Page 25 – Eye Care Business Canada

Buying The Perfect Practice

Buying-Selling A Practice, Practice, Resources

Every buyer that I have ever met, has the same goal, to buy the perfect practice. Is this reasonable? Emotionally yes, practically no. A buyer can visit 20 different practices and find something wrong with everyone. This does not mean that the practices are not good options. It just means that the buyer will never find the perfect one. News flash: THERE IS NO SUCH THING AS A PERFECT PRACTICE. The best anyone can do is to find one that they like with a good location and potential for improvement. This practice has bones. The buyer can make it perfect for themselves.

The best place to start in your quest for the perfect practice is to be realistic about your strengths and weaknesses. In other words, what are the ways you can bring value to a practice? Before you start looking at the possibilities available, its essential that you think through key personal and market factors.

Many buyers, when looking at purchasing an existing practice should have an appraisal in hand. The appraisal should present the facts that are critical in evaluating whether this is the right opportunity for you. However, many get fixated on multiples of EBITDA. If you are not planning on working in the office and are purchasing for investment purposes, a multiple of EBITDA is more relevant. Because this is an investment, the new owner needs to pay an associate to perform the services. However, it is truly not uncommon for a purchaser to buy a clinic at 10- or 12-times EBITDA because they will be the new owner and operator. Personal payment can be more flexible for the owner versus paying an associate an industry standard. Many may ask as to why they should pay such a high multiple. The answer is quite simple, as an associate, one could make more money. However, the associate never builds equity. For example, if the practice being considered has $100K left after all expenses and the loan payment is made, if the new owner can live on $100K, then why not pay the higher multiple? Afterall, ten years from now, hopefully revenue has increased due to improvements made but more importantly, the new owner has equity in a practice that has been completely financed.

So many times as an appraiser, we do hear from a buyer that the practice is over valued. If a multiple of EBITDA is the way one determines value, this may be a fair statement to someone who will never work in the practice. However, practice values have never declined in the last 15 years. In fact, quite the opposite. Organically a practice will increase at a minimum 5-8%. Depending on location and other critical factors, the increase can be greater. What is most important for a buyer to ask themselves is the following:

• Can I qualify for financing?
• Do I like the actual location? (highly visible, new housing developments)
• What are the patients like? (age, cultural background, socio-economic background)
• Are the staff well trained?
• Can I increase services?
• Has revenue been consistent year over year?

There truly are so many factors to consider. However, if a buyer looks for the perfect practice,
one will likely not be found. Buy a good practice that has a solid foundation that you can build
into your perfect practice. And remember, the ultimate value of a practice is the final price
that is decided between the buyer and the seller.

JACKIE JOACHIM

Jackie has 30 years of experience in the industry as a former banker and now the Chief Operating Officer of ROI Corporation. Please contact her at Jackie.joachim@roicorp.com or 1-844-764-2020.

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Should I invest in a RRSP or a TFSA?

Building Wealth, Finance|Wealth, Resources, Tax & Legal Matters

Roxanne Arnal, Optometrist and Certified Financial Planner© has made her article available in audio format.

Click the play button below to listen.

Dr. Roxanne Arnal, CFP^®

Good question. Let’s start with some general information. What is an RRSP and a TFSA? Both are account types that have been given special tax treatment with the CRA. Both account types, along with open accounts, RESP and RDSP accounts for example, can hold a number of different kinds of investments within them.

RRSP

An RRSP is a Registered Retirement Savings Plan. It was designed to create a personal pension and really came into favor when businesses took a step back from offering those juicy Defined Benefit Pension Plans (DBPP). If you know of anyone who works for the government, chances are they still have a nice DBPP. For the rest of us, it is really our own responsibility to build a retirement nest egg that will allow us to live the lifestyle of our choosing when we no longer want to see patients in the little dark room. (You should also be aware that there are a couple of special withdrawal programs tied to an RRSP, such as the Home Buyers Program (HBP) and the Lifelong Learning Program (LLP). These are topics for another day.)

An RRSP at it’s core is a tax deferral vehicle. It allows you to take some of your income from today, invest it according to the program, and on withdrawal, pay tax at your then current rate. So from a planning perspective, an RRSP works best when you anticipate moving from a current high tax rate to a future lower tax rate.

Of course, there is no way to know what the future tax rates are going to be – so yes, this is a bit of a gamble. But historically, the income tax banding system used in Canada doesn’t change significantly and typically, year over year, they are adjusted for inflation. Planning does require various assumptions, and the future tax regime is one such set of assumptions we use.

TFSA

A TFSA is a Tax Free Savings Account and takes your current after tax money on deposit. In this case however, the investment growth is 100% tax free on withdrawal. Sound enticing? Well it should be! A TFSA works especially well if you are currently in a lower tax bracket and expect to be in a higher tax bracket in the future. And I don’t just mean in retirement.

