Page 20 – Eye Care Business Canada

Specsavers’ Game Plan for Canada

Buying-Selling A Practice, Practice, Products | Services | Industry News

By Jean-François Venne

Specsavers recently unveiled its intentions for the Canadian market. The British optometry giant hopes to have more than 200 offices in Canada by 2024 and eventually have a presence in all Canadian provinces.

Specsavers has begun in British Columbia, following the acquisition of Image Optometry last spring. “We’ve been talking with Image for a long time and we think their business is a great base for our Canadian venture,” says Bill Moir, General Manager of Specsavers Canada. “We like their values and people model, which fits well with our approach that values quality and accessibility of products and services.”

Two former Image Optometry stores were opened under their new Specsavers banner in November in Nanaimo and Coquitlam, with 14 more to follow by March 2022. The company also has a lab in British Columbia and may open more to support the company’s growth across the country.

“We’ll be developing the B.C. market in the coming months, but we want to expand into all provinces eventually,” says Bill Moir. Canada is a relatively complex market, as the regulations governing eyecare professionals vary from province to province. But we are used to adapting to new jurisdictions.”

The company plans to grow organically first, allowing optometrists and opticians to join its franchise network, but also remains open to acquisitions. Founded in the United Kingdom in 1984, it now operates in 11 countries, serving more than 41 million customers.

A Partnership Model
“One of the things that sets us apart is that our stores are owned and operated in part by the optometrists, opticians and retailers themselves,” explains Bill Moir. We want to offer them a low startup cost and high quality support.” Each store may offer the services of an independent optometrist, but the product sales portion is jointly owned by an optometrist/optician or optometrist/retailer duo. The startup cost for a franchise is approximately $25,000 for each partner (so $50,000 per store).

Franchisees receive what Bill Moir refers to as “full service.” This includes, for example, management services such as marketing and accounting, IT and technology services or procurement. In particular, Specsavers plans to have an integrated supply chain for all its franchises. “We want eyecare professionals to be able to focus on their patient services, so we provide a lot of support,” summarizes Moir.

Specsavers has a history of becoming a dominant force in the countries it enters fairly quickly. It was founded just as Margaret Thatcher’s government was deregulating optical services in the UK. This allowed Specsavers to use advertising and marketing approaches previously prohibited in that country. Specsavers now has half of the market share in UK.

In Australia, the company opened 100 stores in 100 days when it arrived in 2008. It now has about 40% of the Australina market share.

Specsavers maintains that there is no truly dominant national force in the Canadian optical market. It sees this fragmentation as an opportunity to make their mark fairly quickly. They plans to invest heavily in advertising and marketing to become a major player in the Canadian optical and optometric industry.

A major competitor
The British company becomes a new competitor in a market that has seen the arrival of Bailey Nelson, Warby Parker, Mujosh and Oscar Wylee, among others, in recent years. Specsavers will certainly be a challenge for Luxottica (owner of LensCrafters, Pearle Vision and Sunglass Hut), New Look (which owns its own stores and also the Vogue Optical, IRIS and Greiche & Scaff chains), FYidoctors and their new acquistion, Bon Look, among others.

These competitors remain very discreet following Specsavers’ announcement.

As for the independents, it remains to be seen whether they will perceive Specsavers as a threat or an opportunity to join forces with as a new partner.

Speaking on condition of anonymity, the head of one buying group called Specsavers’ acquisition of Image Optometry a “trial run” and recalled that independents are already competing with chains, many of which are in consolidation mode. He added that “customers continue to prefer the attentive service and care of an independent, locally involved professional who tailors his or her offerings to regional differences.”

Bill Moir believes that the Canadian market will benefit from the Specsavers model. “We offer high quality, affordable products and services, while at the same time providing an attractive partnership option for eyecare professionals,” he says. “Doug and Mary Perkins, optometrists, started their company with these two goals in mind and we think Canadians will like this approach.”

Jean-François Venne is a freelance journalist based in Montreal. He has been covering news in the optical industry for over ten years.

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Zero to Five Pathfinder: Spotlight Sana Owais, OD, FAAO

NextGenOD, PathFinders

NewOptometrist.ca puts the spotlight on Zero to Five Pathfinders

Sana Owais. OD, F.A.A.O

Dr. Sana Owais completed both her Optometry degree and her residency in low vision rehabilitation from the University of Waterloo. During her optometry training she was recognized with the FYidoctors Practice Excellence Scholarship and the Gold Key International Optometric Honour Society Award. She also received her Fellowship with the American Academy of Optometry (F.A.A.O) designation.

Previously she completed a Honours B.Sc. degree from McMaster University where she graduated summa cum laude and with Deans’ Honour. She is currently providing care to patients in Mississauga and Brampton. In her free time she likes to go on hikes and explore new geographical sites.

What is something you have done in your practice to set you apart?

Although not very uncommon, I have designed and collected informational sheets and brochures for patients on common topics (e.g. dry eye, ocular allergies, hordeola, flashes/floaters) and I give them to the patients when I am educating them on their visual concern. I feel it is important for patients to leave with written information in case they forget something, there is a language barrier, or if they feel over-whelmed with all of the information delivered during the exam. Therefore, they have a hard copy of written material to take home and review on their own time.

What metrics do you track in order to gauge your success?

We can improve only what we measure. One metric I measure is related to contact lenses. For example, I track the number of contact lens fits, types of fit (toric, multifocal, coloured lenses), most popular contact lens brand, and most popular contact lens modality. In the future I am aiming to track contact lens capture rate, revenue per contact lens fit, and revenue per contact lens sale. It is important to track metrics in order to maintain a healthy business and evaluate trends.

