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Where once failure, the f-word, was the domain of losers, it’s now a cause célèbre, a hard-earned badge of redemption and authenticity.

In ads for sneakers, athletes relish in how many times they missed the winning shot, in magazine articles CEOs take pride in recounting their blunders, politicians and celebrities their lowest moments, even their disgraces. Business gurus tell us to “fail forward,” governments roll out programs to encourage acceptance of failure in entrepreneurship and colleges offer courses for new students on dealing with the fear of failure.

The benefits of failure shouldn’t be news to us. Toddlers develop into autonomous, well-functioning selves by testing boundaries. Fall over, pick yourself up, fall over with a little less pain the next time. It’s as basic and fundamental as evolution. Indeed, in his book Why Most Things Fail, theoretical economist Paul Ormerod argues that failure is the defining characteristic of successful biological, social, and economic systems; “99.99 percent of all species that have ever lived are now extinct. And, like species, most firms fail. On average, more than 10 percent of all companies in America disappear each year,” he says.

The wisdom of learning from failure is incontrovertible, and the benefits manifold. From preventing recurring mistakes, to spurring innovation, to helping you find your true course, to uncovering opportunities, it often begins with failure.

Yet for most of us mortals, this advice is still hard to take: failure is painful. Failure also involves some very real costs — it wastes money, destroys morale, infuriates customers, damages reputations, and can sometimes lead to legal trouble/malpractice suits. For small business owners, there is the very legitimate risk that a major failure — choosing a wrong location, for example – could be fatal.

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Further, there’s a concern among many managers that encouraging failure presents a moral hazard, that a fear-no-failure culture will lead to an anything-goes environment among staff.

As a result, despite all the good talk about failure, most businesses continue to do the opposite. They punish mistakes, shoot the messenger bearing cautionary news, deny errors, blame others, make no systematic effort to study it and basically ignore whatever messages failure has to teach them.

And in doing so, they double down on their errant course of action, stifle risk taking and take a step toward creating the very thing they are trying to avoid — a terminal misstep.

Adapt: Why Success Always Starts With Failure by Tim Harford

As the business world becomes more complex and uncertain, the issue is becoming more critical. In 2019, leading a business is not so much about good management, as it is about how you respond to new threats, new trends, new technologies. Nobody gets it right the first time anymore.

“It’s not about effective planning. It’s about trial and error,” Tim Harford, a Financial Times columnist, writes in his book, Adapt: Why Success Always Starts With Failure. “Those who can afford to fail more times will succeed in the long run, he says echoing the famous quote of IBM’s Thomas Watson, Sr.: “The fastest way to succeed is to double your failure rate.”

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Amy Edmondson, a professor in management at Harvard Business School, sees three kinds of failures: Intelligent or good failures (when we expect to fail and learn something), preventable or bad failures (when we’re sabotaged by errors in judgment or ineptitude), or unavoidable failures (when complex systems break down).

Intelligent failures are the easiest to deal with, at least from a psychological perspective, and there’s no shortage of Silicon Valley companies from Google to Intuit that have incorporated the exploration of such failures into their systems.

Learning to deal with “bad mistakes” seems the most straightforward. And the approach the most traditional: Use checklists, improve training, encourage feedback.

The third kind of mistake, the complex ones, are probably the most interesting because the situations in which they occur are increasing. The most effective approach involves giving into chance, expecting failure, and reacting flexibly, says Ormerod.

Small business owners will face all three kinds of failures and need to be able to recognize them.

In the following pages, we provide some tips to help you prepare for when things go wrong and to get the best out of situations when they do go awry.

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The possibility of failure is what makes life worth living. When there is no challenge, the joy evaporates (try playing a video game designed for four-year-olds and see how long that stays fun!)
The poet Rainer Maria Rilke summed it up nicely: “The purpose of life is to be defeated by ever greater things.”

In business, those challenges are waiting every day. Go down valiantly.

27 Ways to Make the Most of Failure

Failing is an inevitability and the stink of it is hard to shake. But we’ve got 27 tips to help you navigate those foul-smelling waters.

Contain the Downside

1There is a key caveat underlying all failure literature, and that is to be able to enjoy the benefits, you’ve got to be able to survive the experience, thus the advice to fail small and cheaply. Always ask, “What is the minimum viable experiment?” says Roy H. Williams, a.k.a. the “Wizard of Ads.” It also helps to stick to “adjacencies,” or areas where you have some related business experience. The business world is littered with the dead projects of companies that strayed too far from their core competence. To be sure even a small failure can be expensive, but in the long run ignorance tends to be even more costly. “Generally, I don’t have much patience with people who worry about the waste and cost inherent in experimentation,” says Harford. “Look at the Soviet Union — what looks to be efficient rationalization is often a system that can’t learn or adapt.”

Debrief

2When a business venture fails, sure, it sucks. When a military expedition fails, people die. The life-or-death nature of that business explains the military’s relentless review system, known as “after-action reviews” (AARs) of each combat encounter and combat-training exercise. “As in business, the reasons for success or failure in combat often are not clear,” writes behavioral scientist Francesca Gino, author of Rebel Talent: Why It Pays To Break The Rules At Work And In Life. “AAR participants discuss four key questions: What did we set out to do? What actually happened? Why did it happen? What are we going to do next time?” To be sure, failure reviews aren’t much fun. Most people would rather sweep the little disaster under the carpet and look forward. But then the learning opportunity is lost. Such “reviews work best when they are fast and to the point; take place frequently, through good times and bad; and are forward-looking, with an emphasis on learning, not assigning blame, write Julian Birkinshaw and Martine Haas in Increase Your Return On Failure. “Some failures provide immediate value in the form of market insights that can be capitalized on. Others provide broader lessons that lead to significant personal or organizational development.”

Have Plan B, C and D Ready

Rebel Talent: Why It Pays To Break The Rules At Work And In Life by Francesca Gino

3“Expose yourself to lots of different ideas and try lots of different approaches on the grounds that failure is common,” says Tim Harford in his book Adapt: Why Success Always Starts With Failure. “This approach is far less intimidating than trying to come up with the best idea ever. You need Plan B, Plan C, Plan D. You need a full quiver of arrows.” Not only does a fallback position make it easier psychologically to be wrong, but it enables you to take away a wider range of lessons from each mistake, he says. Ideally, you want to try a mix of off-the-wall ideas and by-the-book practices.

Aim Low

4A common mistake even at big corporations is to test new products or services under optimal conditions, says Edmondson. Take the example of a new website rollout. Rather than assume visitors will be tech-savvy millennials, test the site with limited support, unsophisticated customers, and old computers or phones. Such tests would be designed to discover everything that could go wrong — instead of proving that under the best of conditions everything would go right. “Of course, the managers in charge would have to have understood that they were going to be rewarded not for success but, rather, for producing intelligent failures as quickly as possible,” she says.

Or, Don’t Even Fail at All

5Author Daniel Kahneman suggests something known as a “premortem.” Before launching an event, gather your team and tell them to imagine they are in the future looking at the aftermath of the event, which has flopped. Why? This removes pressure about seeming disloyal by being less than positive about the project and makes it easier to make changes that could save it.

