June 2024

We have made it halfway through 2024. Wow, is this year flying by! It’s flying because there is so much going on at SDCOS that it’s making our heads spin. We have an incredible society thanks to the hard work of our board and all the members—keep it up!

The next CE is on Thursday, July 18th, with Dr. Kellie Satterfield, followed by our 5-hour CE on Sunday, August 11th, featuring Dr. Paul Karpecki for the first 4 hours and Dr. Angelique Pillar on glaucoma. Really great CEs coming up—hope to see you there. Both meetings will be at the Hilton Mission Valley.

Besides the great CEs, thank you Sloan, and a wonderful monthly newsletter, thank you, Alyssa,  we also have a lot going on with the state association. There is a call to action to get the medical reimbursement rate increased for optometric services, along with many other initiatives. Thank you, COA, for all your hard work. This is an important election year, so our Government Affairs board members, Hunter and Dick, are hard at work. Thank you, Hunter and Dick. As you can see, there is so much happening behind the scenes to make our SDCOS what it is. If you want to be part of this incredible team, please let me know.

I want to remind all of you about the two huge SDCOS projects that I am very proud of. Dr. Bev Bianes has been instrumental in helping the Linda Vista Innovative Center get off the ground. Remembering Diversity is our Strength. The Board of Education has classrooms for K-12 graders, teaching them about different career options. One of the rooms is Optometry/Optical, where children can sit in an exam chair, look through a phoropter and slit lamp, and see what it takes to become any of the 3 O’s: Ophthalmologist, Optometrist, or Optician. It is really great—you need to check it out.

The other project is going to be huge. Marti Emerald, the TV newscaster from years back, is now on the School Board of South Bay. She, along with the South Bay Lions Club, school nurses, VSP, and the entire board, has partnered with SDCOS to do school screenings for every school-age child in every school—all 20 of them. As other Lions clubs and school districts get on board, this project will change the lives of many children by ensuring they have the vision to succeed in school. The screenings start on August 12, 2024. Our plan is to cover one school a week. Stay tuned for more information about this in the upcoming months. Projects like the Linda Vista Innovative Center and the South Bay school screenings are why SDCOS is always considered to be the best of the best. Keep an eye out for signup sheets for the screenings. The Lions Clubs and the nurses are helping, but we will need our local optometrists to help too. Thank you to each and every one of you for making this possible. Have a great month and see you at the next CE meeting.

Take care and God bless each of you,

Eric
 

OD Relations Liaison

Please contact Dr. Ananya Jalsingh, OD, Society Optometrist Relations Liaison at odjobs@sdcos.org to be put on an official list for the following:

  • fill-in/part-time work

  • full-time work

  • purchase/partner in/sell a practice

This service is offered free of charge to SDCOS members.

 

    Upcoming CE Meeting

    Thursday July 18th, Mission Valley Hilton.
    Dr. Kellie Satterfield, MD
    Topic TBD

    https://bit.ly/HiltonMissionValley

    • 2024 CE Schedule

    • 2024 SDCOS Board of Directors

    Looking for Volunteers for future events:

    November 14 and 15th at the VSP Mobile Clinic

    If you would like to volunteer or would like any additional information about these events, please contact Dr Bob Meisel at rmeisel47@gmail.com.

    Meet a Member

    Justine Simon Bailey, OD, FCOVD


    How long have you been practicing in San Diego?
    Just about 2 years!


    What is your speciality?
    Optometric Vision Therapy
    sdvisiontherapy.com


    What's your favorite thing about vision therapy?
    There is no limit to how creative, resourceful, and fun you can be during vision therapy sessions. I also love hearing when patients/parents notice changes in their personal lives and behavior such as "feeling a greater sense of well-being" or "willing to try new things." That's when I know the treatment truly made an impact on their lives.


    What do you enjoy doing outside of the office?
    I enjoy hanging out with my dog, listening and dancing to live music, sitting by the beach, and eating sushi.

    Ensuring the longevity of your business

    Submitted by: Nichole Mayer & Will Hage of Westpac Wealth Partners

    Business owners spend years — perhaps even a lifetime — building their business. And they make a lot of sacrifices along the way. So, it’s important for small business owners to take the necessary steps to protect their business and their family today, and for the future. One way to accomplish this is creating, implementing, and funding a business continuation plan.

    Why a business continuation plan?

    For many business owners, their net worth and their family’s financial health are tied to the success of their business. A business continuation plan can help identify who would take over the business’s day-to-day operations if the owner is disabled or passes away. It can also define what would happen to a business when one of the co-owners retires.
    A business continuation strategy —created with the help of the owner’s business and legal advisors — can help to put the proper plans in place so the business can continue operating, no matter what the future holds. These professionals can also help implement the strategy with a properly funded Buy-Sell Agreement.

