20/20 Money Episode # 63 – Selling Your Practice as a Vision Source Franchisee

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Mick Kling, OD.

Mick wears many different hats in the optometry community and spends a good deal of his time talking and consulting with other ODs around the country. In addition to owning Invision Optometry in San Diego, he is also the founder of Impact Leadership, an organization that helps ODs understand their practice’s finances and how to use that information to run a more profitable practice, albeit through maybe a bit more of an “unconventional” approach compared to how your CPA or other consultants would have you look at your practice. Mick provides a unique perspective to the profession of optometry because in addition to participating personally in a number of practice transition transactions, some of which have involved private equity partners, he’s also affiliated with Vision Source and serves in the role of a business coach with Vision Source-affiliated practices to help ODs understand where all the money is going in their practice.

During our conversation, we talk at length about the idea of selling one’s practice and a number of important variable and timelines for doctors to consider. We then discuss the details that a Vision Source franchised practice needs to consider when selling their practice and the pros and cons to selling their practice to another OD (and maintaining their Vision Source franchise agreement) or selling to a private equity firm or other 3^rd party and dissolving their franchise affiliation. We also talk about the state of the economy and how the current access of cash has fueled transactions and why it’s important to “plan for the best and prepare for the worst.” We wrap it up with Mick’s answer to my “one question” and a tease about a future topic that we’ll discuss on another episode along with all of Mick’s contact information.

As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.

And with that introduction, I hope you enjoy my conversation with Dr. Mick Kling.

Resources:

Impact OD

Email Mick

Call Mick: 619-379-2560

Vision Source