#248: Eric Miller: Build Business Profits, Enterprise Value & Assets as a Practice Owner

<p><strong>OVERVIEW:</strong></p> <p><span style="font-weight: 400;">Jason A. Duprat, Entrepreneur, Healthcare Practitioner, and Host of the</span> <strong><em>Healthcare Entrepreneur Academy</em></strong> <span style="font-weight: 400;">podcast, discusses businesses of private practice owners with Eric Miller, co-founder and chief financial advisor at Econologics Financial Advisors, a full-service investment advisor firm and insurance agency. Eric explains how private practice owners get abundant income streams through profitable, sustainable, and transferable businesses. </span></p> <p> </p> <p><strong>EPISODE HIGHLIGHTS</strong></p> <ul> <li><span style="font-weight: 400;">Eric grew up in a blue-collar family in Ohio. Having transferred to Clearwater, Florida, he started his financial planning practice there and decided to work with practice owners.</span></li> <li><span style="font-weight: 400;">Pick a niche to help people who are believed to be underserved.</span></li> <li><span style="font-weight: 400;">Your goals should include having income from multiple sources and building a profitable and transferable business.</span></li> <li><span style="font-weight: 400;">Keeping your assets protected from taxes, inflation, and lawsuits create the most favorable financial conditions.</span></li> <li><span style="font-weight: 400;">Being a good owner and executive, on top of being a good practitioner, gets you not only the business profits but also the enterprise value.</span></li> <li><span style="font-weight: 400;">The golden rule of income is that your business will make exactly what it thinks it needs to make to cover its most vital expenses.</span></li> <li><span style="font-weight: 400;">Consider income, value appreciation, and tax benefits before borrowing money. How it will be used will either create constructive or destructive debts.</span></li> <li><span style="font-weight: 400;">Multiple income sources in the business are typically better than focusing on one source alone.</span></li> <li><span style="font