How can practice owners stay competitive in a rapidly changing optometry landscape? On this week’s episode of Optometrists Building Empires, host Ankit Patel sat down with John Marvin, the transitioning President and CEO of Texas State Optical (TSO). John shares how he helped grow TSO into one of the nation’s largest optical retail networks, insights on shifting industry trends, and strategies for building and selling a successful practice. Whether you're a seasoned owner or just starting out, this episode is packed with valuable advice you won’t want to miss.
Takeaways:
- Leverage brand credibility and consumer trust to help grow your practice and attract new patients. A strong, well-recognized brand builds confidence and loyalty among both patients and prospective associates.
- Stay aware of industry trends, such as the growing preference for employment models among younger optometrists. Adapting your business to these changes will help ensure long-term success and relevance.
- Prioritize convenience and transparent pricing to meet the evolving expectations of patients. Offering flexible hours and clear, simple pricing can enhance the patient experience and drive repeat business.
- Prepare well in advance for a potential practice sale by focusing on maximizing EBITDA and reinvesting in your practice. Updated equipment, a modern environment, and strong financials will make your practice more attractive to buyers.
- Build an effective, professional team with competent managers who can lead with authority. Creating a structure where key roles are replaceable also adds stability and value to your practice.
Quote of the Show:
- “ What you do today is either adding value to your practice when you sell it, or taking value away from your practice when you sell it.” - John Marvin
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