One of the most difficult decisions new graduates must make is which type of practice setting to pursue. In theory, graduates may think working with other eye doctors would be a perfect fit. However, once they have worked with other eye doctors they realize they do not like playing in the sandbox with others. Until they experience the chaos of a multi-doctor practice, they will not truly know if it is a place where they can thrive or if they would be better off starting their own solo practice. Knowing yourself is the key to practice success.
Successful optometrists who START PRACTICES are typically
- individuals who prefer to choose their staff members instead of inheriting them
- good at networking and meeting new people
- realistic in their view of an optometry practice in today’s highly competitive market
- passionate about creating an environment that makes people feel good
- individuals who value the rewards of delayed gratification
Successful optometrists who PURCHASE OR BUY INTO a practice typically
- like the stability of an established patient base
- would rather fit into the staff culture than recreate it
- prefer to follow policies and guidelines already in place
- are OK with letting others decide what practice equipment is purchased
- sacrifice their needs and preferences of staff, management, and equipment for instantaneous cash-flow and immediate production
These days far fewer practices are starting from scratch because an increasing number of existing practices are available for sale. Optometrists from the Baby Boomer era are putting their practices on the market and retiring. With the number of ODs who will reach retirement age during the next five to ten years, one can only expect that the number of solo practices for sale will continue to grow.
You may find that you want to be in a partnership but haven’t found one that fits your lifestyle. One solution that has become a recent trend is two doctors partnering together to purchase a solo practice and then continuing to run it as a one-doctor practice with two part-time owners.
Whatever your needs, make sure you have assessed them carefully before jumping into a start-up or practice purchase.