Beware Your Biases

6The human capacity for self-deception is profound. It thus helps hugely to be aware of the kinds of biases that can undermine a proper evaluation of a project. Among the most common psychological blind spots related to failure are the “God complex” (feelings of infallibility), chasing your losses (taking bigger risks to win back lost money), or hedonic editing (when we try to convince ourselves that a mistake doesn’t matter, or finding some way to reinterpret our failures as successes). Few of us can make purely rational decisions. Beware of your biases.

Dig Deep

7When Edmondson discusses failure with executives she often asks them to consider her Spectrum of Reasons for Failure, which lists causes ranging from deliberate deviation to thoughtful experimentation. “When I ask executives to estimate how many of the failures in their organizations are truly blameworthy, their answers are usually in single digits — perhaps 2 percent to 5 percent. But when I ask how many are treated as blameworthy, they say (after a pause or a laugh) 70 to 90 percent. The unfortunate consequence is that many failures go unreported and their lessons are lost.” To be sure, managers need to make a distinction between excusable and inexcusable mistakes, but often by probing deeper there are underlying causes that are more important. Was the cause of an error carelessness, lack of training, fatigue or some other issue? Rick Rickgauer of Vision Associates in Girard, PA, recalls such an instance from earlier in his career: “A long time ago, when I worked at LensCrafters (when it was owned by US Shoe) in Tucson, they were opening a new store and hired two lab guys with a ton of experience. Suffice to say they crumbled under the one hour cookie. The lesson learned was this: hire people for the lab with absolutely no experience because they come in thinking that is the norm. They don’t know any better. The best lab people we ever had came in as bare-naked novices.” And even in those preventable instances involving “bad failures,” there is still a learning opportunity. As the line goes, good judgment comes from experience. Experience comes from bad judgment.

A Main Dish of Mea Culpa

8Look for opportunities to share your mistakes, be it at a lunch, an industry peer group or some other professional gathering. “If you’re having lunch with some of your peers, then revealing failure is a great strategy to induce levels of liking by reducing malicious envy,” Harvard’s Edmondson says. “When people share their experiences in an atmosphere of respect and mutual trust, a special kind of magic occurs: smart people become wise and their businesses begin to grow,” says Williams, who regularly brings together small businesspeople to study at his Texas retreat.

Keep a Failure Resume

9A failure résumé is a simple idea: When you fail, write it down. But instead of focusing on how that failure makes you feel, take the time to step back and analyze the practical, operational reasons that you failed. What’s the point of such self-flagellation, asks Tim Herrera in his Smarter Living column for the New York Times? “Because honestly analyzing one’s failures can lead to the type of introspection that helps us grow — as well as show that the path to success isn’t a straight line.” It can also be a reminder of how much you’ve tried, said Melanie Stefan at Edinburgh Medical School, who gave the idea some publicity when she called on fellow academics to publish their own “failure résumés” a few years ago.

Focus on the Process Not the Result

10According to Dan Ariely, author of the best seller Irrationally Predictable, organizations and humans as a whole tend to focus too much on the outcome rather than the process. “Sometimes the idea is very good but the outcome is negative.” If we want to encourage good ideas and people to try difficult things, then we need to emphasize systems over goals, and analysis over blame. Edmondson concurs: “The key is to insist on developing a clear understanding of what happened — not of “who did it”— when things go wrong. Farson and Keyes recommend eschewing both praise and blame. “Failure-tolerant leaders avoid giving either praise or criticism, preferring to take a nonjudgmental, analytical posture as they interact with staff. And they try to root out the destructive competitiveness built into most organizations,” they write.

Fail Differently Each Time

11A crucial question to ask yourself about your mis-hits, is, “Am I failing differently each time?” says Steven Levitt, author of the business bestseller Freakonomics. For all our talk here about failure, what we are actually talking about is learning. Fail the same way over and over and you’re clearly not learning.

Build a Culture that Celebrates “Intelligent Failure”

12As 3M’s legendary chairman William McKnight once said, “The best and hardest work is done in the spirit of adventure and challenge … Mistakes will be made.” A risk averse culture, on the other hand, is dangerous. Once you quit innovating and become guardians of the status quo the end is only a matter of time away. “One division head I worked with would say to his team members during their performance reviews, ‘Show me your scrap heap,’” recalls Wharton’s Gunther McGrath. “The request perfectly conveys the idea that high achievers will, of necessity, try some things that don’t work out.” Tom Peters sums it up another way: “Reward excellent failures. Punish mediocre successes.”

Fail From the Front

Whoever Makes The Most Mistakes Wins by Richard Farson and Ralph Keyes

13The example set by owners and management is crucial. Far from revealing weakness, admitting mistakes shows a leader’s self-confidence and helps forge closer ties with employees. “A blunder admitted is empathy earned,” write Richard Farson and Ralph Keyes in Whoever Makes The Most Mistakes Wins. “Leaders who don’t cover up their errors reveal themselves as human — they become people whom others can admire and identify with.” Adds Edmondson: “Only leaders can create and reinforce a culture that counteracts the blame game and makes people feel both comfortable with and responsible for surfacing (exposing) and learning from failures.”

Codify and Share What You Learn

14While it’s useful to reflect on individual failures, the real payoff comes when the lessons are spread across the organization or even better, they become part of institutional memory. At Coca-Cola, stories about the failure of New Coke are still told 30 years on. Former CEO Roberto Goizueta got years of one-liners from the fiasco. “Admitting his mistake conveyed to his employees better than a hundred speeches or a thousand memos that ‘learning failures,’ even on a grand scale, were tolerated,” says Farson.

Hail the Messenger of Bad News

15“The biggest mistake you can make as a leader is to shoot the messenger and bury the bad news,” write Birkinshaw and Haas. “Big, painful, expensive failures are easy to spot. But in many organizations any failure that can be hidden is hidden as long as it’s unlikely to cause immediate or obvious harm.” The goal should be to identify it early, before it has mushroomed into disaster. Among the ways to do this: creating a shared understanding around the types of failures that employees can expect; being accessible as a leader and rewarding the messenger who brings up bad news.

Use Symbolic Rituals

16Heroic Failure Awards, Failure Walls (a space in your back room where you and staff can share your “growth lessons”), or a Failure Hour (a weekly meeting devoted to things that went wrong and can be improved) can help create an environment in which failures are openly and seriously discussed. “Something magical happens to failure when it’s openly acknowledged,” writes business author Jeff Stibel in a column for Bizjournals.com. “Paradoxically, it becomes less of a big deal. The idea of failure is often the elephant in the room that no one wants to mention.”

Use Checklists

The Checklist Manifesto by Dr. Atul Gawande

17In his book The Checklist Manifesto, Dr. Atul Gawande argues that in our complex modern world, failure results not so much from ignorance (not knowing enough about what works) as from ineptitude (not properly applying what we know works). His solution — checklists. In medicine, a field where the available well of learning expands exponentially every year, the problem is “making sure we apply the knowledge we have consistently and correctly,” says Gawande. A recent study in UK hospitals suggested that wider use of checklists might prevent a staggering 40 percent of deaths during treatment. If surgeons can fill out checklists, the rest of us should probably be willing to run our expertise by the numbers as well.

