available.

Therapy For Your Money episodes:

September 27, 2024Episode 148: Exit Strategy Series Part II: How Much is My Practice Worth?
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
00:00 Introduction to Therapy for Your Money
01:53 Welcome and Episode Overview
02:02 Understanding the Value of Your Practice
04:23 Factors Affecting Practice Valuation
06:35 Determining Your Practice's Multiple
09:48 Considering Offers and Making Decisions
13:47 Professional Advice and Resources
15:15 Conclusion and Additional Resources
Webinar Replay
Unlocking Your Exit Strategy Replay
Links and 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
Podcast Production and Show Notes by Course Creation Studio
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18min
September 20, 2024Episode 147: Exit Strategy Series Part 1: Preparing to Sell your Practice (with Nicole McCance)
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
00:00 Introduction to Therapy for Your Money
02:02 Welcoming Back Nicole McCance
02:23 Discussing the Challenges of Group Practice Ownership
02:52 Nicole's Journey to Selling Her Practice
08:34 The Importance of Systems and Profitability
12:52 Team Retention and the Selling Process
14:32 Nicole's Experience Post-Sale
15:19 Reflecting on the Transition
16:12 Communicating the Change
16:46 Employee Reactions and Benefits
18:29 Preparing to Sell the Practice
20:14 The Importance of Professional Help
23:31 Post-Sale Reflections and New Beginnings
26:04 Nicole's New Venture
28:14 Conclusion and Contact Information

Links and Resources
Webinar: Unlocking your Exit Strategy https://www.greenoakaccounting.com/exit-replay
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
The Business Savvy Therapist podcast: https://podcasts.apple.com/ca/podcast/the-business-savvy-therapist/id1681659688
Free Training: https://mccancemethod.com/webinar-free-masterclass-from-solo-to-superteam/
Instagram: https://www.instagram.com/nicole.mccancemethod/
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
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31min
June 14, 2024Episode 146: Quarterly Update: What's on Practice Owners' Minds?
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
00:00 Welcome to Therapy for Your Money: Empowering Financial Confidence
00:48 Introducing the Season's Final Episode with Jackie Carter
01:28 Quarter Insights: Navigating Challenges and Embracing Caution
04:24 The Impact of Change Healthcare and Financial Preparedness
07:43 Strategies for the Challenges of Cashflow and Client Intakes
13:14 The Importance of Professional Advice and Sustainable Practices
16:43 Clinician Compensation and Retention in Uncertain Times
23:34 Looking Ahead: Industry Predictions and Final Takeaways
Links and Resources
Therapy Intake Pro
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
...more
29min
June 07, 2024Episode 145: Buying Real Estate for your Practice
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
00:00 Welcome to Therapy For Your Money
00:49 The Big Decision: Buying Real Estate for Your Practice
02:12 Understanding the Financials: Costs, Equity, and Loans
07:24 Navigating the Loan Process for Commercial Real Estate
10:01 Legal and Tax Considerations When Buying a Building
15:03 The Future of Commercial Real Estate and Final Thoughts

Links and 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
...more
18min
May 31, 2024Episode 144: Your sales funnel: Who is your Ideal Client Avatar? (with Jenn Fredette)
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 Highlights
00:00 Welcome to Therapy for Your Money
00:49 Introducing Jen Fredette: A Psychotherapist's Journey into Marketing
01:07 The Psychology of Marketing for Therapists
03:56 Overcoming Marketing Avoidance and Embracing Visibility
07:26 Crafting a Successful Marketing Funnel
18:13 Effective Strategies for Crafting Your Message
23:09 Unlocking a Full Caseload: Strategies and Soul
26:05 Jen's Favorite Business Books and Closing Thoughts
Guest Resources
Full Caseload Unlocked
A Thinker’s Guide on Instagram: @athinkersguide
A Thinker’s Guide on Tiktok: @athinkersguide
Book Recommendations
Building a Storybrand by Donald Miller
Do Less by Kate Northrup
Links and 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
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
...more
30min
May 24, 2024Episode 143: My Experience, Insights, and Best Practices for Navigating a Department of Labor Audit
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 Highlights
00:00 Welcome to Therapy for Your Money
00:49 Navigating a Department of Labor Audit: A Personal Journey
03:52 Understanding the Scope of DOL Audits
05:55 Preparing for and Responding to a DOL Audit
10:20 Rights and Tips for Handling a DOL Audit
12:33 The Importance of EPLI Insurance and Final Thoughts

