Those who choose to sell to an associate, often do not see the need for the services of a broker. Afterall, you know each other, the associate knows the practice and the patients and more importantly, you have a good relationship so it should be easy to cross the finish line.

Owner Reluctance
While we all wish things were that simple, the reality is that selling your practice is a process. It can take a significant amount of time to prepare, organize, and to ultimately close the transaction. Owners are also reluctant to engage the services of a broker at this point because there is always the fear of paying commission, as well as the concern that the broker will over complicate things.

Regardless of whether you are selling to an associate, partner, or colleague; selling a practice is a complex activity that requires another party to coordinate the activities of the buyer and seller.

A practice broker has the expertise and training to do just that. When doing it yourself there is a higher possibility that the relationship between the two parties will be negatively impacted, because of the length of time the transaction is taking or the difficult conversations that occur during the process.

Until you experience the actual sales process, parties are unaware of the amount of information required by the buyer and their advisors. Unfortunately, many transactions fail when the buyer and/or seller try to conduct the sale of a practice without the aid of an experienced practice broker.

From the day you choose to list until the closing day, your number one priority should always be your practice and your patients. Negotiating and navigating your own sale takes time away from what you do best.

You also must be aware that things will be changing within the practice. Staff may change, prices for supplies may increase or another event could affect the day-to-day operations. These are all material changes that must be communicated to the purchaser.

A Broker Brings Order and Sometimes, Creativity
An experienced intermediary will bring organization, and even sometimes creativity to a transaction. The primary function of the broker is to get the deal closed.

An experienced broker will earn the trust of the other professionals, i.e. accountants and make sure deadlines are met and tasks are completed, and maintain communication with all the principals in the transaction.

A broker does not take the place of a lawyer, accountant, or other advisor. However, your broker can be a huge asset as the final details are being worked out. After all, the broker is familiar with the practice, the buyer, and all that led up to the sale, so they can help with final negotiations. More importantly, they can assist when two parties reach an impasse.

3 Key Points to Remember
The first is that the most important place to start the selling process is to have a formal valuation completed. Many owners really do not know the value of their practices. There are numerous factors that go into determining the value of an office. It is truly the best way to know you have been fairly paid for your years of ownership.

The second key piece of advice is to keep an open mind and trust that the broker knows what they are doing, given that this person has facilitated the sale of many practices like yours.

Finally, and perhaps most importantly, a vendor needs patience. A practice never sells overnight. Every practice is different, but with a professional guiding the process, the likelihood of success increases.

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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Recently I have met with a number of vendors who tried selling their clinics privately.  These were not good experiences for a multitude of reasons.

The number one reason people do this is to not only save commission but more importantly to try and keep the sale quiet.  There is a definite fear that going to the market will mean EVERYONE will discover that your practice is for sale.

Ultimately, owners want to sell to the right buyer, a person who will treat their staff and patients well.  In general, most buyers also want a smooth transition.  After all, they have purchased your practice and want to ensure it succeeds.

However, when you open your practice to one or a selected group of potential buyers, there are risks associated.  Some potential buyers can be quite crafty particularly when they start poking around your office.  Most will often conduct the first bit of research before you even know he/she is interested in buying your practice. He/she may pose as a new patient calling for an appointment, visit your website or even come into your office to get a feel for things.  This may cause staff to wonder if the clinic is for sale.

Without an experienced broker, you expose yourself and your practice to various pitfalls of a private buyer.

