Vision Entrepreneur by OSI Group: Your Key to a Successful Optometry Practice

Ready to turn your passion for optometry into a thriving business? The Vision Entrepreneur program is your gateway to launching or enhancing your optometry practice. Whether you’re a newcomer or a seasoned professional aiming to delve into optometry entrepreneurship, this program offers unwavering support at every turn. With experienced coaches deeply passionate about the field, you’ll gain the necessary skills and insights to navigate the complexities of entrepreneurship and build a thriving practice.

Develop a Clear Vision and a Solid Business Plan

Turn your aspirations into reality with guidance from our expert coaches. They’ll help you set clear business objectives, pinpoint your target market, and devise an effective strategy.

Master the Essentials of Optometry Practice Management

Achieving success in optometry requires more than just clinical prowess; robust management skills are just as critical. This program provides hands-on coaching in vital areas such as finance, operations, and business development, ensuring a comprehensive approach to practice management.

Enhance Your Confidence and Motivation

The path of entrepreneurship is full of challenges, but you won’t be alone. Our coaches offer continuous encouragement and support, empowering you to unlock your potential and tackle obstacles confidently.

Build Networks and Access Key Resources

Vision Entrepreneur connects you to a vast optometry community. Our coaches introduce you to professionals, mentors, and investors. By expanding your professional network and resources, they open doors to clinic acquisition opportunities.

Craft Effective Marketing and Sales Strategies

Develop marketing and sales strategies that attract and retain clients. By adjusting a game plan to your niche and budget, our coaches guide you to create compelling marketing materials and targeted sales strategies while enhancing your online presence.

Navigate Legal and Regulatory Frameworks

Starting an optometry practice involves a deep understanding of the legal and regulatory landscapes. Our program offers expert advice and links you with legal professionals to ensure full compliance with all regulations.

Manage Stress and Achieve Work-Life Balance

Balancing the demands of entrepreneurship without compromising personal well-being is crucial. Our coaches provide strategies to help you manage stress and maintain a healthy balance, ensuring you thrive both personally and professionally.

Invest in Your Future

Transform the dream of a successful optometry practice into reality with Vision Entrepreneur. Ready to take the first step toward a successful optometry practice? Visit us today to learn more.

visionentrepreneur.ca

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7 Key Features to Look for in a Financial Advisor

Finance|Wealth, Resources

The world of financial advice can be very confusing – it is proverbial alphabet soup out there. Let’s take a look at some of the features you should be looking for in a true advisor.

What training have they undergone?

The worldwide standard for financial planning is the CFP^®. A Certified Financial Planner^® has undergone rigorous training and examination, adheres to a strict ethical standard and is committed to ongoing professional development. There really is no substitute for this designation.

Are they truly a fiduciary?

A requirement of CFP^® certification is that designates must commit to serve in the best interests of their clients. Unfortunately, the certification doesn’t guarantee true fiduciary advice. A fiduciary must make recommendations that are truly in the best interest of the client. Not their pocket book or employer.

Are they licensed to sell products and other services?

CFP® professionals can be licensed to sell products alongside providing advice. It is imperative that you understand their licensing credentials and how recommendations are made within any licensing restrictions. Understanding your options is critical to making smart financial decisions.

Do they utilize an Investment Policy Statement (IPS) to provide you with suitable recommendations?

An IPS is a document that outlines your risk tolerance, risk capacity, and overall opinions regarding investing. Your investments should align with your personal situation.

Are they a specialist in the circumstances that apply to you?

Financial planning has many facets and finding an advisor that understands your situation is critical to long term success. Planners that understand the business of optometry will have far more to offer you than just reviewing your investment strategy.

Do they integrate the various tax “persons” that apply to your situation?

The CRA defines “persons” as different tax entities. To have a truly efficient tax and planning strategy, your professional advisor should integrate all “persons” for your personal situation, such as spouses, operating companies, holding companies and trusts for example.

Do they provide you with actionable items to bring you closer to your goals?

