Running a successful practice requires trust.

Trust in your systems, trust in your team, and trust that the people closest to the business are protecting it the same way you would.

But what happens when that trust is broken?

In this episode of Power Hour, Eugene Shatsman sits down with Mick Hall, President of Bard Optical, one of the most sophisticated and respected optometric practices in the country. With 22 locations and decades of operational success, Bard Optical has long been recognized for its leadership and scale.

However, even in a well-run organization with experienced leadership and strong teams, vulnerabilities can exist, and sometimes, they can hide in plain sight.

The Discovery That Changed Everything

The story begins with something small.

A number on a financial document that didn’t quite make sense.

At first glance, it looked routine, with a bank statement being provided to the accounting firm. But when Mick compared the numbers with what he knew from the company’s accounts, something didn’t add up.

That moment of curiosity would eventually uncover a long-running embezzlement scheme inside the company’s accounting department.

By the end of the investigation, the scale of the fraud had grown far beyond what anyone initially imagined.

According to Mick, the internal and federal investigations eventually revealed $4.8 million stolen over several years, leading to charges brought through the U.S. Attorney’s Office with involvement from both the FBI and IRS.

Why This Matters for Every Practice Owner

If this story feels unsettling, that’s because it is, and Mick openly acknowledges that discomfort is part of the lesson.

During the conversation, he references research showing that 64% of small businesses experience some form of embezzlement, yet only 16% report it to authorities.

The reasons vary, such as embarrassment, cost of investigation, fear of publicity, or skepticism about the legal process, but the reality is that internal fraud happens more often than most business owners realize.

In many cases, the early signs are subtle:

• Financial information handled by a single individual
• Limited visibility into bank activity
• Unusual payment structures
• Vendor expenses that slowly drift higher
• Systems that rely too heavily on trust rather than verification

As Mick explains, one of the most dangerous situations for any organization is when financial information becomes siloed within a single person or department.

Transparency, he argues, is one of the most effective defenses.

How Fraud Can Hide Inside a Business

One of the most compelling parts of this episode is Mick’s willingness to break down exactly how the fraud occurred and why it was so difficult to detect.

The scheme involved multiple financial channels, including:

• ACH transfers
• Manipulated financial documents
• Credit card misuse
• Online payment systems
• Accounting record manipulation

In some cases, payments were routed through personal accounts disguised as vendor expenses. In others, documents were altered using PDF editing software to hide discrepancies in bank statements.

One of the most eye-opening insights Mick shares is the difference between ACH “push” payments and ACH “pull” payments.

Most business owners are familiar with the safeguards built into ACH payments they initiate. But ACH pulls (where external websites withdraw money directly from a business account) often bypass those same internal approval controls.

According to Mick, that vulnerability became one of the key ways funds left the company without immediate detection.

The lesson is clear: Even strong financial systems can be undermined if visibility is limited.

Instead of hiding the experience, Mick chose to share it publicly so other business owners could learn from it.

As he explains in the episode, protecting a business means being willing to ask uncomfortable questions, review systems regularly, and accept that even well-run organizations are not immune to risk. That mindset shift (from assuming everything is fine to actively verifying systems) may be one of the most valuable takeaways from the entire conversation.

• The Hidden Risk Inside Trusted Teams: See how internal fraud can develop even inside highly sophisticated practices with experienced leadership and long-tenured employees, and learn why no business iis immune to this risk.
• The Small Clues That Reveal Big Problems: Learn what early warning signs may indicate deeper financial issues, and see how something as simple as a number that doesn’t look right can uncover a much larger problem.
• Why Financial Information Silos Are Dangerous: Discover how allowing one person to control too much financial visibility creates vulnerabilities, and understand why broader transparency across your financial systems helps protect your business.
• The Payment Loopholes Most Owners Don’t Think About: Learn how ACH transfers, credit card payments, and refund systems can become hidden vulnerabilities, and understand why some payment processes bypass the safeguards owners believe are in place.
• Leadership’s Role in Protecting the Practice: Understand why financial oversight is not just an accounting task but a leadership responsibility, and discover how proactive monitoring protects the practice you’ve worked so hard to build.
• Practical Safeguards Every Practice Should Consider: Learn what operational safeguards, such as direct access to bank statements, shared financial visibility, and stronger internal controls can help prevent financial manipulation.

Connect with Mick Hall

Mick Hall is the President and General Counsel of Bard Optical, a multi-location optical retail group headquartered in Peoria, Illinois. The company operates more than 20 locations and employs approximately 175 staff members and optometrists across central Illinois.

Before joining the family business, Hall spent more than two decades working as a trial and appellate attorney, bringing legal expertise and strategic oversight into Bard Optical’s operations.

With decades of experience in both law and business operations, Hall focuses on operational strategy, financial oversight, and leadership within multi-location eye care practices.

• Website: https://www.bardoptical.com/
• LinkedIn: https://www.linkedin.com/in/mick-hall-02ab0449/ 

Connect with Eugene Shatsman 

Eugene Shatsman is Host of Power Hour, Managing Partner of National Strategic Group, and a TEDx Speaker. A growth strategist and consultant to hundreds of optometric practices nationwide, Eugene specializes in scaling independent eye care businesses through structured strategy, marketing science, and operational clarity.

• LinkedIn: https://www.linkedin.com/in/eugeneshatsman/ 
• Website: eugeneshatsman.com