The Emotional Roller Coaster of Buying a Practice

Buying-Selling A Practice, Practice, Resources

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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, COO ROI Corp

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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Controlling Myopia Today for a Better Tomorrow: Recap

NextGenOD, Products | Services | Industry News, Resources

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By Jaclyn Chang, OD

On Wednesday, April 7th, I joined over 400 live participants watching the Hoya-sponsored Canadian Myopia Management Event: Controlling Myopia Today for a Better Tomorrow. Speakers included professor and Dean of the University of Montreal School of Optometry, Dr. Langis Michaud; optometrist, Dr. Devan Trischuk; and INNOVA product specialist, Wayne Stobie.

Dr. Langis Michaud: Any Child Progressing is a potential high myope
Dr. Michaud started off with a detailed overview of the current literature in the field of myopia control. With what we now know, myopia control should be a priority in our offices.

Our goal as optometrists is to prevent our patients from progressing to high myopia, which leads to an increased risk of developing severe ocular pathology, including glaucoma, cataracts, retinal detachments, and myopic maculopathy.

While we can assess a patient’s risk factors, we do not necessarily know which of our patients will progress to high myopia.  Thus, any myopic child who is progressing should be considered for treatment as a potential high myope in the future.

Dr. Michaud stressed the importance of using a customized approach to treatment with the many effective evidence-based options that we now have available. Prescribing single vision glasses or contact lenses to a myopic child who is progressing is no longer the standard of care.

Dr. Trischuk:  In-practice Experience
Dr. Trishchuk, owner of Family Focus Eyecare in Saskatoon, SK, talked about his experience as one of the first offices to fit the Hoya MiYOSMART lens, which uses D.I.M.S. (Defocus Incorporated Multiple Segments) Technology. Since starting in July 2020, he has seen good results with refractive and axial length control in his patients.

With a passion for myopia control, and as a focus of his practice in more recent years, Dr. Trischuk shared his management tips based on years of experience; he emphasized that the initial education is not where chair time should be saved and discussed the importance of setting expectations, early treatment, following up, and involving your whole office.

Wayne Stobie: Axial Length Equipment
Finally, Wayne Stobie discussed equipment available from INNOVA to measure axial length, a key measurement for myopia management.

All speakers then joined for a Q & A session with the audience.

This comprehensive talk provided participants with the up-to-date information needed to more effectively educate and manage our patients. The recording was made available to anyone who signed up and I hope you enjoyed this recap in case you missed it!

For more information please contact your Hoya representative and visit the website.

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 Dr. Dharani Devathasan

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NewOptometrist.ca puts the spotlight on Zero to Five Pathfinders

PathFinder Spotlight:

Dr. Dharani Devathasan

Dr. Devathasan received her B.Sc. (Biochemistry) and Doctor of Optometry degree from UW. She further trained at the Eye Foundation of Utah, where she focused on retinal diseases and glaucoma. In 2015, she served on the  Volunteer Optometric Services for Humanity (VOSH) mission team.

Dr. Devathasan has a special interest in contact lens fitting, myopia control and ocular disease.

When she is not busy working at the clinic  doing yoga,baking, working out or enjoying her time with her close friends and family. She loves the fast-paced environment that downtown Toronto embodies.

Why did you choose your field?

I chose optometry because I’ve always had a passion for healthcare and helping people. I enjoy working with others, so I would consider myself a people person.  I can’t imagine myself working a nine to five desk job. With optometry, I am able to help people better their day to day lives by improving their vision and give recommendations suited to their lifestyle. Furthermore, optometry is much more than vision; there have been numerous times I’ve diagnosed serious underlying systemic conditions in a routine eye exam. I believe in preventative healthcare and this field allows me to educate patients on measures they can take to lead a healthy lifestyle for their eyes as well as for their overall health.

What advice would you give a new grad today?

I was born and raised in Toronto and I couldn’t see myself working or living anywhere else. I knew deciding to practice in Toronto after graduating meant I would be working in a highly competitive region with some of the best optometrists in the province. I believe you should strive to practice the way you want and where you want. If you are driven and passionate, you can be successful anywhere. I am currently working at multiple practices which isn’t unheard of for a new grad working in Toronto. However, my long-term goal is to work at 1-2 practices and establish my patient base in predominantly one office. Patients will want to come back to see you if they had a memorable experience and received superior care. Figuring out where you want to work and in what setting can be tough, but being patient with the process while building your brand for the long term is key. It’s all about mindset and working towards your goal and not giving up!