A planner should have a deep understanding of your goals and where you are today. The plan should help bridge that gap. Because life is ever changing, your goals will change too. How often are your goals reviewed? Is there follow-up on actionable items? How is your progress measured?

A Holistic Approach to Financial Planning

A holistic financial plan should integrate all aspects of your life: personal and business. It should include an IPS, a Letter of Engagement, goal creation and action items. The best approach is a long term strategy where your progress is measured and goals are adjusted as your life changes.

If you aren’t sure your advisor is a CFP^® professional who is acting in your best interests first, don’t be afraid to ask the questions.

It is never too early or too late to set your financial plan in motion. Interested in an advisor that not only understands optometry deeply but is truly your fiduciary, give us a call (780-261-3098) or email (Roxanne@C3wealthadvisors.ca) to set up your next conversation.

Roxanne Arnal is a CFP®, 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.

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Partnering for Success: Dr. Theodor Buzea’s Story with Specsavers

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Dr. Theodor Buzea always had a clear vision for his future – he wanted to be an optometrist and a business owner. With his path set, he oriented his education towards becoming an optometrist, completing both his undergraduate and optometric degree at the University of Waterloo. After years in the optical industry, Dr. Buzea took the early leap to become an optometry partner with Specsavers. Today, Dr. Buzea has achieved both of his goals and owns an independent clinic located in Specsavers Southcentre in Calgary.

Dr. Theodor Buzea

Q: What inspired you to become a business owner?

I strongly believe that business ownership is one of the best ways to create change in the world. The desire to try and create an amazing work environment where people can come to learn and progress their careers is what inspired me the most, but opening a business holds a certain level of risk. I wanted to get hands-on experience in the field to understand the growth opportunities and needs before jumping into ownership.

Q: What initially drew you into partnership?

Specsavers are pioneers in how they provide eyecare support to optometrists. I really appreciate and value the way they put patients first and how they’ve been able to maintain that throughout the years.

They also hold the same values as I do when it comes to fostering a healthy work environment and making quality eyecare accessible. This encouraged me because I wanted to partner with a company that would help facilitate my goals for both my patients and team.

Dr. Buzea at the opening of his Specsavers store and independent clinic at Southcentre Mall in Calgary, AB.

Q: What has surprised you about partnering with Specsavers?

The sense of community is absolutely amazing. I’ve had the opportunity to meet so many talented individuals and it’s been great to work with like-minded people. Everyone at Specsavers approaches situations with a team mentality, we’re all working towards the same goal to provide great care for our patients and customers. Working with the people here is truly a breath of fresh air.

Q: How have things been going since opening your independent clinic?

We’re happy to see the community appreciating us for being here to help them. I believe that patient volume grows when your end goal is to provide patients with the best care and service possible. We’re seeing exam bookings fill up quickly and we always do our best to help anyone who drops by the clinic. I was very open-minded coming into this and mainly wanted to make a difference in the community.

Search for associate and partnership opportunities at join.specsavers.com/ca.

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Students Complete FYidoctors Summer Program Feeling Enriched and Inspired

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“Participating in the summer student program at FYidoctors was an amazing hands-on and inspiring experience. I appreciated the flexibility to choose whether I wanted to work at the reception or the dispensary, allowing me to tailor the program to my interests and refine any skills that I wanted to improve. Guest speakers, including experienced doctors with special interests, provided us with insightful presentations each week that broadened and deepened my understanding of the field. This program truly offered a customizable and enriching experience that has left me more excited for my future career.”

~ Sandra Nguyen, 2nd year Optometry student at University of Waterloo, School of Optometry and Vision Science

FYihealth group has had a very successful summer student year in 2024, welcoming a total of 80 students to its FYidoctors, Visique, BonLook and solis optics practices across Canada through its Summer Student Program. Students in various years of their optometry studies attended a customized program tailored to their areas of interest, including mentorship from practicing optometrists, hands-on experience performing patient pre-tests and exams, and a look into the clinics’ business operations.

