In 2021, Eyecare Medical Group (EMG), a specialty ophthalmology practice based
in Maine, transitioned to an Employee Stock Ownership Plan (ESOP) as part of a
broader strategy to remain independent, retain its unique culture, and reward
both physicians and staff.
The decision to implement an ESOP came as EMG was navigating a wave of
succession planning needs and approaching physician retirements. Tradi
tional
medical buyouts posed financial and cultural challenges, particularly in a
landscape constrained by Medicare reimbursements. Rather than default to
private equity or sell to a hospital system, EMG chose to forge a more creative
path—one that preserved its independence and identity while positioning the next
generation of physician leaders for success. The ESOP provided exactly that: a
flexible, v
alues-aligned solution that reinforced a culture of ownership at every
level.
Importantly, the plan design wasn't one-size-fits-all. EMG worked closely with
Bellview to restructure the original setup to better align with their organizational
structure. No one ever fully understands an ESOP at first," Lindsay recalls. "But
having Bellview at the table made it make sense. They brought clarity, creativity
,
and calm. They earned our trust and were in the trenches throughout the process."
EMG's co-CEOs, Lindsay and Lynn, are proud to lead through a shared leadership
model grounded in collaboration. "We believe in stronger, better-together
leadership—collaboration over hierarchy," says Lindsay. "The ESOP reflects that
same philosophy by ensuring everyone has a stake in our success."
207-669-2254
inquiries@bellviewassociates.com
bellviewassociates.com
"The ESOP engages talent, offers financial gain, and
eliminates traditional physician buy-ins, making
ownership accessible from day one."
