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.

Therapy For Your Money is a business podcast hosted by Julie Herres, with 219 episodes on record and a Required Pod Score of 80.

Julie Herres hosts Therapy For Your Money, a business show with 219 episodes published.

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  Episode #219

  Buy the Building? Only If You Pass This Test

  Oct 2, 202622 minS7

  Every practice owner has thought about it. You write the rent check, watch it disappear, and think: what if I owned this instead? In this episode, Julie pulls back the curtain on buying your practice building — the strategic case for it, the very specific financial conditions you need to meet first, and the situations where she'll tell you flat out not to do it. (There's one scenario she calls a hard line. "You will not change my mind. I will stay on this hill.") She also walks through what actually happens after you decide to buy: why the practice itself shouldn't be the one purchasing the property, the paperwork most owners try to skip to save a few dollars, and the tax mechanics that make this worth doing right — plus the one tax surprise waiting for you years later that nobody warns you about. If you've ever daydreamed about owning your space, this is the episode to listen to before you make an offer. In this episode: The real reason most practice owners buy — and it isn't on any spreadsheet The stability and cash test you need to pass before you even start looking Why buying can hurt you in certain markets right now The structure decision that protects both your practice and your building Why you can't do a handshake deal with yourself The tax advantage that does the heavy lifting — and the recapture that follows it What Julie tells clients to do before making an offer Mentioned in this episode: Episode 206: How Much Is Too Much? The Rent Equation That Can Make or Break Your Profit — Julie's breakdown of how to run the math on your physical space and the revenue it needs to generate. Less than 20% of GreenOak's clients own their building. Julie's take on the other 80%+? They're doing just fine. This episode is educational only — check everything with your own accountant, tax preparer, and attorney. Links and Resources GreenOak Accounting - www.GreenOakAccounting.com Therapy For Your Money Podcast - www.TherapyForYourMoney.com Profit First for Therapists - www.ProfitFirstForTherapists.com

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  Episode #218

  How to Build a Practice That Doesn't Need You (Part 2: with Ernie Schmidt and Ken Urie)

  Sep 25, 202638 minS7

  Part 2: Making It Work In Part 1, Ken Urie and Ernie Schmidt talked about the mindset of stepping back. In Part 2, they get into the how: what it actually takes to hand over the day-to-day and trust someone else to run your practice. They dig into letting a leader make calls you wouldn't have made, why the businesses they built are structured so a single decision can't quietly sink the ship, and what they each looked for when choosing the person to replace them. Ken hired from within, Ernie hired from the outside, and both explain the trade-offs. They also get candid about selling versus staying, including why the private-equity payday a lot of owners imagine rarely pencils out the way they expect. Julie keeps the thread on the financial reality underneath it all: the stability and systems that let this work, and why trying it too early tends to go badly. If you missed Part 1, start there for the mindset. This one is the playbook. In this episode: How Ken and Ernie decide when to step in and when to let a leader run with it Why they say delegating too early, before stability and systems, is where owners get burned Hiring from within vs. from the outside, and what each of them looked for Selling vs. staying, and why the EBITDA/private-equity math often disappoints What their week actually looks like now as owners who've stepped back Resources mentioned in this episode: Connect with Ken Urie & Ernie Schmidt: Group Practice Success: https://www.grouppracticesuccess.com/ Profit First for Therapists: https://www.profitfirstfortherapists.com/ Work with my accounting firm, GreenOak Accounting: https://www.greenoakaccounting.com/consultation Subscribe to the newsletter: https://www.greenoakaccounting.com/subscribegoa This episode is educational only. Check anything financial with your own accountant, tax preparer, and attorney.

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  Episode #217

  How to Build a Practice That Doesn't Need You (Part 1: with Ernie Schmidt and Ken Urie)

  Sep 18, 202630 minS7

  Part 1: The Decision to Step Back Most group practice owners hit a moment where they wonder: could this business run without me in the middle of everything? This week Julie sits down with two owners who actually did it. Ken Urie (Mill Creek Family Services) and Ernie Schmidt (Palo Alto Therapy) have each grown large group practices and stepped back from day-to-day operations, and they coach other owners through the same shift. In Part 1, they get honest about the mindset side: what pushed them to replace themselves, how one leader basically self-selected into the role, and why neither of them planned any of it. Julie brings the money lens to their story: the stability and cash flow you realistically need behind you before stepping back is even an option, and the numbers a smart owner keeps an eye on once they do. This is Part 1 of a two-part conversation. Part 2 gets into the logistics of actually handing over the wheel. In this episode: What finally pushed Ken and Ernie to replace themselves (it wasn't a tidy plan) Why years of stability, not a big idea, made stepping back possible The metrics Ken reviews every month, and how he uses average revenue per session to set pay and benefits How much financial transparency Ken and Ernie each give their leaders, and why they landed in very different places Julie's take on the financial footing you want before you delegate the business Whether you dream of stepping back someday or just want to stop being the bottleneck, Part 1 is where the mindset shift starts. Resources mentioned in this episode: Connect with Ken Urie & Ernie Schmidt: Group Practice Success: https://www.grouppracticesuccess.com/ Profit First for Therapists: https://www.profitfirstfortherapists.com/ Work with my accounting firm, GreenOak Accounting: https://www.greenoakaccounting.com/consultation Subscribe to the newsletter: https://www.greenoakaccounting.com/subscribegoa This episode is educational only. Check anything financial with your own accountant, tax preparer, and attorney.

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  Episode #216

  Episode 216: Quarterly Check-In: Taxes, Payroll, and Hard Truths for Practice Owners

  May 22, 202633 minS6

  <p>Running a private practice means making a lot of decisions, some exciting, some uncomfortable, and some that just can’t wait.</p><p>In this quarterly check-in, I’m joined by Jacquie Carter from our GreenOak team to talk about what we’re actually seeing behind the scenes right now. From tax planning mistakes (yes, we’re going there) to payroll realities, hiring challenges, and a few hard truths practice owners don’t always want to hear, but really need to.</p><p>If you’ve ever thought, “I’ll deal with that later,” this episode is your gentle nudge… because lat...

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  Episode #215

  Episode 215: The Hidden Bottlenecks Slowing Down Your Practice Growth with Joshua Brummel

  May 15, 202630 minS6

  <p>If you’ve crossed (or are approaching) that $1M mark in your practice, you’ve probably realized something… growth doesn’t get easier—it just gets different. In this episode, I’m joined by Joshua Brummel from Therapy Flow to talk about the hidden bottlenecks that show up as you scale from $1M to $3M and beyond. These aren’t the obvious problems you solved early on, they’re the behind-the-scenes issues that quietly slow your growth, shrink your profit, and stretch your capacity as a CEO. We’re breaking down what’s really going on and what you need to focus on to...

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