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

I try to take a few extra minutes to educate my patients. The most common feedback from my patients is that I am very thorough and I explain things well. I try to explain things in a way that is simple and easy to remember. I try to explain the significance of certain tests to help patients understand what I’m doing and for improved compliance of their treatment plan and management of their health conditions. For more complex cases, I write it down or email them a summary. This does take more time on my part but if it means the patient will remember and listen to the recommendations I’ve provided, it’s worth the extra effort.  I try to make the eye exam a memorable and positive experience for the patient, especially for those that are more anxious and worried about their eyes!

What’s your Favorite food? Favorite past-time/hobby?

It’s hard to pick one favourite food when I love food in general. I look forward to eating and I have a lot of guilty indulgences because of my sweet tooth. One of the perks of living in Toronto is accessibility to so much great food and its diversity. I love trying new restaurants and brunch spots. I have so many favourite restaurants in Toronto. Some of my favourite cuisines are Italian, Indian, Thai and Japanese. One silver lining of this pandemic for me was that I have discovered a new passion of mine, which is baking. I love baking sweets and sharing them with my family and friends. During the first lockdown when I was unable to work due to the shortage of PPE, I started baking one thing after another. I found it therapeutic and challenging to master complicated pastries and recipes. When I am not working, I am in the kitchen baking up a storm!

What would you do if you won 10 million dollars? What would you do with your practice?

If I won 10 million dollars, it would be truly life changing. The first thing I would do would be to help my family; I’m a first generation Canadian which comes with its challenges. My parents have sacrificed so much for my siblings and I so that we could have better opportunities. As a result, they spent most of their lives working tirelessly. I would want to give them the financial freedom they deserve. Furthermore, I would want to take it a step further and help some of my extended family in Sri Lanka and civilians who are less fortunate who were impacted by the civil war.

I would obviously reward myself as well by purchasing my dream house in Toronto with space for a home gym and huge kitchen to facilitate my passions outside of work, fitness and baking. I would start up a practice in the heart of Toronto where it’s deemed the riskiest and most saturated. I would work because I want to rather than because I need too. This practice would have the latest equipment and the most beautiful dispensary ranging from high end designer glasses to modestly priced glasses so that everyone is accounted for. My dream practice is one that is inclusive and offers the best service and care possible.

What is the best possible future discovery or invention in any field?

One of the greatest discoveries of all time would be the cure to cancer. Working in the healthcare field, I’ve had one too many patients that have been diagnosed with cancer or know of someone who has passed away from it. Being in good health is such a blessing and it is something we often take for granted. Sometimes I remind myself how lucky I am to be alive and healthy, which allows me to do the things I love and to be around the people I love. It’s easy to stress about the little things in life and focus on the negative aspects, but practicing gratitude on a regular basis is truly an art.

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Asset Protection Analysis

Building Wealth, Finance|Wealth, Planning, Resources

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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®

My last article addressed your greatest asset and I introduced the concept of an asset protection portfolio. But what is an asset protection portfolio?

Essentially, it’s a plan that outlines how you will manage various risks to your assets.

For example, Professional Liability Coverage manages the risk you carry of causing real or perceived harm to your patients. In our increasingly litigious society, this coverage is vital to ensure that our livelihoods, our businesses, and our personal lives are not ruined due to a possible misjudgment along the way.

Review your Risks

Comprehensive financial planning includes a review of your potential risks and discusses the strategies to manage those risks.

  • Identify the risks that could threaten your financial security.
  • Quantify the risks.
  • Determine if there is some way to mitigate the risks through planning.
  • Transfer the remaining risks that you are unable or unwilling to assume yourself to an insurance company.

For significant life changing events, like premature death or developing a debilitating illness for example, it may be prudent to transfer as much of the financial impact as possible.

Where transfer is not done, you would ultimately assume the financial burden of unexpected, and potentially catastrophic events. This can have a significant impact on your assets – both on you as the asset generating machine, but also on the physical assets themselves.