“This year, we’ve welcomed our largest cohort of student optometrists ever in our organization’s history,” shares Harneet Gill, Senior Director of Talent Acquisitions for FYihealth group, “Over these last few weeks of summer, I have heard so many amazing stories from our clinics about this group of optometry students and I do hope we get the chance to welcome them back as fully licenced and practicing doctors after graduation!”

“In optometry school, many different individuals and companies speak to students with offers, programs, and messages. However, none were more hyped up within the student body than the FYidoctors Summer Student Program, thanks to the great experiences of past students to partake. Now nearing the end of my own experience in this program, I can absolutely see why my colleagues were so enthusiastic. I have worked many jobs, but none have come close to being so educational, relevant for my future career, and focused on providing a great experience at the workplace. My only regret is not jumping on this opportunity a year earlier!”

~Jeremiah Hyslop, 2nd year Optometry student at University of Waterloo, School of Optometry and Vision Science.

The Summer Student Programs offered by FYihealth group are highly competitive and sought-after positions for young optometrists-in-training, hailing from Universities across the US and Canada.

“The Summer Student Program has been instrumental in fostering connection and collaboration with future leaders in optometry. The mutual benefit that this program offers can only be described as incredible,” says Dr. Ryan Hogan, FYidoctors Optometrist and Advisory Committee Campus Ambassador. “Opportunity comes from both angles as students are able to learn from established doctors while current optometrists can source new talent to join their practices. All of our summer students have joined the FYidoctors family after graduation and this program helps ensure continued success in the field of optometry.”

“The FYidoctors Summer Student Program gave me the opportunity to enhance my clinical skills, particularly with patient communication and the use of diagnostic tools like the OCT and Humphrey Visual Field. It was valuable to shadow ODs during complex eye exams as well as having the opportunity to practice the skills I had learned in school like retinoscopy and refraction. The discussions I had with the seasoned professionals at a rural clinic not only boosted my confidence in my skills but also deepened my understanding of the importance of trust in the patient-doctor relationship. The advice and mentoring I received this summer led to an invaluable learning experience.”

~ Brett Corner, 1st year student at New England College of Optometry (NECO)

Founded in 2008 by a small group of optometrists, FYihealth group’s structure and operations is based on the essential belief that doctors need to be at the center of all eye care health and vision solutions, and that patients deserve access to the best technology, doctor care, and experience. Today, FYihealth group is Canada’s leading diversified healthcare organization with over 650 optometrists serving over 370 locations coast to coast.

Named one of Canada’s Best Managed Companies for five consecutive years, Canada’s Top Growing Companies for two years in a row, and recently certified a Great Place to Work® for the second year, team members credit the company’s success to its dedication to its people and their communities. The organization looks forward to continuing its growth, not only through its student programs, but by welcoming experienced doctors to the team as well.

FYihealth group is a strong supporter of the growth of future optometrists as exemplified by its $5 million donation in 2023 to help build the Waterloo Eye Institute, officially breaking ground to begin construction earlier this year in June. “I wouldn’t be where I am today without optometry,” explains Dr. Alan Ulsifer, Chair & CEO of FYihealth group, “Being able to give back to the place that I owe my profession to is not only a privilege but almost like a professional obligation. As optometrists, we should not be competing against one another, but working together to bring the best eye care possible to the public and finding the best solutions for their eye health needs.”

Emily Chan 2nd year student Pacific University “I had an amazing experience participating in the FYidoctors Summer Student Program after my first year of optometry school. It was a fantastic opportunity to work in a clinic, observe the patient pathway, and apply what I learned in school into what I was learning in clinic. Because there are many FYidoctors locations across Canada, I am fortunate to be able to work and provide care to patients within my community. I was also able to connect with optometrists in my clinic. During the program, I was able to work and shadow the doctors, opticians, pre-screen, and front desk staff. I was also able to meet and learn from other doctors and peers in the program through weekly lunch hour socials and presentations. It is a truly rewarding and enriching 3-month experience interacting with patients and learning more about optometry!”