Don’t Fret the Moral Hazard

18If people aren’t blamed for failures, what will ensure that they try as hard as possible to do their best work? What stops a business from descending into anything-goes chaos? According to Edmondson, such concerns are based on a false dichotomy: “In actuality, a culture that makes it safe to admit and report on failure can — and in some organizational contexts must — coexist with high standards for performance.” Encouraging failure doesn’t mean abandoning supervision, quality control, or respect for sound practices. In fact, it’s just the opposite, argue Farson and Keyes. “Managing for failure requires executives to be more engaged, not less. Astute managers mark the daily progress of small successes and failures with an evenhanded, open curiosity about the lessons learned and the next steps to take.”

Give Back the Pen

19It’s not just at the organizational level that failure can be “a gift.” Individuals, likely including your employees, can benefit from its didactic embrace. The problem is that many managers are what psychologists call “over-functioners” — faced with a challenge in the store, they spring into fixing mode, taking control, attacking the issue, offering instructions and dealing with it. As with raising kids, it often helps to let your underlings fail to allow them to develop, even if it creates some short-term anxiety or uncertainty. When a person is stuck or struggling, ask them “What do you think you should do? Go try it and I’ll give you some ideas and then you see how it goes.”

Be Unorthodox

20The pioneering behavioral psychologist Daniel Kahneman changed the standard view that humans are rational economic actors. The Soviet Union proved something similar for economies — what looks to be efficient rationalization is often a system that can’t learn or adapt. It’s the same for just about any business. British advertising great David Ogilvy had an interesting take on this: “The beginning of greatness is to be different. And the beginning of failure is to be orthodox. Big ideas come from the unconscious. This is true in art, in science, and in advertising. But your unconscious has to be well informed, or your idea will be irrelevant. Stuff your conscious mind with information, then unhook your rational thought process.” Go expose yourself to ideas and experiences.

Revisit and Reboot

21Jennifer Leuzzi, owner of Mill Creek Optical in Dansville, NY, says she felt like a failure when she changed locations after 20 years and built out an exam room for the express purpose of enlisting a doctor to perform exams. “I thought I could find a doctor to just zip in a few days a week to give exams,” she says. “I invested in some ‘gently used’ equipment and it ended up sitting there collecting dust. Turns out I would’ve never been able to handle more Rx’s. The move did prove to increase my business enough to keep me VERY busy! I’m going to donate the equipment.” It’s an important lesson that failure is sometimes a matter of perspective. Ed Boyden, an MIT neuroscientist and popular TED talker, says “Many of the projects that we do that appear quite successful, it’s actually often the second or third time we’ve given it a try.”

You are Not Your Failures

22A lot of us look to athletes for inspiration, especially when it comes to taking on a daunting challenge. But according to British sports psychologist James Hamilton, many elite athletes have a pretty unhealthy view of success and failure, associating defeat with an all-round failure of the self. To be sure, it can fuel a heightened drive, leading them to put up with huge levels of discomfort and deprivation, but it can also result in risk-avoidance and self-blame when things don’t pan out as they had hoped. A much healthier view, he says, is to remember that any failure “stands separate” from you. That if you fail, the failure happened, but you don’t become “a failure” he writes in The Guardian.

From the Start, Know What Failure Looks Like

23Recognizing failure can be surprisingly difficult. We’ve been trained that “persistence pays off,” so it feels wrong to cut our losses and label an idea a failure. “Decide what success and failure would look like before you launch an initiative,” says Wharton Business School’s Rita Gunther McGrath, noting that some big corporations build exit strategies into their projects to ensure that doomed or resource-sucking efforts do not drag on. “Being able to recognize a failure just means that you’ll be able to re-cast it into something more likely to succeed,” adds Harford. In such instances, feedback — either in the form of data or third-party reviews — is essential for determining which experiments have succeeded and which have failed. “Get advice, not just from one person, but from several,” he says.

Don’t Let Fear Have the Casting Vote

24A big part of dealing with the issue of failures has to do with fear, fear of messing up in the future or fear of losing something that we’d gained in the past. In her latest book Big Magic, Elizabeth Gilbert notes that fear can be a sign that something is important to you. The trick, if you can do it, isn’t to ignore fear, or try to conquer it, and definitely not to obey it, but to treat it like an annoying younger sibling and make space for it. She uses the analogy of a road trip. “Fear always comes along for the ride, and that’s fine — but that doesn’t mean you need to let it anywhere near the steering wheel.”

Get Comfortable with Rags – It’s Not So Bad

25Alternatively, try gaining serenity by actively confronting the experience of failure as Seneca — the Stoic philosopher much admired in current self-help literature — advised: “Set aside a certain number of days, during which you shall be content with the scantiest and cheapest fare, with coarse and rough dress, saying to yourself the while: ‘Is this the condition that I feared?’”

If it Ain’t Broke, Experiment

26There’s a view that success doesn’t have much to teach you — you may have been lucky, it will cover up mistakes, it saps the will to innovate, it can make you overconfident and misattribute the real factors at play. But it doesn’t have to be that way, say Francesca Gino and Gary Pisano in an article in the Harvard Business Review (“Why Leaders Don’t Learn from Success”). “Celebrate success but examine. Ironically, casting a critical eye on your success can better prepare you to avoid failure,” they write. Gino and Pisano say the right question for leaders of learning organizations to ask is not “What are we doing well?” but rather “What experiments are we running?” Keep looking at data even when things are going well — understanding why you’re successful is as important as understanding what causes mistakes.

Find a Podcast

27When things aren’t going well, there’s a fabulous world of inspiration out there — podcasts, TED talks, no end, really, of great people who have experienced what you’re going through and can provide a pick-me-up or reassurance or even tactical guidance. Designer Ida C. Benedetto told the Creative Independent she keeps a collection of such talks on her website — you can find them here: invisionmag.com/041901.

Chris Burslem is the Group Managing Editor of SmartWork Media.

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Endings: Owners Share How and Why They Closed the Curtain on Their Eyecare Businesses

No two exit strategies are exactly the same.

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They say all good things must come to an end. In this industry, we often focus on the numbers when it comes to the sale or closing of a business… What sort of revenue did they have? What kind of deal did the owners get? How much did they sell for? But for business owners, there is an entire emotional and psychological journey when they are exiting the businesses they have poured money, sweat, and often, tears into.

No two exit strategies are exactly the same, and in the following pages we profile four business owners who have transitioned, or are looking to transition, out of ownership. What was their motivation? What did the process look like for them? How did they communicate their exit to their patients and staff? How did leaving their business make them feel? And what do their lives look like post-ownership?

