George Optical’s George N. Co
“Our Father was the inspiration,” says ophthalmologist George N. Co, 55, board chair of George Optical, one of the largest eye center chains in the Philippines. “When my siblings and I were young, we helped out at the first clinic in Manila: mopping floors, cleaning the center, taking turns at the cashier, even assisting the optometrists in handling lenses, doing measurements.”
Being a doctor and a parent comes with its own set of expectations, among them the fervent hope that at least one child can continue in the clan’s chosen profession. For the family of the late George G. Co (Senior), practically all the children, except one sister, who is based abroad, have followed in their father’s path.
Aside from eldest child George, three other children are optometrists: Elizabeth holds clinic at the two Greenhills branches (disclosure: I am her longtime client); Grace handles operations; Geoffrey is president and chief executive officer of the family business. Irene, a management engineering major, is in charge of finance.
Vision
Taking care of people’s vision runs in this—well, visionary—family.
In 1960, the first branch of George Optical opened in Manila, with George Senior at the helm. “Our father was respected by many people,” says George. “He treated people well, he never stopped working, he had big dreams for the business.”
The younger George studied in Xavier School in his early years, and “did not set out to be an ophthalmologist.” But he agreed to try out medical school. Initially, he was not attracted to the eye.
“The eye is small, compared to other body parts, and studying the eye was not one of my best courses at first.”
Unlike many young people who shy away from a field just because they fear they do not have the capacity for it, George has an open mind and a sanguine personality, able to take risks. He decided to take the plunge into ophthalmology. That was when he discovered the allure of specializing in a small yet vital part of the human body.
“If you have problems with your eyesight, you can’t really function optimally. Ophthalmology became very fascinating. When I saw how my father helped so many people regain their sight, how grateful they were, I decided this was a worthwhile calling.”
George also gained confidence because of a life-changing experience. In the late 1970s, his father envisioned the need for advanced equipment to more accurately analyze the visual field, available in Europe at that time, but at a significant cost. The company needed a loan.
The elder George asked his eldest son to address a letter to the bank. “I had never done something like that before. I was still barely out of high school. But my father told me to make the letter as persuasive as possible. I described not only how the machine can help our patients or how we can train other specialists to use it, but also how it can become an example to other centers, and in so doing, serve the country as well. Happily, we got the loan, we got the machine.”
George Optical was the first in the country to use the state-of-the-art Interzeag Octopus 1010 from Switzerland, around the time of the opening of its second branch at Taft in 1980.
“That’s when I realized that I could write. During ophthalmology proper, I did not hesitate to research on using plasma to prolong the viability of the cornea. The cornea is delicate, and in the past, it could only survive a few hours in the solution. But if we could prolong its viability, then it would be so beneficial for the patient. My research partner and I tried the experiment on the cornea of cats, and the plasma worked!”
Their research won university awards and national recognition. George had found his calling.
Communication
George Optical grew quickly, and now has more than 20 branches throughout the country. How do the siblings work together?
“Communication is very important,” says George. “We meet regularly, in business meetings, where we discuss the professional aspect. In family meetings, we thresh out personal issues.”
“In business, we have long decided to treat one another as professionals. We give due respect to one another. But we make sure to strengthen our bonds by getting together as a family during holidays, birthdays, celebratory dinners.”
Technology has also enabled the siblings to keep in constant contact. Because one sister lives in the US, regular communication was not easy to maintain in the past. “Now we siblings have an exclusive Viber group, and we text each other often.”
Family is paramount. “We visit our mother, chat with her, take her out. Our mother has her own set of friends, but of course, she loves it when we spend time with her. We also enjoy updating her on what is going on.”
Like most family businesses, the biggest challenge right now for George Optical is preparing for the future. Though some children in the third generation are or may become eye doctors, many of the young people are forging their own path, with the blessing of the elders.
Many of the company’s top people, including the chief operations officer, are non-family professionals. The family business has a constitution, and the siblings participate in family council meetings. At this point, the family has begun exploring various options, weighing pros and cons, and wisely not closing the door on any of them.
In the meantime, George does a thriving and training practice in several hospitals. I have witnessed this firsthand. Patients line up for hours, snaking around corners, more than a hundred of them a day. I am impressed that George handles paying and non-paying clients alike, equally courteously.
And somehow he manages to squeeze in marathon running.
What makes George and his siblings fulfilled is helping many people. In 2010, the family business started a recycling campaign on used eyeglass frames, with benefits going to the Missionaries of Charity and the charity patients of several hospitals. George Optical also participates regularly in medical missions big and small, around the country, in their mission to “provide people the opportunity to enjoy life’s precious moments.”
Next week: What failure can teach family businesses
Queena N. Lee-Chua is on the Board of Directors of Ateneo de Manila University’s Family Business Development Center. Get her book “Successful Family Businesses” at the University Press (email [email protected].) Email the author at [email protected].
