Personal Branding For Corporate ODs

We live in a world that is highly digitalized. Whether it’s buying daily groceries, a new car, or even buying or selling real estate; everything is being done online. And we aren’t exaggerating when we say people are finding the diagnosis and even the treatment to with “Doctor Google”

The search for medical services and healthcare has become easier than ever thanks to the internet. The use of digital media will continue to grow. How your personal brand is represented on the web is critical for your future success as a Corporate OD. Whether you are a corporate OD in some market giant like Walmart, Costco, or Luxottica or someone practicing in a comparatively smaller optical , personal branding has become an important element more than ever if you want to ensure that you continue advancing in your career path. You want to be know as ” Dr Smith” not the Doctor inside Walmart.

In the field of corporate optometry, needless to say, patients are not just customers, but the sole decision-makers as well. Based on the information they do or do not find about a service, they decide whether to chose you or another provider. Your “reputation” on the web will guide those decision-makers to seek care from you. Your reputation online is the new word of mouth referral. Carefully monitoring what you want others to say and think of you online will continue to elevate your personal brand. A strong personal brand will help you get a promotion, next career move and leadership positions. If you want to outshine in your field and stand out both online and offline, you must follow these essential tips for personal branding.

Take the lead

The work you do is valuable not just to you, but also to your existing as well as any other potential patients in the future. Highlight some of your most important achievements and philosophies in a decent yet noticeable way.

Employed Corporate ODs can display their diplomas and other accomplishments at your corporate optical.  Share them on your own profile online or company social media accounts. Be confident about your skills and the way you practice, people are more likely to trust you for their care.

You should also feel free to share other things that you cherish most in your life. Be it your hobbies, personal interests, awards, charity work, research project or even memorable events with your friends and family. You can gain people’s trust by ensuring they feel familiar with you and can link to you on a closer, friendlier level.

 

Rise from the competition

With the rise of technology, there exist more and more online platforms where you can make your presence known. Corporate ODs can have their own social media pages that is affiliated with the corporate optical . Providing quality content about eye care will improve your standing and thereby, your viewers as well. Moreover, you will also develop you as an eye care expert in the community. It will strengthen your patient base but will also create networking opportunities with other Doctors that can lead to future careers advancements.

Create opportunities

With a diverse outreach in corporate optometry and additional help from your colleagues, you can create opportunities for yourself. Partnering with the eye care director or regional manager will help create opportunities for yourself. Being on advisory boards for corporate opticals will help open doors for yourself if you would like to have a leadership position.  Their recommendations can help build credibility to your name and make your personal brand a brand which people will be proud to endorse.

With proper personal branding, you are sure to be clearly visible  to your patients and future career advancements.

The Psychology of Business in Corporate Optometry

Corporate optometry is quite an interesting field for ODs, employees, patients and businessmen alike.

You would know already that this industry is dominated by only a couple of large organizations so we’ll avoid dropping names here. Many industry professionals will go from one company to another and utilize the same strategies and business tactics. Understanding the differences between strategy and tactics will help guide you through your career in corporate optometry.

This is the power of influence.

Corporate optometry is a field where charisma and similar tactics are often employed to influence ODs into making certain decisions. Even the employees in this field have to tread carefully because corporate optometry practices can be quite manipulative at times. When it comes to corporate optometry, this is just how the business works. The way things are shown is not always the reality. Many times younger ODs are influenced into thinking that working more hours or seeing more patients per hour would increase revenue for their offices as a solution to managed care plans. Yet careful calculations indicate loss in revenue with increased staffing, decreased insurance reimbursement and increasing chair costs.

Understand that corporate opticals are in the business of selling glasses. The optometrists is a part of the puzzle that needs to fit in their plan. Finding ways to elevate their business is sometimes done at the expense of the employed or sublease OD. These tactics are sometimes completed in a charismatic way to influence the OD that it is in their best interest when in reality it is just a way to get the OD to cooperate in a strategy to sell glasses

Here’s what you need to know about the psychology of business in corporate optometry.

The awestruck effect

Charismatic people have this endearing ability to almost hypnotize their audience. Their personal energy, aura and the manner in which they convey their message can persuade you to make the decision they want, without you even recognizing it. It is not until later when you walk away from them and the effect fades away that you realize you have been manipulated.