LIFE SOMETIMES HAPPENS

Bryan Finley, LDO | Island Opticians, Palm Beach, FL | DATE CLOSED: May 2016

Bryan and Amie Finley

The original founder of the business, Stuart Villars, worked at Lugene Opticians on Worth Avenue, the luxury-shopping destination in Palm Beach, until they closed unexpectedly. Shortly after, he opened Villars Opticians on Peruvian Avenue, one block north of Worth. The business moved twice, but always stayed on Peruvian. In 2010, Mr. Villars decided it was time to relax a bit, and listed the business for sale. I was living in Oklahoma but saw the listing at a continuing education event I attended for licensing requirements in preparation for a move to Florida. I contacted Mr. Villars about purchasing it but, unfortunately, my then wife wasn’t interested in moving to Palm Beach, even though it was a tremendous opportunity. Mr. Villars sold the business to Christopher Moné, who renamed it Moné Optical Gallery.

After a short time in Florida, my marriage ended and I moved back to Oklahoma. I met Amie and we married. Again, I was looking for work opportunities in Florida when I saw a listing for a Moné Optical Gallery in Palm Beach. I told her: “No way, surely not!” She was excited about the prospect of owning our own business, so we contacted Chris Moné and struck a deal. We took over ownership and re-opened as Island Opticians on our first wedding anniversary, providing independent eyewear to the people of Palm Beach.

Although a bit stressful due to seasonality (Palm Beach has about 2,000 year-round residents but swells to 9,000 in winter), we loved our little 300 sq. ft boutique … But then life started to happen. Three months after opening, one of our daughters told us she was going to have a baby. Then, four months after that, another daughter called with the same news! Suddenly, we were going to have grandkids 1,500 miles away. Not long after the grandkids were born, our parents started having some medical issues. We tried traveling back to Oklahoma frequently to see the kids, grandkids and parents, but eventually we decided it was important and necessary to be near our family on a regular basis, so we made the difficult decision to sell the business after only two years.

We listed the business for sale on several optical forums and sites. After several inquiries, we reached an agreement in principle to sell to an optician, so we finalized all of our moving plans. One month before the sale was to be finalized, our buyer and her financier went in a different direction. Suddenly we had no buyer and no backup plan. With no time left to find a new buyer, we went into liquidation mode. We quickly had mailers printed to send to all of our clients and potential customers, with an aggressive going-out-of-business campaign. Everybody loves a good deal, even affluent people, so we were able to sell the majority of our product in one month. I ended up staying in Palm Beach a few weeks longer than Amie; she had already committed to a start date on a new job.

Since we were an LLC, the transition was fairly simple. We just had to notify the state that we were ceasing operations. As for communicating our plans to employees — no employees, so that was easy!

The first lesson we learned was: Have a good long-term plan and plenty of capital! Realize that starting or selling a business, should the need arise, doesn’t happen quickly; have patience. Be flexible. At the end of the day, integrity is the most important thing you offer as a proprietor.

Our advice for others is to have a Plan A, Plan B and Plan C!

QUICK Q&A

What was your greatest concern about giving up ownership?
Would we recover our investment? Would we ever have such a unique ownership opportunity again? After being owners, could we be happy working for someone else? Can we trust someone else to take care of our long-time clients?

Is there a patient encounter that stands out when they found out?
Many clients called in that last month to express their disappointment. Tears were shed. Mr. Villars, upon hearing the news, called to express how crazy he thought we were, but I think he was mostly sad to see the business close. One client offered to buy the business if we’d stay!

How would you describe the emotions you went through?
It was a bit heartbreaking. I felt like I was letting Mr. Villars down, and I was sad that my “retirement plan” wasn’t going to come to fruition. But we were both excited to spend more time with family.

Would you do anything differently?
I wouldn’t have been in such a hurry to sell.

What did you do to help overcome doubt?
We just reminded ourselves of the importance of family, and that things don’t create happiness.

How do you feel about the outcome?
We’re okay with how things have turned out, and plan to return to Florida, but as retirees instead of owners! We miss owning Island Opticians, but there is a certain level of anxiety that comes with ownership that we don’t miss.

Now what?
We tried working in private practice again, but just couldn’t get past knowing how to get things done better than our employers, because we’d been both opticians and owners. So, we decided to become brand ambassadors for some of our favorite independent lines. We still work together and are able to plan our travel schedule around our family activities. We do things a lot differently than most frame reps; we bought an RV that we live and travel our six-state territory in. This way, we’re “home” every night. We’re still technically owners as independent contractors, but have a little less anxiety now!

 

HANDING OVER YOUR BABY

Shimul Shah, OD | Marysville Family Vision, Marysville, OH | DATE SOLD: September 2018

The practice began as an ophthalmology practice. I purchased it in 2012. I practice general optometry and the patient base is very family oriented.

Accepting it was time to end ownership was a slow, painful realization that finally took a friend telling me that I would be just signing up for years of being unhappy and financially unsettled if I didn’t. It took a lot of introspection to realize I wasn’t able to accomplish what I wanted. I am very risk averse when it comes to money, and the one thing you need in growing a business is the ability to invest in it financially.

I had started asking around a little but was not actively looking for an exit strategy. When two different people gave me the same name to reach out to, I thought I should give it a try. I was hesitant to make promises and was willing to hold off until I knew that the practice, patients and my staff would all be treated with care.

A lawyer generated a Memor­andum of Understanding to get my intentions on paper and list what I wanted and was not willing to budge on. An accountant helped come up with a price and negotiate the sale. The biggest help was my family, who served as my sounding board.

Shimul Shah, OD

When it came time to communicate the change, I spoke with each employee and made sure they knew that a part of my agreement with the new owner was their position, the hours they would be working and the pay. I needed them to know it was something I had to do for myself and that I had made every effort to make sure they were taken care of.

We sent emails to all patients letting them know the business was turning a page but the doctor, staff, products and service were not changing. They seem accepting of what has occurred.

One surprise is that I find myself slightly disconnected from the profession at the moment. I went to a conference recently where I found myself wanting to attend and listen to practice management talks but didn’t know how I could implement anything now that it wasn’t my position to worry about those things anymore. I want to refocus on patient care, but changing gears has been challenging.

The process of deciding to give away ownership of something is a grueling one. I had to really think about my life and what I wanted out of it, and whether the good outweighed the bad. I learned on a deeper level what my strengths and weaknesses were and how each contributed to the conversation, and the ultimate decision, to start placing my efforts elsewhere and to pass the practice on to more willing and able hands.

My advice to others is to have good advisers in your corner. Be specific and diligent about what you want, but know that without compromise you will probably never find anyone that’s good enough to take over your “baby.”

QUICK Q&A

What was your greatest concern about giving up ownership?
Being an employee in a space where I’m used to being in charge. Secondly, I was nervous I would lose the passion I’d had for the practice’s success.

Is there a patient encounter that stands out when they found out?
Every encounter I’ve had has been positive and supportive! I don’t think patients care so much about the behind-the-scenes stuff as long as there is continuity of services.

How would you describe the emotions you went through?
I felt a myriad of emotions ranging from failure to anxiety, sadness, and excitement. At times, I felt I was abandoning my patients, staff and Marysville. At others, I felt like I was letting down all the people that had so much faith in me. Now that it’s over, I feel peace, stability and anticipation for the future.

