How to Actually Enjoy the Profit Your Practice Creates with Eric Levenhagen, CPA

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. **Episode Summary** Most practice owners can read a P&L, but very few actually know how much cash they have to work with — or what to do with it once they find out. In this episode, Evon sits down with Eric Levenhagen, CPA and owner of ProWise Financial Consulting, a firm that works almost exclusively with independent optometry practice owners. Eric walks through his "Financial Harmony" framework — Prosper, Profit, and Protect — and why he sees owner's compensation treated like a leftover in so many practices. They get into the Profit First system and its four cash accounts, why a profitable practice can still feel tight on cash, and the bookkeeping fixes that have to be in place before any of the rest of it works. **What You'll Learn** - The "Financial Harmony" framework: Prosper, Profit, and Protect - Why owner's compensation so often gets treated as a leftover instead of a priority - How to reverse-engineer the revenue your practice needs to support your life outside the practice - The four Profit First bank account categories and what each one is for - Common bookkeeping and balance sheet mistakes that distort your P&L - Why a profitable practice can still feel cash-poor - What to track monthly once your financial systems are already working well - The one financial habit Eric says every practice owner should change **Key Takeaways for Optometrists** Owner's compensation shouldn't be a leftover — pay yourself with intention, then work backward to the revenue your practice needs to support it. A profitable practice can still feel cash-poor because of debt service, equipment purchases, inventory, and timing gaps that don't show up cleanly on the P&L, which is why the balance sheet deserves just as much attention.  Proactively allocation dollars across specific purposes — profit, tax, owner's pay, and operating expenses — helps fix this by pre-deciding where cash goes instead of relying on a single account and "mental earmarks." Eric's one habit to change: take your profit first, before it becomes whatever's left over. **Resources for Optometrists** - Eric Levenhagen on LinkedIn - ProWise Financial Consulting - Profit First by Mike Michalowicz — the book behind the cash management system discussed in this episode - Optometry Wealth Advisors Education Hub - Podcast Ep 115: Navigating Important Differences Between Profit and Cash Flow in Your Optometry Practice Want a more proactive approach to your planning? You can schedule a no-commitment introductory call to discuss what's on your mind financially and learn how we help optometrists navigate those same decisions nationwide. 👉 Schedule an introductory call The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.