Taking Over the business

[OptometryG4]

Hello, all! I am pleased to say I was recently accepted into Optometry school. I will be the fourth generation of Optometrist in my family. I eventually plan on taking over the business from my father (I will have to work for him for several years and take out a load to buy the business. He isn’t just going to hand it over). Anyway, my question is... My father owns 3 stores and is very successful. I think there is some rule that you can only own 2 stores to collect insurance in private practice but because my grandfather once owned the stores my father is able to own 3. Some law allows this I think… If I took over the business, could I own all 3 stores and still collect all the insurance money???

I start school next August and if anyone can give me advise on where to learn about the business aspect of optometry I would be very grateful. Thank you.

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[eyestrain]

I start school next August and if anyone can give me advise on where to learn about the business aspect of optometry I would be very grateful. Thank you. .[/COLOR]

Ok, I don't want to be an ass, but have you considered talking to your father?

 

[OptometryG4]

Yes, I have in the past. He said I could take over all 3, but I wanted to check with others and get specifics on how the law works.

 

[optsuker]

The laws that dictate how many offices you can own are state-specific. Some require you spend 50% of your time there (thus the 2 office maximum). In your situation, there's probably a clause that excludes family-owned or pre-existing businesses. The insurance payers themselves have no say over this.

Inheriting a family member's successful practice is probably the number #1 factor for determining if you'll be successful after opt school. Your classmates will be jealous!

 

[KHE]

Yes, I have in the past. He said I could take over all 3, but I wanted to check with others and get specifics on how the law works.

The law as it relates to what?

And why would you seek out an answer to this question by asking a bunch of pre-optometry and optometry students who almost certainly have less than no clue about an issue like that? WHy not consult an attorney or CPA in the state that you are interested in practicing in?

 

[OptometryG4]

The law as it relates to what?

And why would you seek out an answer to this question by asking a bunch of pre-optometry and optometry students who almost certainly have less than no clue about an issue like that? WHy not consult an attorney or CPA in the state that you are interested in practicing in?

This is a forum...I'm here for information...