Strategies for Practice Transition Planning: AOAExcel partners with Equitable to offer workshop

As an independent practice owner, you may feel like you’re juggling patient care, billing, marketing, employee benefits and more. So when you’re ready to transition to retirement, finding someone to take over while the balls are still flying can be daunting.

The AOA Center for Independent Practice (CIP) addressed this need with a new workshop, “The Latest Financial Strategies to Protect Your Practice: An essential workshop to maximize the value of your practice.”

The workshop, presented with Equitable, was held on September 29 in Washington, D.C., as part of the AOA on Capitol Hill advocacy event. Stephen Dunbar, J.D., CLU, EVP of Georgia Alabama Gulf Coast branches, led providers through a presentation and discussion about how to assess their practice risk level, diversify their income streams, and successfully transfer their business when they are ready.

Thinking ahead protects assets and the community

AOAExcel® and Equitable Advisors created the workshop for mid-to-late-career independent optometrists, focusing on six key risk areas through a self-assessment. Participants left with a risk number based on their current practice structure and planning.

Over the course of the presentation, they discussed tax law updates, strategies for retaining top employees, diversifying income streams, and the legal structure needed to ensure a smooth transition in the event of death or retirement.

Dunbar emphasized that succession planning addresses more than just who will take over the practice. “We want to make sure the current owner is taken care of. We also want to make sure the practice stays in place in the community that has come to rely on its care,” he says. “Optometry is more than just glasses now. These doctors are really improving people’s lives, so we want to keep that practice in place.”

This overarching goal of a dignified retirement and continued practice can’t happen overnight, so Dunbar encouraged providers to start planning now. The hidden benefit of early planning is a built-in contingency plan in the event of an unplanned exit from the profession, such as an unexpected death.

The presentation was well-received. Gabby Marshall, O.D., has owned her practice in Bend, Oregon, for 17 years and plans to sell it in the next five to 10 years. Protecting her practice and assets is always top of mind.

“Protecting the ability of the business to continue if something happens to me [is important],” Dr. Marshall says. “It's always a good reminder to check on your financial plans frequently. Everyone who owns a practice should hear this presentation.”

Clark Newman, O.D. FAAO, says he attended because he is nearing retirement after owning his practice in Dallas for 30 years and needs to be more intentional about creating a transition plan. He also knows where his strengths lie.

“We are skilled at eye care,” he says, “not transitioning a business.”

A welcome addition to AOAExcel benefits

The workshop builds on the robust benefits offered by AOAExcel, which aims to address the entire lifecycle of your practice.

“Buying or selling a practice can be very challenging, yet it is one of the most important and unique financial transactions an OD will ever undertake,” explains Sam Pierce, O.D., AOA past president and chair of the AOAExcel Board. “AOAExcel continues to search for solutions to challenges our AOA members face, and we believe this program provides an easier way for our members to arm themselves with the tools needed to maximize all possible options.”

AOAExcel leadership plans for this presentation to be the first of many. If you are interested in the CIP workshop, please contact the AOAExcel team.

Disclaimer: This workshop was offered as an educational tool and did not guarantee any outcome. To create a succession plan, providers are encouraged to work with a licensed financial planner with experience in medical succession planning.

Stephen Dunbar offers securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA, SIPC (Equitable Financial Advisors in MI & TN). Annuity and insurance products offered through Equitable Network, LLC. Equitable Network conducts business in CA as Equitable Network Insurance Agency of California, LLC, in UT as Equitable Network Insurance Agency of Utah, LLC, in PR as Equitable Network of Puerto Rico, Inc. Equitable Advisors is unaffiliated with AOAExcel or AOA affiliates. PPG-8553796.1(11/25)(exp.11/29)