Turn Business Success Into Personal Wealth - FB Live With Eric Miller Of Econologics

[00:00:02] Welcome to the Private Practice Owners Club. Your hosts and coaches, Nathan Shields scaled his practice and exited for millions, while Adam Robin went from working 60 hours a week in one clinic to scaling to multiple clinics while working less than four hours per week remotely. This podcast is meant to share with you exactly how they did it and how you can build a business that supports the lifestyle that you truly desire.

[00:00:26] And don't forget to join the Private Practice Owners Club community on Facebook, where we are obsessed with providing even more resources that help owners, just like you, win the game of private practice. Hey, it's Nathan. Quick heads up for all the private practice owners who are listening.

[00:00:48] If you've been listening to the podcast for a while, you know that it took me at least 10 years of grinding in my own clinics before I finally figured out how to scale and sell my four practices for a while. For seven figures and about three times the national average. The biggest shift wasn't some secret marketing hack. It was how I thought about profit, systems, and actually my role as the owner.

[00:01:11] That's exactly what we're going to be working on together with you at the High Performance Practice Conference this fall in San Antonio, Texas. From October 15th through 17th, Adam, Robin, and I are hosting a three-day hands-on event for PT, OT, speech, mental health, peds, pelvic floor, and medical practice owners who want to build clinics that are profitable, scalable, and best of all, don't depend on them 24-7.

[00:01:38] We'll dig into simple profit and KPI frameworks, real leadership and culture work, and practical systems you can take home and plug in with your team. So if you're doing roughly six to seven low figures a year and you want your clinic to feel more like a real business and less like a job slash cage, I'd love to see you there. Frankly, I'd love to see you bring your leadership teams as well because we will have breakout sessions for them too. You can get all the details and grab your seat at the link in the show notes.

[00:02:08] All right, let's get into today's episode. Yeah, it's been a while, Eric Miller. E-money, Eric Miller. E-money. I know. I know. It just seems like the days just go by faster. Once you hit 50, it just seems like, I don't know, time moves faster for whatever reason. Right. I don't know if it should be that way, but it just seems like it does. Very good. Happy 4th of July too, man. Do you have any big plans? No big plans here. I don't know.

[00:02:35] I'm old and my kids are older and they're never excited to do anything. How about you? We're renting a boat. We're going to watch fireworks. Nice. And probably just take a leisure day off tomorrow and lay by the pool. Nice. That's what people do in Florida. They lay by the pool. That sounds awesome. That sounds awesome. All right. I'm sure people want to talk about it. We're doing our biweekly Facebook live with the private practice owners club.

[00:03:03] And I've got longtime guest Miller with us on the Facebook live. And this will also double as the podcast. And before we get into things, this is part of our series leading up to our conference in October in San Antonio, the high performance practice conference hosted by the private practice owners club, San Antonio, October 15 through 17 registrations are going now October 15 through 17th.

[00:03:28] Go to PPO club events.com to register, bring your team members, bring your spouses. We'll have things for everyone to do. It was a great event this last year and we have great speakers and sponsors like Eric Miller of Econologics there. And it should be a super valuable event for all owners and even their team members. We're going to have some breakout sessions for your team leaders and your organizations.

[00:03:55] We'll even have some special breakout sessions for our peds owners this year that we didn't have last year. So we're doing more and wanting to expand it and there'll be more speakers, more value. So check it out. PPO club events.com for our high performing practice conference. So you're getting good at that. I'm trying. I'm trying. Thanks for the compliment though. I always need it.

[00:04:21] I need a little boost every once in a while, but Eric, thanks for joining us today because you're the first person I thought of bringing on because the topic today is financial management, wealth management in our private practices. And I think it's always important. It's something that I like talking about. So it's easy to have you on the podcast. And as always, people are always worried about their financials when it comes to owning the business. And it's, it's an emotional conversation. It can, it can break practice.

[00:04:51] A lot of things to talk about here, but as we get into it, what do you find yourself talking about most often nowadays when you're talking with private practice owners and what they're having to navigate in the current circumstances? Yeah. I mean, it's tough to try to direct people's attention to like a big picture or big, or like what the real goal is just because there's just always pressures on day to day stuff. There's always decisions that you make, you have to make on day to day stuff.