From a health perspective, given todays ever advancing care, we often survive, what in the past, would have killed us. Both my husband and I are proof of  how advancements in health care save lives, where previously premature death was inevitable.

As a result, it is more important than ever to ensure that we don’t drain our savings in our fight for survival. Transferring risk permits us to adapt to our new situation while maintaining a manageable standard of living for us and our families.

Asset Protection Process

  1. Evaluate the impact of the risk. Consider: would the risk be of:
    • Minor consequence?: Where the potential financial loss is very low, it is likely very manageable within your overall financial situation. Think of smashing your cell phone. Annoying? Yes. Does it create a financial stress on your family? Likely not.
    • Substantial consequence?: Where you would face serious financial difficulties that would lead to a reduction in your standard of living, you will want to ensure you have reviewed risk transfer options.Your inability to work for six months after an accident is one such example.
    • Dire consequence?: Where it would result in significant financial loss that could lead to bankruptcy or the disposition of most assets, you will definitely want to transfer the risk.The everyday example we live here is the risk of malpractice.
  2. Review the probability of the risk occurring in relation to the impact it would create, and allocate premium dollars accordingly. For example, what are the odds of your house catching on fire? There were only 5,951 residential fires in all of Ontario in 2014. The odds of you developing a critical illness? 26% for a non-smoking 35 year old male before the age of 65! (You can review your own risk through the Insure Right Calculator by Manulife.)
  3. Select the appropriate asset protection strategy. There are 4 basic strategies:
    • Risk Avoidance – can you avoid the potential risk? For example, you can avoid the risk of an ice mountain climbing injury by choosing not to ice mountain climb.
    • Risk Reduction – can you reduce the probability of the risk occurring? For example, you can use your seatbelt every time you travel by vehicle.
    • Risk Transfer/Sharing – can you transfer the cost or share the cost of a risk occurrence with another party? For example, you can’t afford substantial time off work and support your family should you suffer a major injury. You may have an emergency fund equal to 3 months of expenses, but it’s highly unlikely you have sufficient savings to cover your needs until age 65. Perhaps a disability income replacement policy would be wise.
    • Risk Retention – for all risks not avoided, reduced or transferred to a third party, you ultimately retain the risk yourself and assume full responsibility for the financial impact it may have. Replace that broken phone? An inconvenience, but it won’t create financial ruin for years to come. Suffer a stroke? Well that’s a different story.

Have you analyzed your areas of risk and how you will handle them? As your personal CFO, I’m here to help you figure it out and explore the different options so you can make smart financial decisions with confidence.

Business risks? Well, that’s a topic for another day.

 

References:

Manulife Insure Right – What’s your Risk? Which references: Critical illness probability based on combined incidence rates for Cancer (“New cases for ICD-03 primary sites of cancer: 2002-2007”) and the Heart and

Stroke Foundation of Canada (“The Growing Burden of Heart Disease and Stroke in Canada, 2003”).

Fire Statistics in Canada, 2005-2014, published by Statistics Canada, September 2017

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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What’s New in Specialty Contact Lenses from Dr. Rosa Yang

NextGenOD, Perspectives, Products | Services | Industry News

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By Jaclyn Chang, OD

Residency trained optometrist Dr. Rosa Yang shares her knowledge on the ever-changing topic of specialty contact lenses in the following conversation with NewOptometrist.ca editor, Dr. Jaclyn Chang.

Dr. Rosa Yang

Jaclyn: What are the indications for scleral lens use?

Rosa: Scleral lens use has been growing and gaining more attention in recent years. The scleral lens vaults over the cornea and has increased comfort.

Previously, the primary indication for scleral lenses was corneal ectasia; the main one being keratoconus. Now we have learned about other benefits of scleral lenses, for example, patients with dry eye. Scleral lenses provide constant lubrication to the ocular surface. While dry eye is a multifactorial disease and scleral lenses aren’t for every patient with dry eye, there is a specific subgroup of patients who would benefit from them. These include patients with exposure, such as with a facial palsy.

Jaclyn: What equipment is necessary for fitting specialty contact lenses?

