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Congratulations! You own your own practice (possibly with a little help from your friends at Vision One) and business is thriving. Revenues have steadily increased and your patient load continues to grow. You enjoy your success and want to build on it. Are there effective wealth-building strategies you might employ to maximize your profits and wealth? The answer is almost always “yes” and Vision One is here to help you with financing along the way.
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Strategy One
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SELL A MINORITY INTEREST IN YOUR PRACTICE TO SECURE KEY ASSOCIATES

You may have hired a part time associate to help handle the traffic. You and your staff work well with her/him, and they have become an integral part of your practice. You anticipate the patient flow increasing into the future and
need the associate to increase their time commitment. At the same time, you wonder if they could be dreaming of their own private practice. After all, that’s the way you got your start. If so, they would be a formidable competitor. Furthermore, you know that searching for, employing and training a new associate could have a profound negative impact on your practice. Selling a minority interest in your
practice is also a great way to lock in your ultimate successor, trained by you!

PARTIAL OWNERSHIP ACQUISITION LOANS

Now you can retain your valued associates by making them a partner in your practice. Vision One has pioneered the development (with the support of VSP) of a “Partnership Loan” to finance the purchase of a portion of a partnership or corporation. You can be paid the value of the interest you are selling and avoid having to carry a 100% seller note.
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Strategy Two
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EXPAND OR RELOCATE YOUR PRACTICE

Now that you have your associate locked in, you might need additional space to:

  • Add a lane
  • Expand the dispensary
  • Add a pre-test area
  • Establish a lab
PRACTICE EXPANSION LOANS

Vision One can support you through the complicated steps necessary to your success and provide the funding to make your expansion a reality. A comprehensive project budget is critically important. The budget should cover all costs of the planned expansion, including architectural fees, permits, construction costs (supported with a general contractor bid), fixtures, new equipment, additional inventory and financing costs. Make sure there is
adequate time left on your lease term in order to earn out your costs and a return. You don’t want to sink $100k -$200k into an expansion only to have your lease terminate in a few years.


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Strategy Three
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OWN YOUR PRACTICE PROPERTY

To prepare for a comfortable retirement, your accountant will probably tell you to
develop assets outside of your practice. In California, many people have made excellent returns in the real estate industry. Some of the more conservative investments have historically included one’s residence and the property where your practice (business) is located. While most OD’s lease their business premises, many have chosen to own it.

COMMERCIAL REAL ESTATE LOANS

Vision One makes loans for the acquisition or refinance of your practice real estate. If the property loan can be paid off over your career, the practice can be sold and the property leased when you retire, providing cash flow. Alternatively, the real estate could be sold and you can realize the future value.


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Strategy Four
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SECOND PRACTICE PURCHASE OR START-UP

Vision One offers loans to finance your 2nd practice purchase or startup. If you purchase a practice near your existing practice, you can eliminate a competitor. Some ODs pursue a “rollup” strategy by consolidating to one practice location, drastically reducing overhead costs and increasing net cash flow. The seller can continue to work in the consolidated practice as an associate to help transition patients to you. The purchase of a practice outside your trade area can also be pursued - but you don’t get paid extra for a long commute.
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Strategy Five
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PURCHASE NEW EQUIPMENT

Vision One offers some of the lowest rates in the market for equipment purchase
financing. Most loans are approved within the same day.

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Strategy Six
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EARN INTEREST ON BUSINESS, PERSONAL AND RETIREMENT DEPOSITORY ACCOUNTS



Vision One is the only financial institution that re-invests its deposits solely into
independent optometry. 

We have a range of depository and investment options and can help you setup the accounts that best fit your needs. Vision One pays interest on business checking accounts for sole proprietors, partnerships and corporations. As a full service financial institution, we also offer investment accounts which include CDs, Money Market and a variety of IRAs (Traditional, SEP, Roth). Contrary to popular belief, individual retirement accounts (IRAs) are not just for retirement purposes anymore. Different types of IRAs will allow you to save for your first home, higher education expenses for yourself or your children - as well as retirement. 

Vision One Credit Union is the only banking relationship you will need throughout your career. We offer full service banking designed for the private optometric practitioner.

 Invest in the future of independent optometry…deposit with Vision One today! Any questions? Contact us
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Please see your accountant to determine the strategies that are right for you.
Written by: Bob Schultz, President & CEO of Vision One Credit Union

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