Author: blavigne

Get to Know FYidoctors – Meet Dr. Devin Almond

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FYidoctors is Canada’s largest network of optometrists. Doctor-led, professionally managed, and patient-focused, the organization concentrates on delivering outstanding eye care with patient-centric products and services.

In this article, we will be getting to know Dr. Devin Almond, Lead Optometrist at the FYidoctors Kelowna Spall Plaza clinic.

Dr Devin Almond, Lead Optometrist at the FYidoctors Kelowna Spall Plaza clinic

  1. Tell us about yourself!

I was introduced to Optometry through my father Dr. Brad Almond. He was an Optometrist in Calgary and Kelowna for many years. I always gravitated towards healthcare and decided to become an Optometrist after job shadowing at a few clinics in Kelowna. I went to Pacific University and graduated in 2014. Upon graduation, I moved back to Kelowna with my wife and opened a cold start practice with my dad in 2014. It was a humbling but invaluable experience building up a patient base from 0 to what it has become today. During the first few years of opening the practice, I locumed at FYidoctors in Penticton, and that was how I became introduced to the FYi organization.

 

  1. Why did you choose to join FYidoctors?

In 2022, my dad had decided that he wanted to retire so our practice was going through a transition. I had to choose between buying him out, bringing on a partner, or merging with FYi. I chose to merge with FYi because it would allow me to have more work-life balance, reduce the stress associated with running a business by myself, stay competitive against large optometry chains, and still maintain autonomy over my optometric practice. I am very grateful that I made this decision. I believe that FYi is the future of optometrist-owned practices in Canada. With climbing interest rates, excessive amounts of student debt, and rising costs to buy existing practices, I don’t think it’s realistic for many new grads to buy-in to practices anymore. FYi provides a way to not only own shares within a single practice but of the entire company as well. In my opinion, this is a better investment than owning your own practice in this market.

 

  1. What was it like to switch over to FYi?

Anytime a practice is going through a transition, it is difficult. The staff must learn new processes, new products, new sales techniques, and have more meetings. When transitioning, there will always be some resistance and you can expect it to take around a year before everyone has fully adjusted. FYi has a great management team at Home Office for support to make the transition as easy as possible. After getting through the transition period, I believe my staff is performing at a higher level than before due to the training and support they received from FYi. The best thing about FYi has been the centralized recalls. This has taken the burden off my staff from taking time out of their days to call patients and it has improved our patient retention. We have been getting lots of patients returning to the clinic for their eye exams, some of whom haven’t seen in 4 or 5 years! FYi is also great at ensuring its practices have state-of-the-art technology, which some independent practices may not be able to afford – when our OCT machine went down a few months ago, we received a new one very quickly, which is a powerful benefit of being part of a larger organization.

 

Overall, I am very grateful to have joined the FYidoctors team. They provided me with competitive compensation and being able to optimize my work-life balance has improved my quality of life. If you’re an optometrist in Canada, definitely consider joining FYi if your practice is going through a transition or you’re looking for a new job.

 

Looking for career opportunities with FYidoctors?

Contact me at Michelle.Melnyk@fyidoctors.com

FYidoctors Michelle Melnyk

Michelle Melnyk

With over a decade of dedicated service, Michelle Melnyk has been proud to have influence across various roles in Talent Aquisition. At FYidoctors, she began as the Optometrist Recruiter for the Ontario region, and soon after, stepped into her current role as Manager of Campus Engagement. Her journey began with a Bachelor of Arts in Psychology from Mount Royal University with a minor in Human Resources, where she developed an understanding of human behavior and organizational dynamics. Beyond her professional endeavors, Michelle is known for her advocacy for work-life balance and her passion for family, plants, and travel. With her background and dedication, Michelle continues to shape the careers of individuals while making meaningful contributions to the field of talent management.

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Remember DUE DILLIGENCE IS A 2-WAY Street

Buying-Selling A Practice, Practice

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Due Diligence

With the ever-growing size and complexity of practice transactions, the level of scrutiny selling owners find themselves under has increased. What looks like a very simple operation from the inside is not so straight forward to those on the outside looking in.

