HOW YOUNG OPTOMETRISTS CAN GEAR UP FOR CLINIC ACQUISITION

February 8, 2024

Embarking on the acquisition of an optometric clinic is an exciting prospect for young optometrists with entrepreneurial drive and a clear vision. If you are ambitious and determined, embracing challenges and risk-taking, you're well-equipped to succeed in this rewarding endeavour.

In this article, we offer tailored advice to help you effectively prepare for taking over an optometric clinic.

Identify Opportunities Aligned with Your Goals

Your first step is to find an opportunity that aligns with your personal and professional aspirations. For many, the drive to provide eye care and kickstart their professional journey is a primary motivator. Others might aim to become influential partners in their clinics.

Remember to consider work-life balance. Running a clinic requires significant time and energy, so it's crucial to find an opportunity that offers both professional stability and personal satisfaction. If maintaining this balance is important to you, consider opportunities in locations beyond major urban areas.

Professional growth potential is another crucial aspect. Owning a clinic not only provides a unique learning experience but also offers the freedom to mould the practice to your vision and make impactful decisions.

Gain Insights from the Current Owner

The current owner can be an invaluable mentor, offering insights and guidance on various aspects of clinic management. Establishing a trust-based relationship with an owner who shares your values and vision is key to a smooth transition.

Evaluate the Clinic Thoroughly

Before committing to a purchase, conduct a comprehensive evaluation of the clinic. This assessment should include its reputation, range of services, care philosophy, patient base, and location. Additionally, consider financial aspects like revenue, profitability, and staff quality. Assess the condition of the ophthalmic equipment, existing technologies, and the overall appearance of the clinic to make an informed decision.

Strategize Your Financial Planning

Sound financial planning is critical. Ensure you have the necessary resources for a successful acquisition. Consider exploring favourable financing options and the possibility of sharing costs with the current owner. A phased approach to the takeover can ease the transition and ensure better financial management. Seeking expert financial advice and support is vital in this process.

Considering a clinic purchase? The Vision Entrepreneur program is here to help!

Promoting the real-world benefits of business ownership, OSI's Vision Entrepreneur program provides graduates with the best means to achieve and accelerate their success.

Our experienced team supports present and future clinic owners by offering them innovative technological solutions and a complete range of services and marketing approaches: strategic support, tools, guides, training, webinars, networking activities, and conferences are all part of this robust turnkey program.

About OSI Group

Founded in 1982, OSI Group is a leader in developing value-added services for independent optometry clinics throughout Canada. In addition to these services, OSI Group has developed Optosys Solution, a comprehensive clinic management software dedicated to vision professionals.

Always innovating, we exist to simplify your operations, elevate the patient experience, and champion independent optometry from coast to coast.