[00:05:22] And I do think that that people kind of get lost a little bit in some of the tactics and they forget the strategy. Let's come up with a strategy first and tactic second. Tell me about that a little bit. I mean, go deeper. Yeah. Well, there's, there's a tied up and they're not looking at the big picture. Well, we'll have, I don't know. I'll, I'll look at someone's personal balance sheet or their business balance sheet, their business financials.

[00:05:50] And also I'll just see is like, they just own, like, they have like 20 accounts and you know, they're always trying to like, well, you know, this money market accounts earning 3%. And the one that I'm in right now is at 2.5. And if I move my $1,500 from that one to that one, you know, I may make an extra 50 bucks, like things like that.

[00:06:14] Or they got a $7,000 IRA and they're worried about like whether or not it's performed at 8%. And you know, well, my friend got 15% and it's like, okay, but $7,000. I mean, that's not going to meaningfully change your life at all. I'm not saying you shouldn't pay attention to those things, but I think that people get lost in some of those like little minutiae.

[00:06:40] And there's order of importances on financial matters that I think it, that people need to really concentrate on, you know, because look, everybody, I think the big goal for everybody is like what you want to, you want to be able to sell when you want to. You want to have a bunker full of money and resources. You want to have enough money to support your family and your churches and whatever else. And you want to avoid having to not, you don't want to have to rely on just one income stream for the rest of your life. Okay.

[00:07:09] Being your practice. I think that's the big goal. And, you know, setting up the system to allow that and the alignment for that to happen is what's really important. If I can just go off on one other thing, too, when it comes to alignment on that, if you don't mind. Yeah, of course. Because I've been like big on alignment here recently.

[00:07:29] And if you'll know if your business and your household are aligned, meaning like I really want to make sure my household financially progresses while my practice is going up. I mean, you guys have continued to help people get more profitable, be more autonomous, grow their practices and do all the things that you do in the PPO club.

[00:07:55] The benefit for them should be to also recognize that my household is improving at the same time. Right. Of course. Always. That doesn't happen. Oh, okay. And that's the misalignment, right? Well, my practice is growing, but I'm not really, you know, my household gets leftovers, so to speak. Mm-hmm. So if your financial plan doesn't get you financially free in seven to 10 years, there's misalignment. That's the indicator. Okay.

[00:08:25] Okay. Because what's everyone tell you? Well, 65, 70 now, let's retire at that point in time. And I'm like, that's fine. You can retire whenever you want to, but I think you should have the game of money where all those things that we just talked about, I think you should be able to accomplish that. If you have a fairly good and profitable and growing practice in about seven to 10 years, and you can only do that if the two are aligned with one another. Gotcha. Does that make sense?

[00:08:56] Yeah. Yeah. You know what I took from your first part about people focusing on tactics instead of the strategies. Maybe some people can get too caught up in, like you say, certain investments and accounts and moving money to get the most out of it. But you would wish that they had the same energy and intensity around some of the specifics in their practice that could net them significantly more money. You know what I mean? Is that kind of what you're thinking as well?

[00:09:24] I mean, we're thinking about some of these smaller things moving around tens of thousands of dollars. But if you put a little bit more energy into the business to benefit the household and you don't need a lot of special accounts and this, that and the other stuff. Yeah. You know, extravagant investing or like new hate stuff that isn't provable or workable

[00:09:50] or you can just, or having to take ultra high risk in certain areas that you don't necessarily have to. I think all these things would be, because people seem like they're forced to do that right now and I get it. You know, is they don't feel prepared. They don't feel like they have enough money. They look at their time horizon. I got like, oh, I'm 45 years old. I want to be done with this when I'm 55 and I have $100,000 in my retirement account right now. Crap.

[00:10:19] I better go buy some triple Q and leverage it and just throw the dice. Yeah. See what I mean? Yeah. I mean, not a lot of people do that, but you know, we'll definitely see that every once in a while. So back to alignment. So you're telling people, I love the timeframe that you're giving them. What do you need to do in seven to 10 years to make your business so that I'm using the

[00:10:47] words financially free, but profitable and generating consistent income. How would you describe that? I would describe that there's a, the goal for the, the practice, which most people have. Okay. I want to get four locations or five locations. I want to have multiple providers. I want to be whatever it is. What do you want your household specifically to look like? Okay. Okay.

