The first UIWRSO club event of 2015 was hosted by the Private Practice Club. It was also the evening of the first day of school. We hosted Mr. Schultz, President/CEO of VisionONE Credit Union, to come speak to the students about “How to borrow money for your future practice?” The topic was proposed by a student member who wanted to learn more about this subject. The primary reason that we chose this speaker is because of the company’s mission, “To advance independent optometry through innovative financial solutions.” As one of the few financial institution by optometrists for optometrists, the company dedicates attention towards solutions to industry-wide problems. They strive to reduce the road blocks for new optometrists to enter private practice and allow senior doctors a timely, lucrative exit. Vision One Credit Union seeks to bridge the communication gap between practice buyers and sellers through their Financial Educational programs.
The event drew in students from all classes, and our Practice Management professor, Dr. Garcia, who gave great reviews about the speaker, would like to have him come back on a rotating basis. So what did Mr. Schultz talk about? As a businessman who has been featured on the “Review of Optometric Business” Journal, Mr. Schultz did talk a lot about the finances of buying a practice, but the most important concept that I took away was his take on “cash flow” and how to calculate it. For example, if you wanted to buy a practice, “how do you calculate its true value?” Mr. Schultz wanted buyers to have a fair purchase so he provided very detailed and clear visuals to his explanations, and even students without a business background yet were able to grasp the concept. I thought it was such a valuable topic and I learned a lot about evaluating my future practice. Before this event, I did not have a clear concept about where my income was coming from, nor how to calculate it, but Mr. Schultz answered a lot of my questions. He told us that their company is non-profit and their credit union lends money to young practitioners for their start-up or purchase and offers financial counseling along the process. I’m glad our school was able to benefit from one of their free of charge Financial Educational programs.
UIWRSO Class of 2016
President, Private Practice Club