Contribution Room

Both a TFSA and a RRSP have contribution room maximums that are calculated completely different.

You start to earn TFSA contribution room the year you turn 18 (provided you turned 18 on or after 2009 when the program started). Currently, the annual increase in your contribution room is $6000. Your contribution room continues to grow every year you are alive. When you make contributions, the room for future contributions decreases. When you make a withdrawal, the contribution room is returned to you the following January. This makes TFSA accounts a great place to park money for future large expenses, short and mid term goals. However, their very best use remains for retirement.

The contribution room in a RRSP is based on your annual tax reported income. So if you started filing tax returns at 14, you were already creating a contribution room pool based on 18% of your annual income, up to the annual maximum. Your annual income is defined as regular income and does not include dividend or other investment income. This of course opens up the question for self employed people – do you take salary or dividends? Yup – that’s a topic for another day.

But which one is best?

For most of my clients, we utilize both account types. The split is really dependent on how you create your cash flow, manage your tax strategy and organize your goals.

There are some general tax guidelines, but what you want your money to do for you should always be the most important guiding principle in how you invest. Your goals provide the framework for all the planning work we do together – because at the end of the day, it’s all about you!

If you have any questions, please don’t hesitate to reach out.

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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Getting a tax refund is exciting, but should it be?

Finance|Wealth, Resources, Tax & Legal Matters

Roxanne Arnal, Optometrist and Certified Financial Planner© has made her article available in audio format.

Click the play button below to listen.

Dr. Roxanne Arnal, CFP^®

It’s that time of year again – when most of us have had to open up our wallets and make a special contribution to the CRA. As many optometrists receive income in multiple formats such as salary, dividends, and self-employment, we typically find ourselves owing additional taxes at this time of year. But not always.

If you haven’t strategized your annual tax bill well in advance, you may have found yourself with a refund coming your way.

Do you get excited when you hear you are receiving a REFUND? I’d like to challenge you to think differently about this.

Strategize your Tax Bill

What? You mean I can strategize my tax bill? Yes you can! Every year after you file your taxes and receive your notice of assessment from the CRA, I highly recommend that you spend some time with your Certified Financial Planner working out the best strategy for your income draw over the balance of the current tax year.

Adjusting your RRSP contributions is one simple task that everyone should review annually. Reviewing your tax installments is another. Salary and dividend splits need to be reassessed on an ongoing basis. Although your accountant has calculated your tax contributions for the coming year, this does not mean these figures are written in stone. Yes, there are CRA guidelines, but these are based on your tax bill from your previous two years of filing.

Your tax contributions for the year can always be adjusted based on a number of projections that we review in our annual tax meeting. Will your RRSP contributions increase or decrease this year? Have you had your payroll deductions adjusted for variances from the standard table? Do you anticipate placing a hefty medical expense submission on your next tax return? And on that note, do you know that medical expenses are any 12 consecutive months and not tied to the calendar year? Changes to your charitable contributions? Disability tax credit qualification change? Has there been a fundamental shift in taxation that will directly impact you?

We all know these things matter when we submit our paperwork to our accountant annually, but have you taken the time to plan for them earlier in the year and adjusted your tax contributions accordingly?

Why does planning ahead matter?

We all appreciate the social services that Canada offers. If you’ve ever been sick or seriously injured, you recognize the value of our health care system. Pandemic? Well you probably appreciated several of the government programs. Free highway access – yes please. Our social services are part of what makes this country great. But they do come at a cost and our tax system is designed to fund these costs – in one form or another.

So yes, pay your taxes, but don’t go donating extra to the government. When you make installments in excess of your tax bill, you are actually lending the government your money for free. FOR FREE!

With all due respect, if we owe them money, we will be charged interest and penalties. So don’t just ignore those tax installments, but adjust them to make them closer to target.

Do you like getting a tax refund? Well I don’t know about you, but I don’t like lending out my money interest free. Savings accounts might be paying dismally low interest right now, but they are still better than zero and maintaining the control of your own money is directly linked to opportunity flexibility,

Let’s get smarter about our money.

Need help planning your next tax year? Start with your tax return and an understanding of your year ahead – and let’s talk.

ROXANNE ARNAL,

Optometrist and Certified Financial Planner

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

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Episode 21: Is Now a Good Time to Sell Your Practice?

Eyes Wide Open, Podcasts

It’s been just over one year since COVID-19 interrupted life as we know it casting uncertainty on practice valuations in all health care sectors. How has optometry held up over this period? Jackie Joachim offers her perspective in conversation with Dr. Glen Chiasson based upon real-world experience.

