Tools & Ressources

What Resources Are Available to Optical Industry Professionals?

Discover the resources to know for entrepreneurs and professionals from the optical industry

1. Professional Resources

Here are the professionals you will need to work with to sell or acquire an optometry office. It is best to work with these professionals as early as possible in the process.

Banker

Most banks have financing programs for start-up health care professionals. The banker can walk you through the various financing methods available at their bank. They will prepare a list of documents you will need to compile for the evaluation of your file.

Accountants

Accountants can help you assess the value of the clinic and walk you through the financing options available. An accountant is best positioned to analyze the overall finances, including past value, projection, profitability, and market comparison.

Tax specialists

The tax specialist is the one who will guide you towards determining the right structure for your clinic. The tax specialist is the expert in the analysis of tax issues (tax history, future taxes, compensation, deductions). They are often referred to you by your accountant.

Lawyer

A lawyer will assist you in drafting and/or revising the purchase agreement and shareholder agreement. The lawyer is the specialist in analyzing the legal issues such as legal history, binding clause, and future liability. They can also assist you in negotiating your commercial lease.

Astuce
Tip

Consider the various specific tasks you want to put into the mandate and negotiate a price with them early on. This approach will likely save you money on professional fees.

2. Optical Industry Resources

Independent Optometrist Network and Buying Groups

A buying group allows you to take advantage of economies of scale, pre-negotiated discounts, and exclusive promotions with suppliers in the optical industry. Being a member of a purchasing cooperative will also allow you to simplify your accounting by paying one monthly statement, instead of paying each supplier individually.

Independent eyecare professionals can also benefit from buying group events, accredited training, and business consulting services from a national director.

Finally, group purchasing organizations generally provide their members with technological tools for managing their clinics such as management software , e-commerce platform, digital displays , website creation and more.

Canadian and Provincial Professional Associations

Optometrist associations offer valuable services to clinics wishing to buy or sell.

Industry Journals

There are various online industry journals, each of which feature interesting articles and testimonials on best practices for selling and buying optometry clinics.

Private Consulting Firms

Across the optical industry, there are several specialized optical firms that offer a range of services for independent optometrists. Whether it is for specialized marketing or business consulting, it may be interesting to see what these firms have to offer.