After a week of hanging out on the beach, my wife and I were in the rental car heading to the airport. We have been married long enough to remember the days when couples blamed each other when they got lost. Now, when the turn-by-turn instructions in our iPhone landed us in a neighborhood 15 minutes away from the airport, we were brought together as we both cursed Siri.

Taking the wrong exit for the airport is frustrating, but still can be corrected without too much trouble. Taking the wrong exit in your professional career requires a whole different level of redirection.

The best way to make sure you take the right exit in your career is to plan for it years in advance. Part of the preparation process is finding a potential new owner to mentor to be the next generation that takes your optometry practice to the next level. Many companies have successfully transitioned ownership, but not without the proper planning. The bigger the company, the longer the pre-ownership time required to successfully transition.

Here are 3 “leaving a legacy” tips to help the next generation succeed.

  1. “Play house” – My boys like to pretend they are Daddy without the responsibilities of Daddy. This is the same for the owner-to-be. Before they boot up as the owner, they need to walk in the shoes of the owner with a full view of the responsibilities and the rewards. Neither you nor they want to just “start owning” only to find out six months later that ownership is not what they thought it would be.  As an owner, plan meetings to include the owner-to-be and let them be a part of the process for a year. Let them process accounting statements and join a strategic growth planning meeting.
  2. Be encouraging – The owner-to-be will most likely be overwhelmed with the responsibilities of ownership. They will most likely state, “I had no idea ownership required this.”  As the owner optometrist, you will need to be by them to let them know that they can do it. Many young optometrists are scared to own because they have no idea how they can do it.
  3. Discover their WHY – Ownership is usually driven by a passion for something. Those passions can be self serving, like having the title of “owner” for cocktail parties. Or, passions can be inspiring. I know individuals who seek to grow their business and create financial freedom to do good for others. Many individuals have used their success to make the world a better place. Does your owner-to-be have a bigger passion and purpose?

Whether you are just beginning to think about your exit strategy, or you are at the cusp of needing to retire, having a plan and initiating the dialogue with another prospective owner is huge. Begin thinking about how you are going to raise the next generation. It is a win-win for you and the next optometrist.