About the Guest

Jackie Joachim is the Chief Operating officer for ROI Coporation. ROI specializes in assisting healthcare professionals in the Optometry, Dental and Veterinary spaces appraise and sell / transition their practices.

Episode Notes

Optometrist practice and health professional practices in general have proven to be resilient in the face of economic downturns in the past. Jackie Joachim shares her experiences on practice valuations, transactions occuring during the pandemic and outlook with podcast host, Dr. Glen Chiasson.

Jackie offers an insightful perspective on how the pandemic effects the perspectives of sellers, buyers and, importantly bankers, who fund the transactions.

She explains why and how practice valuations take into account the historical performance of a practice – pandemic notwithstanding.

The key question addressed: Is now a good time to sell?

Resources

Dr. Glen Chiasson

Dr. Glen Chiasson is a 1995 graduate of the University of Waterloo School of Optometry. He owns and manages two practices in Toronto. In 2009, he co-hosted a podcast produced for colleagues in eye care, the “International Optometry Podcast”. He is a moderator of the Canadian Optometry Group, an email forum for Canadian optometrists. As a host of “Eyes Wide Open”, Glenn looks forward to exploring new new technologies and services for eye care professionals.

Dr. Chiasson enjoys tennis, hockey, and reading. He lives in Toronto with his wife and two sons.

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

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What to Look for in Pre-Employment Background Checks

Human Resources, Talent Acquisition

While many eyecare practices do not have human resource specialists at their disposal, it’s always of benefit to understand what best practices are among sophisticated businesses that have HR specialists. This is true of pre-employment background checks.

Let’s look at best practices in background checks and how you might apply them in your eye care business.

Background checks have long been a part of many businesses’ hiring processes. It is the primary method employers and hiring managers use to gather valuable information on a candidate to help them judge whether a person is the right fit for their organization.

A designated employee or a third-party provider typically conducts background checks. Employers can run different types of background checks on job applicants. Some may require applicants to submit fingerprints, while others may call references to conduct a reference check. The amount and kind of background information collected will depend on the type of job the person is applying for and what the employer needs to know about their potential candidate.

While we will focus on the types of associates that eye care practices employ, it’s also important to understand the relevant employment laws of your province.

Privacy laws and human rights laws in Canada impose guidelines on background checks that companies can conduct on job applicants. Their privacy laws advocate minimum data collection. This means that if an employer does not need specific information (e.g., driver’s license number) for the job the employer cannot ask for it in their forms.

Moreover, employers must obtain a signed consent form from a candidate to collect their information. Companies also should be transparent with applicants about the following:

What personal data they are collecting
With whom they are sharing personal information
How they are collecting personal information
Why they are collecting the personal information
What are the risks or consequences the candidate faces should someone obtain these pieces of information

Canadian laws seek to protect employees’ privacy and human rights while also balancing the interest of the employer.

Reviewing Employment Background Checks

Employment background checks can take a lot of time and effort. It is essential to ensure that the process is done legally and correctly for the information gathered to be helpful to hiring managers. A small mistake could result in disqualifying the wrong candidate, leading to unnecessary costs spent on superfluous interviews or other aspects of the recruitment process.

Not having a person responsible for background checks and making sure these background checks are done correctly, could have catastrophic results.

Many practice managers and owners don’t fully grasp how important this is because they do not know how to conduct their background check on a candidate properly. They also may not be aware of the importance of doing this properly and efficiently.

Conducting Pre-Employment Background Checks

Hiring managers can do a background check on individuals applying for a job in their companies. However, some laws govern what aspects of the candidate’s background they can check and how they should go about the process.

In most cases, employers and hiring managers can look into the following aspects of a job applicant’s background:

Licensing and Educational Background

Verifying a candidate’s license status might seem elementary, but it is essential. In most cases a simple check with the relevant provincial college or association to ensure an individual has a license in good standing is a quick and easy task.

If you are unable to easily verify that an individual is in good standing with their professional college, proceed with extreme caution.

For both jobs requiring a license and even for those that do not, educational background is part of ensuring the candidate has the skills and knowledge to perform the responsibilities of the position they are applying for.

It is also beneficial to know if the candidate has taken any courses at a vocational school since these programs will provide relevant hands-on work experience. If a candidate has a degree, it is vital to verify that what they say about their major and minor fields of study are accurate.

Employment History and References

The last thing any practice wants is to hire someone who is late for work every day or who turns into an entirely different person once they start working.

Some people also make false claims about their employment history. A thorough background check can verify what the candidate says about their previous employment and whether they are being honest about their work experience. A candidate’s work history will also show if they have previously been terminated and have a record of severe offenses in their previous employment.

