180. My 5 Biggest Financial Mistakes as a $1.5M Group Practice Owner with Brittany Schank

In this episode of The Private Practice Elevation Podcast, Daniel Fava explores the financial lessons every group practice owner needs to hear. Daniel sits down with Brittany Schank, a mental health therapist and owner of Solace Counseling, a thriving group practice with ten clinicians across two locations.  Brittany shares her journey of building a $1.5 million practice while navigating the challenges of managing a team and maintaining a sustainable business. What sets this episode apart is Brittany's openness about the financial mistakes she's made along the way. From overcompensating employees to neglecting proper tax planning, she offers valuable lessons for avoiding common pitfalls in practice ownership.  Whether someone is just starting out or already running a group practice, this episode provides actionable strategies for creating a balanced and profitable business. Brittany and Daniel also discuss frameworks like Profit First and strategies for preparing for deductible seasons, making this episode a helpful guide for therapists who feel overwhelmed by financial planning. What Listeners Will Learn in This Episode: The top five financial mistakes Brittany made and how to avoid them. Why an effective pay structure is essential and how overcompensating employees can impact sustainability. The value of seeking business consultation early to avoid costly missteps. Tips for managing taxes and maintaining cash flow during deductible seasons. The importance of hiring the right people and addressing performance issues to build a positive workplace culture. Links mentioned in this episode: www.consultationandsupervision.com (Use coupon code "FREE3" for 3 free months) https://www.instagram.com/solacecodirectory/ https://www.facebook.com/SolaceCoDirectory Profit First For Therapists