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

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FAQs about Therapy For Your Money:

How many episodes does Therapy For Your Money have?

The podcast currently has 204 episodes available.

Therapy For Your Money episodes:

October 18, 2024Episode 151 | The 5 Financial Pitfalls of Starting a Practice
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
00:00 Welcome to Therapy for Your Money
00:48 Common Financial Mistakes in Private Practice
01:17 Mistake #1: Short-Term Thinking
04:12 Mistake #2: Underestimating Startup Effort
07:11 Mistake #3: Misunderstanding Fee Retention
09:08 Mistake #4: Ignoring Taxes
11:02 Mistake #5: Feeling Guilty About Profit
13:45 Introducing the Money for Therapists Practice Startup Course
16:23 Conclusion and Disclaimer

Links and Resources

Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
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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17min
October 11, 2024Episode 150 | Partners in Practice Series Part 2: Partnerships are (usually) a Bad Idea!
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
00:00 Introduction to Therapy for Your Money
00:48 The Risks of Partnerships in Therapy Practices
02:14 Common Issues in Partnerships
06:59 The Five D's of Partnerships
13:00 Alternatives to Partnerships
15:21 Ending a Partnership
17:09 Conclusion and Next Steps

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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19min
October 04, 2024Episode 149: Partners in Practice Series Part I: Partnership Agreements 101 (with Dan Mayer & David Yood)
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
00:00 Introduction to Therapy for Your Money
00:49 Today's Topic: Partnerships
01:26 Meet the Guests: Dan Mayer and Dave
01:31 Dan Mayer's Expertise in Mental Health Practices
02:36 Dave's Journey in Forming a Partnership
04:12 The Importance of Partnership Agreements
07:27 Key Elements of a Partnership Agreement
10:46 Legal and Tax Considerations
16:18 Dave's Experience and Advice on Partnerships
17:06 Navigating Partnership Agreements
18:20 Tax Challenges and Solutions
18:56 The 'Eat What You Kill' Model
19:30 Avoiding Partnership Conflicts
20:44 Handling Partner Exits and Deaths
24:05 Importance of Clear Rules and Roles
27:42 Final Thoughts on Partnerships
31:23 Where to Find Us
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 the All About Taxes Course.
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34min
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 the All About Taxes Course.
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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 the All About Taxes Course.
...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 the All About Taxes Course.
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31min
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 the All About Taxes Course.
...more
44min

FAQs about Therapy For Your Money:

How many episodes does Therapy For Your Money have?

The podcast currently has 204 episodes available.

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