Fearlessly Face Career Challenges in Corporate Optometry – Here’s How

Human Resources, Practice, Resources

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“Young professionals shouldn’t have to let a fear of failure hold them back; they should feel emboldened to take on challenges in creative ways.” – Cathy Englebert, renowned business executive, and CEO of Deloitte.

Successful careers in corporate optometry are forged by taking on challenges, succeeding and sometimes failing, but always learning from mistakes. These hurdles teach you about life, work, our industry and, most importantly, about yourself.  It’s your determination to overcome challenges that define you and shape your success in the future. This is true in optometry as much as it is in other industries.

I’ve compiled some tips to for young optometrists aspiring for successful careers:

Leverage fear into an advantage
Pursuit of a goal outside of your normal comfort zone can be disabling, even paralyzing. However, don’t let that fear define you. Take that fear and use it to your advantage.  A shy comedian can use that trait as part of their routine. A motivational speaker with a fear of public speaking can build confidence through continuous practice and using power poses.

You’re able to apply the same principles if you are anxious about taking the leap from employed OD to self-employment. If you fear that a retailer may turn your sublease location into an employment position, leverage that fear to define a path to your future.

Control your own destiny
Many Corporate ODs tend to rely on the regional manager or optical manger to help with office scheduling, growing the business or adding new services.

Understand that you are the driver of your business and that you cannot rely solely on others to help grow your business. Do not rely on the company to implement programs critical to your success, such as marketing your practice or training the staff about your optometric business. Take it on yourself.

Pursue continuous learning
People in their 60s, or older, can continue to learn, so why not someone who is still in their 20s?  Accountants can master a new software program and marketers can learn new social media skills or graphic design.

You can always use a new fresh day to learn a new skill-set which helps you achieve more success in life.

There is always something new to learn and you can be assured that it will help you in the future. Just because your focus is on patient care doesn’t mean that you shouldn’t be learning the commercial or optical side in corporate optometry. Learn all the administrative tasks and understand how retailers sell eyewear, retain patients, market to potential customers and foster their brand’s strength.

Rise to the challenges
There will always be limitations in your journey that create anxiety and signal you to slow down or take a step back. You’ll will have to work your way around these challenges. If your team is facing a particular challenge, gather your team, communicate clearly, and build trust in each other before you take the next step.

Make the tough choices
At some point in your career you will be faced with a transition decision. This decision point might seem very risky at first but by surrounding yourself with the right people i.e. those who have previously worked in the field you are aiming for, you can make a successful transition.

Success is a long journey but with the right moves and decisions, it will be easier and well worth it. Don’t let fear hold you back.

 

MARIA SAMPALIS

is the founder of Corporate Optometry, a peer-to-peer web resource for ODs interested to learn more about opportunities in corporate optometry. Canadian ODs and optometry students can visit www.corporateoptometry.com to learn more.

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Napkin Valuation

Accounting Basics, Building Wealth, Finance|Wealth, Real Estate, Resources

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A business owner asked me to give him a brief estimate of the value of his business. He had all the financials in front of him and he needed a number for a conference call he was having with his advisor in 20 minutes. I asked if he had the business appraised before. He said no and just needed a rough value so he could do retirement planning.

I cautioned him that it would be very rough and I asked that he never hold me to it and I qualified it as a napkin valuation. The napkin valuation is a term used when a business appraiser sits down with an owner and use a napkin and a pen to make quick notes which results in an estimated value of the business.

The estimate is based on a limited set of criteria. Primarily, for small businesses, the owner reveals last year’s gross income or this year’s projected gross income. A short discussion about expenses and an approximation of a profit margin follows. Then a quick look at the whole industry and finally the appraiser picks a multiple of the earnings.

In this case, the annual sales in the previous fiscal year were about $3,000,000. He readily admitted that expenses were a higher than he had hoped, but he was estimating they would have a profit margin of between 8% and 10% of the revenue this year. Last year, the profit margin was about 11%, but due to some cross-border taxation issues his cost of materials went up this year.

At that point, using five times the normalized earnings, I estimated the business to be worth approximately $1.5 to $1.75 million. The owner seemed satisfied although he thought the business would be worth more after all his years of hard
work.

