Discover Salvatore Ferragamo’s new Men’s Eyewear Capsule: a stylish selection of frames inspired by Tuscany. With rectangular shapes, more rounded shapes, and classic aviator styles, the collection explores shiny materials, unexpected combinations and intricate decorations.
The Tuscan countryside is reflected in the shades of lenses available, framed by the unique light of late afternoon and sunset.
Featured model: SF 224S
Distributed by Marchon: www.marchon.com
Quality patient care starts with the people providing it.
During an ownership transitions, maintaining standards of care among new staff is particularly important for practices that have thrived due to exceptional patient care.
Perry Steigner’s practice was one such case; tucked away in a medical building, Perry leveraged strong people skills to build a robust practice that stood out from the crowd.
His personalized, high-end service drew in repeat patients during its 27 years in operation, even without a street-level storefront.
That lack of visibility might make it seem like an unlikely candidate for an acquisition, but Perry successfully sold the practice to IRIS in 2019.
With IRIS, Steigner was able to grow his legacy of patient care at a new location, while at the same time adopting a more fully integrated practice that enhanced competitiveness.
Below are the details of Steigner’s story: the sale, transition, and outcome.
A Second Look
When Perry started his independent practice in 1993, he wanted to stand out amongst the superstore and 1-hour optical outlets popping up in eyecare: “I wanted to get back to the basics: customer service, personal relationships and build a practice that way.” His friendly, conversational approach to service and commitment to quality care was what set his business apart in an increasingly competitive retail landscape.
Dr. Daryan Angle, VP of Business Development at IRIS, approached Perry in 2012 about partnering with IRIS, but the timing was not right for Perry. He was very interested in IRIS’s collaborative model of patient care but was not ready to make a move with a large lease term remaining on his office space.
His practice, Medical Arts Optical, depended on a strong relationship with nearby ophthalmologists and optometrists, giving Perry lots of referrals to work with.
While his store continued its robust growth year after year, Perry realized, that after 40 years in the industry, he still needed the perfect exit strategy.
When Daryan approached him again in 2018, his lease was coming up, and he made the decision pursue a partnership with IRIS.
Evolution of the Deal
IRIS provided Perry different options. He could choose to bring in a partner, keep a small percentage, or sell his practice outright. Perry decided to sell 100% of his practice to IRIS and work with them as an employee.
There were other offers on the table, but they all offered an earn-out over a specified period of time, whereas IRIS offered him the option to sell the entire practice immediately. Selling his practice gave him a chance to continue working and provided an easy exit option at the same time.
Although he did not plan to retire right away, he wanted a strategy that made the most of the business he had cultivated over the years: “All the people that I know, and I’ve been in it 40 years, don’t sell their business. They shut them down and get rid of the phone line, and that’s it.”
His passion for the work left him wanting to keep going without worrying about how he would make his exit and entrust his legacy of exemplary patient care to a responsible partner.
New Location, Same Great Service, Flawless Transition
Usually, IRIS will partner with an existing location, but this time Perry’s Medical Arts practice relocated to an existing corporate IRIS location half a kilometer down the street. IRIS made sure to bring the features of Perry’s practice with him, to keep his regular patients coming back.
Although IRIS does not typically have in-store edging equipment, Perry brought over his own so he could continue to provide assembly services.
Eight thousand flyers were sent to Perry’s existing patients, explaining the merger. The Medical Arts Optical phone number was rerouted to the new location and the new welcome message was provided in Perry’s familiar voice. Steigner characterized the transition as flawless.
Perry also passed on his formula for friendly patient care to the staff at IRIS: “This is our stage, we are performers, let’s get to know our customers. It’s the personal touch that will set us above our competitors. They are very receptive to that.” Perry was rewarded by seeing the transformation among the staff, who learned from his approach by watching him work.
IRIS provided Perry with a three-year employment contract but told him he could stay on as long as he wanted. The three years will help IRIS integrate Perry’s practice successfully, and Perry was eager to help in any way he can.
The End Result
Perry has no regrets about his decision and keeps working out of love for the business. He was happy to make the switch to a great location, and to keep seeing his patients without the administrative hassle of running a business: “What I was glad to get rid of was writing the cheques, worrying about the suppliers, reconciling statements, all that stuff. All my energy now is 100% focused on getting these patients to IRIS.
“Even my accountant would say, ‘Perry, if you are looking at an exit strategy, this is textbook: here you go, you sold your practice, you like the guys you are selling to, you are two blocks away from where you were, the location is fantastic.’ It was a great opportunity.”
IRIS provided Eye Care Business Canada full unconditional access to ECPs that have recently completed a partnership agreement with the group. Each partner story provides and insider’s view to the the acquisition; challenges faced, obstacles overcome and the final results.
Links to other stories:
Overcoming Challenges Together: An Insider’s Look At Selling Your Practice
Enhancing Value through Transformation to a Full-service Practice
Transitions Optical in Canada announced that Transitions® Signature® GEN 8™style colors lenses have been selected as a Product of the Year Canada™ Award finalist. The style colors collection – featuring Amber, Amethyst, Emerald and Sapphire lenses – were introduced to consumers as available in Transitions Signature GEN 8 technology in Canada in March of 2020.
The product will now move on to compete among other finalists to be recognized as the winner of the Product of the Year™ in Canada. The Product of the Year™ Canada contest, run annually, is the largest consumer-voted awards for product innovation in the country. Winners will be announced in mid-January 2021.