Links and Resources
Episode 133: Contractor vs Employee: Understanding the new DOL rules
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
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20min
May 17, 2024Episode 142: The 5 Steps to Successful Delegation (with Uriah Guilford)
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 Highlights
00:00 Welcome to Therapy for Your Money: Introducing the Host and the Mission
00:47 Efficiency and Delegation: A Conversation with Uriah Guilford
04:03 The Art of Delegation: Uriah's Mini Manifesto and the Importance of Team Building
07:03 Breaking Down the Steps to Successful Delegation
11:24 Exploring the First Step of Delegation: Setting Clear Goals
14:49 Creating SOPs: The Foundation of Effective Delegation
19:17 The Importance of Training in the Delegation Process
21:30 Unlocking the Secrets of Effective Training
22:13 Introducing Therapy Intake Pro: A Game-Changer for Training
23:10 The Art of Feedback: Navigating the Delicate Balance
25:48 Celebrating Success: The Power of Positive Feedback
26:54 The Magic of Mini Awards: Boosting Morale and Recognition
30:14 The Final Frontier: Accountability in Delegation
37:06 Discovering the Best Business and Productivity Books
Guest Links
Profit First for Therapists: https://amzn.to/3V9Eax3
Feel Good productivity: https://amzn.to/425rxoh
SOP tool: www.waybook.com
The Magic Call Script: https://productivetherapist.com/magic/
Links and 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
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
...more
44min
May 10, 2024Episode 141: What it Takes to Be a Wealthy Therapist
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 Podcast
00:51 The Wealthy Therapist: Breaking Down the Stigma
02:39 The Six Rules to Financial Success
02:39 Rule 1: Spend Less Than You Make
04:31 Rule 2: The 10 Percent Rule
12:03 Rule 3: Term Life Insurance for Dependents
15:58 Rule 4: The Importance of Having a Will
16:31 Rule 5: The Necessity of an Emergency Fund
17:46 Rule 6: Using Debt Wisely
18:39 Book Recommendation
Links and Resources
Book Recommendation: The Wealthy Barber, Everyone's Common Sense Guide to Becoming Financially Independent
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
...more
24min
May 03, 2024Episode 140: Behind the Numbers of Self-Publishing: Profit First for Therapists Turns One
Behind the Numbers of Self-Publishing: Profit First for Therapists Turns One

In this Therapy for Your Money episode, host Julie Herres, an accountant and owner of Green Oak Accounting, celebrates her book's first anniversary, Profit First for Therapists. She discusses the comprehensive details of self-publishing a niche book, including the financial and time commitments required. Julie provides insights into the costs associated with developmental editing, proofreading, typesetting, audiobook production, marketing, and promotional materials for the all in total. She sheds light on the book's sales performance, revealing that despite the significant upfront costs, the book has sold over 8,000 copies, surpassing her initial goal of 5,000 sales in the first year. The episode also highlights the importance of aligning book projects with broader business goals rather than expecting direct financial returns from book sales alone. Julie encourages listeners with a book idea to pursue self-publishing, equipped with realistic expectations about the process and potential outcomes.
Episode Highlights
00:00 Welcome to Therapy for Your Money
00:49 Celebrating One Year of Profit First for Therapists
01:00 The Realities of Self-Publishing a Book
03:01 The Journey from Manuscript to Market
03:45 The Hidden Costs of Self-Publishing
12:32 Marketing: The Unexpected Marathon
20:30 The Impact and Future of Profit First for Therapists
24:53 Final Thoughts and Advice for Aspiring Authors

Links and Resources
Profit First for Psychotherapists - https://www.facebook.com/groups/1274972945933485/
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
...more
28min
April 26, 2024Episode 139: In Search of You - an interview with Kasey Compton
Finding Joy and Understanding Self-Love with Kasey Compton

In this episode of 'Therapy for Your Money', host Julie Herres, an accountant and owner of Green Oak Accounting, talks with three-time guest Kasey Compton about her new book, 'In Search of You'. They delve into the journey of writing the book, its personal nature, and the process of self-discovery and vulnerability Compton experienced. 'In Search of You' explores themes of self-love, the quest for joy beyond achievements, and the impact of one's past on the present. Kasey shares insights into her own life, including challenges with motherhood and personal growth, and discusses the importance of self-acceptance and understanding what true joy means. The conversation also touches on Compton's older work, highlighting the personal transformation and insights she has gained through writing and therapy.
Highlights
00:00 Introduction to the Podcast and Host
00:46 Introduction to the Guest and Discussion Topic
01:13 The Journey of Writing a New Book
01:36 The Challenges and Vulnerabilities in Writing
04:09 The Process of Deciding What to Include in the Book
06:55 The Core Message and Ideal Reader of the Book
08:59 Personal Reflections and Realizations
12:30 The Impact of Personal Growth on Relationships
24:49 The Takeaway Message from the Book
26:43 Where to Find the Book
28:08 Podcast Disclaimer

Links and Resources
In Search of You: https://www.kaseycompton.com/insearchofyou
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
...more
30min

FAQs about Therapy For Your Money:

How many episodes does Therapy For Your Money have?

The podcast currently has 191 episodes available.

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