O.D. to O.D.

SEEING IT FROM BOTH SIDES

WHEN NEGOTIATING, UNDERSTAND THE EMOTIONS OF THOSE ACROSS THE TABLE

Scot Morris O.D., F.A.A.O.
Chief Optometric Editor

A GREAT friend of mine once told me that the key to negotiating anything, whether it’s a business deal, an argument with your significant other or a discussion with your child on why he or she doesn’t really need that second doughnut (I still lose that one), is to always see the negotiation from both sides. Lately, I seem to be paying forward that advice in my work with doctors trying to sell their practices and other doctors trying to buy them. In my experience, the reason a practice acquisition comes to fruition has more to do with understanding emotions than facts and figures, practice valuation or the final sale price.

THE REASON TO SELL

Many business owners decide to sell their practices for financial reasons. Others do so for political reasons (“I don’t want to use EHR, ICD-10, MU or MIPS”) or social reasons: (“I want to retire and start the next phase of my life”). Regardless of the reason, they want to move on. Maybe they planned for this outcome for many years; maybe they have only recently decided that it is time to slide gracefully into those golden years.

A MESSAGE TO BUYERS

But those of you who intend to be the next generation of business owners, please remember that these businesses, their practices, have been the loves of their lives, their passions, their babies, their futures, and most of all, their purpose for decades. That is something difficult to leave ­— it changes who they are, how they perceive themselves and, most importantly, a big reason for their being and getting up every morning. Those emotions do not go away when they sign a piece of paper.

A MESSAGE TO SELLERS

And sellers, please be aware of those who are purchasing. They are the eager and the motivated. They have debt and new ideas. They have grown up in a different time with new concepts and distinct ideas. They want to take their ideas and transform your business into something new, something they have dreamed of, something that will become their purpose and passion.

Buyers, you are the next generation, the future of what we, as the eye care industry, are. Sellers — they will make mistakes and learn from them. Buyers — you will make mistakes and grow.

A DREAM OUTCOME

In the end, a little bit of understanding and ability to see it from the other side goes a long way toward everyone achieving their dreams and moving into the next phase of life. So all of you involved in this process now, and for those in the years to come, please remember, this is emotional. Sometimes, the best way to succeed is not to push forward but to take a subtle step back and make an attempt to see it from the other side. Maybe you have been there before and maybe you will be there in the future. Either way, seeing it from the other side may just be the key to everyone getting what they want.

Just a thought. OM