Would you do anything differently? No.

What did you do to help overcome doubt?
I reminded myself that the current situation was unsustainable. I could potentially keep going for another six months, maybe even a year, but ultimately that would just be delaying the peace of mind I was so desperate for.

Are you happy with the outcome? Yes

Now what?
My plans include making more time for traveling, cooking, reading, and spending time with friends and family. I may get involved in the political and legislative branches of optometry and see how I can use my talents to help optometry grow in a different context.

 

PRIVATE PRACTICE TO PRIVATE EQUITY

Carol Record, OD | Drs. Record & Record | Charlottesville, VA | DATE SOLD: February 2016

Steve Record and I graduated from SUNY Optometry in 1982. It was the heyday of extended wear contact lenses and retail optometry was just beginning to advertise for eye exams, eyeglasses and contact lenses. We moved to upstate New York and worked retail optometry as our first jobs. We saw many patients and fit lots of contact lenses. We wanted to work in private practice and eventually own a practice, but not in upstate New York. The population was not growing. We felt we needed to move south to a town that was experiencing growth; preferably a college town.

After exploring established practice opportunities in Virginia, none seemed quite right. Once we accumulated enough capital to open a practice we moved to Charlottesville and opened cold. We opened in August 1983 and were the first in town to advertise our services for eye exams and contact lenses. Looking back, it is hard to believe we survived and actually made enough to pay our bills. Fortunately, we were able to live off the income we made from optometric employment and both had part time jobs working one hour away. Within five years we gave up all outside employment.

Our practice grew from zero patients, to two offices, four doctors, and over twenty employees. We embraced medical eyecare, added new equipment each year, and were fortunate to experience growth every year we were in practice.

Before we knew it, our children graduated college and we were advised that we had enough money saved to retire whenever we wanted. We were in our late 50s. I still had the mindset of growing the practice, perhaps adding an additional location, but Steve wanted to retire and I did not want to do it alone. We sought the advice of Al Cleinman of Cleinman Performance Partners to map out our options. We learned there were fewer buyers able to purchase a large practice as a whole. The better option was to sell each location. We were also informed it usually takes a few years to sell, so we retained him to help us transition our practice.

Selling a practice takes time and there are lots of facets to it. Finding a buyer willing to provide a fair deal is perhaps the hardest part. Legal and accounting documents will be needed. Will you work for the new owner? For how long? What will your employment contract look like? What will you do with the real estate? We were lucky to have an unsolicited offer from MyEyeDr that we could not walk away from. Cleinman, having brokered many practice sales, knows a good offer from a bad one and advised us as such. He also walked us through the details, along with our attorney, financial planner and accountant. From the time we decided to look for a buyer to the time we actually sold took about 2.5 years and MyEyeDr purchased all the assets.

We have many colleagues who are transitioning their practice. In all cases, the employees are informed of the sale of the practice once it is definite that the deal will go through. In our case, we informed our employees one month prior to closing. Since Steve and I were employed by MyEyeDr, MyEyeDr informed our patients of our new affiliation. As it came closer to the time when I would retire, I thanked my patients, hugged them and told them it would be the last time I saw them professionally. Often it was my retired patients who said “You can’t retire. Who am I going to see for eyecare?” Most patients thanked me for their care and congratulated me.

I consult with doctors at least once a month about practice transitions. The first thing I tell them is “no matter who you sell your practice to, your practice will change.” Second, I inform them that “the best deal for your practice is the deal that is best for you.” Everybody’s situation is different. The longer you work in the practice after the sale, the more valuable the practice is.

For the doctor who is unsure they should sell their practice I’d ask first, “What do you plan to do after? Will you continue to work? Will you change careers?” If you plan to retire I can assure you, you will be surprised at how busy you will be. Volunteer opportunities abound. New hobbies and games are ready for you to explore. New friendships will form, and the extra free time you now have will let you experience life’s moments with greater joy and enthusiasm.

QUICK Q&A

How would you describe the emotions you went through during the process?
I was consumed by worry about giving up control… but I found it quite liberating to see patients and go home. Once I left the office, work was behind me.

Would you have done anything differently?
I speak at Cleinman’s Practice Transitions Conference and have learned a lot about transitioning a practice. There are various options you and your new owner may have that I was unaware of. This type of meeting did not exist when I sold. I wished it had. The transition will go a lot smoother if you allow someone who has experience in practice transitions help you.

What did you do to help overcome doubt?
I reminded myself that the business of health care was changing and eyecare was no exception. Colleagues I respected and considered good businessmen were also selling their practices to private equity. Health care professionals may not think of their practices as businesses, but they are and business models change.

Are you happy with the outcome?
If you are anything like me, your practice is something you are very proud of. It is very emotional to give up what you have taken years to build, you want to be sure your patients will be cared for the way they need to be taken care of. Fortunately, the next generation of optometrists are very bright and take very good care of patients. Throughout the sale process, even up until the last week, I wondered if I was making the right decision. My husband encouraged me it was the right thing to do. Now, I am so happy I sold.

How are you spending your time post-ownership?
I have been fortunate to continue my optometric affiliations by serving as secretary treasurer of AOA’s Optometry Cares Board, co-chairing the HEHC community grant program, speaking on optometry topics, and up until last fall, serving on the disbanded Essilor Advisory Board. Not a day goes by however, where I don’t think about starting a venture to bring new optometric services to the members of my community.

 

LEAVING A LEGACY

Michael Cohen, OD | Four County Family Eye Care Center, Winslow Township, NJ | Sold business: TBD

our County Family Eye Care Center opened on Sept. 11, 1973 in the Winslow Professional Center of Tansboro/ Berlin/ Winslow Township, NJ, three months after I graduated from Pennsylvania College of Optometry. My father, Dr. Philip Cohen, learned about the center from a patient of his who was friendly with the building’s owner. We decided it looked like a good place to open a new optometric practice, signed a lease, and began planning to lay out and equip the office.

My wife and I made address labels on a typewriter and had announcement cards printed. We mailed out thousands of cards and on the day we opened, I prayed for good business. In those days, if I saw one or two patients a day, I considered myself lucky. I spent most of my time watching General Hospital and writing a digest for my wife, who was keeping us afloat teaching at a local school. I grossed $33,000 that first year. No insurance. No credit cards. Cash only. I made patients’ glasses by hand in my optical lab.

A couple years later, the owner lost the building in a bankruptcy. I decided to look for real estate to purchase and build a new office on. A patient and local realtor, Ursula Christinzio, found me a location nearby; a vintage 1850s farm house sitting on 1.5 acres on the highway at an intersection with a county road. I opened Four County Family Eye Care Center on June 1, 1979.

I’ve been in optometric practice in Winslow Township for 45 years offering comprehensive eye exams, diagnosis and treatment, and contact lens and eyeglass fitting. We counsel patients about LASIK and do the follow-up care, treat glaucoma, and make referrals to many ophthalmic sub-specialists in the region. I have three full-time staff and three part-time. My office manager started working for me at 17 years old; she is now 47. People tend to stay on for years; it is better to pamper your staff and keep them happy, than it is to abuse them, lose them, and train new people!