For employees in corporate optometry, the awestruck effect can occur for instance when they accept to work for the job that they soon realize is not what they were looking for. When a recruiter promotes a location for its work life balance, medical model and flexible schedule, an OD should also question the regional manager and store manger. Ask other ODs in the area. Many times if it is to good to be true it is. The “honeymoon” stage can only last so long. Understand what you bring to the table for that location and the value that you provide the corporate optical and the staff at that location. What was presented to you at the time of signing should be consistent throughout your time there.

As for sublease ODs, many are painted a picture of a high volume practice, that are turn key and potential of expanding to multiple locations. Optical sales will not directly reflect OD income, there are many factors that shape this. Leading on a sublease OD about additional locations and potential perks is another tactic to pursued ODs to do things that is in the best interest of the optical. Learning to see these tactic trends will help you target the right sublease.

The effect of compelling storytelling

Stories are known for the lasting effect they can have on the audience. A great story not just captivates the listener’s attention, but can also impacts their decision-making ability because the events stick to their mind and influence their actions.

When you interact with a regional manager about telemedicine or increase hours , if they are manipulative then they can lure you into taking an action that might not necessarily be in your best interest. How a story is told can help you differentiate between what is best in your own interest.

Consider the possibilities that corporate optometry can offer you. The stability, potential to grow a business, income and security. Yet listening to a regional or eye care director might have made you feel like you can pull this off for the numerous ‘benefits’ that it offers. There are many “stories” to the chapters in corporate optometry some you might have to skip.


Attention is (not always) a good thing

Corporate ODs who want to be satisfied with their job. Corporate opticals offer recognition awards for the ODs that have excelled in a regional or nationally. Some provide Doctor of the Year award while others receive accolades via email or social media.

If you are an OD, a corporate giant might initially make you feel welcomed in the workplace by adjusting your work hours, posting you at a location that’s feasible for you and so on.

However, despite the possible relaxations, being burnt-out is still very common in corporate optometry jobs because the rules and regulations are rather binding.  So, if you too are getting stressed at work then it’s time to evaluate what’s wrong and take the appropriate measures if required.

Sometimes attention is given to the younger ODs to sway them to work more hours, help recruit younger ODs or just because that specific location is hard to find OD coverage.

Manipulative tactics can be subtle or obvious so whether you are a sublease provider or an employed OD in corporate optometry, the key to ensuring that you don’t fall prey to such techniques is to always stay clear about what you want.

Whenever in doubt, step back from the situation, analyze and evaluate the circumstances and then regain control by asserting yourself more tactfully.

CREATING A MEMORABLE EXPERIENCE IN CORPORATE OPTOMETRY

Creating a Memorable experience in Corporate Optometry.

When you think of  memorable experiences you think of positive times filled with joy and laughter. It could be a game winning shot, a vacation, childhood memory of your parents or even just enjoying a loved ones company as laughter fills the room.  You tend to remember the times that you felt something. Creating a memorable patient experience is no different! The way a patient “feels” about the experience will reflect directly to your bottom line. People will generally really love something or not like it and there is no room for in between or being average in today’s competitive market.  Creating a memorable experience involves everyone through the patient journey. Think of a patient experience as a journey, it is not a single appointment or transaction but a journey that can evolve over the next 20-30 years as they continue to see you and refer others to your office.   Here are some ways to make a memorable patient experience:

1. Active Listening

Active Listening is paying attention to the patient from the moment they call for an appointment. Train your staff to take notes during the initial touch point. If a patient is calling the office because of having a negative experience at another office, have the staff ask probing questions to understand what type of experience they are looking for. Once the patient is in your exam chair you have a “blueprint” of their expectations. You are able to address their pain points that guided them to your office.  Provide a personal approach by facing  them when they are talking and maintain eye contact. Many times patients will tell you want they want, it is your job as an eye care professional to recommend the best options and help guide them to best personalized solution. Active listening establishes  the patient/ doctor relationship and aligns an active approach to their health care. If they feel like their part of the decision process it will create a memorable experience that will make your office stand out from the rest.

