#28 - Prepairing for Retirement with John Scibal, OD, CBA

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In this episode of Critical Issues in EyeCare Nate Bonilla-warfor, OD talks with John Scibal, OD, CBA about retirement planning.

About John Scibal, OD, CBA:

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 .