How to Actually Enjoy the Profit Your Practice Creates with Eric Levenhagen, CPA

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.Episode SummaryMost practice owners can read a P&L, but very few actually know how much cash they have to work with — or what to do with it once they find out. In this episode, Evon sits down with Eric Levenhagen, CPA and owner of ProWise Financial Consulting, a firm that works almost exclusively with independent optometry practice owners.Eric walks through his "Financial Harmony" framework — Prosper, Profit, and Protect — and why he sees owner's compensation treated like a leftover in so many practices. They get into the Profit First system and its four cash accounts, why a profitable practice can still feel tight on cash, and the bookkeeping fixes that have to be in place before any of the rest of it works.What You'll LearnThe "Financial Harmony" framework: Prosper, Profit, and ProtectWhy owner's compensation so often gets treated as a leftover instead of a priorityHow to reverse-engineer the revenue your practice needs to support your life outside the practiceThe four Profit First bank account categories and what each one is forCommon bookkeeping and balance sheet mistakes that distort your P&LWhy a profitable practice can still feel cash-poorWhat to track monthly once your financial systems are already working wellThe one financial habit Eric says every practice owner should changeKey Takeaways for OptometristsOwner's compensation shouldn't be a leftover — pay yourself with intention, then work backward to the revenue your practice needs to support it. A profitable practice can still feel cash-poor because of debt service, equipment purchases, inventory, and timing gaps that don't show up cleanly on the P&L, which is why the balance sheet deserves just as much attention. Proactively allocation dollars across specific purposes — profit, tax, owner's pay, and operating expenses — helps fix this by pre-deciding where cash goes instead of relying on a single account and "mental earmarks." Eric's one habit to change: take your profit first, before it becomes whatever's left over.Resources for OptometristsEric Levenhagen on LinkedInProWise Financial ConsultingProfit First by Mike Michalowicz — the book behind the cash management system discussed in this episodeOptometry Wealth Advisors Education HubPodcast Ep 115: Navigating Important Differences Between Profit and Cash Flow in Your Optometry PracticeWant a more proactive approach to your planning?You can schedule a no-commitment introductory call to discuss what's on your mind financially and learn how we help optometrists navigate those same decisions nationwide.👉 Schedule an introductory callThe 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.