Transactions that would ordinarily have taken 3 months to complete have for a multitude of reasons increased to 4 – 6 months. First, risk tolerance of inexperienced buyers is extremely low, they often shell out vast sums of money to consultants that will seek to justify these fees.

Next, landlords and the assignment or negotiation of leases can absorb significant time at the tail end of a transaction. And finally, interest rate hikes and the associated eroding margins have made financing deals tighter and meant increased scrutiny from financiers. All this said, the acquisition of a profitable practice by an owner/operator remains one of the most lucrative financial vehicles in our complicated economy. That’s why it is so important that when picking a buyer, a selling practice owner chooses one that will deliver.

Extravagant offers are not worth the paper they are printed on if they are ill-conceived.

Most vendors have a significant vested interest in the legacy of their practice that goes far beyond the purchase price. We encourage all our vendors to demand a conditional offer, rather than a letter of Intent. As the name suggests, conditional offers give a purchaser the confidence to place an offer on a practice knowing they have conditions in place to correctly understand the target acquisition before completing the sale.

What most people fail to grasp and what Letters of intent don’t appropriately ponder is the existence of conditions to afford comfort to the vendor and allow them an opportunity to have a stake in the tempo a deal takes and in extreme cases an off ramp if they don’t like the direction things are going.

In representing vendors we take great comfort cosigning all conditions and having satisfaction about the status of the terms in our own right as opposed to making the contentment of the purchaser the overarching focus of any transaction.

A vendor should be able to counter examine the purchaser and their intentions just as a vendor is put under the microscope in the form of financial and clinical due diligence. An experienced broker will guide a vendor in an examination of the following, allowing the vendor to build a comfort level with a buyer prior to an offer being accepted or a firm deal going through.

These points are not mutually exclusive, and the list is not exhaustive.

  1. Look at any other offices owned by the buyer. If they are an associate, who do they work with? Have they built tenure in one location, or are they more of a journeyman?
  2. Understand who the buyer intends to work with and verify the credibility of these individuals. Who is their lawyer, banker and accountant?
  3. Engage the associated lawyers, bankers and accountants and understand that they are well intentioned. Do they like the deal for their client? Ask them directly!
  4. Quantify what the buyer’s due diligence looks like and find out who they plan to hire to conduct it. I have seen perfectly good purchasers take bad advice from overzealous consultants, causing them to lose out on deals.
  5. Determine the estimated assignment costs and prepare to absorb them. They are usually small, but they should never be a surprise.
  6. Prepare for an unreasonable landlord and hope for reason to prevail. Landlords are pricklier than ever, and they usually want a personal indemnity.
  7. Find out how buyers’ transactions played out if they’ve purchased offices before. The industry is small, and reputations last. Acquisition histories can be determined from brokerage records and anecdotal evidence. It is a big red flag if there is a history of multiple signed offers and a lack of closed transactions.
  8. Find out how did the previous owner enjoyed the process. There is a story to be told in how a previous acquisition has progressed since the subject individual took possession. We often request a reference from a previous acquisition, and this has helped a vendor sleep better at night.
  9. Look up the buyer on their provincial regulatory authority. Are there any disciplinary proceedings? These investigations are often trivial in nature, but best believe questions would be asked if the shoe was on the other foot.
  10. Prepare the buyer for terms of any associate agreement well in advance. Ensure these terms are fair while respecting the wishes of the outgoing vendor. Experience is key. Many of the individuals we sell a practice for will add untold value in the form of goodwill and mentorship post-sale. A properly motivated previous owner is the ultimate glue during a transition. This contribution is impossible to quantify, and buyers would do well to gravitate toward this kind of owner.
  11. Understand the kind of work they do. Are the styles practiced like yours? Would their philosophy gel with yours and the wider team? A fit is important, and synergies on clinical delivery are helpful to all sides. It’s important for vendors to provide detailed documentation and satisfy all the requests of a buyer. This is what you commit to when you choose to sell a business.

After all, most purchases are share sales and significant corporate and employment legacy is usually inherited. This said, I encourage all vendors to make this conversation a dialogue and know exactly to whom your office being sold.