Criminal History

Companies must hire candidates who have a clean record. This will keep their company safe from any legal problems that would result from a candidate who breaks the law. Hiring an employee with a history of violent crimes may also compromise workplace safety and security. Hence, companies must ensure they are hiring trustworthy, law-abiding employees.

Driving Record

While driving is not often a responsibility within an eyecare practice, a person’s driving history can help an employer determine if a candidate is good at following rules and regulations. A driver’s history is often cited in cases involving accidents, speeding tickets, or drunk driving charges. Hiring an employee who does not have a clean driving record could cost a company thousands of dollars in fines or harm its reputation as an employer that cares about safety policies. If driving for any purpose is part of the job description, a driving record check is essential.

Consumer Credit Reports

A hiring manager may consider checking the applicant’s credit history to learn more about the candidate’s character and bad payment history. Credit reports can show whether a person is making payments on time and how they manage their finances. Although it is illegal for employers to refuse a candidate based solely on their credit score, this step can help them determine if a candidate can handle their financial responsibilities. This is of particular importance if bookkeeping or handling cash receipts is part of the job description.

Social Media

In recent years, more and more employers will look into a candidate’s social media activity. There have been cases where companies have decided to fire candidates based on their social media profiles because they found illegal or offensive content that can jeopardize their reputation.

Employers can’t legally use what someone says in their social media profile. Still, it can be investigated and used in a court of law if the employer feels an employee’s social media activity reflects poorly on the employer. Social media posts and activities can also contain red flags that employers and hiring managers may consider before hiring a candidate.

The Takeaway

All of these aspects of an applicant’s background can provide valuable information that will help companies judge if candidates will be a good fit for their practice.

It is up to the practice owner or hiring manager (if there is one) to decide which aspects of a candidate’s background are most important. For example, companies that require candidates with professional licenses will need to verify that the license is in good standing.

You should not rely on your instincts alone when conducting pre-employment background checks on candidates. These types of reports require experts who know what they are doing.

Some Resources to Help:
Today. The web provides convenient resources that makes record checking and attaining references much less onerous than in previous years.

Here are two services to help you qualify a prospect and provide the assurance that you’re getting a star for your practice.
InstantecordCheck.ca
ReferenceGetter

Feature Photo Courtesy of: Marten Newhall from Unsplash

LAURA BURKETT

is a writer, digital marketing specialist, and human resource specialist. She creates content and contributes to several blogs and websites regularly. Laura writes about business, hiring, employment, employee engagement, career advice, and digital marketing.

She worked as a hiring manager for years before pursuing a career in digital marketing and writing.

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New Look Completes the Acquisition While Reporting Strong Increase in Quarterly Results

Practice, Products | Services | Industry News

The all cash transaction taking New Look Vision Group private announced on March 18th was finalized on June 6th. Under the deal, FFL Partners (FFL), a San Francisco-based private equity firm, Caisse de dépôt et placement du Québec (CDPQ), a global investment group, and the Dr. H. Doug Barnes Family acquired all of the outstanding Class A common shares of the Company for $50.00 in cash per Share.

Shares of New Look Vision were delisted from the Toronto Stock Exchange (the “TSX”) as of May 28, 2021 end of day, removing the company from public trading, a move which New Look management referred to as a kind of “freedom day’ for the company.

FFL has a strong track record of investing in and building leading eyecare and optical retail businesses, including Eyemart Express, the second largest independent, value-focused optical retailer in the U.S.; and EyeCare Partners; one of the leading vision care providers and a former portfolio company of FFL.

New Look had previously (2019) entered the US market with the acquisition of twelve Edward Beiner banner stores in Florida, marking the first Canadian-based optical acquisition of significance in the US market.

Strong Q1 Posts Gains over prior quarter
As a backdrop to the acquisition, New Look reported strong financials for the period ending March 31. Adjusted net earnings increased by 69.3 percent compared to the prior quarter and cash flows related to operating activities reached $16.6 million, an increase of 126.2 percent.

New Look continued to pursue its significant acquisitions in Canada and the U.S., acquired 15 stores in the quarter.

President and CEO Antoine Amiel, stated, “New Look Vision showed remarkable resilience this past quarter and year to overcome unprecedented challenges driven by the COVID-19 pandemic and ongoing market headwinds. Despite closures and disruptions in the first half of 2020, New Look Vision continued to execute on its strategy and delivered strong results for the fourth quarter of fiscal 2020.”

View the Full Optik Interview with Antoine Amiel in Optik Magazine

New Look Vision Group Regains its Freedom

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Dr. Brian Yeung’s Optometry School Experience

NextGenOD

After a few years out of school, sometimes it’s nice to go back and reminisce with old friends about when we were just learning the techniques that we now do expertly on a daily basis. Dr. Brian Yeung, shares his school experience with Jaclyn Chang, editor of NewOptometrist.ca.

