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Ep 56: How to Avoid or Deal With a Cash Flow Crunch, with Eric Miller

Episode Details

Listen on: Apple Podcasts | Spotify

Welcome to another episode of the Veterinary Business Success Show. In this episode, we are joined by Eric Miller – the Co-Owner and Chief Financial Advisor of Econologics Financial Advisors – to discuss financial management in veterinary businesses.

Eric 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.

Eric Miller has had over 20,000 conversations with practice owners over the last 13+ years regarding personal and business financial success. In addition, he has published countless articles and videos on various topics to educate owners on how to manage their personal and business finances, and just in the last year has spoken at over 50 live and virtual events nationwide.

In this episode, Eric talks about the financial issues faced by veterinary business owners as they run their ventures. Listen in and gain a new perspective on how to run and manage your business finances.

Podcast Outline

  • [00:00] Podcast Intro.
  • [01:11] Eric Miller’s quick career introduction.
  • [04:01] Eric and Brandon discuss financial management in the human medicine scope.
  • [05:57] What surprised you the most when you started helping veterinary business owners manage their finances?
  • [09:20] The effects of group thinking on the financial status of the company.
  • [10:54] Eric explains why many veterinary businesses seek his financial management services.
  • [12:58] Ad break – Our veterinary leadership program.
  • [14:14] How can business owners prevent a cash flow crunch?
  • [20:02] Why owners should take 10% of the income from the company.
  • [23:57] The financial issues that most veterinary hospitals face.
  • [28:08] The golden rules of business ownership.
  • [29:40] Figuring out the right financial numbers for your business.
  • [31:49] Episode outro – Our veterinary leadership program
  • [32:38] The end.

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