What business books would you recommend other ECPs read?

I haven’t read these optometry business books myself yet, but they are on my reading list:

201 Secrets of a High-Performance Optometric Practice by Bob Levoy
But I Don’t Sell: An Eye Care Professional’s Guide to Being More Persuasive, Influential and Successful by Steve Vargo
Make Time: How to Focus on What Matters Every Day by Jake Knapp

What advice would you give a new grad today?

I would recommend to learn to how to do a basic eye exam in the top five most commonly spoken languages in the area you practice. Connecting with patients and their families in their native language really opens doors for building patient rapport and building more referrals.

Last indulgence?

My last random indulgence was Subi Super juice from the supplements aisle at Wholefoods grocery store. It is a pulverized powder of 20+ vegetables (mostly greens). Although, the taste was unpalatable at first, it has grown on me! I feel of all of the powdered superfoods I have tried before, this one has improved my energy levels and digestion the most. I look forward to breakfast every morning!

Favorite past-time/hobby?

My new favourite hobby is making mocktails. I’m learning how to make virgin mojitos, coquitos, and watermelon margaritas. Mocktails can be healthy, refreshing, and fun!

Describe your perfect day

A day packed with new and exciting activities and learning new skills: e.g. belaying, forest bathing, aromatherapy, adventuring to new geographic sites, taking a hot-air balloon ride, and ziplining. Of course, not all in one day!

There was a lot of good fishing where I was in New Brunswick. I used to love fishing all the time. Sometimes the doctors would also take me out snowmobiling with them, so that was a lot of fun.

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The Best Holistic Financial Plan Has Multiple Accounts

Finance|Wealth, Planning, Resources

Dr. Roxanne Arnal, CFP^®

You want to build wealth for your future – a retirement that lies somewhere between now and infinity. For years we were told to aim for a retirement ten years before the standard age 65 to declare that you were successful in your work.

Freedom at any age is fantastic, but retire at 55? The closer I get, the more I think that I will work into my 70’s. Why? Work gives us purpose and now in my second career I find myself rejuvenated and excited. Regardless, building a retirement portfolio should be a checklist goal built on forecasting goals that allow us to achieve our dream goals.

Building a plan involves several assumptions in order to create forecasts. And just like the weatherman, forecasts and assumptions are never completely accurate. Regardless, the planning and forecasting are necessary for us to know what to pack in our suitcase before we leave for that next vacation.

Financial planning is no different. You need to know what types of accounts should be in your suitcase, and what back up plans should exist should you encounter a storm along the way.

How can we plan for a retirement that will occur at some unknown point in the future?
Step one involves understanding where you currently are. First you need CLARITY on your current cash flow and your net worth to build the foundation and appreciate your lifestyle expenses.

Step two is to develop some mid and long term goals. At 25 I wanted to own an optometry practice and retire at 55. At 50, I had already sold that practice and was celebrating that I pulled through a major critical illness that was poised to prevent me from seeing my 49^th birthday. Point is, goals change and morph over time and we need to be flexible.

Step three is to forecast what our needs will be in order to reach these goals. How much money do I need to save? What rate of return do I need to achieve? How will tax impact my future withdrawals?

Step four is to understand that what we know today won’t necessarily be what is true tomorrow.

Prepare for the unknown
Yes, yes, YES! Despite that we might like to think we know what our future will bring, the reality is that we can’t control the wind.

Pandemic? Didn’t see that coming. Cancer? Surprised me. Premature death of a partner?

I left the practice, but my ex-partner did pass away prematurely. CRAP HAPPENS people. The best plan needs to address these possibilities to ensure that should the CRAP happen to you, your business, your family, your wealth aren’t all depleted in the process.

But what about taxes?
Now you’re talking my love language! As we live in a socialist and infrastructure rich society, we are all expected to contribute to the greater good.

There were eight tax changes that occurred on January 1, 2020 alone.¹ So can you imagine how many tax changes have occurred in the past 20 years? And how many will occur before you turn 65?

When we create your personalized financial plan, we typically do so based on the current tax knowledge. You can quickly see why forecasting for something many years down the road won’t be 100% accurate. Financial plans are not “set it and forget it” plans, they are living documents.

Capital Gains Taxation
On January 1, 2022, Canada will be celebrating 50 years of Capital Gain taxation. And just like a 50 year marriage, things change with time. The inclusion rate alone has changed five times² and rumors are swirling that we are in for another rate change as part of post-pandemic revenue generation.

Different Money has Different Tax
We’ve spoken before how different accounts are subject to different tax treatment. Same holds true for different forms of income. Essentially, not all money is the same – despite the tax reforms we have seen in the past 5 years to equalize the dollar.

Hedging your Bet
When we forecast we are essentially placing our bet based on our best judgement at the time. I’m betting that despite all factors changing, that I will still create a lifestyle income that will allow me to live my best life. I build in contingencies for inflation, utilize various types of accounts to eliminate and defer taxes, and create a portfolio that will create multiple sources of revenue, including tapping into some of those social programs Canada offers.

I know that my portfolio won’t grow at a consistent year over year rate of return, so I build in strategies to take advantage of buying opportunities, and insulate myself from having to withdraw when markets are down. Sure a capital loss can be offset by a capital gain, but I still don’t want a loss, even if it saves me some tax dollars.

The Best Plan
The best plan is one that is built around a solid investment policy statement that addresses your time horizon, risk tolerance and objectives. One that incorporates various account types and looks at my entire situation: my family, my business, myself.