  • Due diligence is a stressful time – to put it crudely, it is “the owner’s proctology exam”. Unfortunately, if you manage this process yourself, you will quickly find out what it feels like when a stranger pokes, prods, and looks inside every inch of your practice. You are asked to produce many documents and then, you need to answer questions as to your reasons for doing business the way you do.
  • Using an advisor who is not familiar with the industry can also negatively impact your sale and stigmatize your practice. There are many times where our appraisal is used in a private sale.  Buyers then call us to clarify certain points because the person representing the owner is not providing correct answers.  I am definitely not insinuating that the individual is intentionally misleading but the reality is if you do not know the market by default, you will lose a potentially good purchaser.
  • It is never good to have one person representing both the vendor and the buyer. Relationships are extremely important.  However, when the party who is introducing you to the buyer will continue to have a relationship with that buyer post sale, it is natural that the advisor may push a little harder for the buyer’s interests.  This is exactly why we choose to represent vendors only.  We believe you need someone in your corner fighting for you.

Selling a practice is not as straight forward as owners think.  With the guidance of an experienced business broker, you will be challenged to take nothing for granted and look at the value of your clinic from a variety of angles, some of which may not be top of mind for you.

To ensure you receive the best possible outcome, you must ensure that when you sell, the practice is positioned in the best possible light and that the terms, which are important to you, are negotiated properly.

I always tell owners not to let what may be the biggest transaction of your life turn into something you think will be “obvious” to a new owner based on a quiet and private sale.  You deserve to maximize your sale, exit ownership with dignity and to have no regrets.

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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Your practice is your baby. Even if you purchased it from another optometrist, you have put your own hard work in to make it your own.

You’ve toiled, fretted, and challenged yourself to reach new heights and now it’s nearing the time to move on.

When the time comes for selling, it is critical that realistic expectations are set. If not, the goal may never be achieved.

Healthcare is Pandemic Resilient
Thankfully, the market has not cooled since the beginning of the pandemic which is proof that healthcare is pandemic resilient. Vendors need not be afraid to sell if they believe the time is right for them.

People choose to sell for a variety of reasons. Those who have owned 30+ years simply feel it is time to hand over the reins. Some feel that owning a practice is stressful with HR issues, attracting new patients, retaining existing ones, dealing with landlords, etc.

For others, it is the desperate search for work life balance. After all, managing a practice and a young family is no easy feat.

There are also those external and internal events: divorce, health issues, death, partner disputes, death of a partner or a family member, having to relocate or issues with children. All of which can cause a practice owner to want to sell.

Emotions are Natural – Put Them Aside
Regardless of the reason, vendors do need to enter the sale process with the right mindset. The practice itself represents so much more than patient charts, equipment, and the physical location.

Regardless of how long the individual has been an owner, the practice represents them, their efforts, successes, and failures. It is a symbol of fierce pride and accomplishment.

All these reasons are valid which is why the sale of a practice has an emotional component whether an owner wishes to admit this or not.

The harsh truth is that once the decision has been made, the vendor must be realistic in how the process will unfold and more importantly how a buyer will view their practice.

It is not uncommon for a vendor to believe that the buyer should be grateful to acquire such an amazing practice. However, a buyer, while happy to have the ability and opportunity to purchase the office, also believes they are paying the vendor a fair price.

This is where things get a bit tricky.

Consider the Buyer’s Burdens
During the negotiations, the vendor feels the buyer should agree to all their terms because they are presenting them with an office they can simply walk in to and take over, unlike the vendor who had to work exceptionally hard to establish and build this practice.

The buyer on the other hand, feels that their requests should be accepted because once again, they are paying a healthy price. Whenever money changes hands the potential for ugliness to rear its head most certainly can be expected.

Many vendors believe any purchaser of their practice will be successful if they simply treat their patients well.

This is partially true, but a buyer likely must make some improvements, engage in a marketing plan, and most importantly have the staff rally around them to ensure their success.

Buyers, unlike the current owner are also carrying a significant loan, therefore the room for error is quite slim. If a vendor wants to stay on as an Associate for a period, many will demand 45% to 50% as associate compensation.

While this certainly makes sense given the level of experience and maturity the vendor has, the reality is that if this vendor worked with a large corporation, the compensation would be 40%.

In addition, more times than not, the numbers simply do not work for the purchaser by the time the bank loan is repaid along with the overhead and some type of draw to cover personal expenses.

