Unlock Your Business's Potential: How to Use Your P & L to Calculate Your Make-Break Target
0.5 CE Credit Hour / Veterinarians & Veterinary Technicians
Overview:
Building wealth is not always straightforward when you also own a private practice. You can’t afford to follow traditional financial planning advice because that model doesn’t account for exactly how to grow your wealth in sync with the growth of your business. Have you ever wondered how to sync your personal income with the growth of your business and always have the money in the business to take care of all other expenses (so you're not the last one to get paid!)? In this virtual event, Eric S. Miller, RFC, will be demonstrating exactly how to calculate practice income targets, organize expenses, and properly channel income from your business to your household for the sole purpose of building personal wealth.
Learning Objectives:
- Learn how to use your P&Ls to determine the numbers to use when estimating the Practice Profit Potential against the current gross income and operating expenses (an actual P&L example)
- Review the formula to use when doing the make/break target calculation
- Discover how to properly divide the income in the ledger to account for all the income allocated to recommended expenses
- Figure out how to automate the channel to build personal wealth outside the business
- Review a few areas of the business where you can look for lost income
Eric S. Miller, RFC
Eric has served over 20 years in the financial industry and co-owns a national financial planning company dedicated to serving the needs of healthcare owners. He has personally had over 20,000 conversations with practice owners at every phase of ownership. He has published countless articles, videos and podcasts on various financial topics and is an expert on matters concerning creating economic independence for a practice owner’s business and household. He has recently published a book “How To Become a Financial Beast” which quickly became a bestseller on Amazon.
Moderator Cody Goldstein
Cody Goldstein has firsthand working knowledge of the challenges healthcare practice ownership can bring. With more than 14 years’ experience in business administration and having spent two of those years successfully running a 7-figure clinic in Maryland. He moved back to Florida and joined Econologics Financial Advisors shortly after the pandemic and since has had hundreds of conversations with practice owners at every phase of ownership. Cody’s well-rounded knowledge equips him to provide productive introductory consultations with prospective clients to help them navigate the relationship between practice and personal finances through the indoctrination of proper financial planning and education.
This course is RACE-approved for 0.5 continuing education credits hours in jurisdictions that accept RACE-approval.
This activity is sponsored by Econologics.
