As the year ends, inventory nears. I’ve come across many Opticians who ask about how to get rid of older frames or frames that don’t move. The answer: buy backs.
How does this work? I’m currently in the process of doing this at my clinic and I started by asking every one of my frame reps (that I want more frames from) if they have a buy back program and what the details are. I was surprised at the variety of programs and that no two are the same. This can be a great opportunity to add a line while getting rid of another or to get a good inventory of what sells well and get rid of what doesn’t. If your practice is like mine, we are incredibly busy at the end of the year so this doubles as a way for us to stock up for busy season. I might also mention that some programs are only at the end of the year while others are available any time. There is no one right program for everyone, choose what’s best for your office for what you are needing at the time of the deal.
Let me tell you about some of the programs I was offered so you can start thinking about it for your own office. Most of my reps had a buy back program, there was maybe one who didn’t I got to choose from:
- Trade xx frames for the same amount of new at 50% off. No minimum.
- Trade xx wholesale dollars of frames for double that wholesale amount and get 50% off. (Give $1000 of frames, buy $2000 worth of frames and then get 50% off).
- Trade one for one, get 50% off the new one but however many you get you are contractually obligated to increase your board space by that amount for at least one year.
- Trade one for one but the new frame must be a new line with a xx piece minimum.
- A new account to be setup offered 50% off of the same quantity ordered. (Trade 20, get 20 at 50% off)
These programs have quite the variety and could have quite an impact on your inventory and board space. Make sure you ask your rep for any additional conditions/terms
Have you come across any other programs or programs that are so great they’re worth sharing? Comment below!