As your Chief Financial Officer, I’m here to help you set your plan in place, monitor and adjust it as the wind changes. I help you manage a team of financial professionals and ensure that you have thought about the potential issues and opportunities.

Have more questions than answers? Educating you is just one piece of being your personal CFO that I offer. Call (780-261-3098) or email (Roxanne@cfspsc.ca) today to start your plan.

1 https://www.canada.ca/en/department-finance/news/2019/12/list-of-tax-changes-taking-effect-on-january-1-2020.html

Canadian Tax Foundation, Capital Gains Taxation In Canada: History And Potential Reforms, Catherine (Cathie) Brayley, Miller Thomson LLP, Vancouver & Lesley Kim, Gowling WLG, Calgary; https://www.ctf.ca/CTFWEB/EN/Newsletters/Perspectives/2021/3/210304.aspx?_zs=mq1WL1&_zl=DX552

Roxanne Arnal is a former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission to Empower your Finances.

These articles are for information purposes only and are not a replacement for personal financial planning. Everyone’s circumstances and needs are different. Errors and Omissions exempt.

ROXANNE ARNAL,

Optometrist and Certified Financial Planner

Roxanne Arnal graduated from UW School of Optometry in 1995 and is a past-president of the Alberta Association of Optometrists (AAO) and the Canadian Association of Optometry Students (CAOS). She subsequently built a thriving optometric practice in rural Alberta.

Roxanne took the decision in 2012 to leave optometry and become a financial planning professional. She now focuses on providing services to Optometrists with a plan to parlay her unique expertise to help optometric practices and their families across the country meet their goals through astute financial planning and decision making.

Roxanne splits EWO podcast hosting duties with Dr. Glen Chiasson.

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Bringing Emotion into the Sale: 5 Tips to Improve Connecting with Clients

Marketing, Resources

“When dealing with people, remember you are not dealing with creatures of logic, but with creatures bristling with prejudice and motivated by pride and vanity.” – Dale Carnegie, How to Win Friends and Influence People

Most of us believe we make rational decisions. But the reality is that we usually make emotional decisions and then attempt to justify those decisions with logic. This is true of most purchase decisions — we tend to buy not what we really need, but what we really want. How else to explain the enduring appeal of luxury goods and travel when all we really need is bread, clothing and shelter? The major players in the consumer sphere have this figured out. Modern designs, luxury logos and exclusive shopping experiences all provide an emotional jolt for buyers. The social acceptance you get when you visit a Starbucks store, for example, is likely the reason for choosing it, rather than the taste of the coffee. To be truly successful in today’s business world, therefore, you need to sell more than just the product. It’s necessary to also sell the feelings that come with the purchase, the upscale position it suggests and the emotions it evokes in the buyer. Essentially, you are selling a dream of who your customer can imagine themselves to be. How the Brain is Wired It is interesting to note that the most primitive parts of our brains are largely responsible for the decisions we make on a day-to-day basis. Research shows that the brain’s limbic system — the part responsible for emotional responses — has a large role to play in decision-making. Memory synapses (past emotions) create biases within this primitive part of your brain, which then feed into a behavioural response. When we understand that most decisions contain an emotional component, it becomes clear that triggering the right feeling — or evoking the wrong one — will be the differentiating factor on whether a prospect buys from you or not. Emotions as Part of the Sales Process As professionals, our key responsibility is in providing the best solution for our clients’ health and wellbeing. But helping customers achieve a desired state of emotion as part of this process should not be perceived negatively. Most products and services, including eyewear, are designed to satisfy a customer desire or want, and in fact, satisfying those desires will always contain an emotional component. Here are some of the key emotional factors that can drive customer decisions and help you to achieve a satisfying outcome for your clients:

Achievement and status. People have an inherent desire to feel successful and to show off their accomplishments. Cars, jewelry and houses all signal their achievements, and branded products including eyewear are no exception. To tap into this emotional response, be attentive to the vehicle a person drives, the clothes and shoes that they wear or the purse they carry to get a clear indication of how they want to present themselves to the world. It’s then possible to subtly use that desired image as a selling point during your conversations.
Happiness. In today’s world, a sense of ease and comfort greatly influences purchase decisions. Customers love buying easy to use products that create pleasure and simplify their lives. Open-ended lifestyle questions are a great way to understand your clients’ priorities, allowing you to focus on the value of products that will best fit their needs and to emphasize the personal benefits to them. Your customers will love you for it.
A sense of belonging. Throughout our evolution as a species, we have needed the sense of belonging, whether to a tribe, culture, country or family. In today’s more consumer-driven world, this sense of belonging is often satisfied by products; for example, some people identify as iPhone users, while others adhere to the Android camp. Your clients, therefore, will often gravitate towards fashion trends, brands or specific products that align with who they consider likeminded. If all the cool kids are wearing Ray-Bans, some will want Ray-Bans to be part of that group.

As you develop your emotional selling skills, here are FIVE points to remember that will help you to sell more effectively to clients’ emotional needs:

Subtly mirror your client: Your words, clothes and mannerisms will arouse emotions (both positive and negative) in your clients. By subtly mirroring a client’s language and actions you appear more relatable and empathetic.
Take note of non-verbal communication: Non-verbal communication influences a person significantly more than verbal communication. One study indicated that effective communication is based on only 7% of what we actually say, while non-verbal communication such as facial expression and body language accounts for about 55% and 38% is based on our tone of voice.
Understand emotional awareness: Develop your ability to identify and manage your own emotions and the emotions of others. The last thing you want to do is frustrate or infuriate a client.
Understand Emotional Intelligence: Emotional intelligence is distinct from logical reasoning or linguistic ability.
Be cognization of your client’s emotional response: Being able to touch a client’s emotional response rather than simply appealing to logic can expedite decision-making and will leave you and your customer both feeling better about the purchase.