Jaclyn: Can you talk about your experience interviewing at different optometry schools and why you ultimately chose the Illinois College of Optometry (ICO)?

Brian: I applied to a few schools and got an interview at all of those schools. Waterloo was pretty tough with their interview process and admissions. I decided to go to Chicago for an interview, which was a lot more relaxed, and I really enjoyed the city. After that, I really felt like the ICO was a good place to be.

I interviewed at SCCO in California. That was a nice experience too, but I didn’t have as much of a gut feeling that I was going to be more comfortable there. They put me on a waitlist, but by that time, ICO had sent me an acceptance letter. I did have a third interview in Arizona at AZCOPT, which I declined.

Jaclyn: I had the same experience at ICO. I think it was the third school I’d interviewed at. I actually didn’t know much too much about ICO at the time, but I felt the most at home there, and I was actually very surprised by how at home I felt there.

Brian: Right? I had Dr. Pang, Head of Pediatrics. She asked me if I had any questions for her, which I had forgotten to prepare. I kind of freaked out for a second and said, ‘Well, I’m in Chicago for another day, are there any places to eat?’ She laughed it off and was really cool about it and told me where to get the best deep-dish pizza.

Jaclyn: That’s awesome. Interviewing at schools is similar to how the real world works. When you interview with an optometrist for a job, a lot of it is a personality fit.

Brian: That’s the most important. Knowledge is one thing, experience is one thing, but if you don’t work well together, even if you know everything, it’s not going to work out in the end.

I had a job offer right out of school, without even interviewing. Someone looked at my resume and saw that I had been the President of the Fellowship of Christian Optometrists (FCO) at ICO and thought I would be a good personality fit.

Jaclyn: Can you talk about your role in FCO at ICO?

Brian: After second year, The FCO Board needed incoming third years to take over the leadership positions. All the positions were taken except President. No one wanted to be President. I didn’t necessarily want it either. I just wanted to go on mission trips, but if no one was going to do it, this group wasn’t going to exist.

I talked to the previous Presidents to learn more about the role and ended up accepting it. I’m actually pretty grateful for that because I had the opportunity to coordinate two mission trips with the doctors that worked in Honduras and Guatemala.

It was a really great experience that pushed me out of my comfort zone and developed my leadership skills. Being the President of FCO also put me in contact with the doctor that ended up being my supervisor at my first rotation in Idaho.

Jaclyn: I remember when you were in Idaho. You had a car, right?

Brian: I had a free little 1995 truck that I was taller than, and I’m not that tall. I stayed in a trailer for three months for free. It was great; it was the cheapest rotation.

Jaclyn: How were all your rotations?

Brian: In Idaho, I did general comprehensive exams. There wasn’t a lot of disease, but that was perfect for first quarter because it allowed me to fine tune my exams and work more efficiently.

That experience prepared me for my next rotation at the Florida VA, which was go, go, go non-stop, and a lot more disease. I’m glad that it worked out that way; I didn’t have to worry about my timing at that point and I could absorb and learn about diseases.

At my ICO rotation, I also saw a lot of disease because we’re on the south side of Chicago. That was another reason I chose ICO – I like that type of learning environment that’s hands-on and I really like to learn from experience.

Indiana was my other rotation and that was just as good, but that was more of an OMD practice. We would see up to 40 patients a day for pre-ops and post-ops, and I would get to observe all the surgeries, following a different doctor every day.

Jaclyn: With all of your different experiences, do you have any idea where you want to go in the future?

Brian: It’s hard because I have a dream of what I want to do. I would love to build a practice from the ground up and build a culture of my own, but I’m also perfectly happy with being an associate because there’s less responsibility. Being an associate in a well-established practice and having good technology at my disposal allows me to make the income I want without sacrificing too much in how I want to practice.

My life is more-so following the path as it comes to me. I’m not one to plan too far in advance, because I know life is unpredictable. I find that if you’re willing to go with the flow, it actually will carry you to good places generally.

Jaclyn: Makes sense! Thanks again Brian – it’s always a good time chatting with you!

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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Zero to Five Pathfinder: Spotlight Jocelyn Leung, OD

NextGenOD, PathFinders

NewOptometrist.ca puts the spotlight on Zero to Five Pathfinders

PathFinder Spotlight:

Jocelyn Leung

Optometry:
University of Waterloo, 2019 Graduating Class

By Jaclyn Chang, OD

Jaclyn: Tell us about your education and internship experiences.