Many selling owners end up working with this individual for some time and there is an onus on them to prove themselves as an appropriate successor. The happiest clients are the ones that build a great rapport with the new owners. Many vendors have superb assets that would be the envy of many purchasers.

The selected buyer should never forget this important fact. Vendors should consider recruiting the broker, accountant, and lawyer that will fight the hardest for the vendors interests before, during and after this process.

Remember that leverage resides with the selling owner until such a time as they chose to give it up. Buyers should be kept honest, and the dignity of the seller is to be maintained always. The tried and tested way to do this is to expose the opportunity to the open market.

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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Understanding the 4 D’s of Maximizing After-Tax Income

Finance|Wealth, Tax & Legal Matters

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After-Tax income

With all the recent talk about potential changes to capital gains taxation, now is an excellent time to revisit strategies for maximizing your after-tax income. Here’s a breakdown of the 4 D’s: Defer, Deduct, Differentiate, and Divide. These strategies can help you manage your tax bill today and in the future.

  1. Defer: Shift Taxes to Future Years

Deferring tax is a smart move, especially if you’re currently in a high tax bracket. The idea is to reduce your current tax burden by shifting it to future years when you expect to be in a lower tax bracket. A few examples are:

  • RRSPs: The most common tool for tax deferral is the Registered Retirement Savings Plan (RRSP). Contributions are tax-deductible today. The growth and contributions are tax-deferred until you withdraw the funds in retirement.
  • Capital Gains: Managing the timing of an asset sale to defer capital gains tax can also be beneficial. This is especially true given the proposed changes to the capital gains inclusion rate that bumps up the 50% inclusion to 66.7% for personal gains over $250,000 in a given tax year.
  • Corporate Accounts: For business owners, leaving funds in your corporate account can delay personal taxation. Keep in mind, this strategy may also come with some negative implications to your overall corporate tax bill. Balance is key here. Speaking of which, is it time to consider full deferral of investment growth tax through the use of permanent life insurance?

  1. Deduct: Maximize Your Tax Credits and Deductions

Everyone likes to pay less tax, and one of the simplest ways to achieve this is by ensuring you’re taking full advantage of all available tax credits and deductions. A couple of common credits that are often missed include:

  • Charitable Donations: Instead of small donations at the cash register, make larger donations directly to registered Canadian charities to get a tax receipt.
  • Medical Expenses: These can be claimed for any 12-month consecutive period. Sometimes it’s more advantageous to run calculations outside of the calendar year, like May 1 to April 30.

  1. Differentiate: Understand Tax Rules for Different Types of Income

Different types of income are subject to varying taxation rules. This differentiation is particularly valuable when managing investment income, especially for non-registered accounts. Another differentiation point worth exploring is the age old question of:

  • Salary vs. Dividends: Business owners can choose between salary and dividends, or a blend of both. Even though recent tax changes have led to near-perfect tax integration, those who opt for a salary will need to make CPP contributions, which entitle them to CPP disability, death and retirement benefits. Understanding what is important to you and your current situation keeps this a very individualized discussion.

  1. Divide: Income Splitting

While opportunities for income splitting have been reduced in recent years, some options remain.

  • Spousal RRSP: Contributing to a Spousal RRSP can help divide income more evenly between spouses when it comes to early retirement.
  • Non-Arm’s Length Employees: Business owners can still hire family members to help spread the household taxable income, as long as the salary paid to family members is reasonable.
  • Family Shareholders: In certain cases, naming family members as shareholders can be beneficial. Typically I recommend a different class of shares per family member so dividends can be distributed as needed. This can also be beneficial when it comes to selling your business as all shareholders may be entitled to the Lifetime Capital Gains Exemption.

A Holistic Approach to Tax Management

Reviewing various tax strategies that apply to you is just one part of our holistic financial planning approach. Working together as a team with other key advisors, including accountants and lawyers, ensures that no stone is left unturned.

