This week, I had the opportunity to attend an annual event hosted by the Southern College of Optometry that celebrates recent graduates who have taken the leap into practice ownership. These young owners told their stories, from graduation to starting a practice, to encourage students to pursue a similar path.
One thing that impressed me about the award winners was how many of them had a complete team supporting them from an early stage of their careers. At Books & Benchmarks, we take pride in being a valuable part of your team, but we also recognize that we’re just one part.
With that in mind, let’s take a look at some of the other outside advisors a practice might need at different stages of its growth.
Accountants/CPAs
While we specialize in bookkeeping for optometrists, practices still need a dedicated tax professional to handle highly technical questions and prepare tax returns. A skilled CPA will also provide proactive tax planning, helping practices anticipate their tax obligations and avoid any “April Surprises” by keeping up with their quarterly estimated payments.
CPAs can also help practices make decisions about their legal structures, with an eye toward tax planning and the eventuality of selling the practice.
Financial Planners/CFPs
When it comes to professional financial advice, many ODs focus solely on their CPA’s role in minimizing taxes—and understandably so. No one likes paying taxes. But while lowering your tax bill is important, it’s even more crucial to turn your income into long-term wealth. And that’s where a good CFP can help you.
Their role is to help you set savings goals, manage risk, and create a savings and investment strategy that fits your ambitions and risk tolerances, all while keeping tax efficiency in mind. When you combine the strategic planning of a CFP with the technical expertise of a CPA, you get a well-rounded approach to both your present finances and your future wealth.
Consultants
For any number of challenges or opportunities, a consultant can offer valuable perspective and guidance to help you manage and grow your practice more effectively. A good consultant will have a broad perspective of various approaches, not just “what worked in my practice.”
Whether it’s optical sales, people management, practice finance and strategy, or billing and accounts receivable, investing in expert insight can help your practice make a meaningful leap forward rather than just a small step.
Attorneys
There are two key times in the life of your practice when having an attorney is essential. The first has to do with employees. If you’re drafting a contract with an associate OD, you need an attorney to review it. If you have an employee dispute, complaint, or claim, you need to speak to your attorney. While attorneys may bill by the tenth of an hour, that cost is minimal compared to the risk and expense of a lawsuit.
The second area is practice transactions. When you sell your practice or buy a practice, each party needs a lawyer: one to draft the purchase agreement and another to review it. While a handshake might feel sufficient, there are real risks involved. Forgotten debts or lingering obligations can come back to haunt a seller long after the deal is done.
This is even more critical when entering a partnership. Make sure you work with an experienced attorney (or a consultant) who can walk you through the essential questions before getting into a partnership, and just as importantly, how to handle a future exit.
Commercial Real Estate Brokers
Whether you’re renegotiating a lease, looking to move, or considering buying a building, it’s wise to bring in a commercial real estate broker. They can uncover opportunities more efficiently and effectively than you could on your own, and their knowledge of your local market will ensure you know what to ask from landlords or sellers.
Be an Eye Care Expert, Not an Everything Expert
Any enterprise will be successful in part because of what it does know and in part for knowing what it doesn’t know. As you continue building and managing your practice, focus on developing the knowledge you need to lead effectively. Then, surround yourself with experts who complement your strengths and accelerate your growth.
And if accounting and bookkeeping are areas where you could use support, let Books & Benchmarks help. Our expert bookkeepers specialize in optometry and can keep your financial statements accurate, up-to-date, and easy to understand. Our optometry-specific reporting provides valuable insights into your practice’s performance and growth opportunities.
Contact Books & Benchmarks today to learn how we can support your success.
