# Are you building wealth...or just feeding the machine?? A conversation with Nathan Hayes on investing capital in your practice

Page: https://stenobird.com/podcast/20-20-money-the-business-of-optometry-336242/are-you-building-wealth-or-just-feeding-the-machine-a-conversation-with-nathan-hayes-on-investing-capital-in-your-practice
Text version: https://stenobird.com/podcast/20-20-money-the-business-of-optometry-336242/are-you-building-wealth-or-just-feeding-the-machine-a-conversation-with-nathan-hayes-on-investing-capital-in-your-practice.md
Podcast: [20/20 MONEY: The Business of Optometry](https://stenobird.com/podcast/20-20-money-the-business-of-optometry-336242)
Published: 2026-06-01T10:00:00+00:00
Episode link: https://integratedpwm.com/395
Audio file: https://traffic.libsyn.com/secure/adoseoffinancialcents/2020_MONEY_Nathan_Feed_Machine.mp3?dest-id=793816
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JSON: https://stenobird.com/v1/public/podcasts/20-20-money-the-business-of-optometry-336242/episodes/are-you-building-wealth-or-just-feeding-the-machine-a-conversation-with-nathan-hayes-on-investing-capital-in-your-practice
Duration seconds: 3335

## Resource

What if one of the biggest financial mistakes practice owners make is confusing "spending money in the practice" with actually investing in it? In this episode, I'm joined once again by Nathan Hayes for a thoughtful and nuanced conversation around reinvesting in your practice, opportunity cost, and the hidden tradeoffs owners often overlook when deciding what to do with excess cash flow. We explore the mindset many owners have that every dollar spent on equipment, technology, or expansion automatically creates enterprise value — and why that assumption can quietly create long-term financial consequences if it's never challenged. Nathan and I unpack the difference between true investment versus simply adding expense, how owners should think about ROI inside the practice compared to investing outside the practice, and why many of the highest-value drivers in a business have nothing to do with buying another piece of equipment. We also discuss: Why more equipment does not automatically mean a more valuable practice The hidden opportunity cost of continually reinvesting back into the business How enterprise value is actually created in an optometry practice The difference between spending, investing, and simply staying operational Why patient flow and schedule utilization matter more than most owners realize The role marketing can play in growing enterprise value versus buying more technology How practice owners should think about free cash flow after taxes, debt service, and reserves The dangerous feedback loop created by depreciation-driven purchasing decisions Why many owners underestimate the value of investing outside the practice As always, we close the conversation with practical NBSs (Next Best Steps) to help owners think more intentionally about capital allocation…

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## Transcript

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