Rosa:  Topography is essential to the fitting of specialty contact lenses. When you think about managing glaucoma, you think about how important OCT is to glaucoma specialists. The analogy for a contact lens fitter is topography.

It is an effective method to assess ortho-K treatment, for example. While the patient may have optimal vision and the lens may appear well-fitted open-eye, this may not always correlate with optimal ortho-K treatment overnight. The treatment may be decentered but provides enough treatment through the optical center to give good vision. However, this does not equate to optimal treatment.

There is also value in topography with scleral lens fits. The amount of time needed to select the initial lens can be minimized. The topography can aid us in determining the initial sag of the lens. We have also learned that many scleras have toricity. Some topographers can map out scleral contour to help us decide if the patient would benefit from a toric peripheral design.

Jaclyn:  Can you talk a little bit about specialty soft contact lenses?

Rosa:   Sure, there are specialty or customized soft contact lenses for high prescriptions outside of range. For example, I had a patient whose prescription was -22D. We put this patient in a soft contact lens called Intelliwave. Keep in mind that this lens lasts for three months so the patient has to be diligent with cleaning.

Jaclyn: What is new in the world of fitting specialty contact lenses?

Rosa:  Profilometry is fairly new. With this, the topographer and the software are linked to the contact lens manufacturer. Normally, we would do a diagnostic fit, where you put a lens on the eye, check the fit, and then specify the change in parameters. Profilometry is a method in which the contact lens manufacturer can generate a lens with a specific parameter based on the topography itself.

Aberrometer is also a relatively new technology being implemented. Higher order aberrations (HOAs) can lower best corrected VA and quality of vision. HOAs can be measured and neutralized to improve vision in scleral lens wearers.

Jaclyn:  Great, thanks so much for that refresher and update!

 

Previous discussions with Dr. Rosa Yang: 

Perspectives on Myopia Control
Pursuing a Contact Lens 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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Sublease Opportunities with Bailey Nelson: available across Canada

NextGenOD, Sponsors

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We make i t easy to run your practice by providing:
• A fully equipped exam room plus pretest equipment
• Online booking and recall systems
• EMR system
• Support staff for reception & pre-testing
• Onboarding, support and training
• Tools to optimize traffic and expand your clinic

Category:    Sponsor

 

At Bailey Nelson, it’s our mission to work with innovative and caring optometrists who ensure all patients enjoy a friendly, stress-free experience worth remembering. We’re looking for passionate individuals who are highly invested in making a difference for their patients. Is that you?

Founded in Bondi Beach in 2012, Bailey Nelson is a global brand led by an incredible team with boutiques in Australia, London, Canada and New Zealand. Buying glasses should be one of life’s pleasures. And we’ve created a formula to make it one. We start with a process that’s clever and honest. And we hire people who are passionate and genuine. It’s not rocket science. It’s just caring enough about what you’re doing to do it right.

DOWN TO EARTH

We give honest advice to our patients that correlate to their visual needs.

CONSTANTLY IMPROVE

We’re always finding new and innovative ways to improve the patient journey, including a focus on adding to our OD equipment.

TIGHT KNIT

Never feel like you’re practicing on an island by yourself. You’ve got a network of independent ODs to reach out to, an optometrist who serves as the eyecare director for the organization, and support from entire Bailey Nelson team in (and
out) of the store.

“I like the culture Bailey Nelson promotes, which reflects in the awesome store atmosphere and great people you get to work with. My best experiences so far have been meeting and working with various people in the company who come from different backgrounds and cultures. As an OD, you can practice as you choose and there is no pressure from sales.”

Syed Mohammed Moosavi
Optometrist at Bailey Nelson Scarborough town centre

“I enjoy working with Bailey Nelson because of the people both the BN team and the patients. I love having the time to get to know each patient and help improve their quality of life. I also enjoy the team of BN doctors who are always there to help each other through tough cases and and bounce ideas off each other.”

Leah Thorpe Kensington, Calgary
Waterloo, Class of 2012

“Bailey Nelson is a supportive, open, and trusting environment that has helped me grow as a creative leader in eye care. At Bailey Nelson, I get to mold my own clinical approach, implement creative ideas in pursuing specialized care with high efficiency, and deliver care that is not only high-quality but truly accessible and affordable.”