[00:11:14] That, that I think is missing from a lot of people's look a lot of people that run a business know how to run a business and they, what does that mean? They, they know, okay, we have meetings. We have an organizational chart. We have statistics. We have measurements. We do all these things and we look at them and we look at our cash flows and we look at all these things on a regular basis. And then I asked the same question. I was like, are you applying that same methodology to your household? And most people just say, not really.

[00:11:44] I'm just, again, I'm just paying myself leftovers, whatever's left. Mm-hmm . And I don't really have a system where I'm marrying the two, which they really need to be connected. Yeah. You know, and accountants and CPAs are the first people to tell you, you got to keep your business finances separate from your personal finances. And that's totally true from an accounting and bookkeeping standpoint. Mm-hmm .

[00:12:09] But there has to be an intentional use of the business to serve, to build a household that you financially can be proud of. And that's measurable. And those are the things that we've talked about. Well, and I appreciate, I've always appreciated your perspective because it goes a little bit counter to what we naturally think. And like you said, a lot of business owners will say, I want to have X number of clinics. I want to have this many employees. I want to generate this much revenue.

[00:12:39] That's secondary. And based on my conversations with you, it should go primarily, what do I want for my household? What do I want to bring home? What kind of lifestyle do I want to live? And how much money does the business need to generate in order for me to achieve that household income and those revenue streams, right? And now we can work backwards. Okay. Well, what would the business have to do in order to generate that amount of household income? Yeah, man.

[00:13:06] If I get every owner to think that way, like my life would be so much easier. Actually, your life would be really easy too, because everyone would be super motivated like to get there. But that is the sequence I think in which people should operate. They should look at the household and the achievement of financial success in the household as the priority. That is the priority. How do we do that? And then what does the business need to do in order for us to fulfill?

[00:13:36] That particular whatever that is. And specifically, like I said, if I want to be financially free in 10 years, if I want to have my house paid off, if I want to have three or four income streams that can at least pay for my basic lifestyle, if I want to have autonomy and do some other things, other interests that I have in life, because people do have other interests and it's okay to have other interests and you should have other interests.

[00:14:03] But the reality is my business is going to feed that. How well does it have to do? That does force in discipline in the business. It forces in financial discipline in the business. It forces in business discipline in the business. It forces in you having to be a better CEO and a better manager and hire better people. And, you know, I just, I think it creates that kind of necessity when you do it that way. Yeah. Right.

[00:14:29] Because like you said, if we, if we're focused on the business, then we'll just take whatever, like you said, scraps that come off the table in the end, we'll just keep running and running and running. I've just seen it. If we can get some more money better, if our profit margins are better, great, but to what end? Right. How do we know when we've achieved what we want to achieve instead of just saying, well, I want to just want to make as much money as I can. It's just is so it makes more.

[00:14:55] And if it makes less, it says, well, that's a hard way to live when you start, because as your income increases, don't tend to buy less. You take on more debt and a bigger house and more expensive cars. Right. And your business needs to accommodate for that. And then there's always, and the unfortunate thing is that there's rarely very leftovers in a business very rarely where there's just leftovers in the business because the business

[00:15:24] will, I mean, there's always going to be something. There's just always going to be something that comes on your plate. Hey boss, we need this. Hey boss, we really, really need, we really, really, really, really, really need this. And we need to hire this person. And I know we don't really have a job description for them and we don't really have any clients for them, but we really, really, really need this position filled right now. And you know what? I think we need to move to this facility and it's really, really important that we do that. And we need this and we need this.

[00:15:53] And that's just, it doesn't matter whether you have a $10 million practice or a $250,000 practice. That's just always going to be the case. So you just have to make sure that there's some priorities set. And if you do it, it works out really, really great. I mean, it's amazing. Yeah.

[00:16:39] Yeah. I'll give you a simple example how that, how that would look. I was going to ask like, what are some steps? But if you have an example, that's great. Well, look, I mean, I think everyone would, not all people, and it really depends the type of mortgage that you have. But I think most people would like to have their home paid off before they're done with their selling their practice. Right? Most people, unless you got one of those 1.9% mortgage rates that it seems like most people got. Right.

