How successful practice owners actually become wealthy

A profitable practice can create tremendous cash flow—but it does not automatically create personal wealth.

In this episode of 20/20 Money: The Business of Optometry, Adam bridges the gap between running a successful optometry practice and using that success to build lasting financial independence. Drawing on nearly 20 years of working with business owners, he explains why practice size, income, and personal net worth are related—but far less correlated than many owners assume.

Adam shares several patterns consistently demonstrated by financially independent practice owners, including intentionally moving excess cash out of the practice, diversifying into multiple income-producing assets, maintaining adequate liquidity, and increasing their investments before expanding their lifestyle.

He also addresses one of the biggest financial risks facing practice owners: relying on the eventual sale of the practice as the primary retirement plan. Buyer availability, health changes, burnout, market conditions, taxes, outstanding liabilities, and unrealistic valuation expectations can all disrupt a transition.

The wealthiest owners Adam has worked with did not become wealthy when they sold their practices. They became wealthier. The practice sale simply converted one asset into another—it was the whipped cream and cherry on top of the financial sundae, not the sundae itself.

In this episode:

Why generating cash and deploying cash require different skill sets

How excess cash in the practice can create significant opportunity costs

The importance of building wealth outside the practice

Why net worth and liquidity are not the same thing

How lifestyle creep can reduce flexibility inside the business

Why practice owners should build income-producing assets