2. Doctor Driven Dispensing

Whether you own your office or are an employee, doctor driven dispensing is a way to not only to create a memorable experience in the optical, but create patient loyalty through patient education of products. The clinical findings from the examination should be aligned with the eye wear lenses options that you recommend, to the specific artificial tears that you prescribed to that patient. It goes back to active listening. You are the authoritative voice and experienced professional of that office, “customize” and educate patients to why you are recommending a product and how it is different from online retailers. Maintain eye contact when discussing personalized eye care. Doctor driven dispensing is an art that is frequently ignored by many ODs. Asking different questions will create a “wow” experience for the patient, ” they never asked me those questions before, maybe I wasn’t getting the right exam or eye wear that I should have had before”

3.  Storytelling

Storytelling can be an influential connector to your patients because it is an emotional driver. Memorable moments are created by emotions. It makes the patient experience a human experience. Storytelling can be formulated from active listening to understanding what the patient likes to talk about and transitioning it to an assessment/plan strategy for that patient encounter.  Storytelling by itself can be a powerful way to be memorable. Be yourself. Being authentic will connect with people. Letting them know that your family member has a the same issues with  progressive lenses and what specific product you prescribed compared to an affordable option creates more value for your office than competing on price.

4. Marketing a memorable experience

Online retailers like Warby Parker will donate a pair of glasses. It creates a memorable experience for the patient because they know that their eyeglass purchase with help others in need. The promotion is “Since day one, over 4 million pairs of glasses have been distributed through our Buy a Pair, Give a Pair program. Alleviating the problem of impaired vision is at the heart of what we do, and with your help, our impact continues to expand.” The key phrase is “The whole story begins with you“, it creates a memorable experience where the patient is involved in something for a bigger purpose. Whether is is a local charity event or mission trip your office can do the same. Use your email database and social media platforms to educate your patients about your involvement in the community and how they can be involved by donating old glasses or how you can do a promotion for free eye exams for those in need through your office.

 5. Follow up

The patient experience does not end at the end of the exam.  Making a follow up call to a patient can make a lasting impression. Whether is it a follow up on corneal abrasion or a call to see how their contacts are performing. This discussion has more impact than you think in making your business successful and developing the critical doctor/patient relationship. Following up 1 week, 1 month or 6 months will create a memorable experience, simply set reminders in your EMR system to have your staff follow up on progressive adaptation or simple satisfaction with service or products. Let your patients know that you remember specific personal information, document in your chart; job information and children’s names to have a starting point for your next exam.  Your EMR system can be a great way to follow up on reactivating patients by sending birthday texts/emails with special promotions.

6.Unique Style

Your unique style makes you memorable. Humor is a memorable factor. Don’t be afraid to have a different approach to patient care, humor will make you likeable and approachable to new patients. You want patients to feel comfortable, being funny is one way to do it. Everyone likes getting compliments and it will also make people feel comfortable to ask questions and enhance the doctor/patient experience.

Your personality, humor,empathy, attention to detail is your signature to the world. It speaks volumes, use it to create a memorable experience that no one can mimic because “you” is UNIQUE.

Building your Personal Brand through Digital Media

When a student graduates from optometry school they are eager to get out there and gain recognition for their work. Optometry is the kind of profile where even if you are employed under an already established brand, some people will only come to you if your name is recognized and your services are well known to be trusted upon.

Thanks to Google, the first thing potential patients do before visiting a doctor is look up their name and reviews online. This is because it allows them to trust you with their eyesight. You might have noticed yourself that whenever you have asked your family or friend to recommend medical personnel they will often tell you the name of the person and then say clinic or corporate optical they are associated with.

This is why you also need to take advantage of the internet, similar to the ways your employees do. You need to invest in a well-constructed and easy to use website. This is important because your website is a digital version of you! What you say about yourself is what you want to be preconceived as in the community.

A social media page that is brimming with information will help build the patients’ trust even before they have visited you. Use the page to add tidbits of information, facts, do you know, quizzes etc, related to optometry. This will show the person that you are friendly and have a good grasp of your craft.