If you’re curious about how these strategies might benefit you, don’t hesitate to ask. Effective tax management is not just about today; it’s about planning for a secure financial future. Reach out to us to learn more about how we can help you navigate the complexities of the tax system by calling (780-261-3098) or email (Roxanne@C3wealthadvisors.ca) to set up your next conversation with us.

Roxanne Arnal is a former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission to Empower You & Your Wealth with Clarity, Confidence & Control.

These articles are for information purposes only and are not a replacement for personal financial planning. Everyone’s circumstances and needs are different. Errors and Omissions exempt.

 

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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Self-Awareness in Emotional Intelligence: A Vital Skill for Optometric Staff

Human Resources, Training & Onboarding

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In the dynamic world of optometry, where precision, empathy, and effective communication converge, self-awareness within emotional intelligence stands as a key component for success. For you, cultivating self-awareness is not merely a professional enhancement but a crucial element for delivering exceptional patient care and fostering a harmonious work environment.

Understanding Self-Awareness in Emotional Intelligence

Emotional intelligence (EI) encompasses the ability to recognize, understand, and manage one’s own emotions while also recognizing and influencing the emotions of others. Self-awareness is the foundational component of EI. It involves having a clear understanding of one’s own emotions, strengths, weaknesses, values, and the impact of one’s behavior on others.

In practical terms, self-awareness enables you to navigate your emotional responses to daily challenges, whether it’s handling a difficult patient interaction, managing the pressures of a busy clinic, or collaborating with colleagues. By being aware of your emotional states, you can maintain professionalism, make informed decisions, and build stronger relationships with patients and coworkers.

Why Self-Awareness is Essential for Optometric Staff

1. Enhancing Patient Care

You frequently interact with patients who may be anxious about their vision health. Self-awareness allows you to recognize your own emotional responses, such as stress or impatience, and manage them effectively. By doing so, you can maintain a calm and reassuring demeanor, which is essential for building trust and rapport with patients. For example, a self-aware person can identify if they are feeling frustrated with a patient’s repeated questions and instead of showing irritation, they can consciously choose to respond with patience and understanding.

2. Improving Communication Skills

Happy people talking

 

Effective communication is critical in optometry. Self-aware people are better equipped to express themselves clearly and empathetically. You can gauge how your words and tone affect patients and adjust your communication style accordingly. This is particularly important when explaining complex eye conditions or treatment options. A self-aware person can recognize if they are using overly technical language and switch to simpler explanations to ensure the patient comprehends the information.

3. Fostering a Positive Work Environment

Self-awareness contributes to a positive and collaborative workplace. When you understand your own emotions, you’re more likely to engage in constructive interactions with colleagues. You can navigate conflicts with empathy and respect, reducing workplace tension. For instance, if a disagreement arises over scheduling or patient care protocols, a self-aware individual can address the issue calmly, considering both their own perspective and that of their colleagues, leading to more effective resolution.

4. Personal and Professional Growth

Self-awareness is a catalyst for personal and professional development. By understanding your strengths and areas for improvement, you can seek opportunities for growth. This might involve pursuing additional training, seeking feedback, or reflecting on your interactions to continually enhance your performance. For example, a person who recognizes their discomfort with certain administrative tasks might take steps to improve their skills in that area, ultimately increasing their efficiency and job satisfaction.

Cultivating Self-Awareness

Person tending to a plant

 

Developing self-awareness requires intentional effort and practice. You can start by regularly reflecting on your emotions and behaviors, seeking feedback from peers and supervisors, and engaging in mindfulness or self-assessment exercises. Techniques such as keeping a journal of daily interactions or participating in EI training programs can also be beneficial.

Conclusion

By honing this skill, you can enhance patient interactions, improve communication, contribute to a positive work environment, and embark on a path of continuous growth. Ultimately, self-awareness empowers eye care professionals to provide compassionate, effective care and thrive in their roles, benefiting both their patients and their practice.

Take the next step in your journey towards mastering emotional intelligence by exploring our continuing education resources at Emotional Intelligence Consulting Inc.. Start your learning journey today and empower yourself with the skills to excel both personally and professionally. Visit us now and transform your approach to patient care!