    How the Buy-Sell Agreement works

    A Buy-Sell Agreement is a legal contract that specifies what will happen to an owner’s (or co-owners) business interest in the event they should die, become disabled, or otherwise leave the business. This agreement, when properly funded, can:

    • Establish a ready market to purchase a business interest

    • Establish a value for the purchase price of the business interest

    • Identify the future buyer(s) — typically, the company’s co-owners or key employees

    • Identify the events that would trigger the Buy-Sell Agreement

    • Create a legal obligation for the departing owner to sell his or her business interest, and a legal obligation for the buyer to purchase the interest

    • Provide a source of funds to fulfill the terms of the Buy-Sell Arrangement


    Determining the value of the business 

    A key component of any Buy-Sell Agreement is the value of the business interest being sold. There are many ways to value a business, and each has its advantages and disadvantages. Seeking an independent appraisal can help determine the fair market value of the business from a qualified appraisal firm that has experience in valuing businesses within their industry.
    The benefits of a funded Buy-Sell Agreement
    A Buy-Sell Agreement, on its own, is not effective unless it is also properly funded. When that happens, the departing owner or his/her family will receive a fair price for the business interest and, most importantly, preserve and convert business wealth into family wealth. For the remaining owners, the business is able to continue to grow and flourish without the burden of paying a non-productive disabled or retired owner, or having to deal with family members of a deceased owner.

    3 ways to fund a Buy-Sell Agreement

    • Business cash flow, cash reserves, or borrowing: While any of these methods may be used, they are typically impractical or expensive solutions. In many cases, the business will have insufficient cash flow to pay the purchase price of the Buy-Sell Agreement — while also paying salaries, recruiting, and training expenses. Cash flow is ordinarily used to pay the day-to-day expenses of the business. Cash reserves are typically used to fund growth activities, not to pay off debt. And loans may be hard to obtain in the wake of the death, disability, or departure of an owner.

    • An installment sale approach: This method can also lead to insufficient and expensive funding because business cash flow is typically the source of the funds used. Installment sales carry additional risk due to the time required to pay off the debt. Time increases the risk of default on payments, insolvency of the business in the future, and the possibility that the deceased or departing owner or his/her family will wish to take back the business, which is contrary to the purpose of the Buy-Sell Agreement.

    • Life or disability insurance: This funding method can provide the funds needed at the appropriate time — upon the death or disability of one of the co-owners. And, it can be one of the most cost-efficient ways to fund a Buy-Sell Agreement.


    In conclusion

    This article only briefly summarizes important considerations in the business succession planning process. Business owners should work with a financial professional as well as their tax and legal advisors to create their own customized Buy-Sell Agreement, based on their long-term personal and business goals. This team can help to create the Buy-Sell Agreement, and can help to identify the funding method that will best support the business continuation plan.

    Prepared by The Guardian Life Insurance Company of America. The information contained in this article is for general, informational purposes only.
    Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.
    Material discussed is meant for general informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice.
    The information contained in this article is general in nature and is not legal, tax or financial advice. For information regarding your particular situation, contact an attorney or a tax or financial professional. The information in this newsletter is provided with the understanding that it does not render legal, accounting, tax or financial advice. In specific cases, clients should consult their legal, accounting, tax or financial professional. This article is not intended to give advice or to represent our firm as being qualified to give advice in all areas of professional services. Exit Planning is a discipline that typically requires the collaboration of multiple professional advisors. To the extent that our firm does not have the expertise required on a particular matter, we will always work closely with you to help you gain access to the resources and professional advice that you need.

    Any examples provided are hypothetical and for illustrative purposes only. Examples include fictitious names and do not represent any particular person or entity.
    Nichole Mayer & Will Hage are Registered Representatives and Financial Advisors of Park Avenue Securities LLC (PAS). Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. WestPac Wealth Partners LLC is not an affiliate or subsidiary of PAS or Guardian. Insurance products offered through WestPac Wealth Partners and Insurance Services, LLC, a DBA of WestPac Wealth Partners, LLC. Mayer CA Insurance License Number - 0F54659 | Hage CA Insurance License # 0D97541 | 2024-171753 Exp. 12/24

    Classifieds

    Optometric Practice for sale, in National City.  Owner wishes to retire after 40 yrs. Excellent location, 1200 sq ft.  Priced to sell.  Please call Jeff at 1-515-851-2280 or Greg at 619-477-4166. Please come by and we will be happy to show you the office. (5/24-6/24)

    Optometrist needed for Mondays, Wednesdays and Saturdays. Located in Del Mar Highlands. Email info@atelieroptica.com. Ro (619)988-2102 (6/24)

    Optometric Office in Escondido for lease.  Three operatories, a lab, large front office area, testing rooms, dispensing optician area, large waiting room, contacts room, lounge, ADA restroom, and 2,044 square feet.  Currently occupied by North County Eye Center and available May 2024.  Contact Jim at jimlund08@gmail.com or at (760) 747-7800. (6/24)

    Fully Equipped Optometric Office office for rent starting July 15 2024 on a daily or weekly basis. Available Monday -Saturday. I work Sundays and Mondays doing vision therapy. I am relocating and still looking for a fabulous office space. I am looking in the Fashion Valley area. Will be set up by July 15th 2024. Please contact Dana Dean 619-757-3937 if you’re interested to chat about options and costs.(6/24)

