Buy Or Build? The Optometrist’s Guide To Private Practice Ownership

Eventually, many optometrists reach a point in their career where they feel the pull to lead their own practice, leading to a crossroads of two paths: Do you assume ownership of an established practice and reshape it to your vision? Or do you build your own practice from the ground up, creating your own brand and culture that reflects what you stand for? Both paths come with unique challenges and opportunities; which is right for you isn't just a business decision — it's a declaration of your vision (pun intended). 

Buying An Established Practice 

While immediate cashflow and established patients offer a certain amount of security, buying an established practice nevertheless brings along challenges that must be addressed.  

• Increased overall cost: How much will it cost to buy the existing practice and how long will it take to see a return on your investment — before you break even on capital, and before it becomes profitable? Buying an established practice requires a different financial dynamic than opening a brand new office.  
• Practice management history: How has the business been run and are there financial hurdles that haven't yet been realized? Are you prepared with legal counsel and financial analysts to objectively evaluate both the business and the way it's been managed? Do you realize what you're potentially taking over and all that entails? 
• Practice culture: When you purchase a practice, you're not just acquiring equipment and a patient base; you're stepping into an established culture with a staff who has their own expectations and ways of working. Are you ready to drive change in that environment? Are you prepared for the possibility of losing long-tenured team members who don’t align with your vision? Can you work collaboratively to earn the team’s buy-in and build a new culture of accountability that reflects your goals for the future? 

Think about and plan for the transition from outgoing to incoming leadership and prepare to help the team step through the changes ahead. Present your vision as a way forward rather than a condemnation of how things have been done. 

Opening Cold, From The Ground Up 

Peter Drucker once said, “The best way to predict the future is to create it.” There are many reasons optometrists choose to start their own practice — some of the most common reasons we hear are quality of life, work-life balance, control over how things are done, and the security of being your own boss and not worrying about potential future ownership changes. While all are valid reasons, there's an additional, even more compelling reason: opening a new practice isn't just about performing eye exams and selling glasses; it's a chance to show the world what you stand for. It's an opportunity to demonstrate your ability to rise above and beyond the status quo. 

It requires vulnerability to establish a new practice, telling the community what you stand for, identifying your target patients are creating a unique experience that attracts your desired audience. It requires clear storytelling about what makes you different – expressed in terms unrelated to exams or chair time — to make the emotional connection that will draw people to your practice. You want to create FOMO (fear of missing out).  

This requires an immense amount of work and focus: defining your patient experience, attracting and retaining the right talent, constantly communicating your 'why' and creating a business structure that affords you the ability to provide the level of care you’re committed to delivering your patients—and ultimately, the quality of life that makes all the hard work worth it.  

Support When, Where And How You Need it 

So many times, we just simply don't know what we don't know. Having a reliable source to provide direction, feedback and real-world experience can not only keep you from making mistakes others have made, it can also aid you in ensuring you're making the best decisions and providing security that you're not doing this alone. 

PECAA’s Cold Start Advisors are dedicated to guiding you through every step of practice ownership — from choosing the right path and building a strong foundation to opening your doors and achieving long-term success. With personalized support, expert resources and a commitment to your vision, we help you navigate the countless decisions involved in creating a thriving practice. Whether you’re starting from scratch or taking over an established practice, PECAA is here to advise, encourage and partner with you to bring your goals to life. Please fill out an inquiry form here and a Cold Start Advisor will be in touch with you soon.