Strategies Of Recent MCO Graduate For Purchasing A Practice.

BACKGROUND: The purpose of this research project is to investigate the strategies,
timeframe, and steps taken to purchase an optometric practice. Included will be information on loans, time-frame after graduation before buying a practice, and resources utilized for purchasing a practice. The project will also provide statistics on the ideal mode of practice versus the practice entered upon graduation. The intention is to provide a stepping-stone for graduates to make a smoother, more well informed transition into their professional lives.
METHOD: A survey was sent via email to 155 Michigan College of Optometry graduates
from 2002 to 2006. RESULTS: Ofthe 155 graduates, 74 responded by email, 1 responded by phone. Results of the survey shows only 5% ofMCO graduates took steps toward purchasing a practice. Generally, it took the graduates 8-12 months to complete the purchase of a practice. It was reported that the majority did not have prior experience in business management; therefore, assistance through consultation groups were elicited. In the classes of 2002-2006, a high percentage of students stated their goal mode of practice was solo or self-employed partnership. Yet, upon graduation, the number of students who entered a solo or self-employed position was quit low. The majority of all five classes made their start under the employment of corporate retailers. Given time post graduation, the trends show a gradual shift away from retail. CONCLUSION: The survey revealed that the goal mode of practice students had in mind was not the initial mode of practice they entered upon graduation. The majority of graduates did not reach their goal for a number of years after graduation. The survey also shows that the purchase of an existing practice was overwhelmingly out of favor. School loans in the five years showed a steady inclination.