I suggested a more thorough appraisal may reveal some aspects of the business that would improve value but based on his input and the limited time we had to complete this valuation, that was the number I was prepared to release over the phone.

He called his financial advisor and given the calculations he had was told he could not retire comfortably. if he sold the business in the next 1-2 years, he would end up with just over $1,000,000 of net proceeds, not enough, based on his other assets and future income sources. He was disheartened and said he was five to ten years away from retirement. The next day, I contemplated whether I should encourage him to spend money on a complete appraisal of the business, which may yield other important elements  of value, such as intellectual property, patents or trademarks, equipment and machinery that was not mentioned on the balance sheet of the company nor readily available to see in retained earnings or un-depreciated assets of the corporation. I thought about normalizing financial statements to look for income and expenses that are not essential to the day-to-day operations, that could purify his financial statement. Before calling him, I decided to take a look at his particular industry to see what the prevailing ratios of income and expenses and normalized earnings were.

A reliable business service I use provided information that suggested his industry’s profit margin was higher than his estimates. Therefore, because of time restrictions inherent in a napkin valuation, we had not determined the true hidden value or profitability of his business.

We agreed to commence a letter of opinion, whereby the appraiser has the opportunity to review the financial statements in detail. After four hours and running some spreadsheets, including the research I had done earlier, I determined his business was worth $3 to $3.5 million. I qualified my letter of opinion value with a plus or minus of 15% in either direction and sent it to him.

He was ecstatic because the valuation was the same number his advisor suggested for retirement in 1-3 years. I said it was better than the previous napkin valuation but it was still an incomplete appraisal.

He is re-evaluating his circumstance, and I hope he will invest in a detailed appraisal to identify the hidden components of value that are not revealed on a financial statement.

Napkin valuations are useful for quick calculations but a 15-minute phone call with someone like me is insufficient to go to an advisor to complete a retirement plan. If you own a business, hire a professional and get a proper appraisal done. Your financial and retirement plan is dependent on an accurate value of your business and what it would sell for in an open, arm’s length, unrestricted market situation. It is worth the investment.

 

TIMOTHY BROWN

is Chief Executive Office of ROI Corporation Canada’s national professional practice and brokerage firm.

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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New Year, New Goals

Finance|Wealth, Human Resources, Practice, Practice Metrics & Benchmarks, Resources

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Whether or not you believe in making resolutions, the beginning of a new year offers a perfect opportunity to reflect on what went well in the past year and what you would like to see improve or change in the coming year.

Intentionally focusing on specific priorities for the new year helps you to create a defined path. This gives you clarity and purpose.

What are your purposeful goals for 2019? Do you want to start preparing for retirement? Do you want to increase your eyeglasses capture rate? Do you want to introduce a specialty branch to your clinic? Maybe you want to open your own clinic or a second clinic?

Once you have determined what you want to do in 2019 to consider it a successful and fulfilling year, flesh out a plan to achieve them. What needs to happen on a weekly or monthly basis for your goals to be realized? Make the plan as detailed as possible.

By way of example, let’s consider the goal of increasing your eyeglasses capture rate. The plan may look something like this:

  • Week 1: Set up a tracking system to follow your capture rate every day.
  • Week 2: Set up a weekly meeting to review the capture rate results with the whole team.
  • Week 3: Do a cost comparison of lens companies. Which company offers you the best value? Create a lens offering with these products.
  • Week 4: Set up a training session to ensure all team members are familiar with the product offerings and pricing.
  • Week 5: Invite your lens rep in for product training.
  • Week 6: set up a bonus system to acknowledge the team’s efforts as the capture rate increase – this will be tied to the tracking system from week 1 and the accountability meetings you set up in week 2.
  • Week 7: practice your handoff. What works well? What can be improved? Would it help to have a dispenser assigned to a doctor every day?
  • Week 8: Team training at the weekly meeting. Walk through the handoff. What could be improved? Share success stories – let’s repeat those! Any gaps that needs to be closed on pricing strategy?
  • Week 9: What are some of the common objections in the dispensary? How can we overcome them?
  • Week 10: At the weekly meeting, be sure to review results – where are we and where do we need to be to achieve bonus? What could we do/offer to improve our results? Are we offering a second pair option to every patient?

