The partnership model would require a ‘significant capital contribution’, however, it would provide optometrists with a salary and also profits from the store proportional to the initial capital investment. The agreent would also see partners choose locations, designs and equipment for the new store in consultation with representatives from Bailey Nelson.Under the partnership Bailey Nelson would also manage back-room functions and administration such as payroll, monthly accounts and leasing, while potential partners would be required to complete leadership training and a program centred on the background of the business.New eyecare director, Ms Robyn Weinberg, told Insight the new approach was an addition, rather than a change, to the business’ corporate model.“Part of our ongoing strategy is to continue to build our network both with corporately owned stores as well as joint venture partnerships. It’s just an opportunity for us to work long term with likinded partners where we will expand our offerings. We’ll continue to expand with both new corporate and partnership stores,” she said.“We’re looking to attract the best talent across Australia and New Zealand and go into long term partnerships where we’ll be bringing in people both with excellent clinical skills, as well as strong business acumen.”Weinberg said Bailey Nelson had made initial overtures to optometrists during a ‘soft launch’ about eight weeks ago and that so far the response had been positive.“We have had quite a bit of interest, so we’re at the stage now where we’re in conversation and we’ve developed quite a healthy pipeline of people that have expressed interest,” Weinberg said.“Within the next couple of weeks we’ll be able to make a formal announcent with our first partner.”The vertically integrated business originated in Bondi in 2012 and has since expanded to include 25 stores across Australia, five in New Zealand along with one in Canada. There are also plans to open another four stores in Australia over the coming weeks, as well as a further three in Canada and a new flagship store in Covent Garden, London.
IMAGE TOP: Courtesy Bailey Nelson