Post Sale Emotions – Be Prepared
Another expectation that must be addressed by the seller is the relinquishing of control.

They may be your patients and staff today, but on day one of new ownership, these fine people are now the buyer’s patients and staff.

This can be a very tough thing to accept particularly if the vendor wishes to remain working post-sale. Vendors are very protective of patients and staff. They are always worried that the new owner will not be accepted easily.

They worry how staff will be treated. Buyers worry about this too; they worry that they will not be seen as the owner and that staff will constantly run back to the prior owner.

When the vendor wants to stay post-sale, they must accept the changes made by the purchaser regardless of whether they agree or not. It is difficult to change behavours after 20 or 30+ years of being in charge. The vendor must be prepared that their opinion is not required regarding new technology, schedule changes, treatment planning and staff motivation (or lack thereof).

The vendor must also be willing to accept additional growth generated by the new owner. One cannot have regrets when the buyer increases revenue by 20 or 30%.

There will almost always be opportunities for improved efficiencies, expanded hours, etc. It is not a sign that the vendor did not maximize potential or failed to reach a certain level of success.

A vendor needs to understand that it is normal for a level of comfort to set in, particularly when the practice and perhaps even personal debt is paid off or at least nominal.

Selling a practice can be quite emotional for some vendors. It is so critical to be prepared because an owner does not want to suddenly be faced with a good offer and back out of a sale midway through the transaction because they did not prepare themselves psychologically for what happens next.

Get the Right Advisors
Fear of the unknown can be paralyzing, and no one can make the best financial decisions if the proper time was not spent planning for the next phase. Transition planning looks different for every practice owner.

The common thread is the need to proactively prepare for both the financial and emotional aspect.

With the right advisors, vendors can successfully go through the sale of their practice with few battle scars. Change is always scary, but it is also important to remember that none of us are defined by our professional occupation.

There are so many other facets of our lives that we should be aware of and be grateful for. Life post-sale can be exciting if one chooses to make it so.

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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After the last 18 months we’ve experience, people are always asking,”Is it time to should sell my practice”. Today most owners want to know if one should sell during a pandemic.

Pandemic Effect on Practice Valuations
The easiest, and yet ironically most complex, answer is simple: sell when you are really ready to let go of ownership as long as you can afford to.

There are many factors that determine the best timing for selling a practice — the financial position of the owner, valuation of the office, potential for further growth, past performance and history, as well as the current market.

Healthcare has proven over the last 15 years to be both recession and now pandemic resilient. Practice values have not gone down and in fact, during the pandemic, values have increased.

The best place to start is to ask 2 simple questions: can you afford to sell and are you ready to walk away without looking back?

The financial question is easier because it is all about the math. Has financial security been achieved? If yes, then by all means, pass go and collect.

The second question, is truly the toughest. An owner might be very attached to their office and maybe even more than they think.

After all, many owners feel they have invested a significant portion of their life to its success and handing their “baby” over may not be easy.

Do the Math
Most owners want to sell when they know they can maximize the price. However, owners should also consider what they are giving up in order to delay the sale for the ultimate price.

Doing a cost-benefit analysis is a worthy exercise to undertake. For example, let’s say a clinic is valued at $1,000,000. The owner, after 30 years, is getting tired of managing all aspects but if they can sustain their current pace for another 2 years, they may achieve a price of $1,200,000.

In other words, is $200,000 worth it when someone feels they are reaching their limit? For some, it may definitely be the case but what if the owner wants to work less, travel more? What if the current pace is causing health issues? How much are these factors truly worth?

Engage your Expert Team
Before any decision is made, the most important step to take is to have a valuation completed. Knowing the value of the clinic helps the owner to determine if a sale would meet their objectives.

The next step is to discuss the sale with an accountant. Understanding the tax position of the owner is critical. Too many times, the owner wishes to sell but the professional corporation is not in its purest state to facilitate the best possible outcome.