Perhaps the most important point to remember is that by leading with empathy, you will begin to truly understand both your clients’ practical and emotional needs. In doing so, you have the opportunity to create a more satisfying outcome for them and improve your sales results in the process. Reprinted from Optik Magazine – November – December 2021 issue Contribution from shan Khan and Kazeem Merali.

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6 Tips for Successful Recruiting and Team Building in 2022

Human Resources, Leadership, Talent Acquisition

While the challenges of of recruiting in eye care were evident in 2019, the last two years have added a whole new dimension to the challenge.

Since the onset of the pandemic in March 2020, we have seen significant workplace trends develop from an acceptance of remote working, online meetings, flexible work hours to support home schooling and, overall, a new set of rules and worries – for both employers and employees. There has been a lot of learning!

For the past 10 years or longer employers have been told to prepare for the great resignation/retirement wave that was going to hit the workforce with the baby boomers coming up to 60+ years.

The Pandemic Has Empowered Employees
We were starting to experience this back in 2019 but now the pandemic dynamic has accelerated what was already happening – people removing themselves from the workplace.

Workers are quitting their jobs at unprecedented rates. But here’s the thing; what we’re seeing right now isn’t just a generation of baby boomers stepping into retirement. It’s a bigger phenomena.

People who are leaving their jobs aren’t passively surrendering or checking out. People are actively shifting the narrative about what is acceptable (and not acceptable) in jobs and workplaces.

If your star employees have not left yet, they might be “hunkering down” – biding their time, ready to pounce on new opportunities. Perhaps they will consider starting their own business, buying a franchise or changing industries entirely.

People are embracing their power and helping to reframe how work can and should look and feel.

Time. Space. Growth. Autonomy. Leadership. Wellness.
Work-life integration. Money. Safety. Engagement. Equity.
All of these things are essential to our mutual success. The problem is that employers and employees are not always on the same page about what these things are or ought to be, in policy or practice.

So, what does that mean for the Optometry Clinic and Optical? Here is a quick checklist of 6 things you can do to make everything work better at your business.

Programmable Recruiting. Consider who you want to attract and then target them. Social media tools allow you to set the demographics you want to reach and target your spend on the best potential candidates not volume of candidates. Seek Quality – Not Quantity
It’s Not About You. Shift the narrative in your communications with candidates and your team about what it is they can expect to get from you not what you are wanting to get from them.
Know Your People. Understand what your current people want from work. Are you over-extending them with more hours than they want but they are not speaking up? Do you have the opportunity to support up skilling or professional development?
Measure What Matters. Are the roles in your practice where you can provide training and upskilling? If so, put the focus on who they are, then look at what they know and what they have done.
Always be looking. Be an organization that is always on the look-out for great talent to bring to the team. Don’t wait until you need to fill a position. If someone great comes along see how you can make room for them. If not immediately, keep the contact warm.
Build Your Community. We all have a community around us. The people we work with, the people we serve, the suppliers, friends, family and professional contacts. Keep connected. Share what you know and be a valued member of your community. Give first is always the best approach to building relationships.

TIM BRENNAN

is Chief Visionary Officer with Fit First Technologies Inc, the creators of Eyeployment, TalentSorter and Jobtimize.

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Low Vision Residency Experience at UW

NextGenOD, Perspectives

Young Optometry residents in conversation

Dr. Sana Owais completed both her Doctorate in Optometry (O.D.) and her residency in low vision rehabilitation from the University of Waterloo. Due to her commitment to life-long-learning and patient care, she also received her fellowship with the American Academy of Optometry (F.A.A.O) designation.

She did her Honours Bachelor of Science degree in Biology (Physiology Specialization) from McMaster University where she graduated summa cum laude and with Deans’ Honour. During her optometry training she was recognized with the VSP/FYidoctors Practice Excellence Scholarship and the Gold Key International Optometric Honour Society Award.

Dr. Sana Owais, OD, FAAO, talks about her Low Vision Residency experience at the University of Waterloo.

Jaclyn: Why did you decide to do a residency and why did you pick Waterloo?

Sana: Why residency? Three reasons. I am an academic at heart so a formal education program through a residency seemed like a fun way to continue lifelong learning. Secondly, I felt doing a residency may make me a better clinician so I can offer better care for my patients. Finally, I wanted to do a residency so I could potentially earn a fellowship afterwards and I felt a residency may make it easier to apply for jobs.

Why Waterloo? Waterloo is a remarkable instructional and research facility for the provision of low vision services and devices (of course I am biased here!).

The Centre for Sight Enhancement (CSE) is the only vision rehabilitation center in Canada accredited by the National Accreditation Council for Blind and Low Vision Services. The CSE hosts many holistic and interdisciplinary services, such as low vision assessments, CCTV assessments, daily living skills, computer skills training, and mental health support.

Jaclyn: Why did you pick low vision to do your residency in?

Sana: My interest in low vision piqued after my first year of optometry school, when I worked at Vision Loss Rehabilitation Ontario with the Vision Mate Program where I helped match clients who were partially sighted with volunteers. This program allowed me to see the positive impact of social engagement on the mental health of both clients and volunteers.

Additionally, I took a Braille course from the Hadley School for the Blind in order to learn more about tactile communication strategies for people with partial sight.