    Orange County Optometry Practice. Ideal merger candidate. $340,000 gross. 30+ years of goodwill. Great location! Good visibility. Contact Frank Sciabica at 425-985-8390 or frank@omni-pg.com. (CAO105) (6/24)

    New Optometry Practice in Temecula. Very modern date optometry practice in Temecula, California. Collections keep getting better every year. Lots of growth potential. Located in a beautiful area. The seller is very motivated. For more information Contact Frank Sciabica at 425-985-8390 or frank@omni-pg.com. (CAO112) (6/24)

    Live Where Others Vacation! Live where others vacation! Well established Optometry Practice established in a very busy strip mall with major retailers. Located in the Palm Desert area. High-end clientele. Practice grossing $800K with great net income. For more information Contact Frank Sciabica at 425-985-8390 or frank@omni-pg.com. (CAO110). (6/24)

    Looking to buy or sell a practice? We can help you with our years of experience and deep local knowledge, we make transactions smooth and stress-free. Currently, we have multiple optometry practices for sale in the states of Washington and Oregon. For more information contact Frank Sciabica at 425-985-8390/ frank@omni-pg.com or visit us at www.omnipg-opto.com. (6/24)

    Part-Time Optometrist Needed, Half Day Shifts: We are offering an excellent opportunity for a dedicated Optometrist to join our highly-rated and stress-free practice. Enjoy highly competitive pay, including bonuses, for working just 2 to 3 half-day shifts per week. Our environment is professional yet relaxed, as evidenced by our excellent reviews and the satisfaction of our patients, making your work hours a breeze. If you are motivated and passionate about eye care, we would love to hear from you.  Fluency in Spanish is preferred.  Please submit your resume to bnemati@earthlink.net or contact us via text at 858-504-2020 to apply. (5/24)

    Optometrist needed any day of the week at the Mission Valley Costco. If interested please contact rslikker@san.rr.com or 619.977.7703 (6/24).

    Associate OD needed at the Vista Costco. 3-4 days per week available. Base pay + bonus. Hours: Mon-Fri 10-6:30  Sat 9:30-5. Email kmichel@vistaoptometry.net with resume and availability (5/24)

    Build Ownership in a Growing Optometry Practice, Even as a New Grad. Growing Practice at the Heart of San Diego with a 25+ Year Veteran of the Optometry Profession, with a successful history of growing multiple practices, is seeking a motivated, self-starter, entrepreneurial optometrist to join a growing optometry practice in City Heights. Practice is in a custom modern office setting, with great visibility and a proven track record of success for medical practices. Working knowledge of Spanish is preferred. Opportunity to get involved (even as a New Grad) in a growing eye care practice from the ground up, earning equity toward part or full ownership. Please email your resume to spousti@live.com (2/24)

    Looking for a motivated business-minded optometrist who is tired of the daily grind of a corporate practice, and wants to be their own boss while building equity. Our dynamic, high-potential private optometry practice is seeking an optometrist who is passionate about providing exceptional eye care and looking to take their career to the next level. With us, you won’t have to work 9 hours a day in a corporate practice, just to make a modest $500-$600 per day. Instead, you can earn much more and work just a quarter of the time you would have to spend in a corporate practice. Plus, you’ll have the opportunity to build equity in the practice, meaning your hard work will pay off in the long run. If you’re ready to add a second location or if you are a new grad, we want to hear from you. Please email us at: spousti@live.com (2/24)

    Wanted: Used, good condition, Retinal Camera and Autorefractor. We are looking for a reliable non-mydriatic retinal camera and autorefractor for our optometry practice. If you have recently upgraded and no longer need your used one, we appreciate you reaching out to us. Thank you. spousti@live.com (2/24)

    Exceptional Opportunity: Thriving Optometry Practice & Prime Medical Office Building in San Diego FOR SALE, with the REAL ESTATE. Unlock the potential of your optometry career with this golden opportunity! Highly profitable and growing optometry practice for sale in Central San Diego, together with its modern Medical Office Building. Discover the perfect blend of profitability and growth in this dynamic location (the second most active redevelopment zone, after downtown, in San Diego). Whether you're starting a new practice or expanding an established one, this is your chance to shine in a highly dense area, strategically positioned near more than 80 schools and 9 minutes from Downtown San Diego, and surrounded by 4 major freeways. Step into the future of healthcare with a contemporary medical office building, featuring three separate suites, that can be joined if needed into one big clinic and a total of 7 highly upgraded and move-in ready exam rooms. What sets it apart? Half of this impressive structure can be leased to other medical professionals, delivering a steady income stream, while the other half continues to house the thriving optometry practice. Seize the moment to drive your practice's growth while building equity in a high-potential, modern commercial real estate property. This isn't just an opportunity; it's a game-changer for those who dream big. For more details, please reach out via email (bnemati@earthlink.net).  (2/24)

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