~ Emily Chan, 2nd year Optometry student at Pacific University, College of Optometry.

FYihealth group wishes all its summer students the best in their next year of studies!

To learn more about FYihealth group’s Summer Student Programs, please visit https://fyihealthgroup.com/careers/ or contact Michelle Melynk at Michelle.Melnyk@fyidoctors.com

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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Career and Ownership Paths in Optometry: Find Your Fit

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Since arriving in Canada less than three years ago, over 250 optometrists and 300 opticians have joined the Specsavers network.

Why have so many have chosen to partner or join an independent clinic in the Specsavers network?

It started 40 years ago with two optometrists, Doug and Mary Perkins, who had the vision to make quality eyecare and eyewear accessible to all. Globally, Specsavers supports over 2,700 healthcare businesses, passionately caring for more than 44 million patients and customers worldwide.

Wherever you are in your career, there are many pathways to join the fastest growing network of optometrists in Canada.^* There are even flexible options for existing business owners to convert their business to a Specsavers store.

Here’s a detailed look at the unique opportunities and benefits each career path offers you and how they can shape your future in optometry.

Which path is right for you?

Associate Optometrist

Overview: As an associate optometrist, you’ll be a crucial part of an independent optometric practice, focusing on delivering quality eyecare.

Key benefits:

Clinical excellence: Get access to the NIDEK Tonoref 3, NIDEK automated lensometer, Topcon Maestro2, NIDEK intelligent refract RT-6100, NIDEK slit lamp SL-1800, Marco M2 Ultra Slit Lamp, and Zeiss HFA3 with SITA Faster visual field.
Culture of dedication: Work with a team committed to community eyecare and monitoring the eye health of patients for preventable vision loss, which is why OCT is available for all your patients.
Pre-test support: Trained eyecare consultants welcome and take your patients through pre-testing so you have reports sent directly to your exam room for your consultations.
Professional development: Benefit from mentorship from a network of peers dedicated to delivering exceptional patient care.

Signing bonus: You can also qualify for a sign-on bonus. Connect with a recruiter about the forgivable loan of up to $100k for recent graduates, relocation bonus, and more.

Ideal for: Optometrists who seek flexibility with clear pathways for career growth, professional development, and work-life balance.

Optometry Partnership: Ownership with no/low financial barriers

Overview: Optometry partnership is a unique opportunity for optometrists to start their own independent clinic within a Specsavers location and earn 100% of clinical billings while receiving 40% share of dividends from the retail store. Starting your business in partnership with Specsavers offers a chance to run your own business while benefiting from the support and resources of a global optical retail leader. What’s exciting for many optometrists is the opportunity to have your location start-up costs covered.

Key benefits:

Low barrier to entry: With only a $25,000 entrance fee, your location start-up costs are covered – removing what can be a significant financial barrier to starting your own business.
Clinic ownership with autonomy: As a partner, you will have an independent clinic fitted with advanced clinical technology within the Specsavers location to manage and grow your own practice.
Paired with a retail partner: Be matched with a retail partner who is an experienced optician and/or retail professional to manage the day-to-day retail operations.
Comprehensive business support: Receive payroll, accounting, supply chain, marketing, IT support, and more, to free your time so you can focus on your patients.
An asset for the future: With 40% share of the retail store, you can benefit from dividends while growing a valuable asset for your future.

Ideal for: Optometrists who have an entrepreneurial spirit and are ready for the rewards of owning an optical retail store with a retail partner, as well as their own independent clinic.

Convert your existing business to become a Specsavers partner

Overview: Specsavers optometry partners come to us from all kinds of backgrounds. The key to our partnerships is flexibility – it doesn’t matter how you’re starting out with us, we can find a way to make it work. So, if you have an existing business and you’re looking to join up for more business support or to receive the backing of an established brand, this might be the right opportunity for you.