Regarding the residency discipline, I had three reasons for applying for low vision rehabilitation. The first one being how small changes can make a big impact. There is a theme in low vision that the implementation of small environmental modifications can potentially improve visual function when medical or surgical correction is unable to do so.

The second reason is that I like the creativity and the problem solving required in low vision rehabilitation. For example, I saw a patient who had dual sensory loss; advanced retinitis pigmentosa and age-related hearing loss. The patient’s goal was to play bridge and the patient did not know how to use Braille.

We recommended a sight substitution technique with tactile playing cards where we advised the patient to devise his own system of tactile coding through bump dots. This allowed the patient to play bridge with his friends who were sighted and therefore feel included.

The final reason is the aging population. Given that centenarians are one of the fastest growing age cohort in the Canadian population, low vision rehabilitation services will remain of high value with the continuing aging population.

Jaclyn: What did you do on a typical day as a resident?

Sana: There were three clinics that I participated in: the Centre for Sight Enhancement, primary care, and geriatrics. There were two different arms of the CSE: pure low vision and a concussion clinic which provided visual rehabilitation for those with traumatic brain injury or strokes.

On a typical day, which may start at 8:30 AM, I would begin in the low vision clinic doing a low vision assessment, then be a teaching assistant for the undergraduate low vision laboratory for third-year optometry students, and then finally see patients for direct care in primary care in the evening.

Other days may include travelling to nursing homes and long-term care facilities to do eye exams on residents, or supervising third-year and fourth-year interns doing eye exams in primary care and the low vision clinic.

Jaclyn: How much did you connect with the other residents at Waterloo?

Sana: Our group included three residents: the contact lens resident, the vision therapy resident, and myself (low vision resident). Although we had different schedules, we did convene on days of group presentations such as the ‘short rounds’ or the ‘grand rounds’, during which we built a strong camaraderie.

Jaclyn: Did you collaborate with other departments at the school?

Sana: Yes, we connected with the concussion, contact lens, and ocular health clinics several times. For example, a patient with achromatopsia may get fitted with red-tinted contact lenses from the contact lens clinic and then they would visit the low vision clinic for low vision aids and an ocular health assessment.

Jaclyn: How much research was involved in residency?

Sana: A lot of research and reading! Every two weeks we met with the journal club which was hosted by our residency coordinator. Each resident retrieved articles and we discussed and debated them as a group. We were also assigned a list of readings every month with a different theme in our residency discipline. Finally, we wrote papers for journal submission.

Jaclyn: What was your favourite part of residency?

Sana: Conferences! I loved attended the CE events and meeting clinicians, residents, and researchers from low vision from all over the globe. The first conference I attended was the Envision Conference in Wichita, Kansas (2018). It was a fantastic experience to see the Envision headquarters and to attend a conference purely dedicated to low vision. The second meeting was the Academy conference in San Antonio, Texas (2018). It was an incredible experience to meet other residents and participate in all of the CE events!

Jaclyn: Was there anything that surprised you about residency?

Sana: I found supervising students in the clinic to be a very daunting process. I found time-managing three students simultaneously where each patient has potentially complex ocular health issues to be challenging. I really appreciated our former supervisors afterwards because I realized being a clinic supervisor is a tough job!

Also, I was surprised that in the low vision clinic that we co-manage ocular disease for our patients which made the learning process very comprehensive. This provided a unique opportunity to examine the ocular health of rare conditions such as retinitis pigmentosa and Stargardt disease.

Jaclyn: Who would you recommend a residency to? Is there any advice that you would want to offer someone who was thinking about going into residency?

Sana: I would recommend residency to anyone that embraces academia, enjoys research, and is enthusiastic about enhancing their clinical care. Because residency is a marathon and not a sprint, the applicant must be committed to the rigor and length of the residency.

Jaclyn: Where do you see yourself going in the future?

Sana: In the future, I would be interested in connecting with national and international organizations, such as the Canadian Federation for the Blind, the Canadian Council for the Blind, the Lions Club, the Lighthouse International, in order to advocate for low vision rehabilitation on a national and global scale.

Jaclyn: Thanks so much Sana for the information on low vision and your insight into residency!

JACLYN CHANG, OD

Editor NewOptometrist.ca

Dr. Jaclyn Chang graduated from the University of Waterloo (UW) with an Honours Bachelor of Science in Biomedical Sciences before continuing at Waterloo to complete her Doctor of Optometry degree. She is currently a practicing optometrist in Toronto.

Dr. Chang is committed to sharing information and bringing new resources to her colleagues. As a student, she sat on the Board of Trustees for the American Optometric Student Association, organizing events to connect students with industry. She was the Co-Founder/Co-President of the award-winning UW Advancement of Independent Optometry Club, the first club at UW dedicated to private practice optometry. Dr. Chang is also a passionate writer, who aims to make information accessible and easily digestible to her colleagues. She has published in Optometry & Vision Science and Foresight magazine and contributed to Optik magazine. She is excited to bring valuable resources to Canada’s next generation of optometrists with NewOptometrist.ca.

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Thinking of Investing? Should you Invest Personally or in Your Corporation?

Building Wealth, Finance|Wealth, Resources

Dr. Roxanne Arnal, CFP^®

There is never a quick answer to this question. For today, let’s cover a few of the basic differences between personal and corporate investing.

Are there differences in the types of accounts a person and a corporation can own?

A person over the age 18 typically has access to three types of accounts:

A registered retirement account (RRSP). In your saving years, the most common is an RRSP.
Since 2009, we also have access to a Tax Free Savings Account (TFSA).
Lastly, we have open accounts. These are also referred to as Cash Accounts or Non-Registered Accounts.