Further is more information on how to enhance your personal brand

The headshot

Make sure to post up a good picture of yours on your website, social media page, and whatever forums you are involved. This makes the people know that you are real and professional. It would be advisable to use the same picture in the same place so that people can recognize you as soon as they see your picture. Hire a professional photographer who can take a good photo of you from a professional angle, make sure to look  approachable in the picture.

The right platform

You may have a personal profile on Facebook and Instagram,but it is better to keep it private compared to your professional profile. Choose one or two platforms where you post stuff only in regards to your practice and nothing personal.

Good Content

Write and post content that your patients will want to read. You will need to do some research here to find out what your patients want to hear about. You can also post up an FAQ session or maybe encourage your patients to ask you questions on a symptom. But make sure that when you do that, do not post the entire information, it should be just enough to answer the question but also at the same time should have your readers wanting to know more, this is where the office visits come in.

Social media has become one of the top tools that can be used to promote oneself at a relatively lower cost than any other promotional tool, it would be best to use it wisely to your advantage to build your personal brand.

Digital Marketing Strategies for Optometrists

Digital marketing strategies to help optometrists with there business. Never before has digital marketing been more important.

Digital marketing is a very expansive term that holds various different concepts within.

The advancement of technology has brought about several marketing opportunities for businesses and individuals, alike.

However, with the profuse amount of concepts and options out there it can be difficult for someone who has not been involved with marketing before to choose what platform they should promote themselves or their businesses on.

The case with optometrists is similar. Simply opening up a business and advertising it in the newspapers does not work anymore, they will have to heavily indulge in digital marketing to let their services and availability be known to potential clients and recruiters.

The one problem is that a lot of the concepts of digital marketing have been spread around haphazardly, failing to make sense to someone new to the field:

Search Engine Optimization

When looking for anything or anyone, the first thing we do is search google. Even when we look for a tutor, physician, therapist, etc. we will always go to either our friends and family or google. Search engine optimization is when your website and your name is the first response to come up when a keyword related to you or your field is typed and searched. For example, a keyword that you have written in your website is “optometrist in Manhattan” then the next time a potential patient types those words in the search bar, they will see your name and/or website/profile first.

You can learn how to optimize your own website or even pay an expert to do so.

Pay per click advertisements

This is a great way to reach your target audience. This also works through the keywords, which your potential consumers type in.The results usually appear on the top or sides of the google results or page that they are visiting. For example, the user types “glasses frames in Manhattan” or “best eye specialist in Manhattan” then the page they visit will have your profile in it as well, or they may see your profile on top of the search result. You only have to pay for the advertisements when a client clicks on the ad.

Content marketing

You can write intelligent and informative articles on your website about optometry which can attract patients to your website. You can write about different topics, especially those that consumers would normally search about. This will also help patients trust you more since they will you see as someone who knows what they are doing.

You can even post an article that has all the FAQs typical to the optometry and then answer those questions. Near the end of your blog add a link to your website which the consumers can follow to know more about you and contact you through. You can also share those blogs on social media to gain a wider range of readers and customers.

Social media marketing

You can really work well with building your own social media page on Facebook, Google+, Twitter, and Instagram. You can engage with your follower through videos, pictures, polls, fun facts about eyes, answering questions, and also ask your patients to write a review about you after they have visited.

Digital media marketing is very easy once you have found which platform and method suits you best, once you find that stick to it.

Learn more about Life Insurance

What is Life Insurance?

Life insurance is an important part of the financial planning portfolio and something every individual should have at some point of their life. Coverage can vary in values, options and legalities, but its purpose is always meant to provide for dependents in the event of death.

There are two types of Life Insurance policies: Term Life and Permanent Life. Within permanent life, there is Whole Life and Universal Life.

A Term Life Insurance policy is the period of time during which the coverage is guaranteed to remain in place. Terms can range from one year to thirty years and many numbers in-between. The years of the term specifies that the premium (cost) will remain level for the term specified and as long as the premiums are paid, the coverage will pay out the death benefit.

Whole Life Insurance is a type of permanent coverage that provides coverage for the entire lifetime of a life insured, with a premium that remains level over the course of the contract. Whole Life builds up a cash value over time, and the policyholder can use that value towards future premiums or as a means of accessing cash later down the road.

