The growth of the Specsavers business around the world owes much of its success to the way our partnership model works. Known officially as a ‘Joint Venture Partnership’ (JVP), each Specsavers store is co-owned by an optometrist partner and a retail / dispensing partner. Together they are Joint Venture Partners and own all of the profit-earning shares in their business. Those shares have a value and the partners are able to sell their shares when they decide it is time to retire from the business, based on a standard Specsavers share valuation model.
The other ‘partner’ in the JVP model is Specsavers Pty Ltd – and our role in the partnership is to provide the broadest possible range of support services to our store partners, in exchange for franchise fees. Services include everything from world-class lens, frame and contact lens products, award-winning marketing, to a wealth of training, development and technology systems and a full back-office financial administration service – freeing up partners to focus on growing their businesses via two key areas – providing the very best clinical care and service to patients and developing their teams.
‘Keeping it simple’ is a core competency at Specsavers, so when it comes to articulating our JVP model, we like to keep things transparent and to the point – so we’ve broken down six of the most common misconceptions.
We provide unparalleled support and training
Specsavers has a massive business support structure built into our model with most people surprised to discover our support team is close to 600 strong with more than 450 individuals located in Port Melbourne alone, and the rest in various field office locations across both Australia and New Zealand. We work together with our JVPs to provide the highest levels of technical and professional support, product range, marketing, payroll, recruitment, optometry equipment and more. Our training and professional development activities are unrivalled in optics, for both optometry and retail / dispensing professionals. What’s more, we always have one eye on the future to ensure that talented individuals with a sense of ambition have the opportunity to achieve a partnership role, via our Pathway and Partner in Development programs.
We help you to achieve stability and work-life balance
All Specsavers JVPs receive a guaranteed market-rate base salary and super package for the lifetime of their franchise agreement. This is in addition to quarterly dividends generated by their business profits. Additionally, all partners receive five weeks of annual leave.
We offer a low-risk investment to new stores
An initial working capital deposit of just $10,000 is required to get started in a brand-new store and is paid back to you once cash flow allows. Store shop fits are funded by Specsavers Pty Ltd meaning partners do not need to go to the bank for business loans – these are provided directly by Specsavers Pty Ltd as business co-guarantor. Each Specsavers JVP store is an individual legal entity – for each store established, a new company is formed for which shares are issued.
We are on a mission to ‘Transform Eye Health’
We’re on a clear mission to transform eye health in Australia and New Zealand – and we want optical professionals just like you to join us on that mission. With the rollout of OCT technology into every practice underway across Australia and New Zealand, integrating our patient management and electronic referral systems, Specsavers’ optometrists are already making a marked difference to eye health outcomes with access to readings, data and 3D images – we are lifting detection and diagnosis rates across a range of eye conditions and diseases such as glaucoma, diabetic retinopathy, AMD and more.
We want you to see continuous improvement and growth
We believe in continually developing our shared business in a collaborative way. Once every quarter a series of communication meetings is held in key cities throughout Australia and New Zealand. Led by our senior support team, these meetings cover critical topics of interest to store partners – including best practice, retail advancement, upcoming marketing initiatives and implementation processes, among many others. These meetings along with clinical, partnership and dispensing conferences provide our partners with an excellent forum for best practice networking with other store partners and Support Office members.
We are a franchise partnership with a family feel
Back in 1984, husband and wife team Doug and Mary Perkins, both optometrists, realised that for optical professionals to really be part of the business, they had to have a stake in its ownership and profits. And so, they opened the very first Specsavers stores under the fledgling JVP model. Today, Specsavers is one of the world’s largest optical groups and the market leader in eight of the 10 countries in which we operate. Although the scale of business has grown over time, our core family values today remain intact.
Partners can be assured of first-class support from the moment they join their store. This is at the heart of the Specsavers Partnership model – combining entrepreneurial professionals with a broad and expanding range of business support services to generate an enviable balance between sustainable patient outcomes and commercial success.