Whatever you envision for 2019, take the time to flush out a plan to help you achieve it. Don’t be afraid to only focus on one goal. As they say, Rome wasn’t built in a day. The more time and effort you put into your plan now, the more likely you are to achieve it. So whether you believe in resolutions or not, take advantage of a time of year that lends itself well to reflection and purposeful goal planning.

 

KELLY HRYCUSKO

is the co-founder and managing partner of Simple Innovative Management Ideas (SIMI) Inc. and expert Practice Management contributor for Optik magazine. She can be reached at info@simiinc.com.

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Associate, Buy or Start Up – What Is Best For You?

Buying-Selling A Practice, Practice, Resources

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“You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose. You’re on your own. And you know what you know. And YOU are the one who’ll decide where to go…” – Dr. Seuss, Oh, The Places You’ll Go!

Graduating is definitely the goal. So, with a fresh license in hand what is next?

Depending on your personal confidence, financial condition, family situation and other factors unique to you, there are a few options available. Will you work for a while for someone else? Buy an existing office? Or dare to open one from scratch?

As you embark on this exciting chapter of your life, I would like to assure you that ROI Corporation is here as a resource that you can count on. We have been working with healthcare providers since 1974 and we service clients across Canada. ROI  Corporation appraises and sells optical practices. We are happy to provide suggestions and answer to any questions you might have. As such, we would like to offer a little advice.

Don’t rush into anything:
If you decide working for someone else is the best option, it is important that you take a bit of time to
explore where you want to work geographically. If ownership is in your cards, you do not want to limit
yourself in the future because of the non-compete you sign today. Any owner of a practice will expect
you to sign a contract, which is reasonable, so make sure you do not impact your future decisions.

Consider opportunities outside urban areas:
Some of the best practices to buy are located outside of major cities. Most people buying always want
store-front, major cities and within an hour of where they presently live. Smaller towns boast
opportunities for practitioners as they enjoy a higher net profit, less competition and lower cost of living.

Be prepared:
If you are not experienced at owning a business, use the next 12-18 months to learn as much as you can
about entrepreneurship. Attend business seminars, focus on your communication skills and speak to
many accountants, bankers, brokers and lawyers to establish your key group of advisors.

All buyers are encouraged to register on our NLS (New Listing Service). By going to our website – www.roicorp.com,
and registering, you will be advised whenever there are new opportunities. Even if you are not ready to purchase, this will help you get familiar with key industry stats.

If you have any questions, feel free to personally contact me at jackie.joachim@roicorp.com. Always happy to help.
Good luck!!

 

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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Should staff be able to use personal cell phones while at work?

Human Resources, Managing Others

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In our last article, we discussed the importance of having an Employee Handbook. This time, we wanted to specifically address an issue we often get asked about: what the rules around cell phone, office computer for personal things, and accessing personal email should be.

Technology has introduced an interesting quandary: while technology can improve office efficiency and productivity, there is also a concern that personal use of technology can decrease an employee’s efficiency and productivity. Let’s begin by addressing cell phone use. There are some programs now that require an employee to sign into their EMR account with a two-step process that includes receiving a code on their phone to gain access. In these cases, the employees must have access to their cell phones at all times. And access will inevitably mean use.

Many owners worry, rightly so, about the loss of productivity in these cases. However, there is another school of thought. What if having access to their phone increases their workplace satisfaction and that happiness translates into more productive employees?

According to Forbes magazine in an article entitled “Promoting Employee Happiness Benefits Everyone” dated December 13, 2017, Happy employees are also good new for organizations: The stock prices of Fortune’s 100 Best Companies to Work for rose 14% per year from 1998 to 2005, while companies not on the list only reported a 6% increase. Perhaps the best course of action is to set some clear expectations around discrete cell phone use. Many offices find it helps to implement a policy of keeping cell phones in drawers – out of sight out of mind – when not needed.

It is imperative that employees are discouraged from using practice computers or email for personal use. This restriction has less to do with decreased productivity and more to do with the risks associated with viruses and breaches in security. Setting up a practice email is fairly easy through email. This way the owner or office manager can also keep an eye on email transactions to make sure nothing slips through the cracks.