Michael Cohen, OD

I realized it was time to think about ending my ownership and retiring when my wife informed me that she hates the cold and would like to spend winters in a warmer clime. Also, I noticed that most of my patients my age are now retired and very few of my peers were alive and well and still running their own practices.

My ideal exit strategy would be to find an honest, talented, skilled, clever, caring, and compassionate OD who would be willing to purchase both the real estate and my practice and allow me the luxury of still seeing patients.

I worry that, if my staff get wind that I am thinking about retiring, they will look for employment elsewhere. Hiring and training staff is costly, time-consuming, and fraught with peril. Also, is it fair to hire someone when you are planning on leaving? When I have confirmation I am throwing in the towel, I’ll meet with my employees and lay my cards on the table.

I lead a very busy life now. Selling my property, as well as my practice, is time-consuming. I’ve spoken to a number of professional practice brokers, all of whom concur my gross revenue does not justify them getting involved. They all said I should sell it myself and I would like to continue seeing patients for two more years, provided my health holds up.

Every day, my long-time patients query me about my plans. I’ve been honest with them. I’d love to slow down but I don’t see any way out. Everyone encourages me to stay on … then they tell me how much they enjoy their retirement. My advice to other ODs looking to transition out of ownership is to try and build a business that has sufficient gross revenue to justify a professional broker skilled at doing all of the things that I must now do myself.

QUICK Q&A

How would you describe the emotions you are experiencing as you begin this process?
I am feeling quite inadequate to meet this challenge. I have a fear of failure.

Is there anything you wish you had done differently to prepare for this?
I did it my way! I have always been true to myself, my family, my staff, my patients/friends. If I have to turn off the lights, lock the doors, and not look back, I really have no regrets. I’ve helped a great many people over the years.

What do you do to help overcome doubt?
I talk to friends who are older than I am and find out how they were able to live so long and so well. I attend religious services weekly to meditate through prayer. I’ve discovered that Tai Chi and Quigong help me divest myself of my monkey brain. I call this my standing meditation. I occasionally use a therapist friend to bounce ideas off, when I cannot seem to move a big rock that is blocking my progress.

What would make you happiest with the final outcome?
I would love to see someone take the baton and run with it after I am gone.

How do you plan on spending your retirement?
Workout at the gym ten hours a week, travel to new places, spend time with my children and grandchildren and maybe spoil them a bit. Find people less fortunate and extend a helping hand. Go to synagogue on Saturday mornings, read the classics, watch great shows, eat great food at the best restaurants, and take in some Broadway shows now and then.

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Cover Stories

Escape From Insurance: Words of Wisdom From Eyecare Practices That Made the Leap

They left managed care and went to private pay.

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If you feel you’ve reached a point in your practice where you no longer want to be held captive by the low-margin traffic generated by insurers, you may be wondering how to break free. We reached out to eyecare businesses to find out what steps they took to throw off the shackles of dependency on vision plans. None of these tips will work unless you’re able to engender patient loyalty — and you don’t need us to tell you where that comes from ­— but here are eight tips to help you plot your escape from insurance.

1 Secure sources of self-pay patients that continue to deliver. Buena Vista Optical in Chicago, IL, is taking what co-owner Diana Canto-Sims calls “pro-active baby steps to transition away from vision plans.” After they run quarterly reports of the vision plans with the lowest reimbursement, they’re on the way to finding self-pay patients to replace those patients the next quarter. Among the places they have found them are career days at local schools — they send every student home with information including a package of exam and glasses for first-time patients with no vision plan — and collaborations with organizations that reach out to the uninsured, such as the consulates of Latin American countries. (Buena Vista has a fully bilingual staff). “These organizations are very appreciative that we collaborate with them and they send us self-pay patients weekly,” she says.

2 Brace for a pre-cutoff influx; remind patients to check their medical coverage. Whelan Eye Care in Bemidji, MN, quit taking VSP almost two years ago. Bridgett Fredrickson warns ECPs that there will be patients that get upset. “We are honest and tell them to check with their medical insurance as it may cover their exam as well, or they are always welcome to self-pay and we give them a 20% discount for same-day payment. Remember, she says, that you will need to send all of the current households a letter letting them know that you are no longer going to be accepting their insurance with an effective date and they need to receive the letter at least 30 days before that effective date. “With this, expect an influx of patients that want to get in before that date,” she says.

3 Phase your plans out. Dr. Robert Easton Jr. has had a solo practice in Oakland Park, FL, for 37 years. One year his CPA told him “that since I was providing comprehensive eyecare, my vision plan base was increasing faster than my major medical, PPO and Medicare patient base. We were concerned that vision plans were taking over my practice, which could eventually put me out of business.” After careful analysis, Easton eliminated the three lowest-paying plans first and kept the other two as a cushion. As the other two continue to become more corporate in nature and their low reimbursements fail to meet his cost of doing business, Easton plans to eliminate those one at a time.

4 Get your team up to speed. Jenna Gilbertson says dropping VSP was the best decision McCulley Optix Gallery in Fargo, ND, ever made. However, she cautions, “Before you ever send the termination letter to the insurance company, have a plan in place. Make sure all staff is on board. Have scripts for what to say. And have a plan for your patients. Be over-prepared for every situation. We ran role-plays with our staff, and had them think of all the questions a patient might ask.” They marked everyone who was pre-appointed on the schedule. They then went through each of those patients to see who had a calendar year plan, and called those patients, explained the situation, and rescheduled them for before our termination date. Yes, it meant the doctor had to work extra days and times, “but it was totally worth it to make those patients happy,” she says.

5 Keep a list of complaints about the plan you’re dropping. Last year Focus Eye Care in Hackensack, NJ, made the decision to jettison Davis Vision. Prior to this, the largest employer in the area had switched from VSP to Davis, while a big-box retail chain associated with the latter began advertising discounts. Before Focus could make the split it endured a period in which patients had a long list of complaints about jobs that were now going through Davis. Managing licensed optician Vlad Cordero took notes: “We used the list of complaints to train our front desk and optical staff on how to handle objections when Davis members call in to schedule an appointment or inquire about eyewear.”

6 Find a niche, or team up with an OD who has one. “The most important key to dropping insurance is having a niche,” says Dr. Pauline Buck, a vision therapy specialist at Behavioral and Developmental Optometrists in Miami, FL. “I was building that practice up while slowly dropping off insurance panels.” Next is the hard part. “You really need to get out into the community and speak about your specialty. I host quarterly lectures with dinner in my office for other professionals… The cost of the dinner is offset by a single referral.” Finally, “for non-optometric professionals who would like to break the bonds of insurance I highly recommend approaching specialists and seeing how your services can help them… I refer out 80 percent of my glasses prescriptions,” she says.

7 Help patients collect out-of-network benefits. The Visionary in Allen Park, MI, took a long look at their profit margin with EyeMed and decided it was time to split. They knew they had patient loyalty on their side. And, says Annette Prevaux, “We make it easy for patients to get their OON reimbursements by having the forms ready when they come in.” She expects to keep about 60 percent of her EyeMed patients.