 

Jade Bodzasy

Jade Bodzasy

Jade Bodzasy, Founder of Emotional Intelligence Consulting Inc., is a dedicated Coach and Consultant for Optometric Practices. Her extensive background includes over 20,000 hours of expertise focused on customer relations, work structure refinement, training method development, and fostering improved work culture within Optometric practices.

Certified in Rational Emotive Behavior Techniques (REBT), Jade possesses a unique skillset that empowers individuals to gain profound insights into the origins of their behaviors, as well as those of others. Leveraging her certification, she equips optometry practices with invaluable resources and expert guidance to establish and sustain a positive, healthful, and productive work environment.

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Vision Entrepreneur by OSI Group: Empowering Independent Optometrists

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OSI Group ECP with child doing an eye exam

In today’s eye care landscape, the optometry sector is undergoing a dynamic shift toward independent practice. This movement is driven by a desire for greater professional autonomy, personalized patient care, and the freedom to innovate beyond corporate constraints. This shift is evident in the rise of boutique optometry practices offering tailored services and the growing presence of rural optometrists delivering crucial care in underserved areas. Amid this transformation, the OSI Group has launched Vision Entrepreneur, a trailblazing program designed to empower optometrists to build and sustain their own practices. This initiative offers a multifaceted approach to professional development, blending hands-on experience, personalized guidance, and a robust support network.

 

Jumpstart Your Career: Hands-On Internships

One of the standout features of the Vision Entrepreneur program is its extensive internship placement service. With connections to over 850 independent clinics, the program offers budding optometrists invaluable onsite experience. These internships provide an immersive look into the daily operations of thriving independent practices, delivering insights that textbooks simply can’t offer.

Moreover, Vision Entrepreneur goes beyond the standard approach, matching you with practices and communities that align with your career goals— whether you’re drawn to the buzz of urban clinics or the unique opportunities in rural settings. By working alongside experienced practitioners, you’ll gain a comprehensive understanding of patient care, clinic management, and the business intricacies that come with running a practice.

Your Personal Guide

Through the Professional Maze

Starting your journey in optometry can be daunting. There are regulations to navigate, finances to manage, and patients to attract. Vision Entrepreneur understands these challenges and provides personalized guidance calibrated to your career ambitions. Whether your goal is to join an established clinic as an associate, launch a new practice, or invest in an existing one, our seasoned Practice Advisors offer strategic advice and support. Their wealth of experience helps you sidestep common pitfalls and make savvy decisions about your professional path.

From Dreams to Reality:

Custom Coaching for Entrepreneurs

Ready to take the plunge and start your own practice? Vision Entrepreneur offers a coaching program designed to turn your dreams into reality. This program covers every critical aspect of establishing a practice, from crafting a rock-solid business plan to creating impactful marketing strategies. You’ll benefit from the expertise of a dedicated coaching team, receiving ongoing support that addresses immediate hurdles and long-term objectives. This tailored approach builds your confidence and skills, preparing you to go toe to toe with the complexities of optometry’s business side.

Connect, Collaborate, and Conquer: Join Our Community

Beyond its practical offerings, Vision Entrepreneur fosters a vibrant community of passionate vision care professionals. This network of emerging optometrists is a platform for collaboration, idea sharing, and mutual support. Connections are essential for those just starting out, and Vision Entrepreneur knows this well. While the program provides a wealth of resources and expert advice, it’s the community at its core that drives its success. By nurturing a sense of belonging and shared purpose, Vision Entrepreneur helps you forge relationships and opportunities that last a lifetime.

 

Shaping the Future of Independent Optometry

In an era where independent optometry practices are becoming increasingly vital to the healthcare landscape, Vision Entrepreneur shines as a beacon of support and innovation. By combining practical experience, expert guidance, and a strong community network, the program empowers aspiring optometrists to achieve their full potential and build thriving independent practices.

