Optometry ownership and partnership opportunities in Australia are many and varied, with each network offering a unique proposition in a competitive market. Corporate-owned stores, franchise models, joint venture partnerships, and independent groups are some of the options for practitioners seeking more from their career. What are their key differences, and similarities?
Discovering freedom and fulfilment through independent ownership
ProVision works to help optometrists find success as an independent, making starting, running, growing, and eventually selling, easier, plus more.
The network – with more than 450 practices – believes the future of eye health should be in the hands of people passionate about patients, care, and clinical expertise; and that Australians are better with optometrists spending more time with patients, not less.
“We exist to give this special kind of entrepreneur a competitive advantage and to make clinical expertise and freedom a growth business,” CEO Mr Tony Jones explains.
For owners, ProVision’s benefits include:
Buying power: Jones says members have the buying power across multiple product categories to match the biggest brands in the country, helping compete with choice and price. Depending on their level of membership, all practices have a degree of discretionary spend with non-appointed supplier partners, but there is an impressively high level of spend with supplier partners based on the trading terms negotiated by ProVision.
Business operations/coaching: ProVision has 30 years’ experience helping optometrists build businesses with systems and expertise to help their unique vision succeed. Leveraging departmental expertise for ongoing business coaching is an integral part of the value proposition – and this commercial assistance frees up optometrists to focus on clinical excellence.
Innovation: Jones says to remain competitive means doing things differently, so ProVision fast-tracks innovation, technology, and systems to be at the forefront of optometry.
Generating demand: Independents can compete against corporate marketing spend through targeted activity to attract new patients – critical to future growth.
Networking: Speaking to other optometrists with a familiar experience is comforting and reassuring. “It’s role models and inspiration, it’s validation and education, and it’s a key value-add,” Jones adds.
For optometrists considering independent ownership, ProVision’s complimentary Associate Program provides information, tools and resources about the commercial aspects of practice ownership.
Members get exclusive notifications on practice sales and partnerships, often before they hit the market, while succession planning members are paired with Associate Members to discuss buying options.
For optometrists employed within a ProVision practice, the practice owner is the employer.
“Being part of an independent practice will benefit your career by exposing you to the benefits of clinical freedom along with the rewarding aspect of servicing a local community,” Jones says.
“You also benefit from education courses, market intelligence, supplier relationships, peer support, systems exposure, and a multitude of other learning opportunities.”
How the Specsavers Joint Venture Partnership model works
Specsavers’ purpose is to change lives through better sight and hearing; the company says it is number one for eye tests with more Australians and New Zealanders choosing the provider than any other optometrist.
For optometrists seeking ownership opportunities, it operates a joint venture partnership (JVP) model, with every store locally owned and led by the partners – usually an optometrist partner, retail partner and audiology partner. Partners are shareholders; in charge of the day-to-day running of the business and they receive the profits and enjoy capital growth.
Specsavers says its JVP model is unique to the industry, with the support offered allowing optometrists to focus 100% of their time in store on customers and the team, while Specsavers takes care of the rest. The model supports all back-of-house administration, finance support, business development, marketing, and people services.
“The benefit of the model for optometrists is the many opportunities on offer, based on an individual’s personal goals and interests. Working within our network provides opportunities to develop clinical and commercial expertise, setting its optometrists up for a successful career,” Mr Raj Sundarjee, director of professional recruitment, says.
“Specsavers optometrists have a high level of autonomy which enables them to explore and develop areas of interest or specialties that they are passionate about. We also have a wide range of spectacle and contact lenses that are exclusively available to our optometrists, which allows them to choose the best lens style and type for each individual patient.”
There are also several ways optometrists can develop their careers with Specsavers, with a view to becoming a store partner in the future.
For those starting their careers, the company offers the Graduate Program, a two-year personal and professional development program combining in-store experiences with external courses and events to build confidence and competence.
There’s also the Early Career Optometry program, a two-year program beyond the Graduate Program, providing opportunities for clinical courses to develop clinical skills in an area optometrists are passionate about. Optometrists can also explore non-clinical avenues.
Each team member is employed by their individual store, unless otherwise specified, such as those employed in the mobile optometry team (see more on page 49). This enables store partners and the team member to work together on personal and career development goals. Optometrists are supported by their store partners, as well as having access to professionals across all areas based in the national support office.
When an optometrist decides to pursue partnership, there’s the Specsavers Pathway Program, a specially designed development program equipping optometrists with the knowledge, leadership skills and business acumen to become a JVP in their own store.
Clinical freedom underpinned by ‘best practices, systems and platforms’
George & Matilda (G&M) Eyecare exists to help the world see better, one person at a time by supporting and uniting local independents to build the best optometry community. For optometrists seeking ownership, the network offers its Partnership Model.
In the majority of its partnerships, G&M purchases the assets of the business and co-brands, building on the existing brand equity. The optometrist becomes a remunerated employee, and still shares in the profits for a fixed term, or can obtain shares in the business as another option.