Jocelyn: I graduated from the University of Waterloo in 2019, and I currently live and practice in Toronto, which is also where I grew up. I was fortunate enough to have a quite diverse experience during my internships, and that gave me a different perspective on optometry. These included a single doctor private clinic, a multi-doctor private clinic, and a clinic that specialized in dry eye therapy, glaucoma co-management, and myopia control.

Jaclyn: Is there an area of optometry that you’re particularly interested in right now?

Jocelyn: I really like dry eye therapy. It’s a growing field in research and new treatment options, which changes the way that we manage our patients. Dry eye is very, very common nowadays with device usage and screen time, and the treatment is personalized for each patient. This gives us the opportunity to talk to our patients and help them figure out the status of their eye health and best treatment. I am also interested in aesthetic optometry, such as IPL and RF therapy, which pairs up nicely with dry eye.

Myopia control is another area of interest of mine as myopia becomes more prevalent globally. The treatment options are soft contact lenses, ortho-K, atropine, and specialty spectacle lenses. This area of optometry, like dry eye, also involves a personalized plan for the patient and is one of the reasons I’m drawn to it as a specialty.

Jaclyn: How was your start in optometry – can we talk about your first day of work?

Jocelyn: My first day of work was in September in 2019, and the first day is definitely nerve wracking because it’s your first day seeing real patients on your own. You have a responsibility to give them the best vision you can, and it’s also a new setting.

To mitigate that stress in the beginning, I would recommend going into the office ahead of time before you see patients, whether it’s a few hours or a day before. Learn the EMR, equipment, fees, the staff’s names and roles they play in the office. If the office is dispensing, learn the type of frame lines that you carry and the lenses you offer so you can have that conversation with your patients. For referrals, ask the other associates and the owner of the practice who they typically refer to for cataract surgery, or even other specialties like vision therapy within optometry. Familiarizing yourself with the names of other healthcare professionals in the area, such as pharmacists and family doctors, is very helpful.

There’s also no need to jam-pack your schedule the first day. Take your time with the patients and make sure that everything in terms of procedure is seamless, because you don’t want show that it’s your first day at work to the patient.

Lastly, don’t be too hard on yourself – you’ve been trained for this. Do your best and enjoy that you’ve picked a great profession and are just at the start of an amazing career.

Jaclyn: I can definitely relate to that first day feeling! Of course, a lot has changed since then. How have or will things change with COVID?

Jocelyn: With COVID, people are more conservative about traveling and going to do things in person. Since people are staying at home more, convenience is a big thing for everybody. We have one day Amazon shipping, and everything is at our fingertips through apps and the internet.

Utilizing technology is so important post-COVID. Having an online store for contact lenses, drops, even sunglasses is becoming an essential. Communicating via email or text also helps with patient convenience and ensures patients aren’t feeling that they’re forgotten after COVID.

Tele-health was big during the first lockdown. Tele-health can be a great platform to discuss care – to discuss testing or visual field results instead of having the patient come in. However, there are also times you would want to see the physical eye to make a diagnosis.

Jaclyn: Let’s switch a little bit from optometry and talk more about you! What do you do in your spare time? What are your hobbies?

Jocelyn: Pre-COVID, I loved working out in the gym. I love weight training and powerlifting. Now I have a makeshift garage gym with some weights, but it’s not the same feeling. I do look forward to going back to the gym because it did help to de-stress and help me feel a bit more accomplished throughout the day.

I love travel – I already have a list as to where I want to go next. I want to go to Japan again. And I’m a big Disney fan, so I definitely want to go to Disney World.

Jaclyn: What’s your favorite food?

Jocelyn: Sushi! Good sushi with good quality fish is something that I really love and associate with good memories. Back in university, I used to go for sushi with my friends, and it was always a good time.

Jaclyn: What’s your favorite TV show?

Jocelyn: I love reality TV dating shows, but I also like intense storylines such as Game of Thrones, or any sort of action lines. I love Food Network shows that include traveling and eating different foods or cooking challenges.

Jaclyn: Great to learn more about you! Thanks so much for taking the time to have this discussion with me.

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Zero to Five Pathfinder: Spotlight Dr. Brian Yeung

NextGenOD, PathFinders

NewOptometrist.ca puts the spotlight on Zero to Five Pathfinders

PathFinder Spotlight:

Brian Yeung

Optometry: Illinois College of Optometry (2013 – 2017)

Undergraduate: Ryerson University: B. Sc. – Biology (2008 – 2012)

Dr. Yeung is currently practicing in Ontario.

By Jaclyn Chang, OD

Before I completed my optometry degree at the University of Waterloo, I spent one year at the Illinois College of Optometry (ICO) in Chicago. My next-door neighbor at the ICO residence was Brian Yeung. We’ve managed to keep in touch over the years and recently we had the chance to catch up. The following is the conversation we had:

Jaclyn: Tell our audience about your background. Where did you go to undergrad? How did you get into optometry?

