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

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

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

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

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

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

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

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

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

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