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By Bill Nolan, Vice President of Client Services, Williams
Group
You may be 35-years-old and have practiced optometry for
10 years. You may be 65-years-old and have practiced optometry
for 40 years. Ultimately, you are facing the same issue:
how to plan for the time you leave practice.
Increasingly,
optometrists are realizing a formal exit strategy is an essential
part of good practice management. Much practice
management literature and lecture time has been devoted to
the steps involved in establishing a successful optometric
practice. Even more has been devoted to the methods by which
optometrists can maximize practice opportunities in mid-career.
It now appears, in many respects, the establishment of a
proper exit strategy may be at least as important for the
practitioner who wants to fully realize the benefits of a
lifetime in practice.
Few people wish to work forever. Most
of us look forward to retiring and enjoying the fruits of
our labor. To that
end, most people today have retirement plans and investment
strategies designed to provide them a secure income and enjoyable
standard of living after their working years. Small business
owners generally consider their businesses among their assets
when planning for retirement. Optometrists are no exception.
Indeed, optometry has been among the health professions in
which the sale of a practice is most common. Traditionally,
optometrists have believed—in fact, were taught—that
their practices would be a substantial part of their retirement
portfolios.
Most practitioners have come to expect that return
on the capital and asset investment in their practice will
help
fund, or at least supplement, their retirement. However,
a couple of economic factors are now combining to undermine
the value of optometric practices as a retirement asset.
First, practice valuations have generally declined in recent
years. A number of factors are commonly blamed. Managed care
has resulted in stagnant revenue figures in many practices
over the past decade. In some areas of the country, population
shifts have resulted in a decline in the patient base. Increasing
competition is also commonly cited. While there are indications
that demand for eye and vision care is increasing, the number
of eye and vision care practices (both optometric and ophthalmology
practices) is also increasing. That can mean more practitioners
competing for patients and, therefore,
the potential for reduced revenues per-practice. It can also
mean practitioners will find themselves in “a
buyer’s market” when it is time to sell a practice. more...
When Williams Group decided to hold an Executive Training
in Atlanta, we knew it would be a popular destination. But
THIS popular?
Well over 200 eyecare professionals will be in attendance
with nearly 40 practices represented. The
collective experience and expertise within the meeting rooms
will be mind-boggling and each attendee will benefit from
this virtual library of knowledge.
We can't wait to launch each and ever practice to new levels
of success! Each and every day, we prove that practice ownership can be fun, rewarding and profitable. Williams
Group clients are some of the most successful in the industry.
If you haven't experienced The Williams Way of
practice development, call us today and find out what thousands
of
your colleagues already know. Space is still available for
our June and July Executive Training, but will probably fill
up quickly. So don't delay!
Call us
today for more information at 800.676.9076. |