8 Switch to independent brands; consider an OON service. Krystal Vision in Logan, UT, is in the process of dropping most vision plans. According to Travis LeFevre, being insurance-free goes hand-in-hand with carrying independent brands. “It’s an easy jump to make once you look at your margins while taking insurance compared to cash pay and filing a simple claim for the patient out of network,” he says. He cautions that “creative marketing is a must to stay relevant after dropping managed plans.” And after initially being unimpressed, Krystal Vision now uses Patch, an “online insurance assistant” that helps ECPs and patients negotiate out-of-network benefits and claim them digitally. LeFevre says Patch is now offering a better product than it did three or four years ago. “It allows us to know the exact amount of a customer’s OON benefits for their vision insurance. It gives us a breakdown … depending on the plan and insurer. Another useful part of Patch is the ability to accept payment for VSP and Cigna claims; this allows us to give the patient the reimbursement savings up front rather than making them wait [for the] check in the mail.”

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Cover Stories

How to Improve Your Kids Business

6 experts explain how to win them over early.

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Transforming the medical side of your practice is obviously not a step to be taken lightly, particularly if you’re looking at expanding your treatment of children. The challenges are many, but the rewards can be great, personally and financially. To help those of you thinking of boosting your optometric offerings for kids but wanting to know what that could entail, we assembled an impressive panel of experts in pediatric eyecare, and its related specialties, for a rundown of the main areas you should be looking at. If children are the future, and the future is now, what are you waiting for?

Specialty
PEDIATRICS

EXPERTS:
Dr. Dominick M. Maino, professor, Illinois College of Optometry/Illinois Eye Institute, associate, Lyons Family Eye Care, Chicago, Il; and Dr. Nathan Bonilla-Warford, OD, Bright Eyes Family Vision Care, Tampa, FL

ASSOCIATIONS OR GROUPS AVAILABLE:
College of Optometrists in Vision Development (covd.org); Optometric Extension Program Foundation (oepf.org), Binocular Vision, Perception, & Pediatric Optometry (BVPPO) Section of the American Academy of Optometry; Optometric Extension Program (OEP) Foundation

Dr. Don Teig

TRAINING OR CERTIFICATION NEEDED?
Dr. Maino:Not necessarily needed but a residency in pediatrics/binocular vision would make you stand out from the crowd. A Fellowship in COVD would do the same thing.

Dr. Bonilla-Warford:Generally, yes, additional training is beneficial outside of typical optometry training. A one-year optometric residency in pediatric vision care is an excellent way to become specialized. Beyond that OEP offer courses that cover the clinical care of infants and children as well as the practice management of the specialty.

SPECIALTY EQUIPMENT OR TOOLS REQUIRED?
Dr. Maino: Yes, but most ODs have much of what they need already.

Dr. Bonilla-Warford: The retinoscope is standard equipment, but many optometrists are not comfortable with it. Practice! Also, the pediatric-sized trial for refraction and probing refractive error without a phoroptor. A digital randomized visual acuity chart with movies for fixation and pediatric option acuity symbols. The Lang stereo test is a simple tool for assessing stereopsis without polarized glasses. Prism bars and loose prisms for binocular testing. And toys, finger puppets for entertaining little ones. They make a little booster for exam chairs that are perfect for kids who are independent enough to not sit on a parent’s lap but are still small.

Matt Oerding

ADDITIONAL EXAM LANE OR TESTING SPACE NECESSARY?
Dr. Maino: Not unless you are doing developmental vision/vision perception testing and in office VT.

Dr. Bonilla-Warford: Not necessary. It is common to have one exam room that does have a few extra items for kids, but it can be used for adults as well, so it doesn’t really require extra space.

ADDITIONAL MARKETING REQUIRED?
Dr. Maino: Definitely. You need to get the word out about your expertise in this area. Use social media.

Dr. Bonilla-Warford: Very smart [if you do]. Add children’s specialty services with info and descriptions on your webpage so patients can find and learn about them. Informative displays about children’s vision are an inexpensive and easy way to raise awareness. Networking with referral services is very effective.

HIGHER AVERAGE REIMBURSEMENT OR REVENUE PER PATIENT?
Dr. Maino: Yes. You often need to not only do a comprehensive examination but also a sensorimotor assessment and other testing as well. Frequent follow up appointments are often necessary.

Dr. Bonilla-Warford: For typical children’s primary care, the reimbursement is somewhat lower because they often do not need glasses or contacts. However, specialty services such as myopia control and vision therapy are significantly more because they are often higher-end self-pay services.

Dr. Dominick M. Maino

IN SHORT:
Dr. Maino: When I work with my optometry students, I always tell them that a smile is the best piece of equipment you could have. You must be genuine. You should keep up on the current research in this area and be ready to take that extra step. You are not just working with a pair of eyeballs, but also with the child and the whole family. It is fun, challenging and fiscally rewarding.

Dr. Bonilla-Warford: Working with children is so fun. It is very rewarding to see them grow and develop and to know that you are helping them reach their goals, whether it is in school, sports, or overcoming symptoms. However, it can be challenging. You have to be honest with them in a way that they can understand. Children will not hesitate to tell you “I don’t like you! I am never coming here again!” If staff sets the tone so the child can feel that you are on their side, you will be amazed how much clinical information you can get from them at very young ages. Knowing when to stop or change a particular test or activity is essential. Most importantly, have fun! And get good at retinoscopy.

Specialty
MYOPIA MANAGEMENT

EXPERT:
Matt Oerding, co-founder/CEO, Treehouse Eyes, Bethesda, MD and Tysons, VA

ASSOCIATIONS OR GROUPS AVAILABLE:
“The International Myopia Institute provides evidence-based treatment guidelines for this specialty; American Academy of Orthokeratology and Myopia Control (aaomc.site-ym.com)

TRAINING OR CERTIFICATION NEEDED:
No. Any optometrist can technically perform pediatric myopia management. However, specific CE/education is required to become proficient at the various treatments proven effective. These are currently orthokeratology lenses, multifocal soft contact lenses and atropine.

Dr. Charlene Henderson

SPECIALTY EQUIPMENT OR TOOLS REQUIRED:
Yes. A practice must have a good topographer as a highly accurate map of the cornea is critical to success. Additionally, a device to measure axial length is highly recommended.

ADDITIONAL EXAM LANE OR TESTING SPACE NECESSARY:
No. This can be done within an existing exam lane or space.

ADDITIONAL MARKETING REQUIRED:
Yes. Currently pediatric myopia management is not covered by vision plans, so it is a private pay procedure. Due to lack of parental awareness of the risks of progressive myopia and the availability of treatments, marketing is critical to generate interest. At a minimum marketing to existing primary care patients via email, newsletter and in-office marketing is required. To gain new patients for pediatric myopia management, social media, PPC and PR are all proven techniques.