[00:17:07] That by and large, that would be like, okay, I'd like to, I would like to have my home paid off. Great. So how could you then utilize the business to be able to do that? Well, the first thing would be, okay, great. I know I want to have my, I want to sell my business in 12 years. All right. So I have a 600 and, or well, let's be real on this. I have a $960,000 mortgage on my house. Right. I mean, let's face it.

[00:17:33] How much would I need to apply to my current mortgage where I could have that paid off that timeframe? Mm-hmm . And let's say it's $2,000 a month, an extra $2,000 a month. Okay. So great. So I'm going to make that, you know, as part of an owner draw or something like that, that I'm going to take, I'm going to use that and I'm going to apply that to my household. I'm going to have my house paid off in that timeframe. That's just one thing.

[00:17:58] But I think that's the point of using the business to further the progress of the household. Can I ask you a specific thing about that? Yeah. So if anyone's listened to our episodes in the past, we have always recommended setting aside 10% of revenue every week or month or at some frequency for your retirement, right? Could that $2,000 come from that or is this above and beyond that? It could.

[00:18:25] I mean, and this is where we have a little bit of like art and science too. Okay. Where scientifically, I want to make sure that people are taking the 10% and utilizing that for, I think other wealth building vehicles. I can get specific on that because I think that there's some things that people could be doing that will allow for them to help minimize their capital gain taxes when they go to sell. Oh, yeah. So I'll talk a little bit about that.

[00:18:52] But by and large, I would probably try to take from somewhere else to do that, but you could if you wanted to. But if you're doing that, then, you know, I probably wouldn't have too much of a problem with that. But if it was a real priority and that's something that you really wanted to have done, I just like when people sell. I like them to have a position where they get to keep most of their proceeds. I enjoy that. And those proceeds don't have to go to taxes. They don't have to either go to taxes or debt. Yes.

[00:19:22] You know, which is what happens for a lot of people. Yeah. I sold for $5 million, but after taxes and paying off all my loans and, you know, whatever it is, I got $750,000 left over. Yeah. And you're like that. Okay. You want to avoid that stuff. Yeah. I'd like to avoid that a little bit. Yeah. I gotcha. Hey, it's Nathan. Quick heads up for all the private practice owners who are listening.

[00:19:49] If you've been listening to the podcast for a while, you know that it took me at least 10 years of grinding in my own clinics before I finally figured out how to scale and sell my four practices for seven figures and about three times the national average. The biggest shift wasn't some secret marketing hack. It was how I thought about profit systems and actually my role as the owner. That's exactly what we're going to be working on together with you at the high performance

[00:20:17] practice conference this fall in San Antonio, Texas from October 15th through 17th. Adam Robin and I are hosting a three day hands-on event for PT OT speech, mental health, PEDS pelvic floor and medical practice owners who want to build clinics that are profitable, scalable, and best of all, don't depend on them 24 seven. We'll dig into simple profit and KPI frameworks, real leadership and culture work and practical

[00:20:47] systems. You can take home and plug in with your team. So if you're doing roughly six to seven low figures a year and you want your clinic to feel more like a real business and less like a job slash cage, I'd love to see you there. Frankly, I'd love to see you bring your leadership teams as well because we will have breakout sessions for them too. You can get all the details and grab your seat at the link in the show notes. All right, let's get into today's episode.

[00:21:20] People are listening on the Facebook live and you have specific questions about some of these financial things. Go ahead and post your comments there. We'll try to answer them as we go. I was going to say the mindset of someone working on their household or knowing the financial needs of the household and making the business supply those needs and doing so such that you are like we said at the beginning financially free or have you're significantly profitable within the first seven to 10 years.

[00:21:49] Where do you start people on building that out? Is just start with what does that household income need to be? And then where do you start? Yeah, I mean we do start in a lot of those different places. I mean I think the first thing is let's have a target of what ideally where we'd like to be then we can assess currently where you're at and then just in terms of overall net wealth.