Almost everyone uses Google, both for business and personal use. In order to create clear line between the two, consider setting up a laptop in the “staff area/lunch room” that can be used for personal searches. This type of set up will set up the right expectations and make it easy to do so.

Whatever your policy is, make sure you outline every detail of it in your employee manual so that your expectations around this is very clear. Technology is changing the face of how we do business and how we organize our personal lives. We need to embrace technology in our practices to stay relevant in today’s marketplace. Setting clear expectations for personal use of technology will make it easier for all involved.

 

KELLY HRYCUSKO

is the co-founder and managing partner of Simple Innovative Management Ideas (SIMI) Inc. and expert Practice Management contributor for Optik magazine. She can be reached at info@simiinc.com.

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The Right of First Refusal vs. The First Option To Purchase

Finance|Wealth, Real Estate, Resources

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By Timothy A. Brown, CEO, ROI Corporation

Throughout my career I have heard lawyers, doctors, and property owners talk about giving a tenant the first right of refusal in a premise lease. The result: If the building should come for sale at the landlord’s discretion, the tenant has the first right of refusal to purchase the building.

The following definitions are reprinted with permission from Commercial Investment Real Estate published by CCIM Institute:

Option to Purchase.
This provision grants the holder the right to purchase an indicated property during the term of the option without respect to the owner’s desire to sell. In other words, the holder can force the owner to sell the property by exerting the option. Options to purchase often include specific terms

Right of First Offer.
Sometimes referred to as a right of first opportunity or first right to purchase, this provision requires the owner to give the holder the first chance to buy a property after the owner decides to sell. Unlike the option to purchase, the holder cannot force the owner to sell

Right of First Refusal. 
Sometimes referred to as a right of first opportunity or first right to purchase, this provision requires the owner to give the holder the first chance to buy a property after the owner decides to sell. Unlike the option to purchase, the holder cannot force the owner to sell

Let’s explore precisely what the first right of refusal actually means. In order for a tenant to have the right to refuse to buy a building, the property owner must actually take the property to the open market and bring other buyers into the fold. They can do this privately or they can do this through the services of a real estate and business broker. In this process, the owner must reveal that there is an existing tenant and disclose the terms of the lease. Potential buyers would typically want to explore the property inside and out, often get their own appraisal done on an independent basis and in some cases have a property inspection performed.

Thereafter, the purchaser or the multiple purchasers (given the current overheated market reality) would present their offers to the owner and/or through his/her agent.

At this juncture, the owner is obligated to approach the tenant who possesses the  first  right of refusal  and show them the highest and/or the most attractive bid to see if the tenant will actually refuse or agree to match that offer.

Think this process through from both sides. If you are the tenant, do you want your landlord parading potential purchasers through your rented space while he or she is attempting to attract open market offers in  order to find out how much you may be prepared to pay?

If you are the landlord, do you want to “use” the market knowing that you must disclose that this first right of refusal for the tenant actually exists in the leased premises?

A licensed and qualified broker must dis- close that your tenant has the privilege of matching any offers the market may actually present. What kind of offers are people prepared to make knowing that they may be matched or surpassed by the tenant and therefore, these potential purchasers may actually feel they are being used in order to motivate the tenant to buy the property.

As a landlord myself, as well as someone who buys property, when I know a tenant has the  first  right  of refusal, my interest  in the property is diminished. If I do make an offer, I will not spend a lot of time or money preparing the offer nor make the best offer I think the market would bear, knowing that it is possible that my offer will be matched or bettered by the tenant.

Now let’s consider an alternative option I have promoted over many years, yet failed to get agreement on by both property owners and lawyers. It is called the first option to purchase. Essentially, what this means is that the lease afforded to the tenant will basically say if I as the landlord decide to sell this property, I will come to you, the tenant, with the first option to purchase the property. I do not engage a real estate agent. I do not put  it on the open market. I do not parade anybody through your exclusive use rented space in order to drive up price and try to get the market interested. I come  to you and only you and I approach you first as you possess the first option to purchase. After a specified period of time, say 30 to 60 days, if we do not come to agreement in the terms of sale, I still reserve the right as the landlord  to put the property on the open market in the usual and customary process of selling real estate.

