Eyecare Business November

NOV 2017

Issue link: https://eyecarebusiness.epubxp.com/i/894184

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may require you to carry some of the purchase price back through a promissory note. If your retirement portfolio does not allow for that much risk, this type of a transition strategy may not be for you. Are You Ready? For many years, most optometrists who graduated from school in the mid-'60s or before have believed (and were taught) that their practice would be a substantial part of their retirement portfolio. As practice values have declined over the years and the cost of optometric education for young doctors has skyrocketed, selling a practice is not easy. These two factors have collided at a time when most optome- trists are planning on a return on the capital and asset investment of their practice to help fund or supplement their retirement. The exit strategy is not complicated, but must be thought through and strategically planned in order to reduce stress while maximizing your return on investment. Determine the time frame for the transition out of the practice within a year or two. This will give you the time needed to plan your work and work your plan, as it is usually a very personal event for most optometrists. The timing of the sale, and perhaps retirement, is something only each individual optometrist can answer for themselves. There are many factors that go into making this decision, not the least of which is how a doctor has planned for their retirement. Once you have decided to leave your full-time-practice, imple- menting an exit strategy by bringing in an associate doctor to buy the office, or selling your practice outright or to a consolidator, should move forward. For many doctors, their practice has been their life's work. Transitioning to the next phase of life is both emotional and rewarding. With enough lead time and thoughtful planning, you can make your exit strategy work for you. —Bill Nolan BILL NOLAN is the executive vice president of Williams Group and president of Practice Transitions. Williams Group Consulting is North America's leading business consulting and prac- tice management EHR firm. Its mission is to help independent optometrists achieve prosperity through meaningful, patient-centered practices. Founded in 1983 and located in Lincoln, NE, Williams Group Consulting has delivered innovative, relationship- based consulting, Practice Director EHR software, practice transition consulting, accounting/payroll processing, and practice brokerage services to more than 5,000 clients. Sophisticated looks, rich tones and easy to wear shapes highlighted with subtle embellished touches like Mazzucchelli zyl, leather accents and Swarovski Crystals. Café Boutique combines the highest quality materials and construction to create a look of refined elegance. Exclusively through independent eye care professionals. 800.962.3200 | sdeyewear.com CB1040

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