Episode 81: Starting a Group Practice the Right Way (with Carolyn Chrestman) Artwork

Therapy For Your Money

Welcome to Therapy for your Money, a podcast about all things money and finance for private practice owners! If you are ready to feel confident and in-control of your financial life, then you are in the right spot. Therapy for our Money is hosted by Julie Herres, the CEO and Founder of GreenOak Accounting. She and her firm specialize in working with private practice owners across the United States, and have assisted hundreds of private practices with increasing their financial stability and profitability. She is on a mission to share her best practices she's learned along the way through her successful career as an accountant, discusses financial topics with a wide variety of guests, and help her listeners make data driven decisions to help their businesses.

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Therapy For Your Money

Episode 81: Starting a Group Practice the Right Way (with Carolyn Chrestman)

November 18, 2022 • Julie Herres • Season 3 • Episode 81

Calling all solo practice owners! If you're interested in expanding into a group practice, today's episode is for YOU. There are so many things to think about when it comes to expanding your practice, so we've compiled some information that we think is most useful when setting up your expansion for financial success!

Today's guest is Carolyn Chrestman of GreenOak Accounting. Carolyn is an Enrolled Agent and one of the Accounting Managers at GreenOak, and she loves helping her clients expand their businesses! She enjoys educating and empowering her clients to understand their finances. Carolyn came to finance by way of a career in education, and has the superpower to translate "accountant-speak" into terms a normal human can understand. In her spare time, Carolyn can be found running after her 3 kids, hiking, or reading.

EPISODE HIGHLIGHTS

What are some of the biggest concerns we look at when helping a solo practice expand into a group practice?
- Sticking to a budget and creating a savings nest in advance to ensure healthy, stress-free growth
- Understanding what is going on with your money - How is money being allocated? Are there any unnecessary expenses?
- Figuring out the COMPLETE compensation package
What can be included in a complete compensation package?
- Financial compensation
- Insurance benefits
- PTO
- Advertising/Marketing
- Administrative hours

Don't forget to use code "EARLYBIRD" to get a discount on our Starting A Group Practice Workshop! Click HERE to register!

LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com