Podcast Summary: Private Practice Startup Podcast – Episode 115

Title: Creating A Private Practice That Is Financially Sustainable
Hosts: Dr. Kate Campbell & Katie Lemieux
Guest: Gordon Brewer, LMFT
Release Date: December 8, 2018

Episode Overview

This episode dives into the crucial topic of building and maintaining a financially sustainable private practice for mental health professionals. Hosts Dr. Kate Campbell and Katie Lemieux welcome Gordon Brewer, a seasoned marriage and family therapist, consultant, and the mind behind The Practice of Therapy podcast. Through candid stories and actionable insights, the conversation explores money mindsets, the importance of knowing your “why,” overcoming money shame, and implementing practical financial strategies—with a major focus on the transformative impact of Profit First methodology.

Key Discussion Points & Insights

1. Money Mindset and Therapist Culture

• Inherited Beliefs: Gordon describes how growing up in a pastor’s family shaped his own views about money, particularly around scarcity, luck, and the feeling that financial success was “undeserved.”
  • “We can have some money shame and money guilt... we either feel like money is scarce and that we don't deserve to have money or have income.” – Gordon Brewer (10:38)
• Impact on Private Practice: Therapists frequently experience guilt or shame for charging what they're worth, fearing they are harming clients by accepting payment.
  • “If we're taking people's money, we're somehow causing them harm... which is just a complete myth.” – Gordon Brewer (10:38)

2. The ‘Why’—Defining Your Financial and Lifestyle Goals

• Start With Why: Before considering numbers, therapists should deeply examine their reasons for wanting financial sustainability.
  • “The starting place, like we were talking about the why, is you've got to first kind of think about what is it that you want.” – Gordon Brewer (17:32)
• Lifestyle Design: The importance of aligning business goals with desired lifestyle, such as time freedom, travel, and security.
  • “For me, my why is really freedom and convenience. That's what drives me—the freedom to live the lifestyle I want... that's really important.” – Katie Lemieux (25:47)

3. Money Shame and Overcoming Guilt

• Industry Messaging: Many therapists are told that you “don’t go into this field to make money,” which can create internal conflicts and limit financial ambition.
  • “Can’t we make money while making a difference? So often as therapists, we put ourselves back on the... background because we're caring professionals.” – Dr. Kate Campbell (19:31)
• Self-worth and Charging Fair Rates: Therapists are encouraged to value their services and challenge beliefs that equate profit with selfishness.

4. Practical Steps to Achieve Financial Sustainability

A. Calculating Your Rate—Start With the End in Mind

• Reverse Engineering: Instead of picking a random hourly rate, start by defining your desired salary and lifestyle, then calculate backward.
  • “Just start working backwards from, really from... what is my lifestyle? What does it cost to maintain my lifestyle?... Play with the numbers. That's the starting place from a practical standpoint.” – Gordon Brewer (22:26)
• Include Overhead: Factor in all expenses—office, software, time off, insurance—when creating your financial plan.

B. Incremental Growth

• No Get-Rich-Quick Schemes: Growing a sustainable practice is about small, continuous improvements rather than drastic leaps.
  • “It's making those small incremental changes along the way that leads to sustainable and lasting growth with your practice.” – Gordon Brewer (25:13)

5. The Role of Profit First

• Game-Changer: The Profit First methodology is highly praised for transforming financial management in private practice.
  • “It’s just totally transformed the whole experience [of managing money]. And I love bonuses at the end of the year... It's always so exciting.” – Dr. Kate Campbell (08:05)
• Further Learning: Both the hosts and Gordon recommend reading Profit First and tuning into related podcast episodes.

Notable Quotes & Memorable Moments

• “We all get into private practice for... the freedom and flexibility of schedules... but also to increase our earning potential.” – Gordon Brewer (04:45)
• “The context [for financial success] is really the mindset and then action and implementation.” – Katie Lemieux (15:13)
• “So many therapists carry a sense of guilt for charging what they're worth... determining that is a really important process.” – Dr. Kate Campbell (19:31)
• “On average, most people that go into private practice... it takes about two years to build a practice to a point where it's truly sustainable.” – Gordon Brewer (27:11)
• “The numbers don’t lie. They’re great; they’re helpful... Don’t bury your head in the sand.” – Katie Lemieux (25:47)

Useful Resources & Next Steps

• Gordon Brewer’s Financial Analysis Guide: Free download for helping therapists analyze and plan their practice’s finances ([28:29])
• Podcast Links: Profit First interviews on both The Practice of Therapy and Private Practice Startup
• Contact Gordon:
  • Website: practiceoftherapy.com
  • Email: gordon@practiceoftherapy.com
  • Social: Facebook, Twitter, LinkedIn (and sometimes Pinterest!)

Timestamps for Key Segments

• Gordon’s Financial Upbringing & Money Mindset: 09:01–14:34
• Exploring Money Shame in Therapy Culture: 17:00–19:15
• The Power of Knowing Your Why: 16:03–17:00
• Practical Steps for Setting Rates: 22:11–25:13
• Role & Impact of 'Profit First': 07:46–08:35
• Building a Practice Timeline: 27:11
• Final Advice and Resource Sharing: 28:29–29:04

Final Thoughts & Advice

• Be brutally honest with your numbers—avoid denial and get clear about expenses and income.
• Continually educate yourself on money management and investing.
• It often takes about two years to build a fully sustainable practice—be patient and stay the course.
• Always start with your personal why—the lifestyle you want drives your business structure and pricing model.

This episode emphasizes that financial sustainability in private practice is not just about the numbers—it’s a mindset, a process, and a commitment to creating the life you want while providing valued services to clients.