In life, we are all inevitably touched by the “5 Ds”—Disability, Disaster, Death, Disagreement, and Divorce. These disruptors can strike unexpectedly and often leave us unprepared, vulnerable, and scrambling to recover. For optometrists, the stakes are even higher. Your practice, your patients, your team, and your financial health depend on your ability to weather these storms. Building resilience to these life-altering events is not just a necessity; it’s a responsibility.

Let’s walk through how to prepare yourself and your business for each of the 5 Ds.

1. Disability
Your ability to practice is your greatest asset. A sudden illness or injury can derail everything you’ve worked for. Adequate disability insurance is your first line of defense, but it’s not enough to stop there. Consider how your practice would operate without you. Do you have associates or partners who can step in? A well-thought-out business continuity plan and a structured team ensure that your practice keeps running even if you’re sidelined. Further, thinking about how your business would operate without you is a powerful tool to prepare yourself and your business for what might be the ultimate goal…that of owning your business without operating it. Start training yourself and your team today to operate as though you might not be in the office tomorrow.

2. Disaster
Natural or man-made disasters can wipe out years of hard work in minutes. Cleinman clients have been devastated by floods, fires, and even cyberattack…disaster preparedness is crucial. Ensure your insurance coverage is comprehensive, covering both physical damage and operational disruption. Conduct regular risk assessments and have clear communication and evacuation plans in place. Your digital infrastructure is equally important. A robust cybersecurity strategy and reliable cloud backups will safeguard your patient data and practice operations.

3. Death
As uncomfortable as it is to plan for, death is a certainty for us all. As the saying goes, “none of us get out of this alive.” Without proper planning, your passing could leave your loved ones and practice in disarray. A will is essential, but you also need to structure your practice ownership and succession planning now. Consider life insurance that covers both personal and business needs. Consider setting up trusts to avoid probate. Heck, I’ve owned my cemetery plots for years. Secure a relationship with a highly recommended estate attorney and review your plans regularly as your circumstances change.

4. Disagreement
Business partnerships can be fragile. Disagreements—whether between partners or with key team members—can damage relationships and even sink your practice. Clear, transparent communication and written agreements are the antidotes. Regularly revisit partnership contracts, operating agreements, compensation structures, and roles to ensure alignment. When conflicts arise, act swiftly to mediate before they escalate into something irreparable.

5. Divorce
Divorce can be emotionally and financially devastating. It’s crucial to consider the impact on your business. Prenuptial or postnuptial agreements can protect your practice in the event of a separation. Further, open communication with your spouse about financial matters and the role of the practice can mitigate surprises down the road. In most states, non-optometrists cannot own an optometry practice and there is substantial caselaw that can come into play.

Ultimately, preparing for the 5 Ds isn’t just about protection, it’s about empowerment. By planning ahead, you protect not only your practice but also your peace of mind, ensuring you can face any challenge with clarity and confidence.

Not sure how to proceed with these protections, send your inquiry to [email protected]. We’ve supported practice owners through each of the 5 Ds and can save you a lot of heartache and money when and if you are faced with one of these traumas. Indeed, with your inquiry, we’ll send you our 5 Ds Action Checklist to help you start your planning process.