Category Archives: Practice Management

What’s Your Time Worth in Big Macs?

Measuring value is an extremely challenging topic for anyone to undertake. The most popular value is to measure by hour. Whether professional services or employees, each comes with a cost for every hour of time. The algebra for this method is straight forward and, (dare I say) fun. The 2018 federal minimum wage worker ($7.25 per hour) can work for an entire eight-hour day and earn $58. At approximately $4 each, that will purchase 14 ½ Big Mac sandwiches.&nb […]

If You Care About It, You Will Track It

Calories. Blood sugar level.Cholesterol.Money. Weight.If we care about it, we track it.So when someone questions the profitability of a segment of your business, that answer should be readily available. For example, is that office making you money?Simple question. ​Is the investment you have allocated undertaken in time, energy and capital producing a return adequate to compensate for the risk taken? ​ It should be a simple question of pulling a f […]

Did My Practice Get a Tax Cut?

With the tax cuts passed in December of 2017 and most of them taking place in tax year 2018, many professional practices are asking if they received a cut. While the cuts were broad and impacted most industries, there are some who will see no business tax cut. The Tax Cuts and Jobs Act (TCJA) gave the individual taxpayer a reduction in rates, reduced the number of brackets, almost doubled the standard deduction and made all sorts of problems for individuals in high tax states, b […]

How Much Should I Pay Myself?

The question of owner’s compensation is a hot issue for small businesses paying taxes as either an S-corporation or a C-corporation.  When the business files taxes as a corporation, the owner must also be paid as an employee.  Not only is the owner the investor, s/he is also an employee.  For the purposes of this post, let’s assume the business is filing as an S-corporation.Creating a compensation plan for your employees is hard enough, what should you consider when d […]

Will Forming an LLC Save Money on Taxes?

​WARNING: This is an extremely dry topic. Reading this post may result in drowsiness, restlessness and/or irritable behavior. Do not consume alcohol in excess and never operate motor vehicles or heavy machinery while reading this post.  McCann Advisors makes no warranties of any kind, either express or implied, including but not limited to warranties of merchantability, vague interest by the reader, fitness for a particular purpose, of title, or of noninfringemen […]

Case Study: Optometrist Saves 20-30 Hours Per Month by Going Paperless

The hours of paperwork and bills in running Family Optometry business were taking their toll on Dr. Eric Dale. He loved taking care of his patients and leading his team, and he led the organization of 18 staff and three offices, including three other optometrists working with him. But he was exhausted, and he didn’t have any time to spend with his family. When an optometrist from a neighboring community approached him about Family Optometry purchasing his practice, Dr. […]

The One Thing Every Business Must Do

Only one? What could be so important that every single business needs to do this one…thing?Let’s narrow this down a bit.This includes not only all for-profit enterprises but also all non-profits too (but not governments, they’re exempt). Sole-proprietors, Fortune 500 companies, mom and pop businesses and everyone in between.Well meaning, great non-profits that provide wonderful services to people all over the world as well as the ones in your community. Religio […]

If You Build It, They Might Come

Is this the most wonderful time of the year? October is here bringing with it cool weather, changing leaves and the baseball playoffs. To make it even better, the Cubs are in the postseason again! If their streak continues, I’ll have another sleep deprived month cheering them on to a repeat World Series. All this baseball has me thinking about great baseball movies. There is no shortage of quality movies about this American pastime but certainly one of my fa […]