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Welcome to Thriving Practice - the show for healthcare practice owners who want to grow their practice while taking back their time. Hosted by executive coach and business consultant Tracy Cherpeski, this podcast features exclusive interviews with diverse healthcare business experts and successful practice leaders spanning the globe. Join us for authentic conversations about what it takes to build a successful practice without sacrifice. Our goal is to equip you with the right mindset, strategies and tools to take back your time, grow your practice and elevate your leadership. Subscribe now and then go to ThrivingPracticeCommunity.com to learn more about our modern Community of Practice for ambitious practice leaders who want to do things differently.
Episodes
Wednesday Apr 05, 2023
Wednesday Apr 05, 2023
Eric Miller joins us in episode 95. He is co-owner of Econologics Financial Advisors, and is the Chief Financial Advisor. Eric takes pride in helping proactive owners become the financial heroes of their own stories and has helped practice owners with money, investing, practice expansion, practice transitions, taxes, asset protection and much more, and he helps them shape their financial attitude toward abundance.
We talked at length about the mindset required for a practice owner to achieve the success they desire - which we are loosely defining as financial and time freedom in our conversation. I love speaking with business owners and service providers like Eric, because it’s so clear that he cares deeply about his clients, not only for their financial wellbeing, but for their whole life and business happiness.
We talked about different ways to shift the practice and really the whole business entity, toward a multiple streams of income powerhouse. Eric’s approach is to treat the practice as an investment, and as the main source for strong income, and encourages his clients to use their cash flow to invest in building other streams of income.
I know you hear me say this a lot, so I found it refreshing when Eric emphasized that as the practice owner, you’re wearing multiple hats of owner, executive and provider. It’s important for you to get clear on your vision, mission and culture, in order to achieve the financial and professional goals you’ve set for yourself. You need to ask yourself who you need to be in order to be successful on your terms.
Our conversation focused a lot on leadership, which needs to be a central focus for the practice owner.
Eric’s parting wisdom is:
- Make sure you treat the practice like an investment, not a job.
- Don't underestimate how much you need in assets and resources.
- Make sure to acknowledge your worth to the practice, and pay yourself correctly.
If you’re a practice owner and you’d like to learn how to build on your investment, I highly recommend you get in touch with Eric. His contact information is in the show notes.
So, grab a beverage or a snack and settle-in to listen to Eric and his sage wisdom.
Remember to save your seat for our upcoming roundtable discussion on burnout.
Join us at our upcoming Roundtable Discussion on Burnout.
Eric’s Bio:
Eric Miller is the Co-Owner of Econologics Financial Advisors and the Chief Financial Advisor. He takes pride in helping practice owners become the financial heroes of their own stories and has taken this passion to over 600 families in the past decade. During this time, he’s had over 15,000 conversations with practice owners regarding money, investing, practice expansion, practice transitions, taxes, asset protection, estate planning, and helping them shape their financial attitude toward abundance. Econologics Financial Advisors is an Inc. 5000 honoree for 2019 as one of the fastest growing companies in the US.
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