We have talked about what buyer's want in the practice, but here are some things that buyer's hate to see.
1. High overhead - even though it can be corrected, this is something Optometry practice buyers often don't have the vision or knowledge on how to correct. Even in high producing practices, if the overhead is too high, the buyers freak out.
2. No way to increase the practice production or income. If you are doing everything you may be maxing out the practice. I'm not saying it's impossible to find the right Optometry practice buyer, but if you're doing all of the procedures, it can be a bit more challenging.
3. Old practice from equipment to the shag green carpet and the orange laminate counters. If it's been 30 years since you have updated anything in the practice, don't expect a premium price.
4. Remote practice - A practice in a small town 3 hours from any major city is harder to sell than a practice in a desirable area. Give yourselves 2 years to sell Optometry practices in remote areas.
5. Relatives working in the practice. It's okay to have a wife or child as an employee. But if you have a wife, sister, daughter and son working in the practice and two of them will be leaving upon the close of the sale, you will have problems selling the Optometry practice.
These are some of the things to look at as you get closer to retirement, or just want to transition out of your Optometry practice.
1. High overhead - even though it can be corrected, this is something Optometry practice buyers often don't have the vision or knowledge on how to correct. Even in high producing practices, if the overhead is too high, the buyers freak out.
2. No way to increase the practice production or income. If you are doing everything you may be maxing out the practice. I'm not saying it's impossible to find the right Optometry practice buyer, but if you're doing all of the procedures, it can be a bit more challenging.
3. Old practice from equipment to the shag green carpet and the orange laminate counters. If it's been 30 years since you have updated anything in the practice, don't expect a premium price.
4. Remote practice - A practice in a small town 3 hours from any major city is harder to sell than a practice in a desirable area. Give yourselves 2 years to sell Optometry practices in remote areas.
5. Relatives working in the practice. It's okay to have a wife or child as an employee. But if you have a wife, sister, daughter and son working in the practice and two of them will be leaving upon the close of the sale, you will have problems selling the Optometry practice.
These are some of the things to look at as you get closer to retirement, or just want to transition out of your Optometry practice.
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