It seems just the other day that Chris Beer announced the start-up of George and Matilda Eyecare. In fact, the company was launched on 29 April 2016 – almost nine years ago. And since then, Mr Beer – with almost 40 years’ experience in the retail sector across the Asia Pacific – has led a flurry of activity, acquiring over 100 partners and with that gaining a presence in most states and territories of Australia.
mivision sat down with Mr Beer to reflect on the company’s history and chat about what the next five to 10 years looks like.
Q: How would you describe the optometry landscape when you started George and Matilda Eyecare back in 2016?
We started our partnering journey with our first practice back in October 2016. At that time, the optometry landscape was most significantly run by the two big global players – Specsavers and OPSM (Luxottica) – and we were keen to change that by strengthening local independent practices.
Q: What opportunity / gap did you see that your business would fill?
With two major players dominating the market, there were a lot of independents who were running strong businesses but were finding it difficult to have their voices heard, competing with the buying power of global corporations.
George and Matilda Eyecare was built to bridge this gap. Our model ensures clinical independence is preserved, while providing the buying power and support typically reserved for larger businesses.
Q: How do you describe your business model?
Our business model is centered around partnering with the best independent optometrists and giving them the scale and support of the George and Matilda Eyecare network to help grow and elevate their businesses. By joining forces, independent optometrists gain the advantages of a larger organisation while maintaining the independence and personal touch that set their businesses apart from the larger global players.
Q: What are your points of differentiation and how do you maintain this within the current competitive environment?
George and Matilda Eyecare unites independent practices and empowers them with cutting-edge technology and data analytics to be more efficient and drive growth. We provide comprehensive training and development opportunities across our network and have a team of regional managers and professional service managers who work closely with each practice to develop both business performance and clinical expertise – all with a focus on delivering a ‘patient first’ experience.
Q: How many practices do you have and what is the geographic spread?
We now have Australia’s strongest national presence, representing independent optometry practices with 113 practices across the country, spanning all states and territories except the Northern Territory. While we’re predominantly east coast-based, we’re expanding our presence in Western Australia with five new practices that joined the George and Matilda Eyecare community in October and November 2024.
Q: How do you describe your target market?
As we partner with independent optometry practices, our target market varies from practice to practice, depending on their specialties. For example, we have practices in our network that possess a strong focus on behavioural optometry, attracting a higher volume of kids, while others may serve an area known for retirement or ‘sea-changers’.
Q: What do you look for in terms of practices to acquire and how does acquisition/ transition of ownership work?
When selecting practices to partner with, our primary requirement is cultural alignment with the George and Matilda Eyecare business and our commitment to delivering ‘patient first’ optometry. From there, we assess potential partners based on the revenue and profit they generate. We also consider the overall composition of our current network and how the practice will complement and enhance our geographical and demographic reach.
Q: What characteristics do you look for in the staff you employ?
We prioritise six characteristics:
- Patient first,
- Team,
- Grit,
- Disrupt and drive,
- Partnership, and
- Local and connected.
We seek optometrists who resonate with our core values, and are not only clinically skilled, but also confident in engaging with patients to educate them on the importance of managing their eye health. The right fit is someone who aligns with our values and is passionate about providing exceptional ‘patient first’ care while building strong patient trust.
Q: How do you expect your business to evolve over the next five to 10 years?
Our growth journey is well underway and continues into the future with a strong pipeline for expansion. Our ambition is to reach 200 practices within the next three years. Additionally, we’ve begun to roll out audiology services, a key initiative that will continue to expand over the coming years.
| Selling Up: A Strategic Move to Professional Freedom |
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| After four decades in optometry, Dirk Den Dulk (right) made a strategic decision to sell his two practices on the New South Wales south coast to George and Matilda Eyecare, a move he said transformed his professional life and provided a robust exit strategy.
Located in Albion Park and Balgownie, Mr Den Dulk’s practices represented years of dedicated service. However, as he approached his mid-60s, the administrative burden was becoming increasingly challenging. “I kept saying to my business partner, I need to have an exit strategy for the future,” Mr Den Dulk explained. So when George and Matilda approached him, the opportunity seemed perfect. “To have a bird in the hand with someone who wanted to buy the practices; I thought that was a great opportunity.” A Liberating TransitionThe sale has afforded Mr Den Dulk unprecedented professional freedom. Now 71, he continues to practise optometry four days a week, focussing exclusively on patient care without the administrative complexities that previously consumed his time. “I don’t have to worry about invoices, statements, HR problems, or tax issues,” he said. “I can concentrate on what I love, which is optometry.” The practice has also expanded, now boasting four optometrists – one full-time and three part-time – ensuring continuity of care and service, while further reducing his workload. Embracing ChangeMr Den Dulk believes that key to his successful transition into the George and Matilda Eyecare group has been his willingness to adapt and allow the new owners to implement their systems and strategies. “You’ve got to move aside and say, ‘I’ve been at the helm for 40 years. It’s time for them to take over,” he noted. “I made the decision that when I sold, they would do things their way, and I would respect that.”  Dirk Den Dulk Financial and Professional BenefitsThe arrangement has proven financially rewarding. Mr Den Dulk received payment for the practices and now enjoys a regular wage, holiday pay, and sick leave. Critically, he sold just before the COVID-19 pandemic, avoiding the significant business disruptions many practices experienced. “I don’t have to worry about the ebbs and flows of business income,” he reflected. “As a business owner, you are always the last to be paid and constantly worried during lean times.” A Continued PassionDespite selling his practices, Mr Den Dulk has no intention of retiring. Having transitioned to George and Matilda Eyecare over five years ago, he continues to work, now with reduced hours that allow more time with his grandchildren. “I’ve got no view to retire because I enjoy what I do,” he said. “I’m talking to patients I’ve been dealing with for 40-odd years. It’s quite an enjoyable job.” |
