October 17, 2017

The Patient Paperwork Problem

Recently, I witnessed an online gripe session of a bunch of optometrists and opticians on a popular social media platform and group.  The gist of the complaint was this: “On which planet does a new patient show up to an office and NOT expect to fill out paperwork?” There were several dozen comments on this...
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September 27, 2017

How Long Should The Owner Stay On?

For Small Practices, The Quicker The Better Are you thinking about buying someone’s solo practice? One important question to ask the seller: “Do you need to continue to work?” If the seller is financially dependent on working at the practice, it is a serious red flag. For most single-doctor practices, the seller should go as...
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September 20, 2017

Six Myths About Firing An Employee

Six Myths About Firing An Employee Nobody likes confrontation, and it’s natural that we try to find justification for not firing somebody. Following are six myths I hear from optometrists regarding termination. Keep in mind this is being spoken from the viewpoint of an optometrist who owned and operated an office of a dozen or...
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September 4, 2017

Why You Can’t Sell Your $500,000 Practice

Can You Sell Your Small Practice? A lot of you OD boomers are ready to slow down. You’ve spent 30 years building up a nice practice and decide it’s time to sell. But if you’ve got a small practice, which I’m going to arbitrarily call $500K or less, you may be disappointed. It may be...
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August 30, 2017

Corporate Practice – What Is It Worth?

Why It’s Hard To Sell A Corporate Practice As baby boomers get ready to slow down and retire, I have been getting an increasing number of requests from OD’s who have practiced in retail settings to appraise their practices and help them with their exit strategy. What I have come to realize is that the...
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July 8, 2017

You’ve Got A Price, But What Are You Buying?

The Difference Between – Stock Sale Vs Asset Sale Very often, someone will call me and say “I am interested in buying a practice. The owner gave me a price of $XX. Is that a fair price?” My next question is usually followed by silence. I ask them: “Is it a stock or asset sale?...
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May 18, 2017

A One-million Dollar Optometry Practice In Two Simple Steps

A One-million Dollar Optometry Practice in Two Simple Steps! What does it take to own a $1M dollar practice?  There are no simple answers; this blog title is a bit of a lie.  That said, there are some universal elements required to get there, and without them, you have no chance.  Pardon the analogy, but...
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April 28, 2017

Who’s Zoomin’ Who? Employee Theft Part 2

If You Missed Part 1 In the first installment on employee theft we played a game of “theft prevention t-ball.”  It doesn’t get any easier than the two tactics we addressed last time: Destroy all signature stamps and vow to never use them again Limit check writing authority to the owner(s) Should You Keep Reading...
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April 20, 2017

Bald Is Beautiful

Bald is Beautiful So my partner John McDaniel made some remarks a few weeks ago in his Video Blog about my follicly challenged head. Frankly, it was quite hurtful. I thought I knew the guy better than that. But that’s fine. It’s all good. I’ve heard em all: chrome dome, baldy, milk dud, cue ball,...
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