Manage episode 199820386 series 1052465
In this episode of Critical Issues in EyeCare Nate Bonilla-warfor, OD talks with John Scibal, OD, CBA about retirement planning.
Dr. John R. Scibal’s career is focused in both optometry business appraising and management consulting. He is fully certified by the Institute of Business Appraisers (CBA). While working as a practicing optometrist for 25 years, Dr. Scibal developed one of the largest and most successful independent optometric practices in North Carolina. A veteran lecturer throughout the U.S., Dr. Scibal is also a prolific author who has written extensively on a wide range of practice management topics. In addition, he provides consulting services for contact lens and medical software companies.
Q: When is the right time to think about retirement?
A: Right now!
No matter what stage you are in your career, you can prepare for retirement.
Retirement in 20 years:
- Watch the metrics! Especially net revenue
- Grow the practice - $800,000
- Have an associate doctor early
- Don’t neglect optical
- Culture of customer service
- Weekly Staff meetings
- Consider specialty services
Retirement 3 to 5 years away:
Things to watch:
- Steady revenue
- Curb appeal
- Invest in technology
Time of sale
- Use an unbiased consultant to limit emotional involvement
- Get an appraisal
What to do afterward?
- Stay on or not?
- Stay on for no more than a year
- Often comes down to financial constraints of practice and selling doctor
32 episodes available. A new episode about every 52 days averaging 24 mins duration .