Key benefits:

Location build out costs are covered: Have the cost of design, construction, displays, and much more covered to convert your business to a Specsavers store.
Clinic ownership with autonomy: Have an opportunity to further the direction of optometry with advanced clinical technology and OCT for all your patients.
Paired with a retail partner: Be matched with a retail partner who is an experienced optician and/or retail professional to manage the day-to-day retail operations.
Comprehensive business support: Receive payroll, accounting, supply chain, marketing, IT support, and more, to free your time so you can focus on your patients.
An asset for the future: With 40% share of the retail store, you can benefit from dividends while growing a valuable asset for the future.

Ideal for: Optometrists who are looking for more business support with an established brand and to enjoy the benefits of being part of a larger network of doctors.

Ready to explore these opportunities?

Start a conversation with the Specsavers Partnership Team at enquiries.ca@specsavers.com or learn more at .

Whichever path you choose, you can have a fulfilling and dynamic career ahead of you within the Specsavers network.

* Based on LinkedIn reports. Data on file.

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Episode 1: Optical Retail Wins!

Practice, Revenue RX

Optical retail owners looking to enhance their revenue and drive business growth now have a powerful new resource at their disposal.

Revenue RX: Optical Retail Wins is a new podcast designed specifically for eye care professionals (ECPs) who are eager to build their businesses but are unsure where to begin, have exhausted their ideas, or simply lack the time to strategize effectively.

Hosted by Vancouver-based optical entrepreneur and business coach Joseph Mireault, the podcast offers a winning prescription for optical store owners. Each episode delves into actionable insights and fresh ideas aimed at helping ECPs differentiate between working on their business and working in their business—an essential distinction for sustainable success.

The podcast emphasizes that trust is often the biggest expense in business and guides listeners on how to manage it effectively. With a focus on key areas such as time management, team development, financial strategy, and innovative approaches, Revenue RX is poised to become an invaluable tool for those in the optical retail industry.

Joseph Mireault, with his unconventional journey into the optical retail sector, brings a wealth of experience to the table. He shares lessons from his 16 years in the optical industry, along with nearly 35 years of experience across various business ventures, which have collectively prepared him to successfully own and operate profitable optical stores.

Listeners can expect to gain insights into overcoming challenges such as stiff competition, the importance of a customer-centric marketing strategy, and how to achieve real wealth by reclaiming discretionary time.

Future episodes will cover topics like organic revenue growth, innovative marketing opportunities, fostering staff autonomy, and tackling the issue of commoditization within the optical industry.

Tune in every two weeks to Revenue RX: Optical Retail Wins and discover new strategies to transform your optical retail business. This podcast not only promises inspiration but also offers practical advice for those committed to becoming the entrepreneurs they’ve always aspired to be.

Listen to the latest episode of the Revenue RX podcast

The podcast is also featured on Eye Care Business Canada under the practice resources section.

For more information, contact:

Joseph Mireault

www.revenuerx-opticalretailwins.com

1.604.968.6282

jmiro@telus.net

Joseph Mireault

Joseph Mireault, Optical Entrepreneur, Business Coach, and Published Author.

Joseph was the owner and president at Tru-Valu Optical and EyeWorx for 16 years. During his tenure, he consistently generated a sustainable $500K in annual gross revenue from the dispensary.

He now focuses on the Optical industry, and as a serial entrepreneur brings extensive experience from a variety of different ventures.

Joseph is also a Certified FocalPoint Business Coach and looks to work directly with ECPs in achieving their goals.

Through his current endeavour, the (Revenue RX, Optical Retail Wins podcast) he shares the challenges and solutions of running an Optical business.

His insights are shared with optical business owners aspiring for greater success in his new book, “An Entrepreneur’s Eye Care Odyssey: The Path to Optical Retail Success.”

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Your Lease Needs a Health Checkup Too!

Practice, Real Estate

What you don’t know about your lease will hurt you. Your patients ought to have a regular eye health examination. Why don’t you have a periodic lease health checkup?