[00:22:15] Yeah, I mean I would say that most people have some idea of they can articulate to me where they would like their household to look like without even a number attached to it. This is what I would really like to have. Okay, and some people have a number in mind. I think a lot of people do have numbers in mind like if I just had $10 million or $7 million or something like that. Okay, okay, that's fine. Whatever it is, but there's definitely things that we want to make sure are in place that will allow that and let's just see what that number looks like.

[00:22:45] And there's an income I think there's an income amount that people have an idea of what they would like to have coming in for every single month. You know whether that's $20,000 a month or $30,000 a month. And then we can just simply work backwards and say great if you want to have like I saw some guy on on X that was just like well, and he wasn't really wrong on his math calculation, but he was a little absurd on like, you know, if you want to have $500,000 a month to burn, which I'm like, well, geez, who wouldn't right?

[00:23:14] You're gonna need like one $120 million in investments. I'm like, okay, can we dial it down a little bit? Yeah. Like I'd be good on like 30 or 40,000, you know, and then, okay. So the equation is, you know, if I need, let's say it's $25,000 a month. Okay, that's $300,000 a year. So if I want $300,000 a year of income for my household, then I'm gonna need around $6 million.

[00:23:44] We'll multiply that number 300,000 by 20. That's usually the formula. And that gives us a number about $6 million, $6 million earning around a 5% rate of return would produce around $300,000 a year. I mean, you see what I mean? That's kind of a quick calculation. Got it. And okay, that's a real number. All right. And I think if now could you do it on five or four and a half?

[00:24:12] You could if the investments were producing ample return for that. But I think the first thing is, what is the amount of income that you need? Okay. And then we can work backwards to get a range of what your net worth needs to be at that particular time. Right. Okay. So let's say it's $6 million bucks. And you look at your personal balance sheet right now, and it's $2 million. And you're like, this is gonna be, this is gonna take forever. Right.

[00:24:40] I'll never make up $4 million in 10 years. Are you kidding me? And I'm like, well, you just don't understand the financial system at all. Okay. Because it is an inflated, inflationary system where assets of value go up in value typically. Okay. And you're in control of the biggest one on your balance sheet, which is the practice.

[00:25:07] And you can make a practice that's doing a million in revenue a year at a 20% profit margin in 10 years. You're telling me you couldn't be at $3 million a year? Yeah. Or $2 and a half? Mm-hmm. And now the value of that practice has went from maybe a million to three to three and a half million? Tell me you can't do that in that timeframe. Like, oh yeah, I guess we could.

[00:25:34] I was like, well, you just wiped out your gap right there. Just on that. Forget any of the money that you saved from the practice or in your retirement accounts or the number, you know, forget all that. You just did it right there. So I think started, that's where we start. We just try to give them like, this is the ideal. This is where you're at and here's the gap. Okay. And every year now, let's just try to minimize that wealth gap through proactive activities. Okay. Yeah.

[00:26:02] I really appreciate you setting that up because I frequently talk about or talk with owners about building out proformas at the beginning of each year and building out the growth, the expected growth in their clinics on a given year. And without some kind of framework like this, they're just kind of like throwing a dart. Like, yeah, I want to increase 10% this year just because 10% sounds good. It's a good round number.

[00:26:29] But if you have a 10 year timeframe, 15 year timeframe, seven year timeframe, doesn't matter. If you have a timeframe at all and you know where you're at and you know the gap and you know where you want to get to, now you can work backwards and regressively find out, well, this is how much my clinic needs to grow this year in order to meet my goal. Right. And now you can actually apply that to the proformas that you're requesting from your accountant on an annual basis.

[00:26:57] And now, you know, you're building towards something and not just shooting for 10% like, oh, if we hit it great, if we don't, you know, we'll go for it next year. And how much would you love someone to come to you and just say, Nate, here's my 10 year plan. This is where I want to be in 10 years. This is what my practice is doing right now. Okay. And I need it to be right here. And this is my financial goal to meet all these things. Yeah. Can you work this out for me so that we can hit this?