Song Kim, Square One, Mississauga
Waterloo Class of 2021

 

Frequently Asked Questions

What services does the Bailey Nelson team provide?

Along with marketing to drive the appointment books, our team also helps you on the ground by taking appointments for you, and pretesting your patients. You won’t need to hire your own staff to do this.

What equipment does Bailey Nelson provide?

We provide all the equipment you’ll need to see your patients and you get a fully-equipped state of the art exam room and pretest equipment

 

Let’s talk.

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The Emotional Roller Coaster of Selling a Practice

Buying-Selling A Practice, Practice

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When the decision to sell is made, one is thinking from the logical, left-brain side of the mind. There are numerous practicalities to take care of and the owner knows that selling will help achieve personal goals. However, deciding to sell can be difficult and many cannot imagine things could become any more difficult. But they can. Selling a practice is fraught with a myriad of emotions.

The Emotional Peaks
We know selling a practice is always emotional. We do remind our clients though, that there are two particularly challenging periods once the listing agreement is signed. The first is while we wait for offers to come in and the second is while we wait for conditions to be waived.

During the initial stage of waiting for an offer, one cannot help but feel exposed. After all, potential buyers are reviewing your information and deciding if this is a good opportunity for them.

A vendor cannot help but feel as if he/she is being judged. When an offer does not come quickly, the owner asks, “why is my clinic not good enough”. Of course, it is good enough. In fact, it is a good option, but it must be the right option for a particular buyer.

Any time in life when we are waiting on someone else to make a decision that affects us, it is very difficult, it makes us doubt ourselves and why our practice has not been chosen. As a vendor, it is critical you remember that you cannot appeal to everyone. And that is truly okay.

Offer Anxiety
There is always the right buyer for your office, and it is impossible to appeal to all. It may take time, but the key is not to second guess everything that is or is not happening. Your practice is unique, and the right buyer will have their own unique set of circumstances that make them the right fit.

For many owners, the first emotions experienced around the offer for the practice will be excitement, exhilaration, and pride.

The fact that there is a buyer for your office validates that you have created something of value and your clinic is wanted. As such, once an offer has been placed, many start to celebrate. We encourage owners to simply wait.

It’s Not Over Until It’s Over
Even with an offer being accepted, there are still hurdles that the purchaser must over come.

The toughest two are financing and assigning of the lease. Financing is certainly more difficult during this pandemic. Largely because bankers are scrutinizing the purchasers far more than pre-COVID days. They want to ensure when they grant a loan that they have confidence in the buyer.

The assignment of the lease can be challenging for many reasons – for example if an owner has had a difficult relationship with the landlord over the years, the landlord may not be willing to be so co-operative. Perhaps during the assignment of the lease, the purchaser may use this opportunity to ask for things that may not be granted.

Should any condition not be met, unfortunately, the offer becomes void, and deposit is returned. This is difficult for the vendor as now things start over.

This does happen but it does not mean your practice will not sell. You just need to be patient. The right buyer will be motivated and never stray from the motivation that drew them to your practice initially.

Transition Stress
Another stress a vendor may not be prepared for is the actual transition once all the conditions have been removed and the closing date is in sight.

It is normal to start to question the initial decision to sell. Is it right for your staff and patients? How will things run once it is in new hands? How will the owner really fill their time after the sale?

A sale brings up strong emotions particularly when an owner has been owning and operating for many years. If the vendor stays on, the realization that new management is now in place and that a say in the day-to-day decision making is no longer part of their responsibility.

Many do not realize how a large part of the vendor’s identity is tied to the clinic.

Rest assured that these thoughts and feelings are normal. Preparing ahead of time is the best way to handle the emotions connected to selling your practice.

While some doubts and fears are normal, preparation and planning for what life will look like post sale, will help an owner navigate the transaction as smoothly as possible.

Jackie Joachim, COO ROI Corp

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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Zero to Five Pathfinder: Spotlight Cindy Shan

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NewOptometrist.ca puts the spotlight on Zero to Five Pathfinders

PathFinder Spotlight:

Cindy Shan

Optometry:
University of Waterloo 4th year-Class of 2021

Cindy Shan is a student at the University of Waterloo, School of Optometry and Vision Science.