Personal Considerations
The next key factor to consider is what will the owner do post-sale. Is the owner ready to stop practising? If the new owner wants the vendor to stay on, is this realistic? An owner needs to truly do some soul searching and decide after so many years of ownership if they can go back to marching to the beat of another owner’s drum. Relinquishing control sounds easy but for many owners it is not as simple as it sounds.

A sale does not mean the end of an owner’s identity. It also does not mean the end of a career either. A vendor can certainly discard the chains of administration and management in order to seek other opportunities – such as working part-time, doing locum work, or teaching.

So going back to the original question, when is the best time is to sell. Practice owners can quite honestly sell whenever they are ready. The present economic environment most definitely facilitates the successful sale of a practice.

In our current economy, buyers continue to exceed sellers which always creates a robust exit market. We have yet to see the flood of baby-boomer business owners ready to sell. Banks continue to provide 100% financing over 12 years to buyers.

Healthcare in general – be it for people or animals, despite or in spite of a pandemic, has proven to be a profitable business with a continued good economic future.

Therefore, a vendor never needs to feel forced into a sale. Instead, every vendor must simply decide if the time is right for them. Vendors need to do some homework and then move forward with confidence.

 

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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Buying & Selling a Practice

The second event of the “Changing Landscapes: Opportunities & Options for Canadian ECPs” will focus on Selling & Buying a Practice and will be held Monday November 1st (7:30 PM Eastern).

The Canadian market has experienced transformational change in the past year.

Major players have had substantial capital injection and new Canadian market entrants are making their play for market share, creating more opportunities and options for Canadian ECPs.

Join leaders and spokespersons from the world of independent optometry supported by B+L and major eye care groups/organizations including IRIS, FYidoctors, Vision Alliance Corporation, OSI/SOI, Eye Recommend and, new to Canada, Specsavers. ROI Corporation, Canada’s leading health practice brokerage will also share their experience.

This event is a must-attend for any practitioner looking to exit their business, start a new practice or formulate a strategic partnership.

Speaker List Includes:

  • Jackie Joachim, Chief Operating Officer, ROI Corporation
  • Dr. Daryan Angle, VP Business Development, IRIS Group
  • Dr. Wes McCann, Central Optometry, ON, Eye Recommend
  • Dr. Michael Naugle, VP Optometric Partnerships, FYidoctors
  • Gord McFarlane, Managing Director of Corporate Development, FYidoctors
  • Dr. Skylar Feltis, YXE Vision Group, SK, OSI Group
  • Dr. Warren Toews, YXE Vision Group, SK, OSI Group
  • Dr. Trevor Miranda, Cowichan Eyecare, BC, Independent Practice
  • Dr. Robert Allaway, Chief Optometry Officer, Vision Alliance Corporation
  • Mike Protopsaltis, Partnerships Director, Specsavers 

The event series will be moderated by Roxanne Arnal, OD and Certified Financial Planner (TM), bringing an informed and unique perspective to the events.

Event registration is now open. Click Here for Details. 

PREMIER SPONSORS

 
SpecSavers  

 

PARTNER & FRIEND SPONSORS FOR THIS EVENT  

 
Digital ECP  

Follow up Events: 

The final event in the series will be held Monday November 8th  7:30 PM (Eastern). 

Career Pathfinders| Making Informed Choices (November 8th)  
Career options and opportunities for both young and experienced ODs have never been greater as new organizations offering unique business models enter the market and established entities respond to the changing environment.
Click Here for Detailed Information.

Registration for the first event Monday October 25th,  “Technology Drivers of Change” is open. 
Click here for detailed information on this event.  

Click here to register for any of the Changing Landscape Events 


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Transition

The time has come to sell and hand over the reigns to a new owner. Truly an exciting time but also one fraught with apprehension, nervousness and perhaps a bit of regret.

When an owner makes the decision to sell and continues to work for any period post close, one knows life must be different. But can the vendor accept the changes?