All the while, G&M says it values clinical independence and doesn’t interfere with the way its partner optometrists care for patients. As a partner, G&M’s product team work alongside the optometrist to decide on product ranges supported by G&M data.
Initially in the start-up growth phase, the Partnership Model started with existing independents and some wanting to retire over time, but the network says it has always intended to be inclusive and build a meaningful connection between the forefathers of optometry and the next generation.
“We find this is a great way to pay respects to legacy and forward focus on the future while always improving the quality of patient care,” general manager of partnerships Ms Cassie Gersbach says.
“Now that we have grown to supporting 100-plus communities and some of our original partners are retiring, it opens the doors for optometrists to have a unique pathway and opportunity to our Buy in Model transitioning from the principal partner.”
Once the principal partners agreement ends and they retire, this allows for the next partner to join G&M and share in profits of the practice.
Instead of capital outlay and risks, time and expertise to manage all functions and expenses on their own, G&M provides support from the ground up to enable “tried and adopted best practices, systems and platforms” for automation to provide ongoing support to grow the business.
“We have had success with some optometrists joining G&M as an employee first, until they are ready for partnership,” Gersbach says. “We have many discussions about career path and goals to identify what’s important to the individual and desired timeframes. Together we work towards those goals and seek for the ideal practice for the perfect fit.”
Commercial assistance without compromising independence
Eyecare Plus exists to help practice owners compete and succeed in a challenging market while practising their profession without restrictions. It focuses on enabling the optometrist to do what they do best, plus the benefit of commercial assistance.
As a branded, unbranded or co-branded practice, Eyecare Plus offers flexible and optional buying power, peer-to-peer sharing, clinical leadership as well as support, benchmarking, marketing and staff training – without compromising the practice’s independence.
For optometrists looking at independent practice ownership opportunities in the future, Eyecare Plus currently has metro and regional owners looking to transition their practices into safe hands. The organisation can assist prospective owners to find the right practice via confidential conversations.
Eyecare Plus positions itself as Australia’s largest branded group of independent optometrists. All practices are individually-owned and members run their businesses freely, so the freedom of choice is still there. The organisation says its combined strength gives it the opportunity to work with preferred suppliers for buying power, combined marketing, pooled resources, and more.
“Eyecare Plus members can utilise the strength of a large business, all while remaining free and independent. A point of difference is exclusive territories, this allows our members to discuss their business and share ideas, without concern that competing practice owners or staff are in the room,” national business development manager Mr Dylan Oblein says.
If an early-career optometrist joins an Eyecare Plus practice, it is in the capacity as an employee to one of the member owned practices.
“The individual would be joining a network of independent optometrists that spans across the entire country, giving them opportunities to be mentored by some of Australia’s best independent optometrists in either metro or regional locations,” Oblein says.
‘Clinical optometrists or business leader, the opportunities are endless’
The EssilorLuxottica-owned OPSM and Laubman & Pank brands are synonymous with great eyecare, says the company’s general manager for retail ANZ Mr Matteo Accornero. From its first OPSM store in Macquarie St Sydney in 1932 to its current network of over 430 stores, the group’s core values have been to provide the best possible experience for its patients and optometrists.
Hence, more optometrists than before are joining EssilorLuxottica ANZ retail practices, which Accornero says is a testament to the unique set of opportunities the organisation offers.
“We have a diverse network of over 50 passionate and influential managing optometrists who partner with the store manager to lead and support our store optometry team. We continue to invest in our people and introduce new eyecare roles beyond the consulting room.
“For our entrepreneurial optometrists we offer career progression opportunities supported by management and leadership training. For any practice owners-operators looking for a different path for the future of their optometry business or looking to retire, we would be pleased to discuss opportunities to continue the operation of their businesses and care of their customers, whilst providing a smooth transition for their staff and optometrists who wish to come on board as OPSM.”
Because optometry as a profession has changed, now more than ever, EssilorLuxottica says optometrists and graduates are looking for employers that listen and are adaptive to change. The company believes its success is a combination of investing in people and technology so that its optometrists can detect more pathology than a standard eye exam and provide the best vision solutions.
The organisation offers OPSM and Laubman & Pank optometrists a diverse range of experiences to ensure their continued professional success.
“Whether you want to be an amazing clinical optometrist or business leader, the opportunities are endless. All corporate optometrists are hired by our eyecare operations teams who are optometrists. They take the time in the interview process to understand your passion and interest and tailor opportunities to help support our optometrists career aspirations,” Accornero says.
“More opportunities, more choice and more time to practise full scope optometry are just some of the reasons more optometrists accelerate their career with OPSM and Laubman & Pank.”
During the past five years, EssilorLuxottica has invested over $500,000 in Luxottica Eyecare Development Award (LEDA) scholarships to support its optometrist’s professional development.
More reading
The benefits of independent optometry ownership
Best of both worlds: Life as a Specsavers mobile optometrist
