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Grow or Die : Complacency is a Practice Killer

If you get accustomed to making a comfortable income from a practice with flat growth,
you may face a sobering reality when it’s time to sell. Execute a detailed financial plan
for continued growth—and reach your financial retirement goals.

Human nature tends to suggest we can relax when we have achieved our goals. This works if our goals are set properly. The principle applied to independent optometry has created too many complacent doctors, unable to retire or compete with commercial optometry. Private optometric practice owners’ goals are often deficient or non-existent. Sound harsh? Follow the logic.

Most doctors work to the point of making adequate income based on their desired lifestyle, relative to the cost of living in their community. Once achieved, they focus on other goals or outside activities and stop driving practice growth. Competitive advantages of a large practice are not fully realized. The practice may be precluded from: utilization of multiple doctors that could offer specialty services; ability to open nights and weekends;
the advantage of quantity discounts on frames and other materials; and other advantages related to economies of scale (also known in the business world as “operating leverage”). Here are tips to set the financial plan you need to successfully compete.
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Determine Current Practice Value
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Determine the Difference Between Wealth Target and Current Value of Assets
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Opportunities Open When in Control
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Written by: Bob Schultz, President & CEO of Vision One Credit Union
Originally published in the Review of Optometric Business
Computer, notepad, pen and eye glasses sit on top of a desk.

Competitive Deposit Rates

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Selling a Practice

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