About this episode

The episode discusses the distinction between spending and investing in an optometry practice, highlighting common financial misconceptions among practice owners.

What if one of the biggest financial mistakes practice owners make is confusing "spending money in the practice" with actually investing in it? In this episode, I'm joined once again by Nathan Hayes for a thoughtful and nuanced conversation around reinvesting in your practice, opportunity cost, and the hidden tradeoffs owners often overlook when deciding what to do with excess cash flow. We explore the mindset many owners have that every dollar spent on equipment, technology, or expansion automatically creates enterprise value — and why that assumption can quietly create long-term financial consequences if it's never challenged. Nathan and I unpack the difference between true investment versus simply adding expense, how owners should think about ROI inside the practice compared to investing outside the practice, and why many of the highest-value drivers in a business have nothing to do with buying another piece of equipment. We also discuss: Why more equipment does not automatically mean a more valuable practice The hidden opportunity cost of continually reinvesting back into the business How enterprise value is actually created in an optometry practice The difference between…

People in this episode

Host: Adam Cmejla

Guest: Nathan Hayes

Topics covered

• wealth building
• investment strategies
• optometry practice management
• financial mistakes
• enterprise value
• cash flow management

Keywords

• investment
• optometry
• cash flow
• enterprise value
• financial mistakes
• ROI
• equipment
• marketing

More episodes of 20/20 MONEY: The Business of Optometry

• What every seller needs to know before selling their practice · July 20, 2026 · 45 min
• Your Practice Doesn't Need More of Your Time — It Needs Better Use of It with Nathan Hayes · July 13, 2026 · 1h 3m
• A simple introduction to AI for optometry practice owners: a practical conversation with Dr. Mick Kling · July 6, 2026 · 43 min
• Optical isn't dead - but the way you are running it is with Dr. Jennifer Stewart · June 29, 2026 · 55 min
• Why some dry eye practices thrive--and others quietly fail with Dr. Chris Wolfe · June 22, 2026 · 45 min
• Implementing a profitable Medicaid practice into your local school district: a convo with Dr. Ryan Hansen · June 15, 2026 · 44 min

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