When is the right time to expand a practice?

Eric has served Doctors and medical practices for over 20 years in the financial industry and co-owns a national financial planning company dedicated to serving the needs of healthcare owners. Credit: Eric Miller; Photo Used With Permission.

By Michael Tetreault, Editor-in-Chief, Concierge Medicine Today, Host, The DocPreneur Leadership Podcast

My special guest today is Eric Miller. He has recently published a book “How To Become a Financial Beast” which quickly became a bestseller on Amazon. Eric has served Doctors and medical practices for over 20 years in the financial industry and co-owns a national financial planning company dedicated to serving the needs of healthcare owners.  He has personally had over 20,000 conversations with practice owners at every phase of ownership.  He has published countless articles, videos, and podcasts on various financial topics and is an expert on matters concerning creating economic independence for a practice owner’s business and household.

Eric’s Social Media:

Book Excerpt

How to Become a Financial Beast: Harness the Power of Your Practice to Build Personal Wealth & Go Out at the Top of Your Game Hardcover – October 12, 2022; Credit: Eric Miller; Photo Used With Permission.

Most practice owners are following a traditional financial advice model that drastically underestimates how much they need in income, assets and resources to feel prepared for anything. In addition, the current economic system has been manipulated to extract wealth from practice owners instead of allowing for wealth expansion.

If you own a healthcare practice and are starving for workable information on how to accelerate the process of personal economic independence, then you are ready to become a Financial BEAST™!

The hard-won knowledge in this book will reframe old thought processes on money and rewire how you make financial decisions. You will learn:
* How to manage your business revenue for optimum profits
* How to correctly compensate yourself from the business
* How to know when and how to exit
* How to anticipate and handle obstacles
* How to wisely invest to minimize risk and maximize cash flow

Let’s get you into FINANCIAL BEAST MODE™!


Talking Points Discussed In Today’s Interview:

  • -Your Private Practice Is NOT A Job: Why You Need To Treat Your Practice Like A Long Term Business Investment
  • -Why The Traditional Financial Advisor Is Failing You
  • -Will You Work Forever?: Become Practice Owner Independent!
  • -What The TRUE Make Break Number Of Your Business Is & Why You Are Likely Underestimating It By 20-25 %
  • -Tapping Into Lesser-Known Ways Of Maximizing The Value Of Your Practice
  • -Re-Organizing Your Expenses For Success: More Control = Less Stress
  • -Protecting Your Assets From Lawsuits, Taxes & Inflation
  • -Preventing & Salvaging A Cash Flow Crunch: The Exact Steps You Need To Know To Bounce Back From A Revenue Downturn
  • -Finding The Right Exit Strategy: Striking A Personal Balance Between Financial & Emotional Readiness So You Can Walk Away Confidently


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Questions Discussed In Today’s Interview

  1. What are some financial success strategies for business owners and their personal gain?
  2. Why did you decide to work with Practice Owners as a financial advisor?
  3. What makes what you do different from other Financial Advisors?
  4. What do you think is the #1 reason Doctors are not financially sound?
  5. If you break financial planning down into 4 easy steps – what would they be?
  6. When is the right time to expand a practice?
  7. What areas do you believe create the most value in a practice?
  8. If you want to sell a practice, how do you ensure you get maximum value?
  9. What 3 areas of financial planning do practice owners miss and need particular help with?
  10. What typically stands in the way of achieving their financial goals?
  11. How does someone know they have reached financial freedom?
  12. If someone is thinking about exiting a practice what do you recommend?
  13. What is the simple reason practice owners are not financially independent now?
  14. Why is asset protection so important for a practice owner?
  15. How should a practice owner build multiple income streams?

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