For further information on these accounts, please refer to my previous article: RRSP vs TFSA.

A corporation only has access to Open Accounts.

How do contribution dollars differ?

Investing in an RRSP is done with a pre-tax dollar and is a fully tax deferred account.

All other investments are done with an after tax dollar.

Personally, both the RRSP and TFSA account types have contribution maximums.

An Open Account, whether personal or corporate, is funded with after tax dollars and is not subject to any maximum contribution cap.

What is the difference between corporate and personal after tax dollars?

This is where things start to get interesting.

For our discussions, we are assuming that you are the sole owner of your Professional Corporation (PC) and that the dollars you are using to invest in your PC have been generated from Small Business Deduction paid tax dollars.

Let’s assume you live in Ontario and earn $155,000 of taxable employment income. This will place you at a combined federal and provincial marginal tax rate of 41.16% and an approximate average tax rate (ATR) of 28%.

The SBD corporate tax rate in Ontario is 3.2%, and the federal rate is 9.0%, for a combined tax rate of 12.2%.

Therefore, if you take $1,000 from your personal income, you will have $720 to invest. If you keep the $1,000 inside your corporation, you will have $878 to invest.

Why this matters?

Compound interest can be a beautiful thing. The more money you invest in a compounding investment, the more wealth you ultimately create.

Assuming a 5% year over year rate of return, after 20 years with no additional deposits, the personal investment will have grown to $1,910.37 and the corporate investment will be worth $2,329.60. Of course, the tax story isn’t over yet.

On open accounts, all earnings are taxable, and because the Canadian Tax system is so simple (insert very obvious sarcasm), taxation on investment growth varies by the type of income received in that investment (which is of course related to the tax that the investment company has paid before paying you). That being said, interest, dividends, and capital gains are all currently taxed at different rates.

For today, let’s attempt to keep things simple by assuming that 100% of your investment growth is a capital gain and therefore the entire tax bill on the investment in our example won’t be triggered until it is sold in year 20.

The difference in the last column may not seem like much, but what if you took that $1,000 of income amount every month and invested it using the same assumptions over that entire 20 year period? After the 20 years of investing, you have input an additional $37,920 into the corporate investment and have grown your overall investment by nearly an additional $65,000 before taxes.

Now, keep in mind, the net after tax account value in the personal account is ready to spend, while the corporate account value is still locked in the corporation.

In order to get the corporate dollars to your personal bank, you will be subject to personal tax. For simplicity we will assume that you will remove the money from your corporate account as an eligible dividend over a ten year period of time. Using the current Ontario eligible dividend marginal tax rate (after gross up and dividend tax credits) for those with a taxable income of $150,000 at 25.38%, the $323,195 is now $241,168 of spendable cash, for a total spendable cash loss of $37,535.

So does that mean I shouldn’t invest in my corporation?

…Well not so fast! This example made several assumptions, including the massive assumption that the future tax rates will remain the same and that your taxable income in retirement will place you at the same tax rates that you are currently at. I didn’t pick a $155,000 annual employment income amount at random either. For 2021, you earn the maximum RRSP contribution limit of $27,830 when your employment income is above $154,611.

All of these factors matter when we build a holistic plan that involves multiple different accounts and wealth creation strategies to help insulate you from the unknowns of future tax rates and provide for multiple sources of income draw – some taxable and some not.

It is therefore critical that your financial planner review all pieces of your puzzle and strategies to set you up for a future that has considered multiple sources of retirement revenue, possible future tax changes, and estate priorities.

As your Chief Financial Officer, I’m here to help you ask the right questions. I help you manage a team of financial professionals and ensure that you have thought about the potential issues. The more we learn, the more we realize the need to learn more, and yes, another topic for another day!

Have more questions than answers? Educating you is just one piece of being your personal CFO that I offer. Call or email today to start your plan.

Roxanne Arnal is a former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission to Empower your Finances.

These articles are for information purposes only and are not a replacement for personal financial planning. Everyone’s circumstances and needs are different. The values provided here are subject to change and should not be construed as fact. Tax rates illustrated were in effect as of January 1, 2021. Errors and Omissions exempt.

ROXANNE ARNAL,

Optometrist and Certified Financial Planner

Roxanne splits EWO podcast hosting duties with Dr. Glen Chiasson.

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Looking for a New Career Direction? There has Never Been More Choice.

Career Options, NextGenOD, Webinar

On Monday November 8^th a virtual presentation and networking event was hosted by Eye Care Business Canada. Spokespersons representing Canada’s leading eye care organizations provided short and spirited presentations of the benefits that each offers to eye care professionals that might join or partner with their organization.

Roxanne Arnal, a former independent OD practice owner, now Certified Financial Planner© moderated the event. Citing this unprecedented time of changes and challenges which has led many to emotionally reflect upon life choices and career alternatives, Arnal invites the attendees to understand choices with clear logic, reason and cultural fit.

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Here is a summary of the presentations.

Tim Brennan, Chief Visionary Officer Fit First Technologies/EyePloyment.com provided a summary of the Canadian ECP Employment survey results, pointing to the % of practices with current and expected job vacancies, as well as non-managerial employees intentions to seek employment elsewhere and their main reasons for doing so. Brennan wraps by providing key 6 tips to hiring in a post COVID world.