“We know that consumers value the benefits of Transitions® lenses, especially the protection from UV and harmful blue light, and appreciate the vibrancy and options of the style colors collection,” said Arnaud Rajchenbach, marketing manager, Transitions Optical. “We’re not surprised that these lenses have stood out to the jury as a game
changer. “
Click HERE for the full press release.
The Centre for Ocular Research & Education (CORE) and Myopia Profile announced an alliance designed to expand both organizations’ services and reach. This unique venture brings together two groups both at the forefront of research and education in their respective fields. The affiliation will grow CORE’s already extensive clinical research capabilities, adding expertise in specialty lenses, gas permeable, orthokeratology and scleral contact lenses, provide Myopia Profile with priority access to a world-leading clinical research site, and further extend the professional and patient education capabilities for which each team is internationally known, including the areas of myopia management.
The heads of CORE and Myopia Profile—Dr. Lyndon Jones and Drs. Paul and Kate Gifford, respectively—have a multi-decade professional relationship dating back to the mid 1990s. They have often collaborated on projects, lectures and other initiatives designed to advance ocular health and science.
“Our new alliance is a natural extension of our respect for one another. We have long been aware of synergies in our work, along with areas where we can each extend the capabilities of the other,” said Dr. Jones.
“We share many points of view with CORE—clinically and personally—making this partnership a natural evolution of our relationship. Paul and I are delighted to be able to work more closely with the wider team at CORE,” said Dr. Kate Gifford.
CORE and Myopia Profile will maintain their individual identities, facilities and staffing while pursuing projects together.
Click HERE for the full press release and more news from CORE.
In the October-November issue of Optik Magazine, contributor Jean-François Venne presents Quebec optician and designer Marie-Sophie Dion, who has created an original formula to quench her customers’ thirst for unique frames: The Eyewear Bar.
The difference is obvious as soon as you enter the Eyewear Bar. Rather than a series of displays, there is a sleek space in the centre of which stands a “bar.” Once set up, an optician will propose certain models according to a customer’s tastes and facial features.
This approach has been in place since the creation of her first boutique in Sherbrooke in 1992. Customers came by appointment and Ms. Dion herself offered them models, which at the time were on display racks. When she moved to a larger location in 1999, she opted for the current central bar layout. There is now an Eyewear Bar in Sherbrooke, Montreal, Saint-Lambert and Laval.
Since 2015, Ms. Dion has been creating her own collection, made in Quebec. Her acetate products have smaller bridges than European frames, which correspond to the generally thinner nose found in Quebec.
Find out how Marie-Sophie deals with the health crisis in Jean-François’ full article in the October-November issue of Optik Magazine.
Check out more articles from Jean-François Venne HERE!
Dr. Brianna Rhue joins Eye on the Industry for a lively discussion about AI, practice technology, patient experience, leadership and the business of optometry.
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Oakley and Justin Jefferson introduce a new Signature Series featuring elevated materials, bold styling and performance driven eyewear.
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BostonSight and LVPEI launch a clinical study to evaluate how PROSE treatment and scleral lenses may affect mental health outcomes.
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Eschenbach launches the magno DIGITAL, a compact 5-inch video magnifier offering 3–48x magnification and customizable features for low vision patients.
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Dr. Brianna Rhue joins Eye on the Industry for a lively discussion about AI, practice technology, patient experience, leadership and the business of optometry.
Learn More Oakley and Justin Jefferson introduce a new Signature Series featuring elevated materials, bold styling and performance driven eyewear.
Read More BostonSight and LVPEI launch a clinical study to evaluate how PROSE treatment and scleral lenses may affect mental health outcomes.
Read More The Fitson F1593 brings modern feminine elegance to everyday eyewear with soft pink colouring, Turtle Blue temple accents and an effortlessly versatile design.
Read More Eschenbach launches the magno DIGITAL, a compact 5-inch video magnifier offering 3–48x magnification and customizable features for low vision patients.
Read More
Dr. Brianna Rhue joins Eye on the Industry for a lively discussion about AI, practice technology, patient experience, leadership and the business of optometry.
Learn More Oakley and Justin Jefferson introduce a new Signature Series featuring elevated materials, bold styling and performance driven eyewear.
Read more BostonSight and LVPEI launch a clinical study to evaluate how PROSE treatment and scleral lenses may affect mental health outcomes.
Read more The Fitson F1593 brings modern feminine elegance to everyday eyewear with soft pink colouring, Turtle Blue temple accents and an effortlessly versatile design.
Read more Eschenbach launches the magno DIGITAL, a compact 5-inch video magnifier offering 3–48x magnification and customizable features for low vision patients.
Read more Dr. Brianna Rhue joins Eye on the Industry for a lively discussion about AI, practice technology, patient experience, leadership and the business of optometry.
Learn More Oakley and Justin Jefferson introduce a new Signature Series featuring elevated materials, bold styling and performance driven eyewear.
Read more BostonSight and LVPEI launch a clinical study to evaluate how PROSE treatment and scleral lenses may affect mental health outcomes.
Read more The Fitson F1593 brings modern feminine elegance to everyday eyewear with soft pink colouring, Turtle Blue temple accents and an effortlessly versatile design.
Read more Eschenbach launches the magno DIGITAL, a compact 5-inch video magnifier offering 3–48x magnification and customizable features for low vision patients.
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