Ready to embark on your entrepreneurial journey? Vision Entrepreneur by OSI Group provides the tools, knowledge, and support you need to succeed. Contact Vision Entrepreneur today at entrepreneur@opto.com to unlock your independence and kickstart a successful optometry practice!

visionentrepreneur.ca

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FYihealth group: Leading in Workplace Excellence, Year After Year

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With eye health and enhancing the lives of each patient at the forefront of FYihealth group’s values, Dr. Alan Ulsifer, CEO and Chair of FYihealth group describes 2024 as a time for “growth and further establishing our position in the eye care industry.”

FYihealth group has collected notable achievements and recognitions, making it a very attractive and unique Canadian-based workplace. FYihealth group has been recognized for the following:

2023 Canada’s Best Managed Companies Award
Dr. Michael Kaplan and Dr. Frédéric Marchand Best Managed Companies 2024

FYihealth group has been recognized for its 5th year in a row by receiving a 2023 Canada’s Best Managed Companies Award, maintaining its Gold Standard status. Established in 1993 by Deloitte, Canada’s Best Managed Companies is the country’s leading business awards program, recognizing the excellence in private, Canadian-owned companies with revenues of $50 million or greater. Through an independent evaluation process, recipients are recognized based on overall business performance and sustained growth, as well as the efforts of the entire organization in addition to the financials.

 

 

 

 

Canada’s Best Executives 2024
Nancy Morison Canada’s Best Executive 2024

Nancy Morison, Vice President of FYihealth group’s very own Ophthalmic Laboratory based in Delta, BC, was recognized as one of Canada’s Best Executives 2024by the Globe and Mail’s Report on Business. This recognition celebrates the unsung executives who move their companies forward. Since 2017, Morison has been known for improving employee engagement and showing authenticity in the workplace. She takes the time to chat with each team member at the lab and brings their concerns to the table, living FYihealth group’s belief in servant- leadership.

 

 

 

 

2024 Best Workplaces™ in Canada

FYihealth group ranked #41 in the 2024 Best Workplaces™ in Canada for companies with over one thousand employees. A recognition derived from its certification for the 2023 Great Place to Work®.

FYihealth group for Great Place to Work®

“Getting feedback from our team members that we have high trust, and they think we are a great place to work is incredibly rewarding! So proud to be named as one of Canadas top 50 best places to work!”

Meriya Dyble, Vice President of People & Culture, FYihealth group

Great Place to Work® is the global authority on high-trust, high-performance workplace cultures; providing the benchmarks and expertise needed to create, sustain, and recognize outstanding workplace cultures.

“We have seen a lot of great success and accomplishments from the entire organization this year, and we’re not even halfway through. I am so proud of how far we’ve grown from a group of just twelve optometrists, to over 350 clinics across Canada. I am deeply humbled and honoured that we could build a company that can receive these amazing achievements which could not have been possible without the hard work and dedication from our team members.”

Dr. Alan Ulsifer, CEO and Chair, FYihealth group

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Do Owners Earn More Than Associates?

Practice

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Plants growing on piles of quarters

I received a revealing financial statement the other day. From a doctor who practiced as a phenomenally successful associate for many years. As with most Associates, the ownership motive was a large part of her career plan.

The adventure into practice ownership began about three years ago.

She was fortunate enough to be able to locate a property for sale which eliminated the landlord threat. There are too many providers in the immediate area, yet the practice is generating about $750,000 annually. That is about 20 to 30% more income than the average new startup at this early stage.

Data reveals that annual gross income for a three-year-old cold start is under $500,000. There will always be outliers and exceptions.

Let’s look at her financial journey:

  • The last year’s net income (as an Associate) was ~$301,000.
  • First year as an owner net income was ~$5,000.
  • Second year net income was ~$160,000.
  • Third year net income will be ~$225,000

And this is a success story for a three-year-old start up!

Let’s do the math:

  1. During the first three years of ownership her total net income will be ~$400,000.
  1. Had she remained a successful associate, her net income for the last three years would be over $900,000. More likely over $1 million!

What? That’s 60% MORE net income working as an associate versus an owner!

 Now let’s talk about the time invested to start and operate this new practice. I spoke about this in previous articles titled “Ownership Hours” and it is easy to invest 1,000 ‘sweat equity’ hours in the early years.