The Emotional Challenge of Selling
Regardless of the reason for the sale, every vendor believes he or she has poured their heart and soul into establishing, building, and maintaining the practice. After all, by the time the clinic sells, years of developing relationships, assembling a good team, creating a brand, and achieving success, are the reasons someone is willing to buy the practice.

But this is where the challenge starts. Handing control over to a new owner after holding this position for many years, often 25 plus years, is no easy feat.

The vendor must be prepared to accept change. New owners will have a new management style, will want to make changes, and will most definitely make their own share of mistakes. Vendors must be prepared to stand by and watch without interfering.

Good Intentions Notwithstanding… Reality Sets In
In the simplest terms, a practice transition is an event or transaction that results in a change in the effective ownership of the clinic.

Transition is all about the existing owner taking a back seat in the clinic while allowing a new owner to shine. And expectation, transition means the vendor will focus on putting the new owner in the best position possible by supporting the team that was once the vendor’s as well as the plans of the new owner.

Transitions are not easy, and they often come with a myriad of finite details. Most vendors hope for synergies between themselves and the buyer. They initially welcome the new energy to the practice. Everyone starts off with the greatest of intentions.

The vendor says they will support the new owner in any possible way and reassures the buyer that the office is now theirs. They are welcome to do as they see fit. The buyer has tremendous respect for the previous owner.

They want to ensure the vendor is happy and assures them their presence is welcome for as long as they wish to be there. But then reality sets in very quickly. Previous owners feel that the new owner is making many mistakes and of course, the new owner is not happy that the prior owner is “stuck” in his/her ways. And so, the dance begins!

Prepare for Change
The best piece of advice we give to vendors is to expect and prepare for change. When they sign the listing agreement, we warn them that the time post close is not going to be easy. Eventually, it can be quite harmonious but like any relationship, finding the synergy and sweet spot of co-existence takes time.

If both parties are truly patient and willing to work at it (just like a marriage), then a mutually beneficial relationship can certainly be the result. A vendor needs to remember that a purchaser now has a significant loan that requires repayment. The new owner may make choices or decisions that are not what the previous owner would make, but that is to be expected. A purchaser also needs to remember that change is never easy.

If you want a vendor to stay, the most important thing is open communication. Deliver messages directly to the vendor, not through staff.

The most successful relationships in life are based on both parties taking the time to share their thoughts, and concerns while also doing their utmost to truly listen to the other person. Strong communication does not take place by accident; planning, idea sharing, and discussions must be scheduled and practiced.

Bottom line
A successful transition does not simply happen. It takes work, patience, and mutual understanding. If both the vendor and the purchaser are willing to have open dialogue and accept that change is inevitable then the success rate increases.

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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When the decision to sell is made, one is thinking from the logical, left-brain side of the mind. There are numerous practicalities to take care of and the owner knows that selling will help achieve personal goals. However, deciding to sell can be difficult and many cannot imagine things could become any more difficult. But they can. Selling a practice is fraught with a myriad of emotions.

The Emotional Peaks
We know selling a practice is always emotional. We do remind our clients though, that there are two particularly challenging periods once the listing agreement is signed. The first is while we wait for offers to come in and the second is while we wait for conditions to be waived.

During the initial stage of waiting for an offer, one cannot help but feel exposed. After all, potential buyers are reviewing your information and deciding if this is a good opportunity for them.

A vendor cannot help but feel as if he/she is being judged. When an offer does not come quickly, the owner asks, “why is my clinic not good enough”. Of course, it is good enough. In fact, it is a good option, but it must be the right option for a particular buyer.

Any time in life when we are waiting on someone else to make a decision that affects us, it is very difficult, it makes us doubt ourselves and why our practice has not been chosen. As a vendor, it is critical you remember that you cannot appeal to everyone. And that is truly okay.