Universal Life Insurance is also a type of permanent coverage. It allows the policy to act as an investment and a way to tax shelter money as one can invest more than the basic premium into this policy and have their investment grow in a tax-sheltered vehicle.

This is a very basic description to help one begin to understand life insurance and its importance. For more information, please contact

Samuel Waxman, CFP, CLU, CHS 416.817.8897 samuelwaxman@millennialfg.com 201-515 Consumers Road, Toronto, Ontario, M2J 4Z2 millennialfinancialgroup.com

Habits of Wealthy Optometrists

The habits of the wealthy optometrists

Everybody wishes to have a career that they love that also has a lucrative salary. Everyone wishes to be the person who can afford whatever they want and whenever they want. That is what sets them apart from other people. However, the world will not just give you the money that easy. You will have to take certain calculated steps that will help you get success and wealth. It all starts off with the habit. Sure talent, hard work, and patience is one thing, but habit is something that is subconscious and it could be leading you to success or failure without you even knowing. It is the habit that you will have to look at first.

So what are the habits of the rich and successful?

1. Find your purpose

A lot of the people are working hours at their job yet they fail to earn more than they deserve. That is because they are unable and unwilling to work long hours. This is usually because they are doing something that does not satisfy them. When you do something that satisfies you, it makes you much more willing to spend long hours on it. You become better at your job and thus develop into an invaluable asset to the company.

2. Budget well

The key to being wealthy is saving. The more you save the more you are left with, this means that giving into the materialism should be made to a minimum. For example, spend no more 15% of your monthly income on food, stay away from credit card debt, have a retirement plan, and keep a small percentage aside for loans. If you have the opportunity to do fill in work, seize it and use the additional income to pay down your student loans.

3. Network and build connections

Volunteering in an elite nonprofit organization is one of the best ways to network. In good nonprofit organizations, you will be able to meet with successful business people and leaders who might help you get jobs in well-established companies very easily and quickly. This is an activity that many of the people overlook but working 5 hours a day in a shelter will have its own perks that are yet be discovered. Your optometric services will provide value to the community as well. Networking could lead to consulting work in the future or other benefits for your individual practice or career.

4. Don’t just keep your job description

One of the major mistakes an  OD who struggles to become wealthy makes is that they just go according to their job description. If you wish to achieve your goals of being a successful optometrist then you will have to take on more responsibilities than your job description tells you to. Optometrists can take on seminars, online teaching, writing articles, etc for the optometry business. This lets them become an important and well-known part of the business. It is ok if you have to check in a patient or take a seg height every once in a while if time permits.

Changing your habits will allow you to achieve more than you could possibly have imagined, along with becoming one of the wealthiest optometrists in town. You might also realize that some bad habits may have been holding you back from reaching your full potential as an OD.

Ways to Grow your Facebook Page

Define your ideal patient

One of the first things you’ll need to do to optimize your Facebook page* is to determine
who you want to attract to your practice. What are the demographics and
psychographics of your ideal patients. You know, THOSE patients you’d love to have booked in every appointment slot: they show up early for their appointments, they come every year for their annual eye exams, they buy a backup pair of glasses with their contact lenses, and they refer their friends and family on a regular basis.

Unfortunately, a common mistake many eye care professionals make (and, for that matter, many small business owners in general) is to assume they want anyone and everyone as a patient. “Just fill those appointment slots,” they’ll say.

This may work for awhile, but as seasoned marketers know, without defining your ideal patients, you won’t begin to understand how to find them, how to solve their problems, and eventually how to convert them to life-long patients who are ambassadors for your practice.

Now, more than ever, you’ll need to understand your potential patients’ needs and fulfill them with your products and services because industry “disruptors” like the growing threat of online eye exams, plus, ever changing medical and vision insurances are threats to your bottom line.

Because I believe this is such an important foundation for ALL of your marketing efforts, I have created a tool for you to define your ideal patient or patients. Click on this link to learn more about the tool and use it to begin the process of optimizing your practice’s Facebook page.