The result is you have been respected as the tenant. You were the only individual that I as the owner negotiated with. I may get an appraisal at my expense. You are certainly entitled to get one at your expense. If we can successfully negotiate, a deal struck. The open market, real estate agents and potential buyers have not been used to put us at odds. As an owner, I am not trying to drive price  up and you have not been annoyed with my bringing potential purchasers through the property and we both accept the fact that I really just wanted to do business with you in the first place.

I consulted with Todd Slater, founder of The Simple Investor, and a past contributing author to Profitable Practice magazine on this topic. Todd owns and/or manages over 1,000 income properties.

I  am a client of Todd’s firm. He completely agrees with me! As well, I surveyed several leading lawyers who agree with me, but they find it  difficult to alter the thought process and language of the legal profession that has been fixated on this absurd, outdated concept for decades… I hope this article helps to change the mindset.

The first right of refusal—or—the first option to purchase? If you are a landlord, what do you think is fair? If you are a tenant, which would you prefer?

 

TIMOTHY BROWN

is Chief Executive Office of ROI Corporation Canada’s national professional practice and brokerage firm.

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Observations from a New Practice Owner: 4 Keys to Success

Buying-Selling A Practice, NextGenOD, Perspectives, Practice

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As a new business owner who purchased her first practice, I have discovered the need for a multifaceted strategy. In order to be successful in the eyecare community, you must be able to compete with online retailers, other small businesses and large corporations. You must differentiate yourself from others by delivering patient satisfaction, competitive pricing, technology and practicing the medical model.

Here are four key strategies that are critical for a new practice to succeed:

Nurture good doctor-patient relationships and communication. Patients need to be able to relate to their doctor, whether it’s via small talk in the office about the local football game or through conversation about your family. Patients want to make that connection. Otherwise the patient can go anywhere and get his or her glasses changed a quarter diopter and not return the following year. If a patient feels comfortable with you they are more likely to return and refer friends and family. It gives you a competitive edge to develop a personal relationship with patients that many large corporations are not able to achieve.

Offer competitive pricing of products. Patients want to know they are getting the best products at the best price. There is a lot of competition in the eyecare marketplace. Business owners need to provide affordable pricing of products to keep patients in the office. Consider sales during the year to target the type of patient you want. For example in the late summer or early fall consider offering a back-to-school eyewear discount.

Deliver medical eyecare—and take time to educate patients about it. Patient retention is important for a successful practice. Take an extra minute with patients to fully explain why they are experiencing their symptoms and how you will help alleviate those symptoms and treat the underlying problem. Many of my patients have been to other eyecare practitioners who have not taken the time to do so. When you show you care, patients develop loyalty.

For example, if you have a glaucoma patient in your chair, describe to the patient what glaucoma is and how you are at greater risk of developing the disease if others in your family have been diagnosed with it. Simple illustrations in your office on medical eyecare conditions can provide effective patient education. These educational conversations are essential for patient retention.

Practicing medical eyecare is the key to a successful optometric practice. Patients return upon recommendation and refer others. Medical eyecare is also a revenue booster due to the need for follow-up visits and ancillary testing. Offering these services differentiates you from other eyecare practitioners who just sell eyewear.

The referrals you generate from primary care practitioners also is a win for the independent OD. For every diabetic patient I see in my office, I write a letter describing the eye exam findings, even if there is no diabetic retinopathy. Doing this is the right thing to do, but it also is free advertising to other doctors on the quality care you provide so they will continue to refer patients.

Invest in Advanced Technology. Investing in technology is a no-brainier. It produces revenue and provides quality care to your patients. Patients will be amazed at the new technology and know they are getting state-of-the-art care. By having this technology you are also differentiating yourself from other offices that do not have such instrumentation. To be able to show a patient what a chorodial nevus looks like is a great educational tool that also allows you to monitor the progression of the condition. Patients will return for a follow-up exam because you have a personal record for them–and you can bill for these photos, too!

