481. Profit Sharing & Compensation w/ Carla Titus

Would you rather read the transcript? Click here. We’re talking about money again, everyone! My guest today, Carla Titus, has nearly 20 years of experience as a financial professional and CFO that she brings to the discussion. While we chat about some of the basics of financial management in a practice, we spend most of our time talking about compensation and profit sharing. Carla is a dynamic individual with a ton of knowledge in this area, so you’re guaranteed to learn something useful during this episode. Here are a few topics that we discuss: Common profit percentages for different types and sizes of practice How to back out of a compensation structure where you’re paying people too much How to actually implement profit sharing “Level up” strategies for practices with healthy financials Cool Things Mentioned The Testing Psychologist mastermind groups and business consulting Sign up for the Wealth & Worth Within Newsletter. Featured Resources I am honored to partner with two AMAZING companies to help improve your testing practice! PAR is a long time supporter of the Testing Psychologist podcast, and I will continue to bring you featured items from their catalog! Listen to each episode for specific product recommendations and links. Learn more at www.parinc.com. TherapyNotes is the leading EHR system for mental health practitioners. I’ve used TherapyNotes for over 10 years, and it just keeps getting better. Use this link and the promo code “testing” to get two free months and try it for yourself! www.therapynotes.com/testing The Testing Psychologist podcast is approved for CEU’s! I’ve partnered with At Health to offer CE credits for podcast episodes! Visit this link to access current and past episodes available for CE credit. You can use code “TTP10” for a discount on ALL the course credits you purchase from At Health! About Carla Titus She is the owner/CEO of Wealth & Worth Within a fractional CFO firm who provides financial consulting and advisory services to group practice owners. Finance expert with over 17 years of combined corporate financial planning and analysis as well as businesses financial consulting experience. Our priorities for our clients at Wealth & Worth Within range from growing profits, increasing cash reserves, and paying the owner well, so they can build personal wealth. Get in Touch Website: www.wealthworthwithin.com/contact – book a call About Dr. Jeremy Sharp I’m a licensed psychologist and Clinical Director at the Colorado Center for Assessment & Counseling, a private practice that I founded in 2009 and have grown to over 20 clinicians. I earned my undergraduate degree in Experimental Psychology from the University of South Carolina before getting my Master’s and PhD in Counseling Psychology from Colorado State University. These days, I specialize in psychological and neuropsychological evaluation with kids and adolescents. As the host of the Testing Psychologist Podcast, I provide private practice consulting for psychologists and other mental health professionals who want to start or grow psychological testing services in their practices. I live in Fort Collins, Colorado with my wife (also a therapist) and two young kids. Ready to grow your testing services? Click below to schedule a complimentary 30-minute pre-consulting call! Schedule Your Call