Navigating the Financial Landscape of Practice Ownership

Owning a practice is more than just treating patients—it’s about running a successful business. And let’s be honest, the financial side of things can feel overwhelming. In the latest episode of the Hey Docs! Podcast, host Jill Allen sits down with Kyle Christensen, a principles-based financial planner, to cut through the noise and get to the heart of what practice owners really need to know about financial planning.

Financial Success Starts with a Plan

For many new practice owners, financial planning can feel like a daunting task—especially when you're already juggling patient care, team management, and the day-to-day operations of a business. Jill and Kyle break it down into actionable insights, making it clear that with the right strategies, financial stability and growth aren’t just possible—they’re inevitable.

Kyle’s journey into finance wasn’t exactly conventional (he was gunning for a life as a fly fisherman before finding his true calling in financial planning), but since founding Unique Advantage in 2004, he’s dedicated his career to helping business owners create financial security through a principles-based approach.

You Don’t Need to Be Wealthy to Start Financial Planning

One of the biggest myths Kyle busts? That financial planning is only for people who already have money. Many traditional financial advisors focus on managing existing wealth, leaving new business owners feeling like they’re not “ready” for financial guidance. The truth? You don’t need to be rolling in cash to benefit from a solid financial plan. In fact, the sooner you start, the better your financial foundation will be as your practice grows.

Key Principles of Financial Planning for Practice Owners

Kyle shares a few game-changing principles that every practice owner should embrace:

✅ Parkinson’s Law – The idea that expenses naturally rise to meet income. Translation? If you don’t set financial boundaries, your growing revenue will disappear just as quickly as it comes in.

✅ Pay Yourself First – Inspired by Profit First by Mike Michalowicz, Kyle recommends flipping the script on traditional financial management. Instead of covering expenses and then seeing what’s left over, set aside your profit first. This approach ensures sustainable growth and prevents the all-too-common scenario of feeling “busy but broke.”

✅ Prepare for the Unexpected – Life happens. Whether it’s a natural disaster, a health emergency, or an economic downturn, having the right insurance and financial safeguards in place is critical. Kyle stresses the importance of maximum protection—not just for peace of mind, but to keep your business running smoothly no matter what comes your way.

Taking Control of Your Finances

One of the most eye-opening takeaways from this episode? Understanding that financial institutions are designed to keep control of your money. Kyle encourages practice owners to take back control by becoming informed, proactive, and intentional about their financial decisions. The goal? To build long-term wealth without handing over the reins to a system that profits from keeping you dependent.

Wrapping It Up: Practical Steps for Financial Success

As the episode wraps, Kyle shares some final words of wisdom for practice owners looking to take control of their financial future. His biggest piece of advice? Don’t wait. The sooner you start implementing smart financial strategies, the sooner you’ll build the kind of stability and freedom that allows you to focus on what really matters—your practice, your team, and your patients.

Want to dive deeper? Kyle’s book, Principles-Based Planning, is available on Amazon, and you can learn more about his approach at Unique Advantage.

If financial planning has been sitting on your to-do list (or if you’ve been avoiding it altogether), this episode is a must-listen. Tune in and start setting your practice up for long-term success!