[00:27:26] You'd be like, yeah, that'd be really easy to help you out at that point. Yeah. At that point. And I'm willing to do whatever it takes to make sure that I hit this goal as well. Yeah. Yeah. At that point, it's either marketing or operations essentially. I mean, yeah. Tighten up your operations or get more patients in the door can make it really, really easy. And so I'm glad you brought that up because as I'm talking to people about, Hey, it's that time of year, you should talk to your accountant about building out a performer, what you're

[00:27:56] going to do this year, knowing your costs and expenses coming up and build in maybe bringing on a provider and how that's going to affect your financials, et cetera, et cetera. That's all well and good. And you should do that. But if it's not tied to an end goal, then like I said, you're just kind of doing it just for the sake of doing it to make sure your practice is doing well, but it'd be better if you had a real target to aim for.

[00:28:21] You know, I could even go down a rabbit hole on this and say, this is why having your providers and your people in your, the biggest producers in your practice, having the same thing for them and their households, because if they had personal financial targets that they needed to meet and we said to them, look, you know, you want to make X amount, save X amount, save for a house, save for retirement. Your production needs to be blank for you to do that.

[00:28:49] Is that part of your compensation package? I think so. Good. So this is what you would need to do in order to hit that for yourselves. And I think you mentioned it. There's something tied to it. It's not just, I just need you to do more production because it's good for me. And it's, but if they see that making an extra $5,000 a year can help accelerate their debt

[00:29:13] payoff by seven years and save them $50,000 of interest, that may not seem like a lot to an owner, but it's a hell of a lot to an associate. You see? Right. So it's just, I think, tying the production to an incentive that is a win for everybody. And you know, you can do it on any scale, but it's, I think it's a great point that you make that you have to do that. To go down a little bit of a rabbit hole.

[00:29:41] You said there are ways, things you can do now to minimize the capital gains for a sale. You want to talk about that really quick? Cause I don't know if I've dug into that really deeply with you. There might be people on the call who are getting closer to that potential sale, but especially for those people who are looking to potentially sell in the next five, 10 years, is that enough runway to start creating a buffer for that capital gains hit? Yeah.

[00:30:10] Look, it's not going to be just one particular strategy to help minimize the capital gain. It could be a number of things. I'll just talk about one that number one, you would need a bit of a timeframe. You probably heard the term tax loss harvesting before, right? I've never heard of it before. No? Okay. So in a brokerage, someone has like a brokerage account where they own stocks, stocks. Okay. Yeah.

[00:30:34] Well, there's a strategy where I would, I'm going to sell some winners, sell some losers. Okay. To help minimize a tax liability that I may have. Okay. Sure. And it's just a method that investment people will do for, this is non-qualified money. This is not money in IRAs or I think these are just, this is just stocks. Stocks. Yeah.

[00:31:00] And I probably butchered how that works, but anyway, if you have like maybe 10 years, you don't even need that long or seven years or somewhere along the way, you can start accumulating capital losses in your brokerage account. Okay. Yeah. Especially if we have some volatility in the markets where I may sell a position just to take the loss. Okay. I can buy back the position if I want to. Okay.

[00:31:30] Right. I don't miss the gains. Like this doesn't have to affect the overall performance of your portfolio, but just take advantage of the ups and downs and the volatility of them, of what the markets provide, which they do. Okay. And this may be a way to start accumulating capital losses. And over time, let's say, now look, you can't do this on like a $10,000 portfolio. Right. Like this is why guys, we got to start like pouring some money into these things.

[00:31:59] But if you have a half a million or a million dollar portfolio, which, you know, that's not unheard of and you could build over that over a 10 year period for sure. Okay. There may be, let's say that there's, we've created $400,000 worth of capital losses. All right. So what did I just do right there? Well, I'm going to apply that capital loss to whatever my gain is on my business. I just minimize my tax liability by a hundred thousand bucks.

[00:32:29] Okay. By doing that, just by investing how I was going to invest along the way, utilizing some of these, accumulating these taxes, these losses. But again, that's like a proactive strategy. You actually have to do that intentionally and you have to have a bit of a timeframe to do that. And it can work great. And, you know, but these are all just little things that people can do so that they're not, I mean, you've been there. Hey, here's the amount of tax that you owe. You're like, Oh crap. Yeah.

