
199: Building Financial Buffers for Group Practice Owners (and Surviving the Summer Slump)
Seasonal slowdowns can shake even the most well-run therapy practices—especially group practices navigating payroll, profit, and growth at the same time. This week, I sat down with Stef Iverson and Lucinda Bibbs, business partners and recent graduates of Money Skills for Group Practice Owners, to talk through what it really looks like to manage cash flow during a summer slump while still honoring long-term vision, wellness, and expansion.
“I think it's just that the clarity and the reassurance, right? That we're on the right track...knowing the numbers has really helped us make non-emotional decisions. And just having clarity on what's actually on the paper and what are those numbers actually telling us? They're telling us a story and they're holding up a mirror and they're allowing us to make changes and pivots as we, as we need to." - Stefanie Iverson
Stef and Lucinda came into this conversation fresh off their first slower season since implementing Profit First—and instead of panic, they brought curiosity. We talked through how their profit account temporarily buffered operating expenses, what that revealed about their numbers, and how to proactively plan for next summer so slow seasons don’t feel scary or reactive.
Using Financial Clarity to Stay Grounded During Seasonal Revenue Dips
What stood out most to me was how empowering it can be to replace “scrambling” with structure. When you know your numbers and intentionally build safety into your business, you give yourself permission to rest, plan, and make thoughtful decisions—even when revenue temporarily dips.
(00:03:34) Navigating Profit Slumps & Business Growth Effectively
(00:07:12) Savings Buffer Analysis to Prevent Pulling from Profit
(00:12:29) Consistent Owner Draws and Keeping Profit Separate
(00:16:06) Preparing for Economic Uncertainty and Anticipated Slow Seasons
(00:20:58) Balancing Leadership and Growth with Work, Delegation, and Passions
(00:26:45) Prioritizing Your Energy and Your Relationships
(00:30:54) A Successful Partnership Built on Transparency
(00:34:10) Evaluating and Expanding Services Offered
(00:38:18) Tree Metaphor for Growth - With a Stable Trunk, Your Branches Can Reach
Stability First, Then Innovation: Growing Without Undermining the Foundation
We talked through how to experiment with offering new wellness services without neglecting the “main ship” of the group practice—and how to tell the difference between an idea that needs more time versus one that isn’t financially aligned right now.
Key Takeaways for Therapists Navigating Slow Seasons or Growth
Build buffers before you need them. Aim to have 2–3 months of operating expenses in your account so seasonal dips don’t trigger panic.
Let stability lead. It’s okay to temporarily prioritize cash reserves over profit distributions.
Test new offerings slowly. Pilot, track results, and adjust before fully committing.
Protect the core practice. New ideas are exciting, but the existing business needs consistent care.
Communicate clearly with partners. Transparency reduces emotional decision-making and strengthens trust.
Slow seasons don’t mean you’re doing something wrong—they’re part of running a real business. With clear numbers, intentional buffers, and honest conversations, you can build a practice that feels both secure and flexible enough to grow in the directions that matter most to you.
Ready to Improve your Business Money Skills?
Are you a Solo Private Practice Owner?
I made this course just for you: Money Skills for Therapists. My signature course has been carefully designed to take therapists from money confusion, shame, and uncertainty – to calm and confidence. In this course I give you everything you need to create financial peace of mind as a therapist in solo private practice.
Want to learn more? Click here to register for my free masterclass, “The 4 Step Framework to Get Your Business Finances Totally in Order.”
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Are you a Group Practice Owner?
Join the waitlist for Money Skills for Group Practice Owners. This course takes you from feeling like an overworked, stressed and underpaid group practice owner, to being the confident and empowered financial leader of your group practice.
Get to know Stefanie Iverson & Lucinda Bibbs:
Stefanie Iverson and Lucinda Bibbs are the co-owners of New Ground Wellness Collective (formerly South Okanagan Counselling), a group therapy practice based in Penticton, British Columbia, which they founded in 2022. As their practice grew, they recognized that strong clinical care alone wasn’t enough—they needed a deeper, more confident understanding of the financial side of group practice ownership.
After completing Money Skills for Group Practice Owners, they began implementing clearer financial systems, Profit First principles, and more intentional decision-making across their business. Stefanie and Lucinda are now focused on systemization, metrics tracking, and exploring a potential shift from an independent contractor model to an employee-based structure, including future leadership roles within the practice. Their work reflects a thoughtful, values-driven approach to growth—balancing sustainability, collaboration, and long-term stability for both their team and community.
Follow New Ground Wellness (formerly South Okanagan Counselling):
https://www.newgroundwellness.ca/
https://www.instagram.com/newgroundwellnesscollective
Mentioned in this episode:
Want to work with Linzy?
Check out the FREE masterclass, The 4 Step Framework to Getting Your Business Finances Totally in Order, where you'll learn the framework that has helped hundreds of therapists go from money confusion and shame to calm and confidence, as well as the three biggest financial mistakes that therapists make. At the end, you'll be invited to join Money Skills for Therapists and get Linzy's support in getting your finances finally working for you. Click on the link to find a masterclass time that works for you!
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Start Feeling Calm and Confident About Your Group Practice Finances
Feeling overworked and underpaid in your group practice? You’re not alone. Running a group practice can feel like carrying the weight of everyone’s paychecks — including your own — and wondering if it’s all really worth it. That’s why I created a free guide called “How to Stop Feeling Overworked and Underpaid in Your Group Practice.” Inside, I’ll walk you through the four keys to becoming the confident financial leader your practice needs — so you can start feeling calm and in control of your money again. This guide is the first step toward the same kind of financial clarity and confidence I teach inside my deeper program, Money Skills for Group Practice Owners. 🙌 Download your free copy today — and let’s start building a group practice that supports you, not just everyone else.
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