584. When to Start a Group Practice (and When to Wait!) w/ Whitney Owens, LPC

Would you rather read the transcript? Click here. Today, I’m here with Whitney Owens to discuss the critical financial and operational factors behind transitioning from a solo practice to a successful group practice. We explore the common pitfalls that lead to group practice burnout, including improper compensation structures and premature office space expansion. Whitney shares her data-driven insights on why scaling requires a minimum of five full-time clinicians to see a significant shift in profitability, as well as the cultural benefits of adopting a W-2 model over an independent contractor framework. Whether you are currently pondering expansion or seeking to stabilize your existing group practice, this conversation provides actionable info for sustainable business growth. 03:37: The core mindset shift from clinician to business manager 04:57: The financial reality of scaling and the five clinician benchmark 09:25: Common pay structure mistakes and the W-2 vs 1099 dilemma 21:10: Financial transparency and navigating employee time off 33:02: Avoiding premature overhead costs in office space expansion 39:15: The three phase roadmap for launching a group practice 44:38: Managing high industry turnover rates through strategic overhiring 50:19: Implementing the Entrepreneurial Operating System for practice structure Cool Things Mentioned Craft: the premier membership community for testing psychologists Crafted Practice: the only in-person business retreat for testing psychologists Reverb: the premier AI-powered report-writing platform for testing psychologists Water’s Edge Counseling: www.watersedgecounseling.com Wise Practice Counseling: www.wisepracticeconsulting.com Profit First: www.profitfirstbook.com Rocket Fuel: www.rocketfuelnow.com Traction: www.eosworldwide.com Greenoak Accounting: www.greenoakaccounting.com Featured Resources 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 NovoPsych brings 150+ standardized measures into one platform. If you’re interested in high quality measures for personality, disability, ADHD or Autism, try NovoPsych with a 15-day free trial via this link: https://novopsych.com/testingpsychologist  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 Whitney Owens, LPC Whitney Owens knows what it’s like to build something meaningful from the ground up. As a licensed professional counselor, faith-driven entrepreneur, and founder of Wise Practice Consulting, she’s turned her own experience running a thriving 15+ clinician private-pay group practice in Savannah, Georgia into a roadmap for practice owners who want to grow without sacrificing their faith, their income, or their life.Whitney has a rare ability to meet practice owners exactly where they are by helping them build practices that are not only profitable, but designed around the life they actually want to live. Through Wise Practice Consulting, she brings real-world strategy and faith-based grounding to practice owners who are done settling for burnout and ready to build something that works for their clients, their bottom line, and their calling.She’s also the host of the Wise Practice Podcast and creator of the annual Wise Practice Summit, a gathering of faith-based practice owners who believe you shouldn’t have to choose between a thriving business and a life well lived. Get in touch: Email: [email protected] Website: wisepracticeconsulting.com Instagram: @wise_practice_consulting Website: watersedgecounseling.com 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 join our Waitlist! Join the Waitlist