For this client, I estimate that she invested almost 2,000 hours of unpaid ownership hours. What could she have done with that time had she remained an associate?

Yes, if she were to sell the practice today there is some goodwill to be sold and that will be the return on investment in exchange for the ownership hours invested.

Pride of ownership has no price, and it cannot be appraised.

 Cash flow can be measured.

The law of diminishing returns suggests that goodwill will peak at some point and then because she is not cashing in and realizing the capital gain of the goodwill, each year she does not sell, the time-adjusted present value of her hours goes down.

Ask your accountant about this. If they do not understand, please ask me.

While she is above average and doing very well in my view, she is frustrated, and the economics of ownership are not working out for her.

The staff burden is enormous and that is why she called me the other day.

“Give it another two or three years” is what I suggested, but I do not think she will wait that long.

She is likely to sell the practice and keep the building to collect the rent and go back to being an associate.

They call it freedom from ownership.

No hassles, no staff problems, no landlords, no stress.

Ask yourself; is it better to be an owner or to be an associate?

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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Canadian Seniors at Risk of Vision Loss Due to Financial Barriers, According to Specsavers Survey

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Specsavers logo

A new survey by Specsavers, conducted by Leger, reveals that almost half (41%) of Canadian seniors are not up-to-date on their annual eye exam. Despite provincial insurance coverage for seniors, the cost of eyewear has been found to be a barrier for some, causing them to delay their exam. These findings are concerning as this can lead to undiagnosed eye conditions that can cause significant damage to vision.

“Eye exams are not just about getting a new prescription for glasses. Optometrists are equipped to detect the earliest signs of eye diseases. The advice an optometrist gives can be anything from helping with daily eye discomforts, to the detection of eye diseases, to ensuring that new glasses work for an individuals’ daily tasks. All of these are important for the preservation of quality of life, through better sight.”

Naomi Barber, Clinical Services Director, Specsavers

When examining the factors putting seniors’ vision at risk, half do not have vision health benefits and one-in-four have skipped or delayed updating their eyewear prescriptions due to financial barriers.

Due to their risk for potential health complications and more incidence of eye health issues, seniors should be getting regular eye exams. One-in-five do not know their family eye health history and may not be aware of their increased risk of vision-threatening diseases like glaucoma and age-related macular degeneration (AMD).

“The number of Canadians living with vision loss is growing every day, and it’s critical that we continue to bring to light the factors that may be putting one’s vision at risk. Diagnosing conditions early is integral to the conservation of sight, and it’s incomprehensible that someone should have to delay potentially sight-saving treatment due to financial concerns.”

Jim Tokos, National President of the Canadian Council of the Blind

Specsavers partners with a network of participating independent optometrists who conduct eye exams – available at no-cost to seniors. These exams always include Optical Coherence Tomography (OCT), which creates a 3D eye scan that helps optometrists detect sight-threatening diseases at the earliest point of detection. Regular eye exams are important as 75% of vision loss is preventable and treatable.1

“We believe that Canadian seniors deserve better. Specsavers has a mission to help change the lives of Canadians through better sight,” says Bill Moir, Managing Director, Specsavers Canada. “It is important to break down the barriers to access eyecare and eyewear in Canada so that seniors are coming in for important eye exams.”

One of the ways to overcome these challenges is by implementing a national strategy for eyecare, through the proposed Bill C-284, to ensure better health outcomes for Canadians. This is particularly important for senior populations who are more likely to be diagnosed with eye diseases such as glaucoma and AMD.

“A national eyecare strategy is the next important step in making healthcare accessible and affordable for all Canadians, and it aligns strongly with Specsavers own vision of making eyecare and eyewear accessible to all,” says Moir. “Financially, eye exams and eyewear purchases go hand-in-hand. Recognizing the cost barrier for eyewear is important, particularly for our senior population, many of whom are on a fixed income.”

Specsavers has launched an ongoing seniors’ eyewear offer that is available at every location across Canada to make eyewear more affordable for seniors and prevent delaying eye exams.

1 A Report Card on Vision Health in Canada, The Canadian Council of the Blind and Fighting Blindness Canada. October 2022.