Define your most important keyword phrases

Now that you’ve defined your ideal patient(s), it’s important to define keyword phrases you believe these patients would type into Google’s or Facebook’s search fields to find someone like you who can solve their problems. If someone knows your name and types it into Google (if your web designer has done a good job) your company should appear on the first page of the search results. What you’re trying to capture are patients that don’t know your name, but are trying to find an eye doctor who can solve their eye care problem(s).

For example, if you provide specialty contact lens fits, you may want to create a list of keyword phrases that address this specialty, but from the point of view of a prospective patient. These keyword phrases may include: “hard to fit contact lenses,” “can I get contacts for astigmatism,” “are there bifocal contacts,” and any other phrase you think a prospective patient may type into Google to solve their problems. If you can optimize your Facebook page (and all other social media platforms while you’re at it) for these keyword phrases, you’ll be able to rank high on the results page of Google when someone types in those phrases. If your practice name continues to show up in the first, second or third position, an ideal prospective patient will start to believe you are the best solution for his or her problem.

By Dr. Sandi Eveleth

 

Exit Strategies for Your Business

Entrepreneurs of several businesses are often merely focused on the entrance and growth strategy. They keep coming with plans for what their product would be, what their marketing would be like, and how will they keep growing the business further for a better return. However, it is not just enough to build a business that is continuously bringing in income; you also have to look at the exit strategy that will be put in motion to get your retirement.

Take it all

One of the strategies that the progressive owners use is to take out all of the money from the business on almost a daily basis. This means that they will allow themselves a large salary, then reward themselves with a huge bonus and if they issue out shares, they also certify themselves to achieve a dividend that is significantly higher than the other shareholders. A lot of the entrepreneurs like to re-invest the profits that their business garners. However, you can try to keep the business small and rather take out a chunk of the profits and keep it for yourself.

However, when you do this, do remember that the money that is supposed to go in your wallet should not be in such a significant amount that it becomes nearly impossible for your business to survive or that you investors start becoming enraged.

Pros

You get to take home a colossal salary which may even allow you to afford the luxury of your choosing. When you take out the money from your business, assuming that your business has been gaining a handsome profit, you get to take home as much money as you want and it can be a lot.

There is no specific processor documentation that has to go into pulling out the money which would take way too much time.

Cons

The way you take out the money could result in negative tax accounts. There can be tax penalties and you might get a higher percentage of tax deductions on the money that you pull out, leaving you with significantly less money than you intended to have.

Also, if you are not too careful you might end up taking out more money than you need to. This means that if you take out way more than your fair share you will leave significantly less money for your business to fall back on in the future. Even though you might not want to grow your business far too much, it will still be useful to have some money to a certain level of growth. You need to keep adding some money, even if small amounts to the business. It can be for renovation of the business, switch to a new place, give appraisals to employees, promotion of the employees, etc. For all of this you will need a steady supply of money coming into your business. Other than that, it is always helpful to have some money in the savings for the business. You may need emergency cash at any time.

Liquidation

The simplest, and the least taken, exit strategy is to simply call it quits. Just strip the business of the money, divide it between yourself and the investors, and then shut it all down. Liquidation means bringing the business to a finish and then distributing the money left and assets to the claimants. This is supposed to happen when the business can no longer operate properly but it has its creditors to whom it owes money. This is one of the best exit strategies since the business will not be left with any sort of debt that the owner may later be pursued for.

Pros

It is an easy and natural thing to do. The owner does not have to overstress themselves with a new rejuvenating strategy. They will not be troubled by the shareholders and creditors.

You will not have to worry about to transfer the control too and whether the person you choose will be able to save the company from dissolving or not. A lot of arguments can erupt from this sort of a process. If you plan on transferring the power to someone close to you, the directors or other top management folks of the business can put forth vehement objection of the move and things could get far worse than they actually are at the current moment.

You don’t have to deal with any sort of longstanding and painstaking negotiations of any sort.when you try to take loans you have to negotiate with the bank, when you decide to merge you have to take the opinions of your top management, when you wish to transfer ownership you have to negotiate with your directors and shareholders, everything but total and immediate dissolving takes a lot of mediation that can turn unpleasant really quick.

