Navigating the World of Buying Real Estate for Your Practice

In this episode of Therapy For Your Money, host Julie Herres, an accountant and the owner of Green Oak Accounting, explores the complex decision of buying real estate for therapy practice owners. She delves into the reasons for and against purchasing a building, embracing the principle that such a significant financial step should align with one's long-term goals rather than be influenced by the actions of peers. Julie discusses the upfront and ongoing financial commitments of owning versus renting, including the potential for higher expenses and the responsibility of repairs and property taxes. She highlights the importance of financial readiness, advising against the purchase if it jeopardizes the practice's financial health or if funds for the down payment would otherwise contribute to underfunded retirement savings. The episode also covers the nuanced differences between commercial and residential loans, the process and expectations for securing a commercial loan, and the strategic legal and tax implications of owning commercial real estate. Julie provides a thorough overview of the potential tax benefits and pitfalls, especially the impact of depreciation and depreciation recapture on future tax bills. She concludes by reflecting on the shifting landscape of commercial real estate, particularly post-2020, and its implications for practice owners considering this investment. Julie advises listeners to seek professional guidance tailored to their unique situation, as the episode contains general opinions on accounting and tax matters rather than personalized advice.

Episode Highlights

• 00:00 Welcome to Therapy For Your Money
• 00:49 The Big Decision: Buying Real Estate for Your Practice
• 02:12 Understanding the Financials: Costs, Equity, and Loans
• 07:24 Navigating the Loan Process for Commercial Real Estate
• 10:01 Legal and Tax Considerations When Buying a Building
• 15:03 The Future of Commercial Real Estate and Final Thoughts

Links and Resources

• GreenOak Accounting - www.GreenOakAccounting.com
• Therapy For Your Money Podcast - www.TherapyForYourMoney.com
• Profit First for Therapists - www.ProfitFirstForTherapists.com
• Profit First Academy - www.ProfitFirstForTherapists.com/Academy

Therapy for Your Money: Unveiling the Power of Marketing in Therapy Practices

In this episode of Therapy for Your Money, host Julie Herres, an accountant and owner of Green Oak Accounting, explores the crucial yet often avoided topics of money and marketing for therapy practice owners. Joined by guest Jenn Fredette, a psychotherapist and marketing enthusiast, the discussion delves into overcoming the challenges associated with financial management and marketing within a private practice. Jenn shares her journey from psychotherapist to marketing mentor, emphasizing the similarities between clinical work and marketing and the importance of authentic connection with potential clients. The episode covers strategies for effective marketing, the significance of visibility, dealing with self-sabotage and avoidance, and crafting messages that resonate with ideal clients. Furthermore, Jenn introduces her flagship program aimed at helping therapists achieve a full and fulfilling caseload. The show concludes with Jenn's book recommendations for business owners and provides information on how listeners can access her programs.

Show Highlights

• 00:00 Welcome to Therapy for Your Money
• 00:49 Introducing Jen Fredette: A Psychotherapist's Journey into Marketing
• 01:07 The Psychology of Marketing for Therapists
• 03:56 Overcoming Marketing Avoidance and Embracing Visibility
• 07:26 Crafting a Successful Marketing Funnel
• 18:13 Effective Strategies for Crafting Your Message
• 23:09 Unlocking a Full Caseload: Strategies and Soul
• 26:05 Jen's Favorite Business Books and Closing Thoughts

Guest Resources

• Full Caseload Unlocked
• A Thinker’s Guide on Instagram: @athinkersguide
• A Thinker’s Guide on Tiktok: @athinkersguide

Book Recommendations

• Building a Storybrand by Donald Miller
• Do Less by Kate Northrup

Links and Resources

• GreenOak Accounting - www.GreenOakAccounting.com
• Therapy For Your Money Podcast - www.TherapyForYourMoney.com
• Profit First for Therapists - www.ProfitFirstForTherapists.com
• Profit First Academy - www.ProfitFirstForTherapists.com/Academy
• Podcast Production and Show Notes by Course Creation Studio

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In this episode of 'Therapy for Your Money,' hosted by Julie Herres, the focus is on understanding Department of Labor (DOL) audits through the lens of a therapy practice owner. Julie shares her personal experience with a DOL audit in 2023, emphasizing the rarity of such audits for small businesses and outlining what triggers them. She provides a detailed account of the audit process, what the DOL investigates, and the kind of information they request, ranging from employee data to time and payroll records. Highlighting the challenges and emotions involved, Julie offers practical advice for handling audits, including the importance of EPLI insurance, rights during the audit, and the potential outcomes. The episode aims to prepare listeners for the unlikely event of a DOL audit, ensuring they're informed and protected.

Show Highlights

• 00:00 Welcome to Therapy for Your Money
• 00:49 Navigating a Department of Labor Audit: A Personal Journey
• 03:52 Understanding the Scope of DOL Audits
• 05:55 Preparing for and Responding to a DOL Audit
• 10:20 Rights and Tips for Handling a DOL Audit
• 12:33 The Importance of EPLI Insurance and Final Thoughts

Links and Resources

• Episode 133: Contractor vs Employee: Understanding the new DOL rules
• GreenOak Accounting - www.GreenOakAccounting.com
• Therapy For Your Money Podcast - www.TherapyForYourMoney.com
• Profit First for Therapists - www.ProfitFirstForTherapists.com
• Profit First Academy - www.ProfitFirstForTherapists.com/Academy
• Podcast Production and Show Notes by Course Creation Studio