Dr. Michael Naugle, VP, Optometric Partnerships, FYidoctors provided a nuanced definition of the spectrum of ownership models (including corporate/employee, Franchise and Joint Venture) and how FYidoctors fits into the spectrum. He delved into key characteristics which separate the various models, including: Doctor ownership, autonomy to set fees, influence on ability to earn income and degree of control.

Dawn McIntyre, Optometry Support Director, Specsavers outlined the global presence of Specsavers and the founding purpose and values they intend to pursue in Canada. McIntyre outlined the Specavers career pathway starting from support of student ODs, developing early clinical expertise and professional community development to, ultimately, business ownership, which may also include international opportunities as evidenced by her own career path.

Nick Perry, Bailey Nelson Co-founder & Managing Director and Dr. Laurie Lesser, Eyecare Director Canada/UK, teamed up to share the rapid growth of the company from 2012 to 2021 and four keys to their business model: focus on people, commitment to Optometry, quality products at attractive prices and achieving a relaxed, inviting customer experience. Dr. Lesser outlined the support that Bailey Nelson brings to ODs building their practice base.

Dr. Daryan Angle, VP Business Development IRIS Group, explained the values that underpin the 31-year history of the IRIS group in Canada. Angle pointed out the various career path options available for Opticians and how they are integral to the group’s success. He outlined the path for ODs from independent contractor to local partnerships and potential leadership positions and optometric specialization opportunities.

Dr. Trevor Miranda, sponsored by Bausch + Lomb, owner of 5 independent practices on Vancouver Island shared what excites him about building a dream independent practice and the benefits that accrue around lifestyle, building wealth, and learning and leadership opportunities for ODs. Miranda challenges younger ODs to consider benefits of rural practice locations connected with lifestyle benefits outside of the big cities.

Dr. Kyla Hunter, practice owner of Aurora Eye Care, Grand Prairie, AB and Eye Recommend member addressed “why Independent Optometry” and how Eye Recommend supports members. Dr. Hunter cites choice of products and service offerings, and freedom to set pricing and her own schedule as key benefits of independent practice. She provides the example of how her group practice is structured to provide the freedom follow her passions. She outlines the how the myriad of support services from Eye Recommend facilitate her choice to thrive as an independent practice.

Following the presentations, Arnal invited Dr. Maria Sampalis, founder of Corporate Optometry, to forum discussion for a US perspective on consolidation. Among the questions posed specifically to the larger groups was if professional services fees are discounted within their operations.

Event sponsors included:

Bausch + Lomb Canada, Clarity Financial Services, Eye Recommend, FYidoctors/Visique, IRIS GROUP, Specsavers, EyePloyment.com, Corporate Optometry, CRO Online CE

Other “Changing Landscapes Events:
October 25: Technology Drivers of Change

November 1: Selling & Buying a Practice

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Practice Consolidators and Independent Practice Advocates Meet to Pitch Their Case

Webinar

In a first-ever event bringing together Canada’s major eye care practice consolidators and independent practice advocates, over 200 eye care professionals gathered virtually on November 1 to hear pitches for practice partnership.

Roxanne Arnal, a former independent OD practice owner, now Certified Financial Planner© and owner of Clarity Financial Services moderated the event. Roxanne shared her own practice exit outcome in 2021 saying, “it was fueled by fear, disappointment, and ultimately a lack of understanding of my options,” and wished she had the opportunity then to the information that was presented in this webinar. Click Here to View the Slides.

Start the YouTube video

Here is a summary of the presentations.

Dr. Robert Allaway, Chief Optometry Officer of newcomer Vision Alliance Corporation advocated that, “the best solution is to sell to another Independent Optometrist”. Allaway explained the Vision Alliance model where the OD owner provides all the professional direction and Vision Alliance takes away Human Resources and other ownership headaches.

Dr. Wes McCann, owner of 6 independent practices representing Eye Recommend shared his formula for acquisition fueled growth while utilizing resources from Eye Recommend to maximize the bottom line. McCann put emphasis on ensuring that the practice reflects the needs and flavor of the local community working together to improve independent optometry.

Dr. Trevor Miranda, sponsored by Bausch + Lomb and owner of 5 independent practices on Vancouver Island, drew the parallel of building a strong practice to building a fantastic home. Miranda stressed the importance of knowing your numbers, measuring what counts and adding revenue streams with Optometric sub-specialties.

Dr. Daryan Angle, VP Business Development IRIS Group, shared the IRIS story, its mission and values. Angle explained the IRIS four-step selling and partnership process: alignment, valuation, due diligence, and integration. While the process is consistently applied, each situation is unique and therefore personalized to the OD or optical vendor. Click Here to View the Slides

Mike Protopsaltis, Partnerships Director, Specsavers, an optician and former Specsavers franchisee himself, outlined the market leadership position Specscavers has reached in each of the markets in which they compete. He emphasized that “partnership” is at the core of the Specsavers franchise model and the low $ value entry cost. Click Here to View the Slides.

Dr. Michael Naugle, VP, Optometric Partnerships, and Gord McFarlane, Managing Director of Corporate Development FYidoctors teamed up to share their views on what considerations come into play when selling or merging a practice and outlined FYidoctors valuation methodology. They noted that FYIdoctors has the most Canadian experience among all the consolidators, having closed over 300 individual deals. Click Here to View the Slides.

Drs. Skylar Feltis and Warren Toews, OD owners of the YXE Group of 4 practices in Saskatchewan, members of Optometric Services Inc. (OSI), explained how, with OSI’s support and technology, they were able to successfully expand and find new partners. The spoke about OSI’s Vision Entrepreneur Program which offers coaching and training to ODs intent on becoming clinic owners, supporting OSI’s mission to champion independent optometry.

