Do You Or Don't You Do You Or Don’t You: Have an Exit Strategy for Your Business? Published 6 years ago on February 26, 2015 By INVISION Staff Share Tweet This article originally appeared in the March 2015 edition of INVISION. YES, I DO ➤ With revenue losses from online companies, vertically integrated ophthalmic entities and VSPs, I will exit, stage right, by being gently and respectfully removed from my exam room after the EMT removes the ophthalmoscope from my not-so-cold dead hands. Dr. Robert Smith, Smith Optometry, St. Louis, MO ➤ In 20 years, find a partner and in three to five years (after training and accommodating staff with new partner), retire. Diana Sims, Buena Vista Optical, Chicago, IL ➤ I plan to slowly sell off shares of my corporation over a period of five to 10 years to the new, young owner (person TBA). Dr. Tanya Gill, Oakland Vision Center, Oakland, CA Advertisement ➤ Because I own the business, I can gradually work less as my husband nears retirement. I plan to continue to own the business, let my employees do most of the day-to-day running of the business and keep myself involved as much as I like. I can therefore “retire” without actually selling the business and can keep it as an income source. Paula Hornbeck, Eye Candy and Eye Candy Kids, Delafield, WI ➤ Will work the business until I cease to have fun and then sell it to my key employee. Kate Giroux, MacPherson Opticians, Arlington, VA ➤ I plan to be a sunglasses distributor for clothing boutiques. Will Taylor, Eye 2 Eye Contact, Detroit, MI NO, I DON’T ➤ I’m just getting started! Nikki Griffin, EyeStyles Optical & Boutique, Oakdale, MN ➤ I will be part of the practice as long as this community continues to support us. The best way to transition is to do what I began a few years ago: In an effort to work more “on” the practice and less “in” the practice, I brought in an associate and cut back to four days of patient care and one day of administrative care. If you treat the associate as a partner and pay them like a partner, they truly are a partner with your business philosophy and patient care. Dr. Ted McElroy, Vision Source Tifton, Tifton, GA Advertisement ➤ I have a kid in college, so it can’t be on my radar. Steve Whitaker, Whitaker Eye Works, Wayne, PA ➤ Too soon to think about it! Mary Canfield, Orlando Eyecare, Orlando, FL ➤ Figure I will do this ’til I die. Claudia Hecht, Sterling Optical, Newburgh, NY Related Topics:Do You Or Don't You click to Comment(Comment) Up Next Do You Or Don’t You: Have Family Members Working in Your Business? Don't Miss Do You Or Don’t You: Do You Sell Contacts Or Eyewear Online Advertisement SPONSORED VIDEO SPONSORED BY ESSILOR Get More with Essilor Get leading brands, advertising to grow your practice, and first class support and rewards. 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