OVERVIEW:
Jason A. Duprat, Entrepreneur, Healthcare Practitioner, and Host of the Healthcare Entrepreneur Academy podcast, discusses businesses of private practice owners with Eric Miller, co-founder and chief financial advisor at Econologics Financial Advisors, a full-service investment advisor firm and insurance agency. Eric explains how private practice owners get abundant income streams through profitable, sustainable, and transferable businesses.
EPISODE HIGHLIGHTS
- Eric grew up in a blue-collar family in Ohio. Having transferred to Clearwater, Florida, he started his financial planning practice there and decided to work with practice owners.
- Pick a niche to help people who are believed to be underserved.
- Your goals should include having income from multiple sources and building a profitable and transferable business.
- Keeping your assets protected from taxes, inflation, and lawsuits create the most favorable financial conditions.
- Being a good owner and executive, on top of being a good practitioner, gets you not only the business profits but also the enterprise value.
- The golden rule of income is that your business will make exactly what it thinks it needs to make to cover its most vital expenses.
- Consider income, value appreciation, and tax benefits before borrowing money. How it will be used will either create constructive or destructive debts.
- Multiple income sources in the business are typically better than focusing on one source alone.
- Become successful in doing the roles of the owner, executive, and practitioner by improving yourself.
- State statutes, insurances, umbrella policies, and business entities are tools for asset protection.
3 KEY POINTS
- Never be reliant on a practice alone – work to create other income sources.
- Executive and ownership skills are essential to scaling the business.
- Borrow money only if it helps the business expand and unnecessary business debt can drag you down.
TWEETABLE QUOTES
“You need to learn the skills of the executive and an owner because those are really ready to allow you to expand and be able to scale the business and not have it run you at some point in time.” – Eric Miller
“The biggest expense you have is money that you should have made, but you didn't.” – Eric Miller
RESOURCES
Eric's website: https://econologicsfinancialadvisors.com/
Eric's Linkedin: https://www.linkedin.com/in/ericisyourbfff/
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