Jackie Joachim, Chief Operating Officer, ROI Corporation, had the opportunity wrap up the evenings presentations by sharing her experiences as a leading Canadian health care brokerage. Jackie conveyed her experiences with the selling/buying process from a numbers and valuation perspective and outlined how bankers’ view the current market situation. Good news: “Health care is alive and well.”

The formal presentations were followed by a Q&A and networking section in the highly interactive event platform. Attendees who entered the prize pool through sponsors’ digital signage were able to enter into draws for prizes. Nearly $1000 of prizes were subsequently awarded to attendees

Event sponsors included:

B +L Canada, Clarity Financial Services, Eye Recommend, FYidoctors/Visique, IRIS GROUP, Specsavers, Vision Alliance Corp, Optometric Services Inc. (OSI) and ROI Corp.

Care1, Digital ECP, CRO Online CE, Eyeployment.com

Other “Changing Landscapes Events:
October 25^: Technology Drivers of Change

November 8: Career Pathfinders: Making Informed Choices

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Which Technologies Will Drive the Future of Eye Care?

Webinar

Canadian eye care industry experts gathered virtually on Monday October 25th to share their views on how technology is impacting eye care.

Representatives from leading organizations including Bausch + Lomb, Eye Recommend, FYidoctors, IRIS Group, F12.net and newcomer to the Canada, Specsavers, provided a precis on the top important and possibly disruptive technologies they feel will affect eye care within a 3-5 year time horizon. (Click here for a full list of speakers)

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Roxanne Arnal, a former independent OD practice owner, now Certified Financial Planner© moderated the event including a Q&A panel discussion to address attendee questions. Roxanne set the technology discussion stage with a review of how quickly, over the decades, new technologies reached a saturation point among consumers. Automobiles took decades from innovation to saturation, whereas new technologies, such as tablets, took only a few months – seemingly “in a blink of an eye”.

Here is a summary of the speaker presentations:

Dr. Trevor Miranda (Cowichan Eyecare) and Ravi Tanna (Professional Relations Manager, B+L Canada), discussed the threats provided by pervasive technologies including subscriptions and e-Commerce. They emphasize available solutions as opportunities for independent optometry against these threats. Dr Miranda underlines the important point that innovative products are the differentiating lifeblood of independent Optometry.

Dr. Damon Umscheid (Eyes 360) representing Eye Recommend, cited omni-channel retail as a key driver and offered a nuanced definition of omni-channel versus multi-channel retail. His other technologies discussed were Artificial Intelligence (AI) and Telehealth. Dr. Umscheid concluded on the benefits of independent practice and how the support of Eye Recommend helps independents navigate through the new technology landscape.

Dr. David Schwirtz, VP Innovation, IRIS Group spoke about the evolution of e-commerce from brick and mortar to what he sees as the future. He framed the topic of telehealth related to optometry in a functionality spectrum including Online refraction, remote optometry and telemedicine. Finally, Dr. Schwirtz revealed IRIS’s focus on virtual try on and dispensing technology that keeps the professional and patient at the centre of care.

Naomi Barber, Director of Optometry, Specsavers Canada provided an overview of the international Specsavers organization. She explained how Specsavers looked at the major causes of vision loss and identified that OCT was clearly the technology with the most potential. She explains that a new way of using this existing technology will have the most impact on serious eye health issues, including on Glaucoma, Diabetes and AMD in the next 3-5 years. Ms. Barber shared the results of an Australian pilot program which Specsavers plans to implement in Canada.

Dr. Alan Ulsifer, FYidoctors | Visique CEO & Chairman of the Board, shared his views on an expanded concept of Omni-Channel, e-commerce and Tele-Optometry. He presented interesting results of a survey of patients on satisfaction levels with “at home exams”. Results broken out by age demographics provided some revealing patient perspectives. Finally Dr. Ulsifer addresses the concept of “Kiosk Optometry”; its history and possible future.

Alex Webb, is the Founder and CEO of F12.net which provides managed IT services to health care and other businesses to offload the risk and complexity inherent in IT infrastructure. Mr. Webb provided a sobering review of cyber incidences in Optometry and outlined the 5 top security challenges in clinics and the spectrum of risks from extortion to unrecoverable business loss. Finally he offers a prescription for a cyber security cultural shift for practice owners.

Upcoming “Changing Landscapes Events:

November 1: Selling & Buying a Practice
November 8: Career Pathfinders: Making Informed Choices

October 25 Event Sponsors include:
B +L Canada, Clarity Financial Services, Eye Recommend, FYidoctors/Visique, IRIS GROUP, Specsavers,
Care1, F12.net, Digital ECP, CRO Online CE, Eyeployment.com

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Specsavers’ Game Plan for Canada

Zero to Five Pathfinder: Spotlight Sana Owais, OD, FAAO

NewOptometrist.ca puts the spotlight on Zero to Five Pathfinders

Sana Owais. OD, F.A.A.O

The Best Holistic Financial Plan Has Multiple Accounts

ROXANNE ARNAL,

Bringing Emotion into the Sale: 5 Tips to Improve Connecting with Clients

6 Tips for Successful Recruiting and Team Building in 2022

TIM BRENNAN

Low Vision Residency Experience at UW

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Thinking of Investing? Should you Invest Personally or in Your Corporation?

ROXANNE ARNAL,

Looking for a New Career Direction? There has Never Been More Choice.

Practice Consolidators and Independent Practice Advocates Meet to Pitch Their Case

Which Technologies Will Drive the Future of Eye Care?

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