Offer Anxiety
There is always the right buyer for your office, and it is impossible to appeal to all. It may take time, but the key is not to second guess everything that is or is not happening. Your practice is unique, and the right buyer will have their own unique set of circumstances that make them the right fit.

For many owners, the first emotions experienced around the offer for the practice will be excitement, exhilaration, and pride.

The fact that there is a buyer for your office validates that you have created something of value and your clinic is wanted. As such, once an offer has been placed, many start to celebrate. We encourage owners to simply wait.

It’s Not Over Until It’s Over
Even with an offer being accepted, there are still hurdles that the purchaser must over come.

The toughest two are financing and assigning of the lease. Financing is certainly more difficult during this pandemic. Largely because bankers are scrutinizing the purchasers far more than pre-COVID days. They want to ensure when they grant a loan that they have confidence in the buyer.

The assignment of the lease can be challenging for many reasons – for example if an owner has had a difficult relationship with the landlord over the years, the landlord may not be willing to be so co-operative. Perhaps during the assignment of the lease, the purchaser may use this opportunity to ask for things that may not be granted.

Should any condition not be met, unfortunately, the offer becomes void, and deposit is returned. This is difficult for the vendor as now things start over.

This does happen but it does not mean your practice will not sell. You just need to be patient. The right buyer will be motivated and never stray from the motivation that drew them to your practice initially.

Transition Stress
Another stress a vendor may not be prepared for is the actual transition once all the conditions have been removed and the closing date is in sight.

It is normal to start to question the initial decision to sell. Is it right for your staff and patients? How will things run once it is in new hands? How will the owner really fill their time after the sale?

A sale brings up strong emotions particularly when an owner has been owning and operating for many years. If the vendor stays on, the realization that new management is now in place and that a say in the day-to-day decision making is no longer part of their responsibility.

Many do not realize how a large part of the vendor’s identity is tied to the clinic.

Rest assured that these thoughts and feelings are normal. Preparing ahead of time is the best way to handle the emotions connected to selling your practice.

While some doubts and fears are normal, preparation and planning for what life will look like post sale, will help an owner navigate the transaction as smoothly as possible.

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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Dr. Robert Allaway explains the Vision Alliance acquisition model, who’s behind it, and how it fits a need for practice owners that other models do not offer.


About the Guest

Dr. Robert Allaway is the Chief Optometry Officer of Vision Alliance, a new exit strategy option to help practice owners bridge the gap between full ownership and retirement. Robert is in private practice in Salmon Arm, BC where his practice has expanded over the years from a single location to three locations with four partners and two associates. He was on the Board of Directors of Eye Recommend for 12 years.

Dr. Allaway joined the Vision Alliance team founded by Ken Barbet, former Eye Recommend CEO.  Vision Alliance provides a a unique option for practice owners to exit private practice with flexibility, while removing the operational burden of the practice owner.

 


Episode Notes

Robert explains the genesis behind the formation of Vision Alliance, including the roles of key principals and partners,  including Ken Barbet, Deanna Hansuk  and Patrick Cunningham.

He provides a full explanation of how the Vision Alliance model is centred and designed around  independent Optometry and the practice owner. He explains the flexibility the approach offers to practice owners as well as the ownership opportunity provided to new entrants, and contrasts Vision Alliance to corporate models.

Robert drills down into a good level of detail on what a partnership with Vision Alliance looks like, including how it impacts operations, staff management, practice branding and marketing and more.

The financial model is also outlined, including the extent to which practice owners retain interest and how and when they can cash out.

Best Quote: “Vision Alliance is a bottom-up approach driven by the Optometrist.”

Resources

 

 

Dr. Glen Chiasson

Dr. Glen Chiasson

Dr. Glen Chiasson is a 1995 graduate of the University of Waterloo School of Optometry. He owns and manages two practices in Toronto. In 2009, he co-hosted a podcast produced for colleagues in eye care, the “International Optometry Podcast”. He is a moderator of the Canadian Optometry Group, an email forum for Canadian optometrists. As  a host of  “Eyes Wide Open”, Glenn  looks forward to exploring new new technologies and services for eye care professionals.

