One of the benefits of owning your own practice is the ability to have more control over your cash flow. As I’ve often said on episodes of my podcast, 20/20 Money, and in my past articles for this publication, all of financial planning comes down to the organization and prioritization of cash flow. This philosophy applies to both personal and professional financial planning, and when done purposefully and in coordination with one another, it can allow you to utilize a very specific planning vehicle that provides a multitude of benefits to you and your team: the defined benefit (DB) plan. Specifically, we’ll discuss what a DB plan is, when a practice is likely primed and ready to consider implementing one and the variety of benefits that exist when implemented. Read More