HIGHER AVERAGE REIMBURSEMENT OR REVENUE PER PATIENT:
Yes. Because this is a private pay procedure and children are likely to be in treatment for several years, the revenue per patient is significantly higher than a typical optometry patient. Fees vary widely, but typical is $2,000-3,000 for the first year of treatment.

Dr. Pauline Buck

IN SHORT:
Pediatric myopia management can be an incredibly fulfilling specialty when done correctly, as you are helping a child see better today and reducing their long-term risk of serious eye diseases associated with progressive myopia. Offering these services can generate significant patient/family loyalty to the practice, as treatment typically lasts several years and successful patients are proven to be great referral sources to others in the community.”

Specialty
VISION THERAPY

EXPERT:
Dr. Pauline Buck, Behavioral and Developmental Optometrists, Miami, FL

ASSOCIATIONS OR GROUPS AVAILABLE:
The College of Optometrists in Vision Development (COVD); Neuro-optometric Rehabilitative Association (NORA); Optometric Extension Program (OEP); College of Syntonic Optometry (CSO).

TRAINING OR CERTIFICATION NEEDED:
Post-graduate training is very much needed. A new graduate from optometry school has the basics to begin a vision therapy program. Yet a successful vision therapy doctor will stand on the shoulders of their predecessors by learning what has already been learned. COVD and OEP provide training. OEP has regional seminars. COVD has state study groups and their annual meeting. Mentors are provided to assist when there are questions.

SPECIALTY EQUIPMENT OR TOOLS REQUIRED:
Yes and no. Bernell is a great resource of vision therapy equipment. There are many computer-based programs as well. However, I know many experienced doctors who have used something as simple as a stick and a straw to illicit a change in their patient’s visual system. This ability comes back to the training. When you really understand the system, you can make changes using just about anything.

Dr. Nathan Bonilla-Warford

ADDITIONAL EXAM LANE OR TESTING SPACE NECESSARY:
Again, yes and no. Yes — the functional vision evaluation is done in the exam room using the phoropter and equipment that is standard to the profession. No — I have an entire room, ‘the play room,’ dedicated to the testing of physical performance. How do the eyes affect a person’s ability to perform an everyday task? I also have another room for the testing of classroom skills, which contains a desk, slant board, and a lot of paperwork.

ADDITIONAL MARKETING REQUIRED:
Yes. ‘If you build it, they will come’ doesn’t work. I have gone out in the community and lectured about vision therapy. I have spoken to therapists, doctors, teachers, parents and other professionals about the visual system and how it can affect performance. Those individuals eventually become referral sources. I am constantly practicing my elevator [pitch] of what I do.

HIGHER AVERAGE REIMBURSEMENT OR REVENUE PER PATIENT:
Yes. Most optometrists will see a patient once a year for their annual or several times throughout the year for care of ocular disease. When a patient is doing vision therapy I see them for their annual, their progress evaluations every 10 weeks, and weekly for the therapy sessions.

IN SHORT:
Vision therapy is understanding the nuances of the development of the visual system, how it can change behavior, and how it can alter a person’s performance. It can benefit children and adults with brain injury, children with difficulties in the classroom, individuals with autism and down syndrome. When all other professionals have told a person that there is nothing else to do for their condition and they come to me for a glimmer of hope, I offer the potential for change. When their symptoms decrease and their performance improves, those are the moments of my greatest job satisfaction and I am thankful that I have a ‘tool box’ large enough to have made that possible.

Specialty
SPORTS VISION or VISUAL NEURO-COGNITIVE TRAINING

EXPERTS:
Dr. Don Teig, founder/CEO, “The A Team” High Performance Vision Associates, Hollywood, FL; and Dr. Charlene Henderson, Blink Eyecare and Eyewear, Charlotte, NC

ASSOCIATIONS OR GROUPS AVAILABLE:
Dr. Teig: This niche or specialty has always been referred to as “sports vision” but more recently as ‘visual neuro-cognitive training’ given the attention to the impact concussions and chronic traumatic encephalopathy (CTE) has had on sports. I also often refer to it as ‘high performance vision.’ I am the founder and executive director of ‘The A Team’, High Performance Vision Associates (highperformancevisionassociates.com), there is also ISVA (International Sports Vision Association, sportsvision.pro).

Dr. Henderson: High Performance Vision Associates and the AOA.

TRAINING OR CERTIFICATION NEEDED?
Dr. Teig: Yes. I provide a 16-hour course with certification (ultimateevents.com.) I also travel to provide this training. ISVA is working in conjunction with me to develop a certification program.

Dr. Henderson: It is necessary to understand the sports you are working with and how vision plays a role in success. Sports vision training by people who have pioneered the concept is invaluable. We went to Don Teig’s Sports Vision training weekend, and Fred Edmunds Xtreme Sight sports Vision training weekend. They are both excellent. We also did several Sports Vision AOA courses and read all the books out there.

SPECIALTY EQUIPMENT OR TOOLS REQUIRED?
Dr. Teig: Yes. The A.M.P. System (Achieving Maximum Potential), an immersive virtual reality technology; Senaptec, a digital testing and training instrument; NeuroTracker, a multi-object awareness trainer; FitLight motion and light sensors; and Quick Board, an eye to foot training tool.

Dr. Henderson: Yes. When we built our new building, we added lots of exciting equipment like Vision Coach, Fit Light, Senaptec, and the Bassin anticipation timer among others. We still use traditional VT equipment like Marsden balls and flippers and balance boards. The athletes like the bells and whistles of the digital devices.

ADDITIONAL EXAM LANE OR TESTING SPACE NECESSARY?
Dr. Teig: Yes. At the very least a room that is 10′ x 12′ is a must.

Dr. Henderson: Yes, for testing space. You need room to swing or jump or dribble a basketball, for example.

ADDITIONAL MARKETING REQUIRED?
Dr. Teig: Yes, by all means! Internal marketing with videos, pamphlets, etc., in your office and external marketing through social media, TV, radio and print.

Dr. Henderson: Yes. Internally tell all your sports-minded patients. All our patients walk by our sports vision room. You should reach out to teams and clubs and let them know what you do.

HIGHER AVERAGE REIMBURSEMENT OR REVENUE PER PATIENT?
Dr. Teig: Yes! A typical Sports Vision patient can generate revenues of up to $3,000 each if they complete an eye exam, a Sports Vision Workup, a Sports Vision Training program of 12 weeks minimum; specialty contact lenses or sports eyewear and goggles.

Dr. Henderson: Yes. Sports vision training is an additional service not covered by insurance. So, it is up to you to set the fees you think are fair for your time for the evaluation and then training sessions.

IN SHORT:
Dr. Teig: Having been a pioneer in this field for almost 40 years, I can confidently say that sports vision is both emotionally and financially rewarding beyond belief. However, it doesn’t happen overnight and requires continual hard work. That being said, if you love sports like I do, it’s well worth the ride.

Dr. Henderson: It can be really rewarding if you have a passion for sports and working with highly competitive people. The niche does require training, equipment, space and active marketing. So, it will not just fall in your lap. But it is a great way to help people achieve their goals and use our skills as vision experts.

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