Episode 4. Dr. Brett Munn/ The "Legend of Yadkinville"

Education:

Berry College (Rome, GA)- Full Basketball Scholarship

University of NC Greensboro- B.A. Biology; B.S. Physics

   Graduated Magna Cum Laude; Phi Beta Kappa; Beta Beta Beta Biological National Honor Society

University of Pennsylvania -College of Optometry (Phila, PA)- B.S.; O.D. Doctorate of Optometry; Highest Clinical Honors

Residency- Southeastern Eye Center (Greensboro, NC) Glaucoma/ External Ocular Disease

Professional Practice:

Aug 1987- Dec 1989: Carolina Eye Associates Surgical (Charlotte, NC)- Staff doctor.

Dec 1989- Dec 2008: Owner/ President Yadkin Vision Centers O.D., P.A. (Yadkinville, NC); President New Vision Management Group, LLC

Jan 2009- Retired at age 47

Have continued to lecture extensively throughout the southeastern US.

Board member of the NC Board of Examiners in Optometry for 30 years.

Began practice in 1987 as a salaried staff doctor (employee) for a large outpatient medical/surgical facility that, per surgical volume and gross revenues, was the second largest ophthalmological practice in the country. Annual salary $50k/yr. Had very little prospects of any percentage ownership. But learned much about how to build and run a successful practice (business) during my tenure there. It was the best (and only) financial education I ever received. Implemented many of the management principles I learned there into my own practice.

In 1989, after creating my own template for practice evaluation, I decided to go into ownership. I literally evaluated dozens of the most successful eye care practices in NC and SC and looked for common threads (business patterns, location, etc...) that each possessed. I was able to identify 3 things that linked each of these businesses. Then I set out looking for available practices to acquire that met all 3 criteria. I settled on a solo, private practice with a retiring doctor in Yadkinville, NC (pop. 3,000), a rural town just west of Winston-Salem in the foothills of the mountains. It was a relatively small practice grossing $200k/yr on routine eye care and retail optical services (glasses and contact lenses). But little medical services (glaucoma, cataracts, etc...) were offered. I paid $180k for the practice with half down and half owner financed in 1989. The practice doubled in gross revenues each of the first 3 years of ownership with almost no increase in overhead. In 20 years of ownership, both our gross and net incomes increased by no less than 13% every fiscal year. I opened a second location from scratch in a small town, that also met my criteria, in 1993. It grossed $250k in tthe first year of existence. I also hired my first associate that year when I realized that I was the limiting factor in growth. I went on to hire 7 additional associates over the 17 subsequent years. All were physician employees. When the practices were sold in 2008, they produced gross revenues of 2.5 million and 1.5 million respectively. Each sold to associates in excess of annual gross revenues.