You check to ensure your staff are paid properly, your bank account charges are reasonable, your loan payments are reasonable, and you are not overpaying for equipment and supplies. Why would you not check to make sure you are being treated fairly under your lease?

Believe it.
Each year many tenants unknowingly find themselves in huge lease trouble simply because they didn’t understand what their lease really says. Do you think your landlord is going to call you up and tell you that you are overpaying and write you a check? Not likely.

Lease issues can be ongoing, chronic and expensive “gotcha’s”, which appear in at least 30% of the leases we review. For example, are you overpaying rent?

Typical overpayment of additional rent is $3,000 per year. Tenants pay for items that they didn’t agree to pay for because they don’t check their additional rent statements against their lease.
Time and time again we see base rent payments $1000 or more per month more than is typical for a tenant’s market because tenants don’t understand the realty market or lease negotiation strategy.
Frequently tenants pay more than the lease indicates simply because the lease has been misread. A 200 square foot mathematical error costs a tenant $6,000 each and every year! Latent issues in one form or another appear in almost every lease we review and include a collection of very nasty “traps” which like land mines are set years in advance and surprise tenants at an inopportune time. For example:
Can you assign your lease, or are you “on the hook” long after retirement? Can your landlord terminate the lease instead of agreeing to assignment?• Did you agree to overpay rent at term renewal?
Can your landlord kick you out or move your practice at your expense “out of the blue”?

As you read this, are you thinking “not me?” Baloney.

Very likely your lease DOES contain at least one of the problems indicated above. Administering your lease on a periodic basis will save you thousands of dollars by identifying and enabling you to deal with issues on a proactive basis.

Every lease should be reviewed by a skilled, experienced and capable professional within the first 18 months of the tenancy, and once a year each year thereafter.

The review should take no more than two hours and should identify material issues to be corrected now or at some future point.

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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IRIS x Cherry Health – A Partnership with an Eye to the Future

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At IRIS, our mission is to modernize and personalize communication with Optometrists about our job offers and the many career opportunities available. That’s why we’re proud to announce our partnership with Cherry Health.

What is Cherry Health?

Cherry Health is an innovative network that enables organizations and healthcare professionals to interact for various job opportunities across Canada. Thanks to its Internet platform and smartphone application, Cherry Health is revolutionizing the healthcare job search process.

The Benefits of Cherry Health

By collaborating with Cherry Health, we simplify the search for job offers and replacement positions for Optometrists, ensuring fast and efficient matches. Here’s what Optometrists can benefit from:

Professional Networking: Communicate securely with other healthcare providers across Canada, expanding your professional opportunities.
Flexible Opportunities: Gain access to short- or long-term practice opportunities paid at the level you expect and tailored to your reality and professional and personal aspirations.
Intuitive platform: Take advantage of an easy-to-use interface that displays job openings or replacement opportunities in real-time. Be among the first to know and maximize your career potential by improving access to vision care in high-need areas.

A Step Towards More Effective Communication

This partnership with Cherry Health represents a significant step forward for IRIS towards more effective, personalized and modern communication with Optometrists. By integrating advanced technological solutions, we can better meet the professional needs of our Optometrists while contributing to the improvement of vision care across Canada.

We are convinced that this collaboration will enrich the experience of Optometrists seeking new opportunities and strengthen ties within the healthcare professional community. Join IRIS in this quest for an optimized career and a brighter professional future with Cherry Health.

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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

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.

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.

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

Michelle Melnyk

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Remember DUE DILLIGENCE IS A 2-WAY Street

Buying-Selling A Practice, Practice

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.

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?
Understand who the buyer intends to work with and verify the credibility of these individuals. Who is their lawyer, banker and accountant?
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!
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.
Determine the estimated assignment costs and prepare to absorb them. They are usually small, but they should never be a surprise.
Prepare for an unreasonable landlord and hope for reason to prevail. Landlords are pricklier than ever, and they usually want a personal indemnity.
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.
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.
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.
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.
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

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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Author: blavigne

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