As a business owner and doctor, you must be able to correlate the business aspects of optometry with eye diagnoses to generate revenue and have a competitive edge in your community. Implementing these four strategies will help put your practice on a path to growth.

What important business lessons did you learn during your first year of practice ownership?

 

MARIA SAMPALIS

is the founder of Corporate Optometry, a peer-to-peer web resource for ODs interested to learn more about opportunities in corporate optometry. Canadian ODs and optometry students can visit www.corporateoptometry.com to learn more.

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Every Office Should Have an Employee Handbook

Human Resources, Managing Others, Training & Onboarding

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An employee handbook lays the foundation for the practice’s expectations for their employees. The handbook should describe every office policy from what normal working hours are to what to do in case of illness.

With the introduction of legalized marijuana recently, we have advised our clients that it is a good time to update their Employee Handbooks. Just as it is not appropriate to consume alcohol either before or during work, it would also be inappropriate to consume marijuana before or during work. Many people do not realize that smoking marijuana is not the same as a cigarette. As well, a prescription for medical marijuana does not entitle a person to come to work impaired.

While you’re at it, there are other parts of the handbook that should also be reviewed. How many sick days are employees allowed, paid or unpaid? How many vacation days are employees allowed? How does seniority apply in your practice?

Workplace Safety or Occupational Safety boards for each province have many stipulations when it comes to health and safety in the workplace. Are your policies and procedures clearly articulated?  Have you designated a Health & Safety Ambassador to answer any questions employees might have?

If your expectations are clearly laid out in a Handbook, it is easier to have difficult conversations with employees should a situation arise. As an employer, you can reference the book and remind them that a certain expectation was laid out for them right from the beginning.

Whenever you have a new employee start work, an important first step in orientation is making sure that they read the handbook and sign a document acknowledging that they did so. This makes it more likely that employees will be compliant.  The expectations have been clearly laid out.

As you wrap things up for the end of 2018, review your employee handbook to ensure that you are compliant with all the new or revised labour requirements introduced over the past year.

 

CHRISTINA FERRARI

is the co-founder and managing partner of Simple Innovative Management Ideas (SIMI) Inc. and expert Practice Management contributor for Optik magazine. She can be reached at info@simiinc.com

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5 Keys to a Work-Life Balance as Practice Owner and Mother

Practice, Resources

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Four years ago, when I opened my practice, an independent practice that rents space inside a Sears in Warwick, R.I., I already had a one-year-old. A year later, I would have another child. The demands of being a mother to two young children, and the responsibilities of practice ownership, may seem overwhelming. But the right work-life management strategy makes it happily doable, without necessitating a choice between career and family.

Practice ownership can give an OD the freedom she needs to design a schedule that allows for both practice- and family-building.

Design or Ask for a Flexible Schedule
Practice ownership comes with the responsibilities of business management, but the upshot is you are your own boss, and, as such, can design any office schedule that suits you and your family. Being a practice owner also allows you to build a business that can financially benefit your family into the future.

I am in the office five days a week, but not for the same hours each day. When necessary, I come in late and leave later, or do just the reverse, and schedule patients earlier in the day, and leave earlier. As long as you make yourself available enough to accommodate the needs of your patient base, your practice won’t suffer from a schedule that allows the doctor to plan in advance to meet the needs of her obligations outside of work.

If you are an employed OD, it’s worth having a conversation with your prospective employers on the possibility of keeping a flexible schedule, as long as you meet a set number of hours seeing patients per week.

Take Vacation at the Same (Slow) Time Every Year
Patients respect a doctor’s need for time outside the office, but it helps to take your vacation around the same time each year, so long-term patients know when you will not be available.

I take my vacation every year at the end of June because it is a slow time of year for patients visiting eye doctors’ offices, and because it makes sense as my children get older and start school. With most schools in the Northeast out for the year toward the end of June, it is the perfect time for a getaway. Many of your patients are doing the same, lessening the chances that they will need you during that one- or two-week period.

Many outside of optometry take vacation time in August, but with late summer/early fall a prime time for back-to-school exams, that is not the best choice for a practice owner to decamp.