Brian: I went to Ryerson for Biology, and I went through undergrad not knowing what I wanted to do.

I knew being in science, I would have to either go into some sort of medical profession or research. I realized very late in my last semester of fourth year that I didn’t like the research side of things – laboratories, testing, etc., so I decided to go the medical route. I then volunteered in various medical settings to help me figure out what I wanted to do.

I worked at my aunt’s pharmacy and volunteered with an optometrist. That’s when I realized that optometry could be a lifestyle for me. I liked that it was a nine to five occupation and I really enjoyed seeing how personable the optometrist was when dealing with patients.

Over the next year while I was doing the prerequisite courses for optometry school, I had paid work at the office where I had volunteered, dispensing and doing front desk work. I worked with the staff and met patients, and everyone was always so happy to be there.

Jaclyn: How do you think that year that you had off translates to how you practice today?

Brian: I’m an introvert but working at the front desk during that year pushed me to be more social and get out of my comfort zone. On the fly, I learned how to socially interact with people and make them feel comfortable because they’re there to get help from us. In a medical profession, interactions and the comfort levels of the doctor-patient relationship are so important.

I was also able to get a look at how the other side of the practice works as well, the admin stuff. I did OHIP remittance, sent error reports back, booked appointments, and answered phones. That taught me to appreciate what the front desk staff has to go through every day. I understand how frustrating it can be sometimes. Being a doctor now, I don’t feel that disconnect; I don’t want the staff to feel like there’s that disconnect.

Jaclyn: What’s your favorite specialty within optometry?

Brian: I’m the doctor that likes the social aspect of practicing. There’s maybe not a particular specialty that I’m really invested in at the moment, but if the situation calls for it, I’ll do what the patient needs.

When I first came out of school, I really enjoyed glaucoma, but there were some limitations with where I was working not having the technology available. Now, where I work in Oshawa, we do have a Humphrey field, OCT, and Optomap.

In Oshawa, we also have meibography and recently got a TempSure machine. It’s nice to be part of an office that has the ability to treat these things. Even if I’m not the one to do the treatments, I like being part of a network that allows me to refer to my colleagues.

I have a very personal relationship with dry eyes. At ICO, they did the full workup on me and found out I had pretty bad dry eyes. I even had Demodex at one point. They treated me for it; eventually they put me on Restasis and then Xiidra, when it came out. I did have the taste side effect from Xiidra so I ended up staying on Restasis for a year and realized I wasn’t needing artificial tears as much. I went from six times a day to two.

Dry eye is a great specialty to be involved in within optometry because it affects a majority of people and it’s something we can treat. It’s definitely an area I can get more into in the future.

Jaclyn: Do you have any advice from your work experience over these past couple of years that you can share with new optometrists?

Brian: I’ve heard this and it’s the same thing I would tell others: Don’t be afraid to admit that you don’t have all the answers. Patients come to you looking for advice and solutions, but at the same time, if you don’t know the solutions, don’t lie to them. Don’t hesitate to bring the patient back for a follow up, because it shows the patient that you care and you’re doing what you can to figure out the problem with them. Patients appreciate you more for your honesty.

I also wouldn’t necessarily worry about cost to the patient – if they have to come back and pay for a partial or a test, you’re doing what’s best for them. You’ve worked hard to earn your title as a doctor and patients come to you for a reason.

Also, make sure you always keep a good network of people around you to help you out. Don’t think that you’re the hero and know everything, as I said. If you have a good network of friends, optometrists, and online resources, make use of them.

Another piece of advice is to just be personable with your patients. Take the extra two minutes to talk to your patients. It’s not just, ‘Here’s the problem. Here’s the answer. Goodbye.’ Taking that one extra minute to even tell a joke and relax makes all the difference.

Jaclyn: Can you tell our audience a little bit more about yourself? What’s your favorite food?

Brian: Steak and potatoes, mostly steak, fried chicken too. It’s pretty much just any meat.

Jaclyn: What are your hobbies? What do you do outside of optometry?

Brian: I love cooking; you can see that on my Instagram. I love anything to do with food. You have to eat anyways, why not put some good stuff in you? I love the creative aspect of cooking. It’s very therapeutic. That’s my version of therapy. Cooking and eating brings me to my happy place.

I also play a lot of sports, and I’ve been working out a lot more when I’m at home, since I can’t go anywhere. I bought a kettlebell and that’s the best investment I’ve made.

Jaclyn: What’s your favorite sport to watch?

Brian: These days, the Leafs hockey because we’re doing well. A couple of years ago it was the Raptors because we won. All my life, first things first is baseball. I play baseball too.

