Financial Planning Considerations When Preparing for Practice Ownership

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.In Part 1 of a 3 part series, Evon dives into the many financial planning considerations optometrists need to think about as they prepare for practice ownership.Whether cold-starting an optometry practice or buying into an established practice, you should consider:Your biggest goals are to have cash flow flexibility and cash in the bankThe importance of a game plan to cover living expenses in the early 2-3 yearsWhy it's important to build cash savingsHow to prepare your finances for lendingStudent loan decisions when preparing for practice ownershipChoosing business entities and other business finance basicsStay tuned for next week's episode, where he'll talk about financial planning considerations from doors open through the early years of the practice.Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at [email protected] out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices. Resources mentioned on this episode:Get your FREE financial health assessmentThe Optometry Money Podcast Ep. 49: An Optometrist’s Guide to Business EntitiesThe Optometry Money Podcast Ep 14: Navigating Financing for Optometry Cold-Starts and Practice Acquisitions with David TessierThe Optometry Money Podcast Ep 4. Steps to Launch a Successful Cold-Start with Erich MatteiThe Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.