Optometry Transition And Leadership Succession

In the era of technology and as the population of Optometrists is getting older, retirement transition is probably the most thought of among other changes like raises, practice relocation, and technology adoption like shifting to a paperless practice which is perhaps the least mentioned. There are three main paths that Optometrists planning to go into retirement choose:

Slowing down the practice by reducing appointments and closing down activities one after another gradually selling all the practice’s equipment. This approach is very common where an independent practice struggles to keep up with the corporate competition depending on the area and the financial revenues and profits that the practice is capable of generating to sustain growth till the last minute or be able to restaff based on what the market imposes and eventually find a successor.

Maintain and sustain a fully operational practice till the last few months before retirement when he strikes the deal of selling the practice to the best buyer he can find at that time.

Planning for succession and finding a successor early on so that the Optometrist can have plenty of time to train and allow other staff members to become familiar with the successor.

Author and Pastor John C. Maxwell is very often quoted for “A leader’s lasting value is measured by succession”. Succession planning for leadership positions shouldn’t be difficult. We often have succession planning for employees and staff members’ positions to be filled by employees from within the practice or outside of it. Succession planning consists mainly of identifying skills, knowledge, and all the necessary training required for a certain position. When an optometrist is retiring, the difficulty remains in creating the pipeline for talent to this leadership position and finding the right successor since it is considered a position with a long time to hire. There are five steps to get to the point where you can say Goodbye that includes:

Planning and preparing ahead with three stakeholders in mind: yourself, the successor, and your practice. You need to be well-prepared to transition, give advice to the successor, and prepare your organization for the next period;

Spend enough time looking for the right successor inside and outside the organization. Let your employees know that transition is on the horizon and many potential successors are to be considered;

Providing enough coaching and mentoring to the successor and giving him enough time to act as the Optometrist in charge in your presence and absence;

Make sure that everyone knows that you will be taking care of unfinished business during this last period;

Be available for both the successor and the staff members helping them work together as you work yourself out of the job.