[00:32:55] That was disappointing hearing my CPA and reminded me that I can't trust my CPA to give me tax savings advice because when we sold, he said, Oh, okay. And so you guys are set up like this and this is the type of sale that you're doing stock versus asset sale, that kind of stuff. And he's like, Oh yeah. If we had set this up differently, we could have saved you some taxes. And I'm like, what?

[00:33:24] Why didn't we not have some kind of conversation like this a while ago? Maybe it was something we could have done over the course of the past year if I knew that, but there are some, and even if you do sell, there are some of these strategies that you can implement in the year of the sale. Excuse me one second. I'm sorry. You're fine. There are some things you can do in the year of the sale applying some kind of, I hate

[00:33:49] to use the word leveraged options, which is an ability to take greater, create greater gains and losses in a portfolio to help offset some of the capital gains taxes. But I've seen it. I have seen it. You know, we have access to some family office, private wealth managers that are like, Eric, you know, if you've got a guy that, you know, just sold for like three or $4 million and has a big capital gains. We have some strategies here that it's not going to minimize the whole gain that they have.

[00:34:16] Hey man, if you can save a hundred thousand, 150,000 that you normally pay, I think it's worth looking at. Right. So here's my point. When someone says there's nothing you can do about it and just bite the bullet and pay the tax. Come on, man. Like get a real financial advisor to help. Yeah. There, there's definitely things that you can do, you know, along the way. But to your point, the more time that you have to prepare for the sale, the better.

[00:34:46] And for some of the strategy I mentioned, you know, seven to 10 years would give you some time to be able to accumulate some of those losses and some other things that you could probably do in two to three year ramp up. But it's the people, well, I'm, I'm selling and you know, next week, because is there anything you can do? You're like, well, that's something that I would highly recommend people who are listening

[00:35:11] do is start talking to your CPA about when you're looking to sell because I'm upset with my CPA because he didn't tell me what I could have done to avoid paying taxes. But it's kind of my fault because I didn't tell him we were in that situation. We had three or four offers over the course of the previous three years before we sold any one of those times I could have told my CPA, Hey, we're looking to sell or there's a potentiality that we will sell here soon.

[00:35:41] FYI. Right. And if you had known that he's like, well, if you guys are looking to sell, you might want to consider X, Y, and Z. And I didn't give him that opportunity to do that. I was like that guy who said, Hey, Mr. CPA, we're selling this month. Anything I need to do now? Yeah. So that was me. I'm not going to put it all on him then, but you know, to, but I doubt there would have been it. There could have been some discussions, but yeah, I think that's, but that's not their forte.

[00:36:10] You've mentioned that before. They're not, their forte is not to find those tax shelters and how to leverage the system to minimize the capital gains hit. Their job is in fact, they're going to say, well, that's going to, they're more than likely be the ones that are saying, well, that's going to raise a red flag. And I don't know about this. I'm not about that. And that's where I'd rather trust the financial advisor who has more certainty and knowledge about all of the tax laws. Amen, brother. Very cool.

[00:36:39] Well, thanks for sharing and coming on the Facebook live today, Eric. If people want to get ahold of you, how do they do that? I think the simplest way you can go to wealth for pts.com wealth for pts.com. That'll take you to a landing page and we'll probably prompt you to maybe take an assessment or do something. But you know, I think, look, if, if you're unhappy with the current condition that you're

[00:37:05] in, if you think that there is something that you can do, be doing better. If you look at where you're at right now and you're just unsure whether or not you're on the timeframe that you want to be on, then I think that's worth connecting with us. And you know, we can give you some, some excellent data and advice on making sure that you get back on track. Yeah. And if you want to hear more from speakers like Eric, make sure you come to our conference in October.

[00:37:34] Again, ppoclubevents.com. I'll put the link in the Facebook group comment section. And remember that's October 15th through 17th in San Antonio. Love to see you guys there. Thanks for your time. Appreciate it, Eric, as always. Thanks, bud. Always good to see you. Happy fourth. Yeah. Let's go America to go America to 50. Thanks for listening to the private practice owners club.

[00:38:02] If you enjoyed this episode, would you mind doing us a huge favor and leaving a review? This helps us get the podcast out to more clinic owners to help them create greater freedom and profits so they can own their future. And visit our website, ppoclub.com to find more resources and connect with us.