She is the Class President for the Class of 2021.

She has a special interest in practice management, specialty contact lenses, and myopia control.

When not engrossed in building a career in optometry, Cindy loves to travel and explore other parts of the world, test her skills at DIY projects, and hike the beautiful mountains in British Columbia.

 

Why did you choose Optometry?

There are many reasons that an individual chooses their profession. Optometry, to me, was always a perfect combination of being academically challenging, patient-focused, and entrepreneurial.

After reaching out to doctors in my hometown of Vancouver, I had the opportunity to shadow them and work alongside them. I fell in love with the work and was ecstatic when I got an acceptance email to the University of Waterloo.

Four years later, I am finishing up my last year of optometry school and getting ready for graduation in a couple of months.

During my time in Waterloo, I was the Class President for the Class of 2021 and helped out with many organizations within the school. The highlight was definitely planning the many social gatherings for my class, whether it was holiday parties, laser tag, or pub crawls.

Where do you see your practice / eye care in 10 years?

The answer to this question has changed drastically in the last couple of years. If you had asked me this question at the beginning of optometry, I may have said “return to Vancouver and work in an office there.”

I have learned a lot in optometry school, but one of the most important lessons was the amount of potential that this profession holds and the various regions in Canada that are underserved.

Having had the chance to complete a clerkship rotation in a rural setting, I appreciated the challenge and satisfaction of providing our services to these communities.

In the next 10 years, I hope to work on completing a residency in contact lenses and opening a practice in a rural city. I hope to share what optometrists are capable of beyond a simple glasses prescription.

What is currently the most exciting thing in your field to help patients?

I am most excited about the advancements in dry eye disease treatment and management. At the Global Specialty Lens Symposium in 2020, the last conference I was able to attend pre-lockdown, I witnessed the many advancements in technology and treatment options available.

Optometry is a profession that is ever changing and developing new ways to best help our patients. Having seen many patients that suffer from discomfort due to dry eyes, I am excited to see the new pharmaceutical and technological advancements that will soon become another treatment option.

It was exciting to see certain devices that were advertised at conferences early in my first year of school come into the market and be implemented into private practice during my fourth year.

Which ECP speakers/leaders do you admire?

Dr. Andrea Lasby has been an amazing speaker and leader that I have had the pleasure of interacting with multiple times. As an optometrist with a residency under her belt, multiple leadership positions within the optometry community, and a mother, I strive to be as accomplished as her.

I had the chance to shadow Dr. Lasby for one day at her practice, Mission Eye Care, and loved the way she interacted with her patients. The connection that she makes with her patients builds a trusting patient-doctor bond.

Her accomplishments in the world of specialty contact lenses is also very admirable, as I hope to become a fellow of the Scleral Lens Education Society and the American Academy of Optometry.

Favorite past-time/hobby?

I am a big fan of crafting and have always had a knack for completing hands-on projects. Recently, I took up crocheting and have been creating many gifts for friends and family. A night in with some movies and my yarn sounds like a perfect evening.

Eventually, I hope to be able to work up to bigger projects, maybe dipping my toes into woodworking and creating my own furniture.

My favourite social aspect of optometry?
Going to conferences! I went to my first conference in my first year of optometry school and absolutely fell in love with the community. I will always remember seeing the doctors greet each other and reconnect, even though they practice in distant clinics.

My friends and I always discuss our future plans of meeting up at conferences, attending lectures together, and taking advantage of the many sponsored events.

I love the ability to build a network of colleagues that I feel comfortable going to for advice and assistance if I have a difficult case. Attending the University of Waterloo was amazing for this reason, as I am surrounded by intellectual and lifelong friends.

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Episode 20: New Look Vision Group Going Private (Again)

Eyes Wide Open, Podcasts

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By store count, Canada’s largest optical and eye care organization, the NEW LOOK VISION GROUP announced plans to take the corporation private and and alleviate the onerous burden of public company reporting. Dr. Daryan Angle, IRIS VP Business Development introduces the new investors and talks about the rational for the move with Eyes Wide Open Podcast host, Dr. Glen Chiasson.