Cons

The problem with liquidation is that you will never get the market value of your company’s assets. Due to a majority of your assets going into paying off your creditors and shareholders from the sales of your

assets, you will be left with significantly less money, which will not allow you to benefit from the full price of the asset.

When you liquidate your business, you might be relieved that you do not have to go through a debilitating process of arbitration; however, you need to be aware that this will have a massive effect on your reputation as an owner, a leader, and business. This may be very consequential when you try to come with a new business. It will be much more difficult for you to gain your pool of stakeholders and shareholders.

This might leave a lasting impression on your current shareholders. They might think that you are a “quitter” and may lose confidence in you for the sake of your other business ventures. You might find it incredibly difficult to gain those shareholders back if you ever have any other opportunity. They might even spread the word about the town of your working methods and your backing out of the entire business. This will actually exacerbate the second point that had been made previously. The more your shareholders spread the news of your quitting the business the more difficult it will become to gain investors. The situation can get even worse if the owner does not check with the shareholders and the board of directors.

Selling it off

When you have a business and a vision, you will not be the only who possesses that vision there will be your board of directors, shareholders, managers who will be following in your passion and have the same vision as you do. They will definitely be happy to buy off the company from you if they have enough resources to do so. This may also include your customers, children, friends, or other family members. The reason it would be better to sell it off to someone who has been working in the business is that they know the business runs, what are its requirements, and what are its weaknesses. This will help the business in not having to start from square one and it can take off from where it had been present previously.

When you leave the business in the care of your family you will have to make sure to see whether your family is functional. Leaving the business amongst several children can prove disastrous as all of them might fight for a share of the business. This will lead the business to a slow decline without really experiencing any sort of growth. If you decide on that route then you will have to carefully plan the entire thing so as to avoid any tussle between the family members.

Pros

You will not have to go through a tedious and lengthy process of searching for the right person and then trial testing them to see if they are the right fit for the business. This takes way too much time and resources all of which are bad for the growth of the business. With a person of whom you know, you will know how the person is and what they are capable of, whether they are in it for the money or do they genuinely wish to see their business thrive. You will be familiar with their work ethic which will help define your search even better.

The person who has taken over the business from you is highly likely to be someone who believes in the same cause as you. This means that they will keep intact the main vision and mission of the business even if they make certain changes upon their appointment. When a business has been functioning for quite a long time they tend to develop a certain brand image that the customer becomes aware of and loyal to. If the vision of the business changes it can have an impact on the brand image or the new owner may try to change the overall brand image. Either way, it has a serious effect on the customer base of the business. They may end up losing them and will have to reevaluate their new customer base again and devise what sort of marketing campaigns and product variations to target them.

If a manager or director from your previous team steps into the role of being the entrepreneur they will work with the benefit of the company in mind since that is what brought them into the project in the first place.

Cons

You might be a bit too generous when you find out that a person from your circle is taking over the business that you might leave way too much money on the table. This will leave far less with you and far too much with them.

Your friend or family member might discover that you left far too much to be paid in taxes and they might get riddles in that issue which will cause them to dedicate far less time to the business though it would need ample of time, since it was already in a decline, and a new authority would mean significant changes. This could lead to strain in your friendship with them.

Leaving the business to one child or family member can bring about a lot of animosity amongst the members and they will be spending the rest of their lives brewing in jealousy. This would also lead to poor decisions being made on behalf of the business which will lead the business to a further decline.

Acquisition

This is when the owner of the business sells the firm to someone else in the same industry. The best thing about this is that the business has a high chance of thriving since the company of the same industry is taking over. The owner of the acquiring company will know full well what to do to grow the new business.

Pros

If you find a good acquirer then they may a lot more than what your business is actually worth. This will depend on: who the acquirer is, how much your business is producing, what the resources within it are worth, etc.

This can work in your favor on an even greater level when there is a bidding war between different companies about who will get to acquire your business. This way you can drive up the sales price as much as you want.

Subleasing Corporate OD Survey

We are collecting information about sublease Corporate ODs.

This is long and detailed but please do your best to fill it out completely so we can compile and share the results. All responses are completely anonymous and will not be traced back to any individual. Thanks so much for your help and we look forward to sharing the results!

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