Methodology – Specsavers survey, conducted by Leger, Canadians 65+

An online survey of 2,012 Canadians, 65+ was completed between April 11th-16th, 2024, using Leger’s online panel. No margin of error can be associated with a non-probability sample (i.e. a web panel in this case). For comparative purposes, a probability sample of 2,012 respondents would have a margin of error of ±2.2%, 19 times out of 20. Leger is the largest Canadian-owned full-service market research firm.

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There’s No Such Thing as Risk Free Investing

Building Wealth, Finance|Wealth, Sponsored Posts

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Risky versus Safe Investments

I often hear that Guaranteed Investment Certificates (GICs) are risk free because they protect your capital, much like a savings account would be considered risk free. Although this makes sense on the surface, these “safe” investments are anything but.

What is Risk?

Risk refers to the degree of uncertainty of achieving an expected rate of return. Thus, if all factors are equal, the degree of risk (uncertainty) and the expected rate of return should correlate accordingly. Ideally, more uncertainty, more expected return.

Impact of Inflation

One risk with all investments, including GICs is a long-term inability to keep pace with inflation. Essentially, the cost of living continues to increase and if your money isn’t keeping pace, your purchasing power decreases. A million dollars in 1988 (when the Bare-Naked Ladies would purchase a house, a K-Car, and really expensive ketchup) bought you a lot more than a million dollars will buy you today. A loaf of bread at the time was under $1 while the current average for boring bagged bread is around $3.

But Doesn’t a GIC Pay More Than Inflation?

Let’s look at an example based on known history. If you retired in 1989 with $500,000 in non-registered capital invested in a GIC and withdrew a net of $26,707 from this savings for annual spending, adjusted for inflation and taxation on the investment earnings, you would have run out of money in 20 years.(1) And keep in mind that GICs paid much better in the ‘90s at upwards to 7.1% for a 5 year GIC when inflation was 1.7% (2).

What are my Options?

Because no investment is risk free, and because hindsight is 20/20, we can use the same 20 year period invested in the TSX and S&P 500 indexes, with their fluctuating market valuation, and after 20 years you still had $360,627 left.(1)

I’m not saying you should invest in these markets specifically, especially during a withdrawal phase, but you should be aware that there are other options that can do a better job long term to keep up with inflation.

Other Components of Risk

Inflation and taxation both play integral roles in understanding your true rate of return and purchasing power for all investments, but you shouldn’t negate other factors of risk to define what is ultimately suitable for you, your goals and long-term needs.

Throughout history, variability in markets is really a short-term risk, just pull up an image of an Andex® chart to see the historical long-term growth of various investments.

Other factors to consider include currency risks, geographic and political risks, liquidity (ability to get usable cash when you want it) risks and timing of withdrawals (having to cash out an investment when markets are down create a permanent loss that can’t be recovered from).

The Bottom Line

The truth is what is often considered “risk free” is really just “comfortable”. It provides uneducated investors with a false sense of security based on knowing that their capital isn’t subject to stock market sentiment of day. Understanding that no investment is truly risk free will allow you to make more suitable investment decisions based on your comfort level as a well-educated investor.

  1. calculations provided by PlanPlus Planit
  2. 1995 values as reported https://www.ratehub.ca/blog/the-history-of-gic-rates/

Advisory

Have more questions? As your Chief Financial Officer, I am here to help you make smart financial decisions that align with your business growth, personal wealth creation strategy and long-term interests. Helping you understand your money and assisting you in making informed decisions about your investment options are just some of the ways that I work as your fiduciary.

Educating you is just one piece of being your personal CFO that we excel at. Call (780-261-3098) or email (Roxanne@C3wealthadvisors.ca) today to set up your next conversation with us.

Roxanne Arnal is a former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission to Empower You & Your Wealth with Clarity, Confidence & Control.

These articles are for information purposes only and are not a replacement for personal financial planning. Everyone’s circumstances and needs are different. Errors and Omissions exempt.

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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Ready to Blaze Your Trail in Independent Optometry? Eye Recommend Can Help Lead the Charge!

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Eye Recommend

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