Partner with Local OD to Fill In for Each Other
If you feel strongly that you don’t want your patients to miss the chance to see an eye doctor in your office even for one or two weeks per year, you can arrange for another OD to fill in for you as a substitute doctor in your office. Using a substitute doctor also works well for solo practice owners taking maternity or paternity leave.

I have a professional relationship with another local OD who fills in for me whenever needed, and I for him. Developing these kinds of relationships also is helpful for unplanned-for time off, such as when a family emergency arises, or when you need to take a day off for a special event in one of your children’s lives.

See Patients on a Saturday and Salvage the Day
Most of us don’t like working on the weekend, but Saturdays are my most requested day for appointments, so the revenues I would lose from not seeing patients that day are significant. For that reason, I do work on Saturdays–but without killing the whole day in terms of spending quality time with my family.

If my Saturday schedule is booked more heavily later in the day than earlier, I have breakfast with my family, and if the schedule is lighter in the afternoon, I leave early enough to enjoy a late afternoon and dinner with my family. If the day is packed from early morning to late in the afternoon, I have my husband bring the children to the office for us all to have lunch together.

Don’t Cut into Family Time for Administrative Tasks
Practice owners, especially those with small, solo practices, have back-end administrative work, ranging from maintaining financial records and budgets to submitting insurance claims for reimbursement. I don’t let any of these chores go unattended, but I make sure they never cut into the time I spend with my family.

Instead of taking away from family time, I do practice administrative work at the end of the day, after my children have gone to bed, or when they are otherwise occupied.

My rule of thumb is remembering that I can always work on my career, and in my practice, but my children will only be in each stage of their life once, and I don’t want to miss any of it.

How do you balance work and family obligations? What tips can you pass along to ODs who feel overwhelmed by the responsibilities of their professional and personal lives?

 

MARIA SAMPALIS

is the founder of Corporate Optometry, a peer-to-peer web resource for ODs interested to learn more about opportunities in corporate optometry. Canadian ODs and optometry students can visit www.corporateoptometry.com to learn more.

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Why Optometrists Should be More Like Dentists

Buying-Selling A Practice, Practice

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Just like anything in life, deciding to sell an optometry practice can be made easier with a little knowledge and a little planning. Knowing your options along with the pros and cons of each can help you make the right decision for you and your family’s future.

So why should an optometrist be more like a dentist? Simple, Dentists receive top dollar for the sale of their practice when they decide to sell. In the past, probably 10-15 years ago, like optometrists, dentists would sell to associates or sell privately. While this seems painless, the problem is that after all your hard work, selling under these circumstances limits your ability to obtain the best possible price. Afterall, the sale of your clinic is your retirement income and it is your family’s legacy. Why should you give someone a discount?

Dentistry Shows the Way for Optometry.

Dentists learned years ago that selling privately or to associates resulted in buyers underpaying for their practices. We are able to substantiate by the data in the ROI database. Part of the problem here is that a buyer comes ready with advisors to support them but who is advocating for the retiring or the selling owners. Banks do not set values, they simply finance the transactions. Lawyers do not set values they simply facilitate the transaction as documented. We want to support you so that as sellers you have a chance to set an expectation and an asking price. This call to action may sound simple but it is not. Many people are not confident enough to represent themselves. Like most owners, you are emotionally attached to your businesses, making it near impossible for you to advocate from arm’s length, a commercial goodwill value of your business. When you deal directly with buyers, it is easy to become empathetic to their age, their degree of indebtedness and succumb to their youthful enthusiasm and eventually sell the practice for substantially less.

An optometry practice is definitely undervalued compared to dental practices nationwide. The question you need to ask yourself is “Why should I accept this?” Your practices are just as valuable as those in the other markets.

This is where we prove our value as brokers. Selling your practice is scary. We are not going to try and tell you otherwise. However, selling on the open market is the cleanest and easiest way to exit. Money is readily available from third party lenders so a seller can often “cash out” and walk away from a practice soon after closing.

Knowing your options when it comes to selling your practice is a must. It will allow you to plan. The more you know the better you will plan, the better you plan the better the exit experience will be. We would be happy to have a confidential conversation with you. There will be no commitment on your part other than to spend a little bit of time discussing your thoughts and asking as many questions as you like.

 

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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