Dr. Chiasson enjoys tennis, hockey, and reading. He lives in Toronto with his wife and two sons.

Dr. Chiasson splits EWO podcast hosting duties with Roxanne Arnal.


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In this episode, host Glen Chiasson speaks with Jackie Joachim, Chief Operating officer for ROI Corporation, about appraising and selling your optometric practice.

 

 


Jackie Joachim, COO ROI Corp

About the Guest

Jackie Joachim is the Chief Operating officer for ROI Coporation. ROI specializes in assisting healthcare professionals in the Optometry, Dental and Veterinary spaces appraise and sell / transition their practices.

Insight with Jackie Joachim

 


Episode Notes

“Optometrists don’t really understand the value of their practices,” says Jackie Joachim. “We have a really good thing going and we deserve to get paid for that good thing.”

Joachim is optimistic about the future value of optometric practices, believing “They are where dental practices were 15 years ago.” If selling your practice is even remotely on your horizon, this episode has “must listen” advice for you.

The various types of appraisals are discussed, including comprehensive appraisals, modified appraisals and letters of opinion. Even if you aren’t interested in selling right away, an appraisal is a useful financial planning tool.

Resources

 

Dr. Glen Chiasson

Dr. Glen Chiasson

Dr. Glen Chiasson is a 1995 graduate of the University of Waterloo School of Optometry. He owns and manages two practices in Toronto. In 2009, he co-hosted a podcast produced for colleagues in eye care, the “International Optometry Podcast”. He is a moderator of the Canadian Optometry Group, an email forum for Canadian optometrists. As  a host of  “Eyes Wide Open”, Glenn  looks forward to exploring new new technologies and services for eye care professionals.

Dr. Chiasson enjoys tennis, hockey, and reading. He lives in Toronto with his wife and two sons.

Dr. Chiasson splits EWO podcast hosting duties with Roxanne Arnal.


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At some point, you will be selling your practice. It is a fact. But what will be the trigger? Will it simply be the right time, burnout, or illness? In my position at ROI Corporation, I have the privilege of speaking with owners across the country every day. Most often, the conversation is about when this key event should take place. People may have their offices in very different communities, face a variety of economic challenges and have diverse philosophies to practice. But one thing is certain. The following questions are the same regardless of your age, gender, or stage of career.

• Why do you really want to sell?

• Will you completely retire or would you like to stay working a day or two a week?

• What are your plans after you sell?

• Does ownership define who you are?

The last question is probably the most important. Regardless of the reason for selling, how you define yourself – your role, your life and your practice will determine how easy it is for you to proceed and go through the process of selling. Finding a buyer is easy. It is still a seller’s market. Key factors in the market have definitely changed which directly impact the final sale price such as “who is buying”? How much a buyer is willing to pay? And of course, the unknown factor – increase in interest rates.

One of the most challenging aspects about selling, in my opinion, can be the vendor. The happiest vendor is the one who calls us and says they are ready to list. This scenario can be misleading if the vendor hasn’t done all the hard work or gone through two or three years of decision making to reach this point. However, most vendors who call us are not at that point. Selling a practice that you may have owned for a number of years is a daunting thought. You are not just selling the bricks and mortar but also the long-time relationships with patients, staff and very importantly your routine.

Regardless of whether you are tired with the management of the office, politics of the profession or any other reasons, you still have a routine you follow without giving a second thought. We want to assure you that there is life after selling your practice. There are many new opportunities and adventures that life can offer you if you are willing to open yourself to see them. Every major event brings fear and trepidation but we want you to know that we will not only help you sell profitability but also with dignity. It never hurts to explore your options and we are always pleased to listen and provide our experience.

On a final note, a little bit of fear is okay. Remember how you felt walking into your first appointment?

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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