 

About the Guest

Dr. Daryan Angle graduated from the University of Waterloo School of Optometry in 2001. He joined IRIS in 2002 as a practicing optometrist in British Columbia, and shortly thereafter became a franchise partner with IRIS. In 2006 Dr. Angle relocated to Ontario. He currently holds the title of Vice President Business Development and in that role, primarily focuses on buying, partnering and integrating optical stores and optometry practices into the IRIS network.

 

Episode Notes

With over 400 locations and five banners including IRIS, New Look, Vogue, Greiche & Scaff  and Edward Beiner (USA), the New Look Vision Group is the largest optical and eye care entity in Canada.

The New Look group recently announced the company will remove itself from the Toronto Stock Exchange and be taken private through a $50 cash per share purchase by an investor group headed by a US-based private equity firm and the Caisse de dépôt et placement du Québec (CDPQ).

Dr. Daryan Angle, representing New Look, provides insights to the pros and cons of being a public company and how New Look will benefit from the new structure.

Angle explains why the New Look President & CEO, Antoine Amiel, attributed being a publicly traded company to a “quarterly strip-tease”.

Angle introduces the new equity partners and outlines what they bring to the table. He also delves into what the buy out means for New Look brands, their Eye Care Professional partners and associates, and clients.

Angle, and Eyes Wide Open podcast host, Dr. Glen Chiasson, also discuss the ongoing consolidation of independents into corporate entities and the impact on independent optometry.

Details on the transaction and new equity partners are available from the resources links.

Resources

 

 

Dr. Glen Chiasson

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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Zero to Five Pathfinder: Spotlight Alexa Hecht

NextGenOD, PathFinders

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NewOptometrist.ca puts the spotlight on Zero to Five Pathfinders

PathFinder Spotlight:

Alexa Hecht

Undergraduate Studies:
University of Manitoba in Psychology/Biology

Optometry:
University of Waterloo 4th year-Class of 2021

Why did you choose Optometry?

Optometry offers various aspects that I was looking for when I was choosing my career path. Every optometrist I had ever spoken to loved what they did and always stressed the work-life balance optometry provided. I wanted to have a career where I would look forward to going to work, and every day seemed somewhat different. Optometry provided me with the opportunity to own my own business one day, which always intrigued me. I know the profession will constantly evolve, and I am excited to see which path my career takes me on. Also, vision is one of the most important senses we have; helping people see every day is incredibly gratifying.

Where do you see yourself/eyecare in 10 years?

I think it’s hard to predict where I will be in 10 years, but at this point, I see myself opening up a private practice. I have always wanted to create a very unique, relaxed environment for my patients to come. I want my future practice to provide excellent patient care and showcase the hippest frames. I have always said I would love to live near a beach, so who knows, maybe I will be opening up a practice in a beach town. For now, I take one day at a time and try to focus on my present goals.

What advice would you give a first-year optometry student today?

The first year of optometry school was a very overwhelming experience. You are trying to juggle school and growing friendships while still taking care of yourself. I would tell students not to stress the small things, and their mental health should always come first. Everything will eventually fall into place, and you will find your groove. I would also tell first-year students to get involved in some way or another. I was very involved with the American Optometric Student Association (AOSA) and got to attend numerous conferences and meet so many leaders in optometry!

How have you changed since high school?

I believe my mindset has shifted significantly since high school. I think one of the significant shifts I have noticed was I have stopped doing things for the sake of pleasing other people. I think this is something many young people struggle with, especially when you are still trying to figure out your place in the world. Whenever I make plans, I question whether it will bring meaning to my day; I ask myself will this cause me more happiness than stress? I’ve learned that it’s ok to say no to people, and I have learned to put myself first before committing to something.

Describe your perfect day?

My perfect day would start with a nice cup of coffee and a killer spin class. It would also involve exploring a new neighbourhood and maybe trying a new restaurant for brunch. I love to cook new gourmet recipes, so I would for sure finish off my day by trying something new in the kitchen. In a non-COVID era, my perfect day would end with grabbing a drink with a couple of friends.

What is your favourite food?

I love Thai food! There is nothing more comforting than a good pad Thai or a warming coconut curry. I’ve tried to make a few Thai dishes and they are good, but nothing beats authentic takeout!

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