by Nathan Hayes | Dec 30, 2023 | Cash Flow & Cash Management, Financial Operations, Leadership & Management, Practice Management, Tax Prep
In the world of personal finance advice, there’s an adage that says you should “pay yourself first.” This means prioritizing personal savings and investing before spending money on personal needs and wants. In a business context, it’s not as simple...
by Nathan Hayes | Dec 23, 2023 | Buying and Selling Practices, Financial Operations, Leadership & Management, Practice Management
What’s the best way to plan for expenditures? Practice owners try any number of strategies. Some use spreadsheet budgets while others sit on a mountain of cash (at least we know we won’t run out!). Some even have separate accounts for key expense areas, as well...
by Nathan Hayes | Dec 16, 2023 | Financial Operations, Risk Management & Financial Security
Last week, we talked about how having clean and clear financial statements can simplify the practice valuation process. When determining valuation using the Benefit Stream x Multiplier formula, it’s easy to see how financials affect a buyer’s ability to forecast their...
by Nathan Hayes | Dec 9, 2023 | Buying and Selling Practices, Leadership & Management, Practice Management
If you’ve ever purchased or sold a practice, you know that practice valuations can be both intriguing and nerve-wracking. You might find yourself asking, “What’s the value of my practice?” or “Am I paying too much to acquire this...
by Nathan Hayes | Dec 2, 2023 | Cash Flow & Cash Management, Financial Operations, Practice Management
Cash management is a lot like the story of Goldilocks and the Three Bears. If you keep too little cash on hand, you’ll have some “exciting” weeks when both the payroll and distributor bills are due. But if you keep too much, you miss out on the...