Jaclyn: What’s your favorite movie or a TV show, or both?

Brian: I’d say Inception, but there’s too many others as well. I don’t have a favorite TV show, but I would say the Sherlock series is one of the better ones.

Jaclyn: What’s your favorite place that you’ve traveled to? Or where would you want to travel to, when we can again?

Brian: Southeast Asia – I definitely want to go. I’ve never been, but I want to go there because I know your money goes really far and there’s so much good food. I’m not allergic to anything. I love spicy foods, so I’m down to eat anything and everything there.

Jaclyn: Thanks so much Brian! It was really to catch up and I really appreciate your time. I’m glad that after one year of school together we’re still friends, especially because we have so many similarities in the way we like to practice.

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The Emotional Roller Coaster of Buying a Practice

Buying-Selling A Practice, Practice, Resources

When the time comes to take the plunge and finally purchase a practice, there are so many thoughts that race through a buyer’s mind. Everyone is looking for the perfect practice. Unfortunately, it simply does not exist. A buyer can look at 10 different offices and find something wrong with every single one. It is understandable to want the best as this is a major purchase. However, buying a practice requires a delicate balance between logic and emotion.

While some would believe that emotion has no place in a decision this important, in reality, it does. Like it or not, emotion does in fact play a very important role when buying a business. It is critical that a purchaser cannot allow emotion to dictate the decisions that have to be based upon logic. And sometimes, the purchaser should not let logic overtake the decision-making process when emotion is required. The key to this delicate balancing act is knowing how to separate the two, and to recognize when either state may be impacting your decision-making process altogether.

Becoming a well-prepared and knowledgeable buyer is the key to your success. The initial choice to purchase is largely motivated by the desire to better your circumstances. A purchaser is likely tired of working for another doctor. Why build equity for someone else? Why have one’s schedule controlled by another? Why not invest in oneself? Most purchasers have likely reached the point where enough is enough – its time to be the boss. It is important to consider the potential rewards gained from owning your own practice. While everyone has their individual reasons, certainly controlling your own destiny, making more money, having the opportunity to improve your quality of life, and helping others, are just a few of the common reasons. These are all things that most people hope to achieve.

Choosing to buy during a pandemic is truly the time to keep the emotional side in check so that you stay motivated, especially in this economy. There are likely many people advising against the purchase of a clinic. But why would this not be the right time? Interest rates are at their lowest and quite frankly because there are some people who are either afraid or simply do not qualify, you may not be in a competitive situation. This means, you would not need to overpay on a practice that you might have pre-pandemic or certainly one year post pandemic. Fear is important as long as it does not cripple you from making a decision. To be successful, you need to cut a new path to gain success. By no means should you take ridiculous risks either. Ownership is not for everyone. But if you are not prepared to be a career associate, ask yourself if the people giving you negative feedback would still say no regardless of the economy. Trust your instincts. If your inner voice tells you that you are meant to be your own boss, then stop seeking the approval of others and look for guidance from those who are well-informed and knowledgeable.

There are going to be times during the clinic-buying process that you will be knocked off track. You will face situations where deals fall through, you will find it hard to locate any decent practices for sale, or you uncover some issues during your due diligence. These scenarios, plus many others, can surface after you have invested a lot of time, effort, and yes money, to analyze the office. A buyer must, however, have the strength to dust off these little setbacks and carry on towards the finish line or make the decision to walk away. This is definitely where emotions can play havoc on a prospective buyer. On the one hand, you want to stay upbeat and committed to the goal. On the other hand, though, you also need a good dose of logic because you must decide if you can live with some negatives or simply not move forward because it is the wrong deal.

Finally, you may be the best clinician. But you still need to educate yourself and surround yourself with experts. A good accountant, lawyer, and banker are so key to the equation. The right team behind you enables you to further grow the practice you acquire.

Last piece of advice. Please do not think you are an appraiser. Even if you have seen lots of practices, you are still not an expert. For every practice a buyer reviews, guaranteed an appraiser has seen twenty. A qualified appraiser has placed a value on an office based on a variety of factors. You might not agree with the value. That is fine but telling the appraiser they have overvalued the office is simply wrong. If you like the office but do not agree with the value, nothing stops you from making an offer at a price you are comfortable with. It really can be that simple. If your offer is accepted, due diligence will give you the true opportunity to see if the practice really is a good investment. Always remember, the stress you experience as a buyer is very similar to what a vendor also experiences. These are significant transactions and should not be taken lightly.

JACKIE JOACHIM

Jackie has 30 years of experience in the industry as a former banker and now the Chief Operating Officer of ROI Corporation. Please contact her at Jackie.joachim@roicorp.com or 1-844-764-2020.

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